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WhatsApp has more than 500 million users in India, though regulators there have capped its in-app WhatsApp Pay service to only 100 million people. People shopping on WhatsApp could also pay using popular services like Alphabet Inc's (GOOGL.O) Google Pay, Paytm (PAYT.NS) and Walmart's (WMT.N) PhonePe but only after being redirected outside WhatsApp. Payments via those rival services - and any others that run on India's instant money transfer system UPI - will now be possible directly within WhatsApp, Meta said in a blog post. While WhatsApp Pay users will remain capped in India, there is no such limit on the number of users permitted to transact with businesses on WhatsApp using the other methods, a Meta spokesperson said. With some 300 million people spending about $180 billion via India's using UPI each month, the new transaction options could serve as a powerful lure to attract businesses to pay Meta for access to WhatsApp users.
Persons: Dado Ruvic, WhatsApp, Meta, Mark Zuckerberg's, Mukesh Ambani, Aditya Kalra, Katie Paul, Munsif Vengattil, Lisa Shumaker Organizations: REUTERS, Meta, Google, UPI, Facebook, Thomson Locations: India, WhatsApp, Chennai, Bangaluru, New Delhi, New York
Brazil's Ebanx expands into India in Asian market debut
  + stars: | 2023-09-18 | by ( ) www.reuters.com   time to read: +1 min
SAO PAULO, Sept 18 (Reuters) - Brazilian financial technology company Ebanx is expanding its operations to India, marking its entry into the Asian market, the firm said on Monday. The move is part of the firm's global expansion strategy in developing countries and comes shortly after it announced its expansion to three nations in Africa last month, the first outside Latin America. Ebanx will enable global merchants to offer customers in India the most popular local payment methods, starting with the local payment system Unified Payments Interface (UPI) and cards, it said. "As the Indian market warmly embraces digital payments and digital commerce continues its rapid growth, we see great opportunities for businesses and meaningful partnerships being fostered," said Paula Bellizia, the firm's president of global payments. In Latin America, Ebanx processes payments for companies such as Airbnb, Spotify and Uber.
Persons: Paula Bellizia, Andre Romani, Peter Frontini, Tomasz Janowski Organizations: SAO PAULO, Uber, Thomson Locations: India, Africa, America
The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. Retail CBDC transactions are averaging close to 18,000 a day, way short of the RBI's one million-a-day target by 2023 end. UPI is an instant real-time payments system that allows users to transfer money across multiple banks without disclosing bank account details. The facility, announced in June, has been activated by large banks, including State Bank of India, the country's largest lender. Top private lender HDFC Bank is working with a technology firm IDEMIA to build a version of offline CBDC transactions for feature phones, according to two people aware of the plans.
Persons: Danish Siddiqui, Sharat Chandra, Akhil Handa, Handa, Jaspreet Kalra, Siddhi Nayak, Dhanya Ann Thoppil Organizations: Bank of India, REUTERS, Danish, Rights, Reserve Bank of India, UPI, State Bank of India, India Blockchain, HDFC Bank, Bank of Baroda, Thomson Locations: Mumbai, India, Rights MUMBAI, Siddhi
He was the US Special Envoy for Syria and the senior director for Iran, Iraq, Syria and Lebanon on the National Security Council staff during the Trump administration. After that, China’s National Bureau of Statistics said it would suspend publishing youth unemployment data in the future. What does it signify that China’s national power, which today is vast, is almost certain to be weaker in the future? If Xi and his strategists have a feasible plan for nimbly averting China’s demographic doom, they are keeping very quiet about it. This brings us back to the question of national security strategies for the United States and its allies.
Persons: Peter Bergen, Peter Bergen ”, Joel Rayburn, Trump, Biden, Saddam Hussein’s, Lloyd Austin, China’s, Xi Jinping, Stephen Shaver, , Ng Han Guan, Xi, China “, ” Trump Organizations: New, Arizona State University, Apple, Spotify, American Center for Levant Studies, New America, US, National Security Council, CNN, Strategy, Pentagon, of Defense, Development Research Center, Communist Party, UPI, Manpower, Census Bureau, National Bureau of Statistics, Financial, China’s Southwestern University of Finance, Economics, Rocky, United Nations, Beijing, Pew Research Center, Communist, Trump administration’s National Security, Twitter, Trump Locations: New America, Syria, Iran, Iraq, Lebanon, Washington, China, United States, Saddam Hussein’s Iraq, al Qaeda, Ukraine, People’s Republic of China, Beijing, India, Yarkent County, China's Xinjiang Uyghur Autonomous Region, Saudi Arabia, USSR, Russia, Russia’s Ukraine, Vietnam, Korea, Italy, Japan, Taiwan, Hong Kong
BENGALURU, July 22 (Reuters) - Indian digital payments firm Paytm (PAYT.NS) reported a 39% rise in quarterly revenue, helped by soaring demand for loans. Operating profit came in at 840 million rupees, compared with an operating loss of 2.75 billion rupees, while the net loss narrowed to 3.57 billion rupees. Paytm defines operating profit as core profit before cost of employee stock-owning plans. It first reported an operating profit for the final three months of 2022 – nine months ahead of schedule. Quarterly expenses were up 15.9% at 28 billion rupees, with appraisals during the period driving up employee costs 21%.
Persons: Nandan Mandayam, Pooja Desai, Mike Harrison Organizations: Communications, Unified, Thomson Locations: BENGALURU, Bengaluru, Siddhi Nayak, Mumbai
India ties up with UAE to settle trade in rupees
  + stars: | 2023-07-15 | by ( Arpan Chaturvedi | ) www.reuters.com   time to read: +1 min
NEW DELHI, July 15 (Reuters) - India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars, boosting India's efforts to cut transaction costs by eliminating dollar conversions. The two agreements will enable "seamless cross-border transactions and payments, and foster greater economic cooperation", said a statement from the Reserve Bank of India on Saturday. India, the world's third biggest oil importer and consumer and whose central bank last year announced a framework for settling global trade in rupees, currently pays for UAE oil in dollars. An official with knowledge of the details of the agreement said India could make its first rupee payment for UAE oil to Abu Dhabi National Oil Co (ADNOC), Reuters reported on Friday. The Reserve Bank of India said the two central banks agreed to link India's Unified Payments Interface (UPI) and UAE's Instant Payment Platform (IPP).
Persons: Narendra Modi, Modi, Sheikh Mohamed bin Zayed Al Nahyan, Arpan Chaturvedi, Clelia Organizations: United Arab, India's, UAE, Reserve Bank of India, Abu Dhabi National Oil Co, Reuters, Thomson Locations: DELHI, India, United Arab Emirates, Abu Dhabi, Asia
MUMBAI, July 13 (Reuters) - India's largest private lender HDFC Bank (HDBK.NS) on Thursday said it has signed up over 100,000 customers and 170,000 merchants in pilot programmes using the central bank digital currency (CBDC). The lender also linked the CBDC, termed e-rupee, and United Payments Interface (UPI) for merchants and customers, which would enable payments through both CBDC and UPI using a single Quick Response (QR) code, HDFC Bank said in a statement. The Reserve Bank of India (RBI) has devised the e-rupee as a digital alternative to physical cash, using blockchain distributed-ledger technology. The central bank aims to reach a target of one million CBDC transactions per day by the end of this year from 5000-10,000 currently, Deputy Governor T Rabi Sankar said on Tuesday. Reporting by Siddhi Nayak; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.
Persons: T Rabi Sankar, Siddhi Nayak, Sonia Cheema Organizations: HDFC Bank, United, UPI, Reserve Bank of India, Siddhi, Thomson Locations: MUMBAI
India's largest private lender HDFC Bank on Thursday said it has signed up over 100,000 customers and 170,000 merchants in pilot programs using the central bank digital currency, or CBDC. The lender also linked the CBDC, termed e-rupee, and United Payments Interface, or UPI, for merchants and customers, which would enable payments through both CBDC and UPI using a single Quick Response code, HDFC Bank said in a statement. The Reserve Bank of India has devised the e-rupee as a digital alternative to physical cash, using blockchain distributed-ledger technology. The central bank aims to reach a target of one million CBDC transactions per day by the end of this year from 5000 to 10,000 currently, Deputy Governor T Rabi Sankar said on Tuesday.
Persons: T Rabi Sankar Organizations: HDFC Bank, United, UPI, Reserve Bank of India
Sure, you can currently Venmo or Zelle your friends instantly, but the banking system hasn’t kept up. Most transfers currently run on old systems that take hours, or even days, to process the money. Kevin Jacques: It’s a network that lets banks transfer money between themselves and between the account holders at the different banks in a near-instant way. The increase in average hourly earnings remained at 0.4% month on month, unchanged from May; and is up about 4.4% from last year. Instagram has more than two billion users, far more than the 238 million users Twitter reported having in the months before Musk took over.
Persons: New York CNN — FedNow, hasn’t, Bell, Kevin Jacques, It’s, You’ve, heartened, Payrolls, Job, Rucha Vankudre, Alicia Wallace, , We’re, , Joseph Davis, Jerome Powell, Candice Tse, Elon Musk, Mark Zuckerberg, Zuckerberg, Musk, Brian Fung, Instagram Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Cota Capital, Fed, There’s UPI, Silicon Valley Bank, , Vanguard, Goldman Sachs Asset Management, Meta, Twitter Locations: New York, India, Brazil, Silicon
India’s push to democratise credit tests limits
  + stars: | 2023-06-30 | by ( Shritama Bose | ) www.reuters.com   time to read: +4 min
Yet barely half of them have active loans and only up to 10% have a credit card. That’s why the regulator is allowing the use of RuPay credit cards, the country’s low-cost answer to Mastercard (MA.N) and Visa (V.N), for UPI payments. Earlier, in June 2022, the central bank had allowed lenders to link RuPay credit cards to UPI accounts. HDFC Bank became the first private bank to go live on UPI with RuPay credit cards in February. Paytm tied up with SBI Cards and Payment Services in May to issue RuPay credit cards to its consumers via UPI, offering cashbacks on small-value payments.
Persons: It’s, Paytm, , Bernstein, Una Galani, Pranav Kiran, Thomas Shum Organizations: Reuters, UPI, Google, Reuters Graphics Reuters, Mastercard, Visa, Merchants, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank, One97 Communications, Reserve Bank, Tiger, Uni, , Reserve Bank of India, SBI Cards, Services, Thomson Locations: MUMBAI, India, Punjab
CNN —It has been 40 years since Sally Ride became the first woman from the United States to travel into outer space. She was not open about her personal life, according to former NASA astronaut Steve Hawley, who was married to Ride from 1982 to 1987. However, the educational company she cofounded, Sally Ride Science, revealed more of her personal life in her 2012 obituary, recognizing her longtime partner, Tam O’Shaughnessy, after Ride died of pancreatic cancer. NASASherr’s book “Sally Ride: America’s First Woman in Space” was first published in 2014. A trailblazer’s legacyRide’s ambition and love of knowledge extended far beyond her role as an astronaut, Sherr noted.
Persons: Sally Ride, Steve Hawley, Sally, Tam O’Shaughnessy, Ride, NASA hasn’t, General, Christina Koch, Victor Glover, Artemis, NASA's, Lynn Sherr, , Sherr, ” Sherr, Dale Moore, , Billie Jean King, Martin Luther King Jr, , King Charles III, Prince of Wales, , Valentina Tereshkova, Svetlana Savitskaya, Ride’s, Lyndon B, Johnson, Gloria Steinem, Richard Drew, Tam O'Shaughnessy, Barack Obama, Kevin Dietsch, O’Shaughnessy, Charles Tasnadi, Eileen Collins, NASA’s Koch, Jessica Meir, , Rob Navias Organizations: CNN, NASA, Sally Ride, NASA’s, Space Center, CAPCOM, Johnson Space Center, ABC News, Ride, Edwards Air Force Base, Stanford University, Stanford Daily, Soviet Union, Girls Club of America, Magazine, White, UPI, Sally Ride Science, University of California, UC San Diego, Poets, State Department, United Nations Locations: United States, Houston, California, Soviet, New York, Washington ,, San Diego, Columbia
CNN —The influential sister of North Korean leader Kim Jong Un has hit back at a key agreement made between the US and South Korea, claiming it will only serve to worsen security. Washington and Seoul made a pact at the White House on Wednesday that aims to deter North Korean aggression, including a new US commitment to deploy a nuclear-armed submarine in South Korea for the first time since the early 1980s. Biden and Yoon met this week, with the United States pledging to give South Korea more insight into its nuclear planning over any conflict with North Korea. Kim Yo Jong, the younger sister of Kim Jong Un, is a powerful figure in North Korea after she was promoted to the nation’s top decision-making body in September 2021. South Korea’s National Intelligence Service previously assessed her to be the country’s “de facto second in command.”
Bharadwaj, a former India managing director of Sequoia Capital who now leads venture capital firm A91 Partners. Indian VC firm Blume Ventures said in an April report consumption outside the top 30 million Indian households dropped sharply, and is driven by a "tiny superuser set". "Indian startups are not catering to a billion consumers. And only 271 Indian startups raised funding in Q1 2023, compared with 561 last year, according to CB Insights. It invested $3 billion in Indian companies in 2021 and another $500 million in 2022, by April that year, Reuters calculations show.
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BENGALURU, April 12 (Reuters) - Walmart Inc (WMT.N)-owned Indian payments firm PhonePe on Wednesday said it had raised an additional $100 million from General Atlantic and other investors as part of its ongoing $1 billion fundraise to expand into the lucrative lending space. With the latest round, PhonePe, India's most valuable payments firm with an estimated value of $12 billion, has raised $650 million across four tranches from its backers, including Tiger Global. General Atlantic had invested $350 million in the fintech during the same funding round in January. At over 46%, PhonePe in March had the largest market share among applications running the unified payments interface (UPI) digital payments system, per data from the National Payments Corporation of India. Reporting by Nandan Mandayam in Bengaluru; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.
MUMBAI, Feb 21 (Reuters) - India and Singapore launched on Tuesday a real-time link to facilitate easier cross border money transfers between one of the world's biggest recipients of remittances and an Asian financial powerhouse. Transfers of funds will now be possible using just mobile phones due to the tie-up between India's Unified Payments Interface (UPI) and Singapore's PayNow facility. UPI is an instant real-time payments system, allowing users to transfer money across multiple banks without disclosing bank account details. To begin with, State Bank of India (SBI.NS), Indian Overseas Bank (IOBK.NS), Indian Bank (INBA.NS) and ICICI Bank (ICBK.NS) will facilitate both inward and outward remittances while Axis Bank (AXBK.NS) and DBS India will facilitate inward remittances, the Reserve Bank of India (RBI) said in a statement. At the launch event, Singapore's Prime Minister Lee Hsien Loong said that cross-border retail payments and remittances between India and Singapore currently amount to over $1 billion annually.
Justice Ketanji Brown Jackson has sat on the Supreme Court for a little more than two months. The Supreme Court of the United States on Thursday, Oct. 6, 2022 in Washington, DC. Justices of the U.S. Supreme Court during a formal group photograph at the Supreme Court in Washington, D.C. on Friday, Oct. 7, 2022. Some court observers say oral arguments can potentially be an opportunity for justices to sway their colleagues' thinking – though that doesn't happen often. During the three hours of oral arguments, Jackson frequently threw cold water on the idea.
India started the pilot project for its digital currency, or e-rupee, from Nov 1, when it was opened for initial trial. Then only being used by banks for settlements with each other, the scope of the project was expanded to include consumers and retailers-led transactions from Dec. 1. "E-rupee is money, UPI is a payment method," RBI's Sankar said. "Digital currency is like payment of cash, it is possible that two private entities can provide wallet features and money can move in between them. That is not possible with UPI which has to be from one bank to the other," he said, adding that e-rupee provides privacy unlike UPI.
Representatives for U.S. First Lady Jill Biden confirmed a photograph of Biden wearing clothes covered in a lobster pattern is altered. The photo on social sites shows Biden walking alongside her husband in what appears to be pink, lobster-patterned clothing. A spokesperson for the First Fady confirmed to Reuters via email that the photos are altered. The posts come days after the Biden Administration served lobster at a state dinner with French President Emmanuel Macron ( nL1N32Q3SH ), ( nL1N32S00Z ). The original photograph shows Jill Biden dressed in a white outfit, not one covered in a lobster pattern.
MUMBAI, Dec 2 (Reuters) - India has decided to extend the deadline on capping the share of digital payment transactions by about two years to Dec. 31, 2024, the National Payments Corporation of India (NPCI) said on Friday. The NPCI had said in late 2020 that payment firms will not be allowed to process more than 30% of the total volume of transactions on UPI from Jan 1. The move comes as a breather to companies like Walmart Inc's (WMT.N) PhonePe and Alphabet Inc's (GOOGL.O) Google, which are among the leading digital money transfer apps in the country. They are powered by the state-backed United Payments Interface (UPI) framework, which facilitates peer-to-peer money transfer online through mobile apps. Reporting by Nupur Anand; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.
MUMBAI, Dec 1 (Reuters) - A month into India's pilot project for using an official digital rupee for inter-bank and institutional transactions, stakeholders are seeing no benefits, several bankers said. But in the initial trial banks have been using it for settlements with each other - with no particular advantage, according to bankers. Another issue is that, since e-rupee transactions do not wholly replace those using established procedures, they add to banks' accounting work. It would also offer a safer means of digital payment in retail use, the RBI said. UPI, an instant real-time consumer payments system that lets users transfer money between banks without disclosing account details, has been a factor in India's soaring digital payment volume.
At least 31 people died and nine others were missing in flash floods and landslides set off by torrential rains that swamped a southern Philippine province overnight and trapped some residents on their roofs, officials said Friday. “The amount of rainwater that came down overnight was unusually (heavy) and flowed down mountainsides and swelled rivers,” Sinarimbo told The Associated Press by telephone. Five people were missing in Datu Blah Sinsuat, according to the town’s mayor, Marshall Sinsuat, and Sinarimbo said four others were reported missing elsewhere. Heavy rain from an approaching storm lashed the southern Philippines, with some residents stranded on rooftops. He added that many areas, which have not been flooded for years, like Cotabato city where he lives, were swamped overnight.
Loans from private banks have gone up even faster, with some charging more than 13% for student loans this fall, people familiar with the industry said. Borrowers with existing loans that have variable rates have started seeing their monthly payments go up from the higher rates, they said. Increased costs mean many students have to borrow more money at higher rates, further exacerbating the student debt problem the Biden administration set out to address. The problem is the cost of higher education,” said Betsy Mayotte, president of The Institute of Student Loan Advisors. “We commend this administration for responding to the call of addressing of the student loan debt crisis,” said Derrick Johnson, president of the NAACP.
Житель американского города Джэксонвилл, штат Флорида, устроил уборку в доме и нашел потерянный лотерейный билет с выигрышем на миллион долларов (75 миллионов рублей). В одном из выдвижных ящиков он заметил лотерейный билет Powerball, который купил еще весной и совсем забыл об этом. «Я проверил числа и обнаружил, что выиграл миллион долларов — до сих пор в шоке», — признался Морган. Он правильно угадал числа, которые были на всех пяти белых шарах, выпавших во время розыгрыша, который состоялся 17 апреля. Деньги получит не только победитель, но и винный магазин, в котором был куплен счастливый билет: ему полагается вознаграждение величиной тысяча долларов (75 тысяч рублей) от организаторов лотереи.
Persons: Kenneth Morgan, Кеннет Морган, Морган Organizations: UPI Locations: Джэксонвилл, Флорида, Торольд, Онтарио
Tânărul, în vârstă de 23 de ani, originar din Kashmir, a plecat din această regiune la data de 22 martie şi a ajuns opt zile mai târziu, la 30 martie, în Kanyakumari, un oraş din extremitatea sudică a Indiei. "De când am început ciclismul profesionist, mi-am dorit să reuşesc acest record mondial. Pentru aceasta, tânărul a declarat că a pedalat aproape 20 de ore în fiecare zi. El a recunoscut că a avut momente în care a fost pe punctul de a renunţa. Teli a precizat că dovezile realizării sale au fost prezentate Guinness pentru omologarea oficială a recordului.
Persons: Agerpres ., El, Teli Organizations: Guinness, Indian Express, Agerpres Locations: Kashmir, Indiei, Kanyakumari
O companie israeliană a dezvoltat un tip de baterie pentru mașinile electrice, care se încarcă aproape la fel de repede pe cât îi ia unui șofer să facă plinul cu benzină la o mașină, potrivit The Guardian. Cum funcționează bateria Bateriile sunt create de StoreDot și produse efectiv de Eve Energy, în China, potrivit The Guardian. Bateriile unei mașini electrice funcționează pe bază de litiu-ioni, exact ca la telefoanele mobile, tablete sau laptopuri. StoreDot a înlocuit grafitul folosit drept conductor în bateriile litiu-ioni cu nanoparticule semiconductoare prin care ionii trec mai ușor și mai rapid în timpul încărcării pentru a nu provoca un scurtcircuit al bateriei. Anul trecut, inginerii Universității din Pennsylvania au dezvoltat un tip de baterie asemănător, care poate încărca o mașină electrică în 10 minute și oferă o autonomie suplimentară de până la 320 de kilometri, potrivit UPI.com.
Persons: israeliană, StoreDot Organizations: israeliană, Eve Energy, Universității din Locations: Europa, China, Universității din Pennsylvania
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