In Brief: Visa, Mastercard to seek relaxation on transaction rules for new card users

In Brief: Visa, Mastercard to seek relaxation on transaction rules for new card users
Photo Credit: Pixabay
23 Oct, 2020

Global payment processors Visa and Mastercard and the Payments Council of India (PCI) are planning to send a written representation to the Reserve Bank of India (RBI) over transaction rules set for new card users in the country, The Economic Times reported, citing three people familiar with the matter. The parties, according to the report, want relaxation on the order that requires banks to disable digital or overseas transaction functions by default for new card users unless they specifically opt for the same. They say that the regulations, introduced in October, could result in a higher number of transaction failures which could affect people’s confidence in the mode of payment.

WazirX partners with edtech startups to spread cryptocurrency awareness

Cryptocurrency exchange platform WazirX has launched an initiative to spread awareness around cryptocurrencies and their operations in India. The platform said in a statement it has partnered with Indian Blockchain Institute, Corum8, Zubi, Qualki Academy, and Inblox Academy to host webinars and meet-ups focusing primarily on the future of the crypto space, its basic technical know-how, and the career prospects stemming from it. Beyond this, the exchange said, it is also in talks with four online learning startups to expand the effort and educate more people about cryptocurrencies. WazirX has already hosted webinars on cryptocurrency and blockchain at some of the most prestigious academic institutions in the country, including IIT Bombay, IIM Ahmedabad, IIM Indore, XLRI, and NMIMS.

Tata AIG General Insurance upgrade its online platform

Tata AIG General Insurance company has upgraded tataaig.com, its online platform for customers. The company said that the revamped site, a cloud-native application, comes with a minimalistic new interface that is based on neumorphism and is simple and fast to use. The responsiveness of the platform has increased by 35% and there is full integration of click and select schematics and existing user data to make buying or renewing a car, bike, health, or travel insurance policy relatively easy. The platform has been developed with a mobile-first approach but can work across all screen sizes, operating systems, and browses, the company said, noting that it can even handle queries during peak hours.