RBI’s digital currency can prevent frauds
Despite being in two minds over it, the Reserve Bank of India’s (RBI) is also working on a digital currency. While such a currency raises concerns over its impact on the financial system, it would certainly help in preventing frauds and creating transparency in the system.RBI Governor Shaktikanta Das had said RBI is “very much in the game” and is getting ready to launch its own digital currency. “A central bank digital currency (CBDC) is work in progress. An RBI team is working on the technology side and procedural side, and how it will be launched and rolled out.”In a one-tier model, digital money would be transferred directly from the central bank via the social security system to a single person. That social security system would hold all the updated information of the persons. By this, digital payments would facilitate faster money transfer to people according to their updated information.A digital currency will make it possible for the central bank to keep track of the exact location and every unit of the currency, which will make tax evasion more difficult as one would not be able to hide financial activity. Such a currency would also make siphoning of money difficult. It is often difficult to trace the fund flow, as companies create layers between the source of the fund. However, a central bank digital currency would be traceable from the point of origin, making it very difficult to launder money, even if there are multiple layers and circular transactions.
Twitter introduces conversation settings for ads
Advertisers drafting Tweets through the Tweet Composer or the Twitter Ads API will now have the ability to apply conversation settings to their Promoted-only Tweets. The conversation settings will let advertisers choose who can reply to the Tweets and join the conversation on Twitter. General users have had this option for a while, but it has now been rolled out by advertisers on the platform too.The settings can be applied to any Tweet format available in the Tweet Composer and can be promoted in any type of campaign, including Takeover products.The new conversation settings can be very useful for advertisers when tapped effectively and in the right context. A few of the use case applications can use the setting to announce new collaborations, brand conversations, friendly banters, reveal new endorsers, initiate pre-buzz campaigns, and more.
Instagram Lite launched in more than 170 countries
The social media giant announced that it will be launching a lite version of Instagram which shall allow users from more than 170 countries to access the app using minimal data, only 2 megabytes, vis-à-vis the regular version that necessitates 30 megabytes. Instagram Lite is being rolled out on Android devices and aims towards providing people living in rural and remote areas with a ‘high-quality experience’ without putting any internet constraints on the community. The app retains the key features that people using entry-level devices want, including sending direct messages, recording, and posting images or videos, while it has given a prominent position to the Reels tab on the homepage. To keep the performance of the app within the internet limitations, Instagram removed some elaborated, data-rich animation features, such as cube transitions and the AR filters people use to click pictures. The users will further be unable to make Reels directly from the app or access the Shopping tab which exists in its normal version. However, it still includes GIFs and stickers under the stories and direct messaging section. The app does not include any advertisements as of now. Users will be able to access Instagram Lite in both regular and dark modes, while some usual features have been either dropped in the lite version.
Facebook allows content creators to earn ad revenue from short-form video
Facebook is allowing content creators to earn ad revenue from short-form video. Content creators will now be able to monetise all video types and testing sticker ads in Stories.The social networking giant has also opened monetisation to more content creators by updating in-stream ad eligibility. More video creators can now access the program, opening access to in-stream ads for Live and expanding paid online events and fan subscriptions to more countries.Facebook is also making it easier for content creators to get access to fan support while growing consumer adoption via free Stars giveaways to viewers. Facebook App Monetization Director Yoav Arnstein said, “Content creators — digipubs, video creators, gaming creators, media companies, cultural institutions, businesses of all sizes and more — build vibrant communities on Facebook. We want them to have the tools and support they need to earn money and thrive, whether creating and sharing content is a primary business, one of many revenue streams, or a lifeline that’s kept their business afloat during the pandemic.
Vodafone Idea leads in mobile download speeds
Vodafone Idea (Vi) had the fastest mean mobile download speeds as it increased its download speed performance over Airtel from Q3 owing to its continuing investments into network improvements while JioFiber led the fastest mean download speed over fixed broadband among India’s top providers during Q4 2020, a report by global network testing firm Ookla said. Airtel had the second-fastest mean download speed, followed by Jio at the third position for performance, ratings, and NPS. Vi led Airtel and Jio on NPS, but none of the providers’ scores were positive, indicating that customers were not likely to recommend any of the providers, the report noted. On the fixed broadband side, JioFiber with a 3.7 star NPS was followed by ACT at the second position, followed by Airtel and Excitel, respectively. ACT and Excitel had the same star rating, while ACT had a higher NPS. Airtel had the third-highest NPS. State-run Bharat Sanchar Nigam Limited (BSNL), however, had the lowest mean download speed over fixed broadband during the same period but Hathway had the lowest rating and NPS. The network testing firm also highlighted that India witnessed strong internet speed increases during 2020 owing to 4G expansions, resulting in mobile speed improvements. Fiber rollouts, on the other hand, are driving broadband speeds. India also led in fixed broadband among SAARC countries from Q2 2020 onwards, followed by Bangladesh, and Sri Lanka, respectively.
37% of all India transactions done through wallets
37% of all e-commerce payments in India are routed through wallets, ranking in only second after China wherein wallets dominate the space with a 70% share in Alternative Payment Methods (APMs). The report by financial technology major FIS, revealed that amongst Indians, bank transfers came in second after wallets for purchases through e-commerce websites, with a 13% share, followed by Buy-Now-Pay-Later schemes which amounted to 3% of an overall share. PayPal, which recently announced its intention to shut its domestic payments business in the country, also had a 2% share in all transactions conducted on online commerce touchpoints. Amongst traditional methods, Credit Card dominated usage with a 17% share followed by Debit Cards which amounted to having a 15% usage. Cash on Delivery, which continued to have a double-digit share in usage in other APAC markets, including the Philippines and Vietnam, represented only 8% of e-commerce transactions in India. Pre-Paid cards and Direct debit cards also had a miniscule share of 1% and 0%, respectively.India between 2019 and 2020 also witnessed a decline from 70.6% to 34.5% in share of cash at point-of-sales (POS), with transactions through paper estimated to fall to 21.4% by 2024. Other APAC countries, as of 2020, had a much higher share of cash usage, including Thailand and Japan, which had a share of 62.5% and 59.2%, respectively. Amongst all payment wallets available in the Indian market, Google Pay and Paytm ranked amongst the top two in terms of usage, followed by Individual bank apps. Contextually, China’s wallet ecosystem was dominated by Alipay, WeChat Pay, and Huawei Pay – whilst Singapore’s ecosystem was spread across DBS PayLah, GrabPay and Apple Pay.
Women between 31-40 years most digitally adept – Women’s digital independence index
More than 65% of female customers continue to prefer cash as their preferred payment method of choice, according to a report by PayNearby. The Aadhar enabled Payment System (AePS) emerged as the second most highly used instrument of choice, in the report titled “Women’s digital independence index” which observed more than 3500+ retail stores recording financial transactions of female customers. 75% of retailers surveyed as part of the report said that women in the age group of 31-40 years were amongst the most digitally adept, followed by females between the ages of 20-30. Further, the age group of 20-30, also contributed to 25% of all women consumers for financial services, in urban and metro centres. Other widely used forms of payment methods, apart from Cash and AePS include the United Payment Interface (UPI) and Debit Cards, which saw usage preferences ranging from 5-15%, amongst varying age groups. At retail touch points, popular services availed by females included cash withdrawals, mobile recharges and bill payments, with the transactions being conducted by women in the age bracket of 31-40 years of age and 20-30 years of age, respectively. It was further found that more than 76% of women operated their bank account themselves, primarily for cash withdrawal and cash deposits. Notably, more evolved services such as insurance and bachat khata found few takers, with less than 5% and 12% usage, respectively.
Google to help 1 million rural women turn entrepreneurs
Google announced a new web platform Women Will to support 1 million rural women in India to become entrepreneurs through accelerator programmes, mentorship, business tutorials, etc. The announcement was made on the occasion of International Women’s Day at the virtual Google for India event. Accessible in English and Hindi, the web portal will offer guidance to aspiring women in villages on how to turn an interest or a hobby such as tailoring, beauty services, home tuition, food processing, etc. into a business, manage and promote it. Google will work initially with 2,000 ‘Internet Saathis’ to help other women turn entrepreneurs. Google and Alphabet CEO Sundar Pichai had launched the Internet Saathi programme in 2015 to impart digital literacy training to women in villages.“Building on the Internet Saathi program success, we’re making a new commitment to help 1 million women in rural villages in India to become entrepreneurs through business tutorials, tools, and mentorship,” said Pichai.
Pandemic 2020 – breakout year for online marketplaces in India
Ecommerce is fast becoming one of the most preferred modes of shopping in India, buoyed by increased customer adoption over the past 12 months due to the Covid-19 pandemic, a new survey shows. Despite the opening up of local markets, retail stores and malls over the past few months, the findings of the survey by community platform LocalCircles show that consumers who used ecommerce services during the past year are continuing to use them.Nearly half of all respondents answered that ecommerce websites and apps have become their preferred mode of shopping over the last 12 months, while a further 18% said they prefer getting goods delivered home from their local retailers.Safety, competitive prices and ease of returns ranked as the top reasons for shoppers to trust in ecommerce services more than before, the survey which got 130,000 responses from over 42,000 unique consumers located in 358 districts of India showed.