innovationinbanking

  Which Indian Bank will be the first to join Metaverse? As on date, I am still waiting for an announcement from an Indian bank that it has joined Metaverse. Hopefully this announcement will come in the next 100 days. Major software companies viz TCS and Infosys have started work on Metaverse. For the uninitiated, Metaverse is fundamentally a virtual, 3D space for people to interact with one another and with businesses. There are various definitions floating in the market and as per Statista, the metaverse is a virtual space that allows digital representations of people, avatars, to interact with each other in a variety of settings, using virtual reality (VR) headsets, augmented reality (AR) glasses, smartphone apps, or other devices. The metaverse is a digital world that offers first-hand experiences, created by the convergence of physical reality and virtual spaces. Metaverse history:- The metaverse as a term was coined in Neal Stephenson's 1992 ...

  7 Awesome Reasons to see RRR in Dolby Atmos Large Screen On the large screen, you cannot see RRR as is commonly known. One can only see the 'RRR' in Action Q: What are the full forms of RRR in Worldwide? Ans: Required Reserve Ratio | Rate of Return | Residual-Resistance Ratio | Relative Risk Reduction | Risk Retention Reporter | Reduce, Reuse, Recycle However, in the last couple of days, click on RRR, and Google will display a new craze i.e RRR Movie. Folks all over India and abroad (any one with Indian film connection) are enjoying the wonders of RRR. This film title has different abbreviations in different languages but commonly called RRR. Roudram Ranam Rudhiram in Telugu Raththam Ranam Rowthiram in Tamil Roudra Rana Rudhira in Kannada Rudhiram Ranam Roudhram in Malayalam All the above translate to Rage, War, Blood Rise Roar Revolt in English. Rise Roar Revolt in Hindi Reason 01) Awesome Story Reason 02) Awesome bac...

  Which Bank will offer an exclusive UPI Lite Account? Blog Author: Nayakanti Prashant – Safe ePayments Motivator Tags: #upi #upilite #kyc #safeepayments #finfiction Introduction to UPI Lite : - Reserve Bank of India : As an efficient strategy to process large-scale small value digital payments and based on the guidelines issued by RBI for enabling mobile devices to support offline payments vide its circular no. CO.DPSS.POLC.No. S1264/ 02-14-003/2021-2022 titled “Framework for facilitating small value digital payments in offline mode” dated 3rd January 2022, NPCI has designed the “ UPI Lite – On-Device wallet” (“UPI Lite”) functionality for UPI user (User). NPCI Circular No: NPCI /UPI/OC No.138/2021-22 March 16, 2022 addressed to ‘All UPI Member Banks’ UPI Lite rollout is planned under two phases. In phase 1, UPI Lite will process transactions in near offline mode i.e. debit offline and credit online, In phase 2 UPI Lite will process transactions in complete offl...

  Indian Railways ties up with PayTm / Freecharge for UPI Scan n Pay at its ATVMs             Please refer to my earlier blog @ wherein Railways can contribute more than 10lacsUPI transactions every day @  https://innovationinbanking.blogspot.com/2022/02/railways-and-upi-lite-10000000-upi-lite.html Please note Paytm and Paytm Payments Bank are different legal entities. Paytm can continue to operate.             The Reserve Bank of India Press Release / Notification dt March 11, 2022, applies only to Paytm Payments Bank operations. Q: What are ATVMs Ans: The full form of ATVM is ‘Automatic Ticket Vending Machine. Automatic Ticket Vending Machine (ATVM) was introduced by Indian Railways to reduce passengers queuing up at the ticket counters at the Railway Stations. ATVMs are touch screen-based ticketing kiosks operated using Smart cards. The passenger can p...

  Alert: ToneTag started its journey in 2013, and I remember experiencing the Joy of Safe ePayments via SoundTech around 2015-2016 The years of patience has paid off, and now ToneTag is firmly on the mainstream. Reserve Bank of India Shri Shaktikanta Das today i.e March 8 th , 2022 introduced ToneTag to the world at large’. This introduction is expected to play a pivotal role in boosting UPI volumes without the internet. ToneTag is one of the 4 pillars of UPI123Pay i.e " d. Proximity Sound-based Payments: This uses sound waves to enable contactless, offline, and proximity data communication on any device." Please note ToneTag can also be part on Non-Feature phones. Now, Non-feature phones users can execute UPI transactions without be connected to the internet. This is a major leap of faith. Over the years, ToneTag has tied up with numerous players to popularise its technology Partner Examples – YES Bank, ICICI Bank, Amazon Pay, FreeCharge etc. However, ...

The TATA IPL tie-up will push RuPay volumes             Bankers do not be surprised if your customers contact your touchpoints and demand a RuPay card in lieu of Master Card / Visa OR Demands a RuPay card, apart from the Master Card / Visa Card held by him/her             NPCI vide Press Release dt: March 03, 2022, announced to the public at large of RuPay being the official partner for TATA IPL             The TATA IPL is scheduled to start on 26th March 2022             The full press release can be read here  - @ https://www.npci.org.in/PDF/npci/press-releases/2022/NPCI-Press-Release-BCCI-announces-RuPay-as-Official-Partner-for-IPL.pdf             The 2022 IPL will be its 15 th edition. This 15th edition wil...