Paytm takes on Google Pay, small savings schemes turn more attractive, and more top news
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Google’s payment app shares users’ data with group companies and third parties, its homegrown rival Paytm has alleged. Citing concerns over user privacy, the SoftBank-backed venture has filed a notice against Google Pay with the National Payments Corporation of India. “The critical payments data collected by them is being processed and stored outside of India, which can have severe security implications in case of a data breach…,” Paytm said in its letter to NPCI. Google refuted Paytm’s position and said it does not use UPI transactions data for monetisation purposes.
Google’s payment app shares users’ data with group companies and third parties, its homegrown rival Paytm has alleged. Citing concerns over user privacy, the SoftBank-backed venture has filed a notice against Google Pay with the National Payments Corporation of India. “The critical payments data collected by them is being processed and stored outside of India, which can have severe security implications in case of a data breach…,” Paytm said in its letter to NPCI. Google refuted Paytm’s position and said it does not use UPI transactions data for monetisation purposes.
If you’re looking to park money in a government savings scheme, do so after October 1. India is upping interest rates on various small savings schemes — Public Provident Fund, Kisan Vikas Patra and the National Savings Certificate to name a few — by 30-40 basis points for the first time in two quarters. Thus, PPF and NSC deposits will now attract an interest rate of 8% per annum while the five-year senior citizen savings scheme will offer returns at 8.7%. The move is also a signal for banks to raise savings deposit rates.
People love to stream movies and TV shows, but many are watching them for free, a survey by research firm Pixights suggests. That’s because almost eight in 10 subscribers of OTT services such as Netflix, Amazon Prime Video and Hotstar share their login credentials with friends, family members and colleagues. It’s not illegal — Netflix and Amazon Prime allow multiple users to share an account. About 38% of respondents prefer Amazon Prime as its subscription rates are cheaper than Netflix’s for a wider range of popular foreign content, Pixights found.
The government has commissioned a safety audit of all airlines, airports and flying schools. Any safety-related shortcoming must be corrected immediately and a report readied in 30 days, the Civil Aviation Minister Suresh Prabhu has ordered. Yesterday, at least 30 passengers aboard a Jet Airways flight were injured as the crew forgot to turn on a switchthat maintains cabin pressure. An affected passenger has demanded ₹30 lakh and 100 upgrade vouchers from the airline as compensation. On September 11, an Air India flight over New York’s airspace encountered multiple systems failure but landed without incident.
India has become the ninth country in the world to have a National Database on Sexual Offenders. The registry — only accessible to law enforcement agencies — includes name, address, photograph and fingerprint details of 4.4 lakh people convicted for sexual crimes. Hindustan Times says the list will help in enabling justice and monitoring an offender’s future behaviour but the government must take steps to prevent its misuse. The Centre also launched the ‘Cyber Crime Prevention Against Women and Children’ portal which allows victims to anonymously report online sexual abuse from their homes.
Idea of the Day: Investing in the economic empowerment of women can have a multiplier effect for generations, says Women’s World Banking president Mary Ellen Iskenderian.
“Women spend, save and invest money in profoundly different ways than men. Perhaps the most important difference is that when women have a say in financial resources they invest them in their families.
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