Update: An Amazon India spokesperson told MediaNama that "Amazon Pay has seen its new customer adoption rate decline by 30% due to the requirement of officially valid document mandated by the new regulations. Cash loads at doorstep which enable cash customers to participate in digital payments has taken a hit of 80%." The spokesperson further added that mandating "customers to submit an officially valid document to be permitted to make such transactions (wallet transactions of comparatively low value) adds friction and will send the customer back to cash as seen by the significant adoption decline in the last week. Requiring that such customers should do a KYC within 12 months regardless of their level of usage will further result in significant drop offs. Customers should be triggered for KYC based on risk or value of transactions, not by time." Amazon India hopes that RBI will "reinstate the proportional KYC framework and reduce friction in new account set up which has been created due to mandatory collection of officially valid document numbers at time of customer onboarding." Note that February 28, 2018, was the last date for completing the mandatory Know Your Customer (KYC) process for prepaid wallet customers. Those who missed the deadline will still be able to use the money already in the wallet, but will not be able to load more money. In regards to when UPI will be made available to load money into Amazon Pay, the company said that they "are testing UPI with our mobile customers and learning…
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Google removes apps of Matrimony.com, Shaadi, and other Indian companies for not complying with the Play Store billing policy
Speaking to Medianama, founders of the concerned companies alleged Google was the one not in compliance with the Indian competition regulator's antitrust order.
Haryana Police Seeks Cancellation of Visas, Passports of Protesting Farmers Identified Through CCTVs, Drone Footages
According to reports, farmers have also informed that their phones are being put on surveillance, and that they are being notified by the police...
Under the updated regulatory framework, sandbox entities must process all the data, in its possession or under its control, in accordance with the provisions...
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Views: Response to NPCI CEO’s comments that what is not written in regulations is a no-go for fintech entities
NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...
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The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
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