Fraudsters exploit the urgency often associated with OTPs for day-to-day services like delivery, and dupe customers into sharing banking-transaction-OTPs, thereby exposing their account savings to the risk of fraud. 

Airtel’s new AI-powered system identifies such potentially risky situations and warns the customers involved. Whenever a bank OTP is detected during a potentially risky incoming call, Airtel intervenes with a fraud alert check to the customer about the potential risk of giving consent for a banking transaction OTP to be delivered while they are still on the call. This powerful combination of AI-driven intelligence and human judgment gives customers the crucial time they need to think, verify, and stay firmly in control of their security, effectively closing the gap scammers exploit.

Commenting on the initiative, Shashwat Sharma, Managing Director & CEO, Airtel,  India, said, “We are on a mission to make Airtel the safe network. While working towards this, we have realised that despite the foundational role played by One-Time Passwords (OTPs) in securing digital transactions, their efficacy is frequently being undermined by criminal tactics. We are, therefore, pleased to announce a significant advancement in Airtel’s network layer that is designed to strengthen protection against banking fraud. 

Our newly developed, AI-powered, autonomous solution operates proactively at the network level and is engineered to detect and intervene against fraudulent activity in real-time. Extensive trials have demonstrated a remarkable level of accuracy and impact in preventing the menace of such scams.”

Over the past two years, Airtel has rolled out AI-powered, tech-led safeguards like spam-call warnings and malicious link-blocking to stop fraud at the source. While it has succeeded in its efforts to reduce fraud on its network to a great extent, fraudsters have continued to exploit human vulnerabilities through impersonation and social engineering. This breakthrough feature, designed to protect mobile phone users, is yet another step to protect its customers from digital fraud.

This solution is already live in Haryana, and Airtel will roll it out to 100% of its customers over the next two weeks.

The post Airtel Introduces AI-Driven Solution to Combat OTP Leakage Fraud appeared first on NRI News.

INDIA: Axis Bank, one of the largest private sector Banks in India, today announced that it has collaborated with boAt, India’s No.1 wearable brand, and Mastercard, a global technology leader in payments, to seamlessly integrate tap & pay NFC enabled payments for its newly launched ‘Wave Fortune’, a cutting-edge smartwatch. Priced competitively at ₹3,299 (₹2,599 during special offers), Wave Fortune is designed to empower users with convenience, security, and a next-level smartwatch experience.

Axis Bank cardholders can now securely tokenize and store their debit and credit cards on the WAVE Fortune Smartwatch via Crest Pay, boAt’s official payment app, and make contactless payments effortlessly. This feature, powered by Mastercard’s tokenization technology and supported by the robust token requestor infrastructure of TAPPY Technologies, allows single-step payment of up to ₹5,000 on a POS device without entering the card PIN, ensuring both speed and security.

Powered by Mastercard, the payment system allows users to securely tokenize and store their cards within the smartwatch strap for quick and seamless transactions. Axis Bank credit and debit cardholders on Mastercard and VISA networks will continue to enjoy the rewards and benefits of their linked card while making payments with the Wave Fortune smartwatch.

Commenting on the partnership, Arnika Dixit, President & Head – Cards, Payments and Wealth Management, Axis Bank, said, “At Axis Bank, we have been continuously working on innovation-led partnership models to offer innovative and secure digital banking solutions to customers. In this effort, we are delighted to have partnered with boAt to truly make payments on the go, seamlessly integrating contactless payments into people’s day-to-day lives. Bringing in our expertise in tokenized contactless payments, ‘Wave Fortune’, a cutting-edge smartwatch will allow users with the highest standards of safety and security, combined with a quick and convenient payment experience.”

Sameer Mehta, Co-founder and CEO, boAt, said, “At boAt, we are always striving to push the boundaries of technology to enhance everyday convenience. Our partnership with Axis Bank brings secure, effortless payments to the wrist, making contactless transactions more accessible than ever.”

Gautam Aggarwal, Division President, South Asia at Mastercard, said, “Shortly, payments will be gesture-based — integrated into our daily routines, with transactions occurring in a frictionless manner. Wearable devices, irrespective of the form factor, will play a key role in this evolution, offering quick and secure payment experiences. As a company committed to shaping the future of commerce, Mastercard is delighted to power the tokenization-enabled smartwatch, empowering users to pay with their credit or debit cards.”

Additional Product Highlights – Wave Fortune Smartwatch:

In addition to its contactless payment functionality, the Wave Fortune smartwatch is designed to keep users connected, stylish, and productive – whether at the gym, on the move, or in business settings. It brings secure, on-the-go payments to the wrist and reflects boAt’s vision of merging convenience with innovation to create lifestyle-driven wearables.

A Display That Shines, Features That Deliver

• Vivid 1.96” HD display with 240×282 resolution and 550 nits brightness for exceptional clarity – even under direct sunlight
• Wake gesture for quick access to time and notifications
• DIY Watch Face Studio to personalize your home screen with images, themes, or artworks

Fitness and Utility Built-In

• Earn boAt Coins by achieving fitness milestones – redeemable for boAt offers
• Ultra-clear Bluetooth Calling, interactive dial pad, contact saving, and direct access to Crest Pay

The Wave Fortune smartwatch is now available in Active Black on the [boAt website].

The post Axis Bank Collaborates with boAt and Mastercard for Wave Fortune Smartwatch appeared first on NRI News.

• Aimed at enhancing shareholder value, this consolidation will help to streamline the organization structure and simplify compliance requirements for effective governance.
• For every 100 equity shares of SIL with a face value of Rs. 10/- each, Ambuja Cements will issue 12 equity shares with a face value of Rs. 2/- each, to eligible shareholders of SIL.
• Subject to requisite approvals, the transaction is expected to be completed within 9-12 months.

AHMEDABAD: Ambuja Cements, the cement and building material company of the diversified Adani Portfolio, today announced separate Schemes of Arrangement of its subsidiaries Sanghi Industries Limited (SIL) and Penna Cement Industries Limited (PCIL). The proposed Schemes inter alia provide for the Amalgamation of SIL and PCIL with Ambuja Cements.

Ajay Kapur, CEO of Cement Business, Adani Group, said, “This merger aims to make our company more competitive and efficient, ultimately enhancing shareholder value. Enhanced working capital management and internal funds will support the growth of our business operations. Unified cash flow management will pool resources for faster expansion and cost savings in administration and governance, thereby simplifying compliance requirements. This advancement through a larger entity will increase market competitiveness and deliver greater value to our shareholders.”

SIL has a clinker capacity of 6.6 MTPA, a cement capacity of 6.1 MTPA, and limestone reserves of ~1 billion tonnes. SIL’s Sanghipuram plant is India’s largest single-location cement and clinker unit by capacity, with a captive jetty and captive power plant.

Penna has four integrated plants in Andhra Pradesh and Telangana, along with a grinding unit in Maharashtra. It has an operational capacity of 10 MTPA. Additionally, two plants, with a capacity of 2 MTPA each, are under construction in Krishnapatnam and Jodhpur, expected to be completed within the next 8-12 months. It also has five bulk cement terminals at Kolkata, Gopalpur, Karaikal, Kochi, and Colombo (Sri Lanka).

Ambuja Cements will issue 12 equity shares of the face value of Rs. 2/- each for every 100 equity shares of SIL of the face value of Rs. 10/- each as recommended by the valuers and accepted by the Board and thereby, the eligible shareholders of SIL will become the shareholders of Ambuja Cements.

These transactions will be effected with requisite approvals from related stakeholders and authorities, anticipated to be completed within 9-12 months.

The post Ambuja Cements Announces Strategic Amalgamation of Subsidiaries appeared first on NRI News.

BENGALURU: super. money, a credit-first UPI service platform, today officially launched its app, after a successful beta phase. During the beta phase, the app witnessed close to one million downloads, driving over 10 Million transactions, showcasing significant adoption of the app. super.money has also finished testing out a first of its kind, credit on UPI solution, and has started a waitlist program for the same. super.money’s first solution is a  RuPay credit card that operates like an interest-bearing wallet on UPI rails and is touted to be a global first.

super.money launched its UPI offerings with a strong focus on enhancing rewards & credit experiences for everyday transactions. The app offers up to 5 percent cashback on every merchant transaction and special offers from partner merchants including Flipkart and Myntra.

super.money is transforming payments into a social and engaging experience with its innovative rewards programs like superNameDrop, Raffle, and Meme-Money. superNameDrop is a construct where users can earn instant cashback by sending money to someone with the featured name of the week. Raffle, which is slated to launch soon, offers users the chance to win exciting prizes, while Meme-Money adds a social element to financial transactions, making them both engaging and rewarding.

Backed by the aim to tap into India’s growing consumer credit opportunity, super.money has integrated with NPCI’s RuPay infrastructure for its co-branded credit card. Since its inception, UPI QR codes have quickly surpassed POS systems while unlocking new payment and credit use cases that may not have existed before. As per recent reports, the cost of credit acceptance for merchants has dropped to zero on smaller-value transactions – a global first – which is expected to significantly boost UPI adoption in India.  Credit on UPI will materially change the borrower profile, and in turn, accelerate retail credit adoption in the country. This is also set to bring users from Tier 2 and Tier 3 India into the realm of formal credit.

In the coming months, super.money plans to introduce a range of financial products in partnership with leading financial institutions, including a co-branded credit card, fixed deposits (FDs), and instant pre-approved personal loans, catering to the diverse financial needs of Indian customers. super.money aims to democratize access to financial services by leveraging the UPI infrastructure, which is aligned to the Government’s larger vision of financial inclusion.

Prakash Sikaria, Founder & CEO of super.money, said, “The timing of super.money’s app launch is incredibly opportune, coming on the heels of UPI crossing ₹20 trillion in transactions for the third consecutive month. Our beta phase was instrumental in shaping the super.money experience, particularly in how we innovate at the forefront of credit on UPI. The digital payments landscape in India is brimming with opportunities but the real potential lies in integrating financial services on UPI rails in a simplified way. We have started with innovating on credit products as it does an important job of introducing millions of Indians to formal credit infrastructure. At super.money, our vision goes beyond being just a payment platform. We aim to redefine how users engage with financial services, making them more accessible, rewarding, and aligned with the government’s vision for a digitally empowered India.”

Currently, super.money has partnered with a wide range of financial institutions to power financial services. The super.money app is currently available to all Android users and is soon to be launched on the iOS platform.

As per NPCI, credit transactions on India’s flagship payments platform Unified Payments Interface (UPI) are reaching Rs 10,000 crore each month. This presents a vast opportunity for fintech companies to make credit more convenient for consumers.

The post Super.money Launches Innovative Credit-First UPI App, Achieving 10 Million Transactions in Beta Phase appeared first on NRI News.

However, the rise in digital payments has also led to a rise in online fraud. In the past three years alone, online scams have caused a collective loss of Rs. 1.25 lakh crore. In response, the Reserve Bank of India (RBI) has established various committees focused on protecting individuals and businesses, and the financial sector is increasingly turning to cutting-edge technology to tackle these threats.

Technology plays a crucial role in safeguarding businesses from online fraud while enabling them to benefit from the country’s growing digital economy.

Akash Sinha, CEO & Co-Founder, of Cashfree Payments, said, “In today’s digital landscape, prioritizing safety and security against fraudulent transactions is crucial for businesses to avoid financial losses and protect their reputation. Leveraging technology-driven innovations that use AI and ML algorithms can significantly enhance defenses against fraud. These advanced solutions are transforming the security framework for online transactions in India, providing merchants with unmatched protection and peace of mind.”

Today, secure payment solutions are required to protect businesses from fraud-related losses and build trust with customers.

“Many businesses either overlook the importance of fraud and risk detection tools or use ones that can’t stop fraudulent transactions in real time. Additionally, creating effective fraud solutions often requires special certifications. However, it’s crucial to recognize that when customers feel secure about their transactions, they’re more likely to make repeat purchases and recommend the business to others, which drives growth.”, Akash added.

Payment solutions that are technology-driven have complete risk management capabilities.  Data security measures like encryption and tokenization ensure that all customer data is protected, reducing the chances of data breaches. Furthermore, robust risk management systems can assist companies in meeting regulatory obligations, thereby reducing additional risks.

Sinha further said, “At Cashfree Payments, we have built ‘RiskShield’ through extensive research to provide businesses with a comprehensive risk management solution to combat cybercrime. Designed to address issues such as high chargebacks and fraud, RiskShield is effective across various sectors including financial services, e-commerce, and travel. Utilizing advanced AI and ML algorithms, RiskShield helps businesses reduce fraudulent activities by up to 40%.”

In the modern business world, companies can only succeed if they begin to invest in sophisticated fraud detection systems, secure payment gateway technologies, and extensive customer verification procedures.

The post The Role of Technology in Preventing Fraud and Accelerating Business Development appeared first on NRI News.

PCI PIN certification is a set of security standards established to protect the processing and transmission of card PINs used in transactions. This certification ensures that systems and devices involved in PIN processing comply with security standards set forth by the Payment Card Industry Security Standards Council (PCI SSC) to safeguard customer’s sensitive information.

Union Bank of India has consistently demonstrated its commitment to implementing industry-leading practices aligned with international standards for managing its information systems. By adhering to stringent security measures and continuously evolving its security protocols to meet emerging threats, Union Bank of India aims to strengthen customer trust and uphold the integrity of all sensitive data entrusted to the bank.

Union Bank of India’s systems, processes, and IT facilities are also ISO27001:2013, ISO22301:2019, ISO31000:2018, ISO 27701:2019 & PCI-DSS certified by international certification bodies which provide safe, secure, and resilient Banking experience to its customers.

The post Union Bank of India Receives PCI PIN Certification appeared first on NRI News.

According to a report by Statista, Mobile commerce in India is projected to reach $46.4 billion in 2023. Mobile shopping is one of the growth drivers for this projection, and with this partnership, Shiprocket aims to enable merchants to grow in this burgeoning market by providing a seamless consumer experience. The partnership will unlock numerous benefits, emphasizing the commitment to enhancing user experience and enabling eCommerce merchants to do business easily.

1. Truecaller’s 1-Tap number-based OTP-less verification solution will expedite the onboarding process for new sellers on the Shiprocket platform, resulting in faster sign-ups and reduced friction
2. The 1-Tap, OTP-less verification will also help the merchants deliver a swift and secure online checkout experience for shoppers. This combined with Shiprocket Checkout will enable merchants to provide the ultimate ‘one-click’ checkout experience to their consumers which lifts up the sales conversion from 20% to 40%
3. Further to communicate in a trusted, safe, and productive manner, the partnership will enable Shiprocket’s merchant ecosystem to leverage Truecaller’s Verified Business Caller ID solution. This will enable merchants to foster a seamless communication experience with their customers, especially for important use cases such as delivery and support

Speaking on the partnership Saahil Goel, Co-founder & CEO, of Shiprocket said, “Our partnership with Truecaller ensures that speed and convenience are not just promises but a reality that the merchants can deliver to their consumers. Truecaller’s OTP-less verification combined with the Shiprocket Checkout solution will enable a seamless experience for the consumers. This will help our merchants further reduce cart abandonment rates and expand their consumer base among the mobile-first audiences. In addition to this, the merchant verification badges will also help build credibility and enable them to communicate with their consumers seamlessly.”

Priyam Bose, Global Head GTM & Developer Products, Truecaller, said, “At Truecaller, our commitment lies in empowering businesses in the realms of customer authentication to communicate in a trusted, safe, and consistent manner with their end consumers. With this key collaboration with Shiprocket, we are streamlining and elevating their merchant’s digital-led operations across the consumer experience lifecycle, from onboarding to checkout to communication through our business suite of products from the Truecaller platform.”

Shiprocket’s collaboration with Truecaller comes when the eCommerce industry is evolving rapidly, demanding innovative solutions to meet the changing needs of businesses and consumers alike. This partnership cements Shiprocket’s position as a leading eCommerce enablement platform, driving positive change and creating a more user-friendly environment for merchants.

The post Shiprocket and Truecaller collaborate to empower sellers with reliable and seamless e-commerce transactions appeared first on NRI News.

MUMBAI: Celebrating the newness of the year. DCB Bank, a new-generation private sector bank, is delighted to announce its latest offering, ’DCB Happy Savings Account.’ This innovative account is set to redefine the banking experience, making it both convenient and rewarding for its customers.

Account holders will now have the opportunity to enjoy cashback rewards on their eligible UPI debit transactions within India. The rewards can go as high as  Rupees 7,500 per financial year on eligible UPI transactions. UPI transactions are ubiquitous, therefore the more transactions an individual does via DCB Happy Savings Account, the more one stands to earn as cashback rewards. The minimum UPI transaction amount is just Rupees 500.

To keep the happiness flowing, account holders will need to maintain an average quarterly balance of Rupees 25,000 in their DCB Happy Savings Account.

The table below indicates the salient features of the scheme:

In addition to the enticing cashback rewards, DCB Happy Savings Account offers a host of benefits, including unlimited free access to all DCB Bank ATMs in India, free unlimited use of online RTGS, NEFT, and IMPS facilities, DCB Personal Internet Banking, and DCB Mobile Banking App.

“We are excited to introduce the DCB Happy Savings Account, a product that offers the best of both worlds—exciting cashback rewards and a seamless banking experience,” said Mr. Praveen Kutty, Head of Retail & Agri Banking at DCB Bank. “We believe this account will empower our customers to make the most of their everyday banking, with the potential to earn significant cashback while maintaining the required average quarterly balance. This is a testament to our commitment to providing innovative and rewarding banking solutions to our valued customers.“

It is important to note that the minimum Average Quarterly Balance (AQB) for the DCB Happy Savings Account is INR 10,000. To be eligible for cashback rewards, account holders must maintain an AQB of INR 25,000. Cashback for a specific quarter will be credited to the customer’s account in the first month of the following quarter, with a maximum cashback of INR 625 per month and INR 7,500 per year.

This exciting cashback offer is available to new customers as well as existing account holders who request for transfer of their account(s) from any other savings bank account type to DCB Happy Savings Account.

The post DCB Bank Launches Happy Savings Account with Cashback Rewards for UPI Transactions appeared first on NRI News.

MUMBAI: After the Reserve Bank of India’s (RBI) latest move in the digital payments space to link RuPay credit cards to UPI, National Payments Corporation of India (NPCI) and India’s leading payment aggregators have joined forces to support credit transactions on Unified Payments Interface (UPI).

NPCI has enabled key aggregators like BharatPe, Cashfree Payments, Google Pay, Razorpay, Paytm, PayU, and Pine Labs in order to enable merchant transactions through RuPay credit cards on UPI in the Indian market.

Earlier, UPI customers were able to make transactions only through their bank accounts, overdraft accounts, and prepaid accounts. Now, the linking of RuPay credit cards to UPI will ensure that customers will no longer have to carry their credit cards with them at all times for payments.

Approximately 250 million Indians use UPI for their day-to-day transactions and close to 50 million users have one or more credit cards. RBI’s move is set to combine the convenience of both by offering customers an instant payment experience of UPI with the benefits of short-term credit and rewards offered by credit cards.

The linkage of credit cards with UPI will also lead to a rise in acceptability as UPI provides customers with more points of acceptance through the vast network of asset-light UPI QR codes. It is also beneficial to merchants, especially those in semi-urban areas, as card point-of-sale terminals are not widely available.

Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI said, “India is one of the select few nations that has been successful in premiering innovation through targeted regulations. And after the RBI’s decision to start linking RuPay credit cards to UPI, we immediately started enabling leading payment aggregators to boost merchant acceptance and customer awareness in a bid to attract early and widespread adoption. The support of all partners has been instrumental in helping us achieve this. Going ahead, we aim to explore more relevant avenues in order to promote the adoption of digital payments via credit cards on UPI for smoother, more reliable, and more secure credit-based transactions in the pursuit of our objective to underwrite every eligible Indian.”

Over the last few years, UPI has become one of the most inclusive modes of payment in India with over 250 million unique users and five crore merchants on the platform. It is capable of facilitating inter-bank transactions using a smartphone and is utilized for real-time payment processing. In January alone, UPI processed 8038.59 million transactions amounting to 1,299,058.78 crores.

According to the RBI Payments Vision for 2025, it is expected that credit-based payment transactions are expected to grow by 16% year-on-year for the next four years. With India rapidly adopting digital payments for day-to-day transactions, the credit card-UPI linkage announcement will provide access to a hassle-free and smooth payment experience for individuals and merchants alike heading into the future.

The post NPCI joins hands with India’s leading payment aggregators to enable merchant transactions through credit cards on UPI appeared first on NRI News.