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NPCI partners Bank of Namibia to develop UPI-like payment system

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NPCI partners Bank of Namibia to develop UPI-like payment system

New Delhi, May 2 (IANS) NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), on Thursday said that it partnered with the Bank of Namibia (BoN) to support them in developing a Unified Payment Interface (UPI)-like instant payment system for the country.

The partnership aims to assist Namibia modernise its financial ecosystem by leveraging India’s UPI technology and experience. This includes improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability.

“By enabling this technology, the country will gain sovereignty in the digital payments landscape and stand to benefit from enhanced payment interoperability and improved financial access for underserved populations,” Ritesh Shukla, CEO, NPCI International, said in a statement.

Moreover, NPCI said that this collaboration aims to improve digital financial services and support real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in the country.

This partnership will also allow BoN to gain access to best-in-class technology and insights from NIPL, enabling the creation of a similar platform in Namibia for the digital welfare of its citizens.

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“This endeavour, aligned with the Bank’s Strategic Plan and NPS Vision and Strategy 2025, deliberately employs a central bank-led approach to minimize infrastructure costs for financial institutions, thereby ensuring the sustainability and affordability of instant payment solutions for end users,” said Johannes Gawaxab, Governor of the Bank of Namibia.

Once operational, the platform will enable digital transactions in Namibia, prompting financial inclusion and reducing cash dependency by catering to underserved populations.

–IANS

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LTIMindtree's net profit drops 1.5 pc to Rs 1,135 crore, revenue up 5 pc

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LTIMindtree's net profit drops 1.5 pc to Rs 1,135 crore, revenue up 5 pc

LTIMindtree's net profit drops 1.5 pc to Rs 1,135 crore, revenue up 5 pc

Mumbai, July 17 (IANS) Global technology consulting and digital solutions company LTIMindtree on Wednesday reported consolidated net profit at Rs 1,135 crore for the April-June quarter, a 1.5 per cent decrease from Rs 1,152 crore in the year-ago period.

The net profit, however, rose 3 per cent on a sequential basis. The company’s revenue went up to Rs 9,142 crore ($1.1 billion) in the first quarter of FY25, from Rs 8,702 crore in Q1 FY24, a jump of 5.1 per cent YoY.

“While the environment remains unchanged, fiscal 25 started on a positive note for us with Q1FY25 revenue of $1.1 billion, registering a 2.5 per cent QoQ and 3.5 per cent YoY revenue growth (in USD terms),” said Debashis Chatterjee, CEO and Managing Director, LTIMindtree.

The company’s shares closed 1.75 per cent higher at Rs 5,574 apiece on Tuesday.

“Our top three industry verticals and our largest geography have performed well sequentially. This is attributed to a measured uptick in IT spending for critical initiatives with clients balancing innovation and fiscal prudence,” said Chatterjee.

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Late last month, LTIMindtree appointed veteran S.N. Subrahmanyan (Vice-Chairman) as Chairman with effect from June 27, as A.M. Naik decided to step down from the post. As a digital transformation partner to more than 700 clients, LTIMindtree has more than 81,000 professionals across more than 30 countries.

–IANS

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Manufacturing sector to play crucial role in journey towards Viksit Bharat: NITI Aayog

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Manufacturing sector to play crucial role in journey towards Viksit
 Bharat: NITI Aayog

Manufacturing sector to play crucial role in journey towards Viksit
 Bharat: NITI Aayog

New Delhi, July 17 (IANS) NITI Aayog on Wednesday said the manufacturing sector, led by electronics, will play a crucial role in India’s journey towards becoming ‘Viksit Bharat’, which can be achieved by accelerating ‘Make in India’ by engaging in Global Value Chains (GVCs).

With this perspective, NITI Aayog is set to release a comprehensive report on the subject suggesting a roadmap for the country to become a manufacturing powerhouse in the electronics sector.

The report lays down the roadmap for the country to become a global manufacturing hub in electronics manufacturing. In the current scenario, 70 per cent of international trade comprises GVC items emphasising the critical need for India to enhance its GVC participation.

“This can be achieved by prioritizing sectors such as electronics, semiconductors, automobiles, chemicals, and pharmaceuticals, which play a significant role in the GVC landscape,” said NITI Aayog.

Within GVCs, the electronics sector holds a significant position as nearly 80 per cent of electronics exports come from GVCs.

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In the financial year 2023, India’s electronics sector recorded a significant value of exports, contributing a considerable share of 5.32 per cent to India’s total merchandise exports. Presently, India’s electronics manufacturing primarily involves the final assembly of electronic goods.

“While brands and design firms have started increasingly outsourcing assembly, testing, and packaging tasks to Electronic Manufacturing Services (EMS) companies in India, the ecosystem for design and component manufacturing is at a nascent stage,” the NITI Aayog said.

–IANS

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Working closely with component partners in India to boost infra, supply chain: Samsung’s TM Roh

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Working closely with component partners in India to boost infra, supply chain: Samsung’s TM Roh

Working closely with component partners in India to boost infra, supply chain: Samsung’s TM Roh

New Delhi, July 17 (IANS) As India doubles down on local electronics manufacturing and the entire ecosystem around it, Samsung, which has been operating its manufacturing facility in the country since 1996, is working closely with component partners in the domestic market to strengthen infrastructure and supply chain, T.M. Roh, President and Head of MX Business at Samsung Electronics, said on Wednesday.

Roh said the Indian market is very important to the South Korean company and the “collaborations and efforts will continue into the future”.

India is one of the markets where the foldables are growing exponentially, and at the centre lies Galaxy foldable, he said.

“The R&D centres in Noida and Bengaluru have become one of the biggest R&D centres in Samsung and MX business. They are busy developing flagship products as well as contributing to the development of Galaxy AI technologies,” he informed.

Roh said he expects the market demand this year will grow, and “we have high expectations about the Indian customers and consumers adopting the new foldable Z Flip 6 and Fold 6 with the incorporation of Galaxy AI that are optimised for foldables”.

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Since the company launched its first foldable in 2019, “we have continuously worked on our own and with our partners to bring more perfection to the experience and usability of foldables, optimising foldables to the maximum”.

The company said it has democratised Galaxy AI, and aims to incorporate Galaxy AI to 200 million devices by year-end.

Samsung’s flagship smartphones have done really well in India, where the premium segment is witnessing double-digit growth.

The company this year has received record pre-orders for its sixth-generation foldable smartphones. In the first 24 hours, pre-orders for Galaxy Z Fold6 and Z Flip6 jumped 40 per cent higher as compared to the previous generation foldables, making the new Z series the most successful in India.

–IANS

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1 in 2 Indian SMEs leveraging Cloud for business expansion: Report

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1 in 2 Indian SMEs leveraging Cloud for business expansion: Report

1 in 2 Indian SMEs leveraging Cloud for business expansion: Report

New Delhi, July 17 (IANS) Fuelled by India’s growing digital acceleration, one in two small and medium enterprises (SMEs) are leveraging Cloud for their business expansion, a report revealed on Wednesday.

Around 58 per cent of these SMEs believe they have a high level of digital maturity and are at the forefront of this ongoing digital shift, according to the report by Tata Tele Business Services (TTBS) and Cyber Media Research (CMR).

“Cloud technology presents an unparalleled opportunity for businesses to amplify agility, foster collaboration, and gain a decisive competitive edge while enhancing the customer experience,” said Vishal Rally, SVP, Product and Marketing, Tata Teleservices.

Over half (52 per cent) of the SMEs leverage the scalability and affordability that Public Cloud offers.

Nearly one in every five SMEs (20 per cent) has successfully migrated more than 50 per cent of their workload to Cloud. About 51 per cent of SMEs nationwide prioritise Cloud for customer support.

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Nearly half of the SMEs prioritise enhanced security compliance as the main reason for adopting Cloud, highlighting its strategic role in business decisions, said the report.

“Indian SMEs are rapidly leaning-in on Cloud, leveraging its efficiency, reliability, and adaptability to transform their businesses,” said Prabhu Ram, Head, Industry Intelligence Group (IIG), Cyber Media Research (CMR).

“Cloud adoption unlocks access to cutting-edge advancements like AI, empowering SMEs to compete and thrive,” he added.

The number of MSMEs in the country is expected to grow from 6.3 crore to 7.5 crore in the coming times, growing at a projected CAGR of 2.5 per cent, according to IBEF.

–IANS

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Vietnamese hackers fuelling WhatsApp e-challan scam in India: Report

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Vietnamese hackers fuelling WhatsApp e-challan scam in India: Report

Vietnamese hackers fuelling WhatsApp e-challan scam in India: Report

Bengaluru, July 17 (IANS) A highly technical Android malware campaign by Vietnamese hackers is targeting Indian users through fake traffic e-challan messages on WhatsApp, according to a report on Wednesday.

Researchers from CloudSEK, a cybersecurity firm, identified the malware as part of the Wromba family.

It has infected more than 4,400 devices and led to fraudulent transactions exceeding Rs. 16 lakh by just one scam operator, they said.

“Vietnamese threat actors are targeting Indian users by sharing malicious mobile apps on the pretext of issuing vehicle challan on WhatsApp,” said Vikas Kundu, Threat Researcher, CloudSEK.

Scammers are sending fake e-challan messages impersonating the Parivahan Sewa or Karnataka Police and tricking people into installing a malicious app.

The app steals personal information and also facilitates financial fraud.

Clicking the link within the WhatsApp message would lead to the download of a malicious APK disguised as a legitimate application.

Once installed, the malware requested excessive permissions, including access to contacts, phone calls, SMS messages, and the ability to become the default messaging app.

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It then intercepts OTPs and other sensitive messages, which enables attackers to log in to victims’ e-commerce accounts, purchase gift cards, and redeem them without leaving a trace.

Kundu explained that once the app gets installed, it extracts all the contacts to scam more users.

Further, all the SMSes will be “forwarded to the threat actors thus allowing them to log in to various e-commerce and financial apps of the victim,” he added.

Using proxy IPs, the attackers avoid detection and maintain a low transaction profile.

Using the malware, attackers have accessed 271 unique gift cards, conducting transactions worth Rs 16,31,000, according to the report.

Gujarat has been identified as the most affected region, followed by Karnataka.

To protect against such malware threats CloudSEK urged users to stay vigilant and adopt security best practices installing apps only from trusted sources like Google Play Store; limiting app permissions and regularly reviewing them, maintaining updated systems, and enabling alerts for banking and sensitive services.

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–IANS

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