Interoperability across e-wallets is now a reality.

Interoperability across e-wallets is now a reality

RBI is set to unleash a slew of measures by opening up the UPI platform to allow interoperability among e-wallets as part of its digitisation campaign. The guidelines are likely to be issued shortly by RBI. It shall also finalize the fee structure to be levied for transfer of funds between various e-wallet service providers for accessing the UPI structure.

Presently, e-wallets are using the UPI network for transfer of funds with the help of partner banks. Interoperability between various e-wallet service providers shall allow users of two different e-wallet service providers to directly transfer funds between them without their dependence on banks. This could best be explained by an example – say a customer using Paytm could transfer funds to a merchant who is using a different e-wallet like Mobikwik.

This step taken by RBI further emboldens the digitization drive by expanding the reach of users without the involvement of any bank. However this does not mean that banks shall have no role to play because the service providers of e-wallets shall have to depend on banks for settlement and reconciliation or for that matter, issues related to grievance redressal.

Therefore it can be summed up that the government has been consistent in its policy of digitization and is looking to evolve new strategies from time to time. The day the inoperability among e-wallets begins, one thing is for sure that the user shall be the ultimate gainer as it shall be spoilt with choices for easy, secure and fast medium of fund transfers.

 

IoT Fast Evolving to meet Today’s Business Demands

IoT (Internet of things) is the most talked about subject both in the personal world as well as in the business world as it has a major influence on today’s lifestyle because it impacts not only the lives of people today only but also how they work?

IoT has gradually developed over the years from the confluence of the internet, wireless technologies, MEMS (micro-electromechanical systems) and micro services.

Some of the integral and vital in the scheme of things pertaining to IoT are as follows-:

Connectivity -: The Internet of Things (IoT) relies heavily on network infrastructure for meeting modern day demands. The three pillars for carrying IoT applications are high-speed connections, integrated security, and low latency response. Therefore it is imperative for every organization to adopt a flexible and scalable wired and wireless network infrastructure. This would help set-up IoT applications anywhere from the cloud to the network edge with fog computing.

Key challenges to keep connectivity intact in IoT

  • Signalling

Bi – directional signaling plays a very significant role in the success of IoT for routing of all data between devices. Senrysa has achieved considerable success in implementation of IoT for uninterrupted streaming of reliable data.

  • Security

“Integrated Security plays an important role in Cyber security because it not helps in keeping a check throughout the network but also helps in increasing visibility. Some important aspects of integrated security are as follows.

a.) Encryption: It is an important aspect as there is a need to build reliable encryption for both servers and connecting devices.

b.) Authorization: It is imperative and critical that as part of IoT technology, every user must be aware that any data streaming out at any time out of server or device should be authorized one.

c.) Open ports: Installation of Bi-directional communication is important as it helps to prevent open ports exposed to the internet.

  • Power consumption

Power consumption is very crucial and a very big challenge since a large number of devices that make up an IoT are connected on 24 X 7 basis. This puts an added pressure on CPU power consumption and in order to prevent the battery of a device from draining out a robust network is required.

  • Detection of presence

Detection of presence is important as it helps to keep an eye on the network. Any breakdown in any IoT device does take time to detect unless and until a proper system is in place to detect when a device goes offline in a network. To sum up, presence detection is very vital and proactive step in the scheme of IoT for monitoring purpose the exact status of all connected device.

  • Bandwidth

It is important to keep a tab on the bandwidth consumption of all devices connected to a network. In today’s business scenario where millions of devices remain connected throughout the day, it is of prime importance to maintain a large tightly knit network which helps in seamless data transfer. It is important to devise ways to maintain strict monitoring as the number of gadgets shall multiply manifold in the years to come.

 

 

Aadhaar Payment App – The Next big thing in Indian Payments`

Aadhaar payment app has gained mass importance over a very short period of time. India has surely seen digitization in brighter light in the past few months. With the Minister of State for Finance, Santosh Kumar Gangwar’s statement, “As per reports received from public sector banks, Regional Rural Banks and 13 private sector banks, there are 110.03 crore individual, operative savings bank accounts (including Pradhan Mantri Jan Dhan Yojana accounts) with Aadhaar number seeded in 52.95 crore accounts,” said in a written reply in the Lok Sabha, there seems to be a hopeful intent for a digitally empowered Indian mass. “Banks are committed to seeding savings bank accounts with the account holder’s Aadhaar number, based on his consent,” he added.

With a massive number such as 52.95 crore savings accounts being linked to Aadhaar numbers, the growing need for faster online transactions via mobile applications is on the rise too. Aadhaar linking has taken place in large number of private sector, public sector and regional rural banks giving impetus to mobile app developers in India to find a new source of joy in development. There are currently numerous Aadhaar payment apps available on Google play store. We have also come up with PaySKP, an innovative Aadhaar based payment app that works on mobile as well as web versions.

In a few simple and easy to follow steps you can ensure a hassle free Aadhaar merchant pay.

  1. Download the app on your mobile device.
  2. Whether you are a merchant or a general user login with your Aadhaar number.
  3. Authenticate yourself with your biometric details.
  4. Start accepting/sending payments.

Aadhaar merchant payment apps are faster in operation as they carry out instant bank to bank transactions without any third party enablement.

Now you can simply enjoy as a merchant or a customer if you have a smartphone and the mobile app (Aadhaar based payment mobile application). Having yoru Aadhaar would mean your fingerprints will be authenticated and money paid from your Aadhaar linked account. There are great benefits of an Adhaar Payment app:

  1. No service tax or extra charges (as required in UPI apps, SBI Pay, Paytm, Phonepe, Freecharge, mobile wallets etc).
  2. No need to require remembering of passwords, PINs, etc.
  3. No burden of carrying debit or credit cards.
  4. Easier and Faster payment mode for merchants and users.

Aadhaar payment apps are regarded as the next big (read best!) thing India can look forward to enabling across expanded frontiers. Master cards and Visa charges that amounted to 2 to 3% of the amount can go for a toss with the Aadhaar apps charging nothing extra from its users. March, 2017 has been set as a target by Indian government to link all bank accounts with Aadhaar. Indian seems to be all set to become a powerful cashless economy, positioned for a potential boom in the global threshold.

The battle between Android and iOS

Over the recent years, Smartphone market has been a space for extreme race between Android and iOS. Users, developers and marketers are fighting for the ultimate winning title (as the leader of any two of the platforms). According to 2015 and 2016’s market research Android seems to be on the top spot.

Other related reports have suggested that the two players account for more than 96.7% of the entire mobile industry. This is surely a compelling figure.

Gartner is a very popular market research and analysis firm. It has released the following information on the smartphone market in 2016.

These are two of the most popular platforms (consider calling them giants) that have turned the entire app marketplace into a battle ground. They have reportedly taken over the smartphone industry with data usage being reported as having 99.1% score.

Android is winning the race by defeating iOS with huge market domination in the phase between 2015 – 2016.

The major reasons (as held responsible for the dominant market position) behind Android’s winning score is its easy device compatibility (and availability), familiarity, openness, usability and fast (and user-friendly) software upgrades. However, what makes iOS stand apart from Android is its offering of best features and services.

Do you want to build an Android app? We have recently come up with our brand new merchant payment app – PaySKP. Please visit: www.payskp.com to know more about this mobile app.

We are on play store: https://play.google.com/store/apps/details?id=com.senrysa.payskp

For any mobile app development support services you can reach us. We would be happy to hear from you.