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TerraPay, NPCI collaborate for merchant payments via UPI-enabled QR codes

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NEW DELHI: In a strategic move to further strengthen its cross-border payment solutions, TerraPay, a leading global payments infrastructure group today announced its partnership with NPCI International Payments Limited (NIPL), the International arm of National Payments Corporation of India (NPCI). This association with NIPL will allow Indian customers and merchants in India with an active Unified Payments Interface Id (UPI Id) to make and accept cross-border payments seamlessly by leveraging TerraPay’s agile infrastructure and the UPI network.

In this intended collaboration, both companies will work together to further empower Indian customers with active UPI Ids (350 million bank accounts) to be able to transact at QR locations enabled by TerraPay, globally.

Together, both companies intend to fortify UPI payments & QR solutions to extract their maximum potential. The partnership will further increase the use of UPI and QR for cross-border merchant payments. This initiative will speed up the usage of UPI apps across different geographies thereby further enhancing the digital drive for cashless transactions. Furthermore, since UPI payments & QR transactions are customer-initiated with a two-factor authentication it adds an element of non-repudiation and hence drastically reduces disputes and grievance redressal issues. With this collaboration, TerraPay is keen to build interoperability among the various financial instruments that it powers and get marginalized or underserved communities into the mainstream of digital payments.

Unified Payments Interface is an instant real-time payments (RTP) system developed by National Payments Corporation of India. It is amongst the most successful RTP systems globally, providing simplicity, safety, and security in person-to-person (P2P) and person-to-merchant (P2M) transactions in India. In 2021, UPI enabled commerce worth 940Bn (~39Bn transactions). In August 2022 alone, the volume of transactions crossed 6.56Bn.

Globally, TerraPay processes pay-outs into 4.5Bn+ bank accounts and 1.5Bn+ mobile wallets. With the vision to foster financial inclusion, residents, POIs, and the Indian diaspora will be able to send money to India by using TerraPay’s agile, transparent and real-time payment highway.

Sharing why this partnership is critical to the vision of a cashless world, Ritesh Pai, President-Product & Solutions, TerraPay said, “Our ambition and aim is to collaborate and develop faster, more innovative, and transparent cross-border payment solutions. This effort is with an intent to establish the foundation of a new reality. We will act as a catalyst whether it’s enabling interoperability between schemes or countries by bringing in ubiquity, convenience, scale, transparency, and affordability. Our partnership with NIPL is one such strong step to make cross-border payments, immediate, cost-effective, accessible for all, and settled in a secure medium thus adding value to the global payments ecosystem.”

Mr. Anubhav Sharma, Head International Business – Partnership, Business Development & Marketing commented, “At NIPL, we are aiming to take the solutions that NPCI has built and established in India to international markets and build a truly interoperable global payments system with other participating nations. We are actively engaging with partners across the world to build partnerships in areas of cross-border acceptance and remittances. With this strategic partnership with TerraPay, we are looking to enhance the overall customer value proposition and provide user-friendly, convenient transaction alternatives to consumers, globally.”

Source” Press Trust of India

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Cyber crime threat to India’s progress, security: Pramod Sawant

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PANAJI: Goa Chief Minister Pramod Sawant on Friday said cyber crime is a threat to India’s progress and security and cyber warriors need to be created to combat the menace.

Sawant was speaking at the International Conference on Information Security, Privacy and Digital Forensics (ICISPD 2022) at BITS Pilani campus in Vasco city, 35 km from here.

The chief minister said the importance of comprehensively addressing social media privacy issues cannot be underestimated and the challenge calls for skilled experts.

Cybercrime is a threat to the progress and security of our nation. The need of the hour is to create cyber warriors to combat cyber crime, he said.

Sawant stressed on the need for awareness, knowledge and skills about the emerging trends in cybercrimes and training in latest technologies of cyber security and computer forensics.

As per data from the National Crime Records Bureau, a total of 52,974 cases of cyber crime were registered, showing an increase of 5.9 per cent in registration since 2020, he said.

The crime rate in this category had increased from 3.7 per cent in 2020 to 3.9 per cent in 2021, he added.

In 2021, 60.8 per cent of cyber crime cases were of fraud, 8.6 per cent of sexual exploitation and 5.4 per cent of extortion, Sawant said.

He further said that two of the greatest inventions of the 20th century, the computer and the internet have changed the world.

It is interesting that children born at the start of this millennium can’t even imagine a world without internet connectivity and mobile devices, he said.

The positive side of the internet and related technologies became clear during the COVID-19 pandemic, the chief minister said.

When self-isolation and social distancing were essential to control the outbreak, internet helped people remain connected, make payments, buy essentials, and most importantly, do their work, Sawant said.

Source: Press Trust of India

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Tech Mahindra Inks MoU with Digital Economy Promotion Agency

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NEW DELHI: Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services and solutions, and Digital Economy Promotion Agency (depa), a government agency established under the Ministry of Digital Economy and Society of Thailand to promote development of digital industry and innovation and ascertain nationwide digital technology adoption in order to achieve economic, social, cultural, and security benefits, have signed a Memorandum of Understanding (MoU) to accelerate digital transformation in Thailand.

As a part of the partnership, both organizations will co-develop innovative digital solutions and execute commercially viable projects and use cases for enterprises in areas of IoT, AI, 5G, Analytics, Blockchain, and Metaverse for various industries including Smart Cities, Telecom, among others.

Rajesh Chandiramani, Business Head, Communications-Media-Entertainment for EMEA and APJI Markets, Tech Mahindra, said, “We started our Thailand operations in 2004, and today it has become one of the most strategic and growth markets for us. Our partnership with depa will unlock immense potential for us to build, develop, and market innovative solutions for our customers in Thailand and support them in their digital transformation journey. This partnership is a major step forward in strengthening the industrial competitiveness between Thailand and India. We will also work towards diversifying the talent pool in the region through various skilling and upskilling initiatives on multiple technologies like NFT, Blockchain, Metaverse, AI, Analytics, IoT, 5G, Machine Learning, Quantum Computing, and Cloud.”

Digital Economy Promotion Agency (depa) was established under the Digital Development for Economy and Society Act promulgated on 23 January 2017. The agency aims to support and promote the development of digital industry and innovation, support and promote digital technology adoption, which benefits the national economy, society, culture, and security according to Article 34 of the Act.

Dr Passakon Prathombutr, Senior Executive Vice President of Digital Economy Promotion Agency, said, “Thailand aims to become ASEAN’s digital hub, for which a digital workforce is vital. This partnership with Tech Mahindra will empower our talent development in key fields such as AI, Blockchain, and the Metaverse. Depa is building Thailand Digital Valley (TDV), a state-of-the-art digital innovation ecosystem in the Eastern Economic Corridor (EEC). TDV will become the digital and innovation hub for the entire region. Hence, this collaboration is strategic to the digital economy and society.”

This partnership is in line with Tech Mahindra’s NXT.NOW™ framework, which aims to enhance ‘Human Centric Experience’, and focuses on investing in emerging technologies and solutions that enable digital transformation and meet the evolving needs of the customer.

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Naveen Patnaik inaugurates Happiest Minds Development Centre at Bhubaneswar

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NEW DELHI: Happiest Minds Technologies Limited, a ‘Born Digital. Born Agile’, Mindful IT Company, announced the inauguration of a new Development Centre at Fortune Towers (5th Floor) in Bhubaneswar, taking forward its long-term investment plans for further expansion in the state in alignment with the Make in Odisha focus of the state government.

Under the ease of business initiative, the Odisha state government’s State Level Single Window Clearance Authority (SLSWCA) granted approval to Happiest Minds to set up a software development centre at Fortune Towers located in Bhubaneswar. Happiest Minds has earmarked Rs. 265 crore investment towards this initiative.

Naveen Patnaik, Honourable Chief Minister of Odisha, said, “Odisha has been taking giant strides in IT sector in recent years. The growth momentum is accelerating in IT space with growing confidence of IT companies on Odisha as an investment destination. Odisha is now fast emerging as a technology resource hub of India creating jobs for our youth.”

Ashok Soota, Executive Chairman, Happiest Minds Technologies said, “We are delighted to start the operation of our new development centre at Bhubaneswar. At Happiest Minds, we have always embraced our responsibility to create a mindful impact on our communities, and we are grateful to the Hon’ble Chief Minister Shri Naveen Patnaik and the state government officials for their support in establishing this centre. We praise the new IT policy of the state and are optimistic that it will become one of the most preferred destinations for skilled talent, promoting greater employment opportunities for the youth.”

Venkatraman Narayanan, MD & CFO, Happiest Minds Technologies said, “The rise of Bhubaneswar as a destination of choice for businesses is on an ever-rising curve. This is the basis of the industry-supporting initiatives of the state government, duly complemented by the burgeoning talent pool available in the city and nearby regions. Aligned with the ethos of Happiest Minds, the new development centre (Smiles 7) will help us meet evolving customer needs, accelerating our growth and the overall development of the state.”

Founded in 2011, Happiest Minds has consistently gained recognition as among the best places to work in India and Asia. The company has won the Golden Peacock Award for Excellence in Corporate Governance 2022. The company recently acquired additional space to expand its presence in Bengaluru and extended its development facilities in Noida.

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