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Transfers of funds between the two countries will now be possible using just mobile phones due to the tie-up between India's UPI and Singapore's PayNow facility.
In yet another turn in the ongoing BharatPe saga, the other Co-founder, Shashvat Mansukhbhai Nakrani, on Saturday denied that he had also given his consent, as claimed by Co-founder and Managing Director Ashneer Grover in his letter, to remove new CEO Suhail Sameer from the Board of BharatPe.
An offline digital payment means a transaction that does not require internet or telecom connectivity.
October witnessed record festive shopping across e-commerce platforms and accounted for 4.2 billion UPI transactions.
Government offices, schools, anganwadis and hospitals with pending dues have also been told to get up to date.
The current figures are dismal for the Mark Zuckerberg-run platform. The late entrant WhatsApp currently has a mere 0.01 per cent share of the UPI payments volume.
Auto debit payments, pre-instructed to foot monthly phone, and DTH bills, OTT platform subscriptions, etc. could henceforth be made only with the consent of the debit/credit cardholder.
Mobile phone-based digital voucher meant for specific purpose payment
It was alleged that Facebook-owned WhatsApp has abused its dominance in the 'market for internet-based messaging application through smartphones' to manipulate another market -- 'market for UPI enabled digital payment applications' in its favour.
Analyses of over two million spending records indicate that when people spend money in certain categories, this can be used to infer certain personality traits.