Asia Press Agency

Tag: interoperability

  • RBI Approves Interoperable Net Banking Payments

    RBI Approves Interoperable Net Banking Payments

    The Reserve Bank of India (RBI) has taken a significant step towards enhancing the interoperability of digital payments by approving an interoperable system for net banking transactions. This move is expected to streamline online payments for customers and merchants, facilitating quicker settlement of funds and eliminating the need for individual tie-ups between banks and payment aggregators.

     

    RBI Governor Shaktikanta Das announced the approval for implementing an interoperable payment system to NPCI Bharat BillPay Ltd. This system will allow customers to pay businesses through net banking, regardless of whether their banks and the merchants’ payment aggregators are integrated. Currently, net banking transactions lack interoperability, requiring banks to have bilateral arrangements with each payment aggregator servicing different online merchants.

     

    Payment aggregators play a crucial role in facilitating digital payments between consumers and businesses. With 18 online payment aggregators authorized by RBI, including prominent names like Razorpay, Amazon Pay, and Google Pay, the digital payments landscape in India has seen rapid growth.

     

    Interoperable net banking payments will function similarly to a clearinghouse, enabling the settlement of internet banking transactions between customers and merchants without the need for individual tie-ups. This streamlined process will enhance efficiency and convenience for both parties involved in the transaction.

     

    Under the existing system, if a customer’s bank is not integrated with a particular payment aggregator, the bank’s name would not appear as an option for net banking payments. This limitation creates hurdles for seamless transactions and delays in payment settlement.

     

    Governor Das highlighted the challenges associated with the current system, emphasizing the difficulty for banks to integrate with multiple payment aggregators and the lack of standardized rules for transactions. The delays and settlement risks associated with these transactions underscore the need for an interoperable payment system for internet banking transactions.

     

    Internet banking remains one of the oldest and preferred channels for online merchant payments, handling various transactions such as income tax payments, insurance premiums, mutual fund payments, and e-commerce transactions. The introduction of interoperable net banking payments aligns with RBI’s Payments Vision 2025, aiming to address bottlenecks and enhance the efficiency of digital payments in India.

     

    Experts believe that this move will particularly benefit smaller payment aggregators that may not have established tie-ups with a wide range of banks. By leveling the playing field, smaller aggregators will have greater access to banking networks, promoting competition and innovation in the digital payments ecosystem.

     

    Overall, the approval of interoperable net banking payments represents a significant milestone in India’s digital payments journey, paving the way for greater convenience, efficiency, and inclusivity in online transactions.

  • Vodafone Idea Collaborates with C-DOT to Launch IoT Lab

    Vodafone Idea Collaborates with C-DOT to Launch IoT Lab

    Vodafone Idea, India’s third-largest telecommunications company, has teamed up with the Centre for Development of Telematics (C-DOT), a state-backed entity, to launch an IoT (Internet of Things) lab. The primary objective of this lab is to advance standardization and interoperability within the IoT ecosystem. As the Bureau of Indian Standards (BIS) has adopted oneM2M and 3GPP standards as the national standards for IoT solution design, this collaborative effort is poised to have a significant impact.

     

    The IoT lab, established by Vi Business, the enterprise division of Vodafone Idea, is well-equipped to conduct device testing and certification following the prescribed standards. It offers an extensive range of testing scenarios, including network and functional testing, field testing, application testing, compatibility testing, and oneM2M standard testing, among others. Furthermore, it is capable of testing over 30 use cases spanning various industries, such as Advanced Metering Infrastructure (AMI), Connected Car, Point of Sale (POS), Vehicle Tracking System (VTS), and more.

     

    One notable feature of the IoT lab is its ability to assess a wide array of components, encompassing devices, modules, Subscriber Identity Modules (SIMs), applications, firmware, and more. To date, Vi has successfully tested more than 50 devices across industries such as automotive, utilities, banking, financial services, logistics, and others.

     

    This IoT lab serves as an orchestrator within the IoT ecosystem, bringing together all stakeholders to ensure a seamless experience. Vi proudly declares that five devices have already been certified as ‘network-ready,’ showcasing its commitment to ensuring the highest standards in the IoT segment.

     

    Arvind Nevatia, Chief Enterprise Business Officer at Vi, expressed the company’s dedication to IoT adoption across industries. He highlighted the significance of this partnership with C-DOT in establishing a ‘centre of innovation,’ fostering collaboration between startups and the M2M/IoT industry. Certification from this lab is expected to help IoT service providers adhere to global standards, leading to faster time-to-market and revenue generation. It will also bolster the credibility of service providers and their devices by ensuring interoperability and standardization according to oneM2M standards.

     

    According to a report by Nasscom, India’s IoT market is poised to reach $15 billion by 2025. Despite this promising outlook, the industry faces challenges such as device network compatibility, remote device configuration, and a fragmented ecosystem.

     

    Dr. Rajkumar Upadhyay, CEO of C-DOT, described the Vodafone Idea C-DOT IoT lab as a significant step toward establishing a testing and certification framework for standards-compliant IoT devices and applications. He emphasized the substantial benefits of this collaborative initiative, especially for Indian industries and startups looking to manufacture and deploy indigenous devices and applications adhering to standards.

     

    Vi plans to showcase the Vi IoT Lab service in collaboration with C-DOT at the upcoming India Mobile Congress 2023, scheduled to be held from October 27 to October 29. This demonstration will provide industry players and stakeholders with insights into the lab’s capabilities and contributions to the IoT landscape.

  • India and Philippines Consider Cooperation on UPI

    India and Philippines Consider Cooperation on UPI

    India and the Philippines are currently in the early stages of exploring a potential collaboration that could revolutionize digital payments in both countries. The heart of this collaboration lies in the integration of India’s pioneering Unified Payments Interface (UPI) with the digital payment systems of the Philippines. This forward-looking proposal was set in motion by none other than India’s external affairs minister, S. Jaishankar, during a significant meeting with his Philippine counterpart, Enrique Manalo, in June.

     

    While no official confirmation has emerged from the Ministry of External Affairs regarding this collaboration, the idea is very much in line with India’s strategic vision of expanding the global footprint of UPI. The National Payments Corporation of India (NPCI), the entity responsible for UPI, has expressed a keen interest in establishing interoperability between UPI and international digital payment platforms. This initiative is poised to create seamless cross-border transactions, encompassing remittances and merchant payments.

     

    The backdrop of this potential collaboration gains substantial importance through the memorandum of understanding (MoU) inked between India and the Philippines in June. The MoU is specifically tailored to the realm of financial technologies. It outlines the formation of a Joint Working Group that will delve into possible collaborations across various domains, such as fintech innovations, digital governance, interoperable APIs, payment linkages, and financial inclusion strategies.

     

    This budding partnership has significant implications for the Indian diaspora residing in the Philippines, a community numbering around 130,000 individuals. The simplification of sending money back to India via efficient and secure digital payment platforms could be a game-changer. It not only promises to enhance the ease of financial transactions for overseas Indian workers but also solidifies the economic ties between the two nations.

     

    While discussions are still in their infancy, the potential integration of UPI with the digital payments ecosystem of the Philippines holds the promise of bolstering financial inclusivity and fostering more profound economic cooperation between these two dynamic nations. If realized, this collaboration could propel both India and the Philippines to the forefront of digital financial innovation and transformation.