innovationinbanking

  New horizons for the future of payments have been unlocked and are now accessible through NPCI's BHIM platform. Today, I successfully completed my inaugural Voice-Based UPI Payment via NPCI BHIM. See the Screen shot here, for more information! India is at the forefront of advancing AI capabilities within payment services, with financial service providers (FSPs) in the country investing over USD 3.2 billion in the development of AI-driven solutions. A White Paper presented by MicroSAve Consulting during the Global Fintech Fest in Mumbai on September 7, 2023, introduces NPCI's "Conversational Payments on UPI" solution. It delves into how this solution can offer users a seamless payment experience, exploring factors that might impact its adoption in India. Additionally, it identifies opportunities for financial service providers to offer solutions based on conversational payments. The rapid growth and transformation of Artificial Intelligence (AI) in recent years are p

  Which Payment Service Provider (PSP) / Bank will Be the First to Introduce an NFC-Enabled UPI Sound Box?           I am eagerly anticipating an announcement from a Payment Service Provider or Bank regarding the introduction of the NFC-Enabled UPI Sound Box. Which PSP will lead in introducing the NFC-enabled UPI Sound Box? QR codes have become an integral part of the UPI payments ecosystem, serving as a vital component in enabling digital transactions. In a significant stride toward promoting the adoption of QR codes and Near Field Communication (NFC) technology, the RBI Governor has introduced UPI Tap & Pay. Apart from the traditional Scan and Pay method, users now have the choice to conveniently tap NFC-enabled QR codes at merchant establishments to finalize their payments. The fusion of UPI QR Codes and NFC technology is poised to be a pivotal catalyst for elevating UPI transaction volumes in India/ Bharat. The momentum has been set in motion with the recent unvei

  GFF 2023 Fintech Awards - Unveiling scheduled for September 5th, 2023 The fourth edition of the Global Fintech Fest returns with the Fintech Awards, a recognition that celebrates the achievements of fintech firms on a global scale. These awards acknowledge exceptional emerging startups, game-changing technologies, novel business approaches, and visionary founders and entrepreneurs from around the world. Fintech enterprises, financial institutions, and startups have the opportunity to submit their contributions for consideration in the Fintech Awards, which span 15 diverse sub-categories grouped into three classifications The results of the Fintech Awards will be announced on September 5th, 2023, at the 4th edition of Global Fintech Fest.          There are three Award Categories: Category 01) Entity Awards - Celebrate outstanding achievements in the fintech industry with our prestigious entity awards. Recognizing excellence in design, innovation, sustainability, and impac

  Global Fintech Fest 2023 – Every exhibition booth is occupied          The organizers of GFF 2023 have posted on their LinkedIn homepage that all 500+ Expo Booths are now occupied, and further reservations are no longer being accepted.          The 500+ Booths come in different sizes i.e 01 Sqm to 90 Sqm. At the GFF 2023 exposition, the visitors will have the chance to observe the most recent innovations, offerings, and services that are transforming the financial sector, not only in India but across the world. Covering areas from digital banking and payments to blockchain technology, artificial intelligence, and more, the Global Fintech Fest offers a comprehensive glimpse into the freshest trends, advancements, and milestones within the fintech sphere. The showcase will include a diverse array of participants, encompassing well-established fintech enterprises, up-and-coming startups, venture capital entities, financial institutions, regulatory bodies, and technology provid

  NPCI Cir No 8 – Mandate Duration and Mandatory Final Collection Date          The NACH service streamlines the electronic automation of high-frequency, low-value debit and credit transactions between banks using the NPCI platform, making these routine transactions more efficient.          NPCI Nach Team has released a circular specifying the Mandate Duration and Mandatory Final Collection Date.           The highlights of the Circular are as below:          Highlight No 1) Mandate duration can be 30 years from the Mandate Issuance Date. The appropriate validations will be built at NPCI end.          This means the Destination banks will receive mandates only if the gap between the Mandate Issuance Date and Mandate End Date is 30 years or below 30 years.          As of now, penalty amount for breaching this guideline is not included in the Circular No 8. Highlight No 2) Mandate End Date is mandatory. The option of ‘until cancelled’, will be removed from 1 st October 202