The information you need to start your day, from PaymentsSource and around the Web:
First up
Called Paytm First, it is a direct play against Amazon Prime and Flipkart Plus, reports
Swift fines
The Reserve Bank of India has fined about 20 lenders for violating payment guidelines connected to the Swift network. The banks include ICICI and State Bank of India, reports the
The violations were not disclosed in detail, though the paper said it was violations of rules such as counterparty information and other technical issues — or misdemeanors in banking parlance.
However, the new levies, which totalled about $5.6 million, were more likely a signal of tighter controls following a $2 billion credit fraud scheme in 2018 at state-affiliated Punjab National Bank, which made unauthorized Swift-related payment guarantees to Nirav Modi, a billionaire jeweler. That prompted criticism over loose controls, the ET reports.
Sleepwalking cash
The U.K. has vigorously embraced digital payments, but there's been a backlash in the form of
Natalie Ceeney, former U.K. financial ombudsman, has issued an
The report calls on the government to establish a "guarantee" for cash access for all areas, and to deem essential services that had to support cash options.
Alternative alternative currency
Google has deployed a new way for Android developers to monetize apps by means other than money or subscriptions.
Called Rewarded Products, it allows users to "pay" with time, reports
The rewarded products can be added to the Google Play Billing Library or AIDL interface, without requiring an SDK integration. Google is also working with AdMob to broaden the range of advertisers to display ads as part of the program.
From the Web
The Guardian | Thu March 7, 2019 - Cash is still king across large parts of the UK economy, with more than 80% of people in Britain saying they pay taxi drivers, newspaper sellers, window cleaners and gardeners with notes and coins, according to a major report.
USA Today | Wed March 6, 2019 - Your physical wallet is on borrowed time. Your phone, after all, increasingly provides the utility in digital form for the many reasons you schlep a Costanza-sized billfold in the first place, from showing off pictures to making mobile payments.
Forbes | Wed March 6, 2019 - Litecoin, currently the world's fifth largest major cryptocurrency by value, has leaped higher today following a steady rise over the last few days, pushing bitcoin, ethereum, and the wider cryptocurrency market higher.
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