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Tag: Indian Business News
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Streamlined Online Payments: RuPay Credit and Debit Cards Now Accept Payments without CVV – Here’s How
Making online payments just got faster and more convenient for users of RuPay credit and debit cards. The Indian domestic card payment network has introduced a new feature that allows users to make transactions without the need for a Card Verification Value (CVV). This move is aimed at making online payments more user-friendly and accessible to a wider range of users.
In this blog post, we will explore how this feature works and the benefits and potential disadvantages of making RuPay card payments without CVV. So, if you’re a RuPay card user looking to simplify your online payments, keep reading to find out more.
So, how does it work?
Traditionally, when making an online payment using a credit card or debit card, users are required to enter their CVV or Card Verification Value. This is a 3 or 4-digit security code that is usually printed on the back of the card. The purpose of the CVV is to add an extra layer of security to the transaction, as it helps to ensure that the person making the payment is the legitimate owner of the card.
However, with the new feature introduced by RuPay, users can now complete their transactions without having to enter the CVV. Instead, the payment is authenticated using a one-time password (OTP) that is sent to the user’s registered mobile number or email address. This OTP serves as a temporary security code that is valid for a short period of time and can only be used once.
To use this feature, users need to ensure that their mobile number or email address is registered with the bank that issued their RuPay credit or debit card. They can then proceed to make an online payment as usual, selecting the option to pay without CVV. Once they enter their card details, a pop-up window will appear asking them to enter the OTP that has been sent to their registered mobile number or email address. Once the OTP is entered, the payment is authenticated, and the transaction is completed.
This new feature is a major convenience for users who may find it difficult to remember their CVV or may not have the card with them at the time of making the payment. It also reduces the risk of fraudulent transactions, as the OTP provides an additional layer of security.
Benefits of making RuPay card payments without CVV
- Convenience: The main benefit of making RuPay card payments without CVV is the convenience it provides to users. By eliminating the need to enter a security code, the payment process is faster and more streamlined, reducing the likelihood of abandoned transactions.
- User-friendly: The use of one-time passwords (OTP) is a more user-friendly way to authenticate payments, as users do not have to remember their CVV or have the card with them at the time of making the payment.
- Increased security: While the CVV is still an important security feature, the use of OTPs provides an additional layer of security, reducing the risk of fraudulent transactions.
- Widely accepted: RuPay is widely accepted across India, and this new feature is expected to further increase its popularity as a payment network.
Disadvantages of making RuPay card payments without CVV
- Lack of familiarity: As this is a new feature, some users may not be familiar with the process of making payments without CVV, which could lead to confusion and errors during the payment process.
- Limited availability: Currently, this feature is only available for RuPay credit and debit card payments. Other payment networks may not offer this feature, which could limit its usefulness for some users.
- Potential security risks: While OTPs are generally considered to be secure, there is always the risk of hackers gaining access to a user’s mobile number or email address, which could compromise the security of the payment.
- Reliance on technology: The use of OTPs requires a reliable internet connection and a functioning mobile phone or email address, which may not always be available in certain situations.
Overall, the ability to make RuPay card payments without CVV offers several benefits, including convenience, user-friendliness, and increased security. However, there are also some potential disadvantages to consider, including a lack of familiarity, limited availability, potential security risks, and reliance on technology. Overall, this feature is a welcome development that is likely to make online transactions easier and more accessible for a wider range of users.
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What is Google “Help me write” Gmail feature
Google Announces “Help Me Write” in Gmail
On May 12th, 2023, Google announced the release of a new feature in Gmail: “Help Me Write”. The new feature is designed to make it easier to compose emails, whether you’re a professional or just starting out.
The “Help Me Write” feature uses artificial intelligence to assist with the writing process. It can suggest phrases, complete sentences, and even offer alternative word choices based on the context of the email. This can help to reduce errors and improve the overall quality of your writing.
Google has been working on this feature for several years, and it’s the result of extensive research and development. The goal is to make writing in Gmail more accessible and efficient for everyone. The feature will be available to all Gmail users in the coming weeks.
This new feature will be particularly useful for people who are not confident writers or those who are not native English speakers. The AI-powered suggestions will help them to write more effectively and communicate their message clearly.
The “Help Me Write” feature is also expected to improve productivity. By streamlining the writing process, users will be able to spend less time composing emails and more time focusing on other tasks.
Overall, the “Help Me Write” feature in Gmail is an exciting development that is sure to be welcomed by many users. It is another example of how Google is using AI to make our lives easier and more efficient.
However, it’s worth noting that while the AI-powered suggestions can be incredibly helpful, they are not perfect. Users should still take the time to review their emails and ensure that they are conveying the intended message. As with any AI-powered tool, it’s important to use your own judgment and not rely solely on the suggestions provided.
Here are some potential benefits of the “Help Me Write” feature
- Improved writing quality
- Increased productivity
- Accessibility Consistency
- Customization
The “Help Me Write” feature in Gmail is an exciting addition that is sure to be a game-changer for many users. It has the potential to improve the quality of our writing, make us more productive, and ultimately make our lives easier.
FAQ
- How does the “Help Me Write” feature work?
The “Help Me Write” feature uses artificial intelligence to assist with the writing process. It can suggest phrases, complete sentences, and even offer alternative word choices based on the context of the email. These suggestions can help users to write more effectively and communicate their message clearly.
- Is the “Help Me Write” feature available to all Gmail users?
Yes, the “Help Me Write” feature will be available to all Gmail users in the coming weeks.
- Can the AI-powered suggestions be customized?
Yes, users can choose to accept or reject suggestions based on their own judgment and experience. This allows for customization to suit individual preferences and writing styles.
- Is the “Help Me Write” feature a replacement for professional writers or editors?
No, the “Help Me Write” feature is not a replacement for professional writers or editors. While the AI-powered suggestions can be incredibly helpful, they are not perfect. Users should still take the time to review their emails and ensure that they are conveying the intended message.
- How does the “Help Me Write” feature improve productivity?
By streamlining the writing process, users can spend less time composing emails and more time focusing on other tasks. This can increase productivity and allow users to get more done in less time.
- Can the “Help Me Write” feature be disabled?
Yes, the “Help Me Write” feature can be disabled if users do not wish to use it. This can be done by going to the Settings menu in Gmail and selecting the “Writing suggestions” option.
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BharatPe ‘failed fintech’ it has no business left: Ashneer Grover with stats
BharatPe, the Indian fintech company, has been making headlines lately, with its former CEO Ashneer Grover claiming that the company has “no business left” and has failed to meet its growth targets. However, many experts and analysts have come to the defense of Grover, citing the company’s impressive growth and market penetration in a short period of time. In this blog post, we’ll take a closer look at the controversy surrounding BharatPe, examine the stats in favor of Ashneer Grover, and explore what this could mean for the future of the company and the fintech industry in India.
Financial Losses
BharatPe has been incurring significant financial losses over the past few years. In FY20, the company reported a loss of INR 80.6 crore ($10.8 million), up from a loss of INR 44.6 crore ($6 million) in the previous year. These losses have been attributed to the high costs of acquiring new customers and expanding the company’s operations.
Slow Growth
While BharatPe has seen some growth in terms of its merchant base, the rate of growth has been slow compared to other players in the market. In February 2021, BharatPe had over 6 million merchants on its platform, while its competitor, PhonePe, had over 11 million merchants. This slow growth has been a cause of concern for investors and analysts.
Limited Revenue Streams
BharatPe has been largely dependent on its payments business for revenue, which has limited its growth potential. While the company has diversified its revenue streams by offering financial services such as loans and insurance, these services are still in their early stages and are not generating significant revenue.
Management Changes
BharatPe has seen multiple changes in its management team in recent months, which has raised concerns about the company’s stability. In addition to Ashneer Grover stepping down as CEO, the company has also seen the exit of other key executives, including the CFO and the CTO.
Intense Competition
The Indian fintech market is highly competitive, with multiple players vying for a share of the market. BharatPe faces stiff competition from established players such as PhonePe and Paytm, as well as new entrants like Google Pay and WhatsApp Pay. This intense competition has made it difficult for BharatPe to gain market share and generate sustainable revenue.
In conclusion, while there is no denying that BharatPe has faced some challenges in recent months, it would be premature to label it a “failed fintech” without considering its impressive growth and market penetration in a short period of time. The company’s former CEO, Ashneer Grover, has been an instrumental figure in its success, and it remains to be seen how the company will fare under new leadership. With the fintech industry in India continuing to grow rapidly, BharatPe will undoubtedly face stiff competition, but if it can adapt to the changing landscape and continue to innovate, there is every reason to believe that it will remain a key player in the industry for years to come.
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The Story of Nithin Kamath: How He Brought the Average Indian to Dalal Street – ET Entrepreneur of the Year
During the selection of the Entrepreneur of the Year award at The Economic Times Awards on January 24th, the jury quickly agreed on the winner without any confusion. Nithin Kamath, the founder of Zerodha, was unanimously chosen due to his leadership of a company that disrupted the competitive stockbroking industry with a cost-effective product and a streamlined trading platform, ultimately becoming the market leader over the past ten years.
Kamath expressed his gratitude to ET for the recognition he has received over the years, noting that the publication was the first to cover Zerodha in 2011 and awarded them the Bootstrap Startup of the Year in 2016 and Startup of the Year in 2020. He also mentioned that he had been reading ET for over 20 years, ever since he first started trading.
Before founding Zerodha in 2010 with his younger brother Nikhil Kamath, Nithin Kamath had been a stock trader for over a decade. Despite having only a brokerage license and a team of thirty people, their bootstrapped startup has since become the most popular retail investment platform in India. The name Zerodha was derived from the English word “zero” and the Sanskrit word “rodha,” meaning barriers.
Zerodha had an active user base exceeding 6.8 million and commanded nearly 18% of retail trading volumes as of March 31, 2022. Notably, while many startups have been grappling with profitability, Zerodha managed to achieve a net profit of Rs. 2,094.3 crore and total income of Rs. 4,964 crore for the fiscal year ending on March 31, 2022. Furthermore, the company has assessed its own value at $3 billion, taking into account valuations of employee stock options.
Zerodha stands out from most other startups in that it does not have private equity firms among its investors. The company is widely recognized for its success in popularizing the discount brokerage model in India, whereby trades are executed at a flat fee regardless of their size. This has opened the doors for millions of novice traders to participate on the platform. In addition to its core business, Zerodha offers mutual funds directly through its Coin platform and facilitates trading in government bonds and treasury bills. Zerodha also operates an enterprise fund called Rainmatter, which is nurturing 12 startups in the wealth management sector.
The company has obtained a license to establish an asset management company (AMC), and industry experts are closely observing to see if it can disrupt the AMC industry with its technology, innovative offerings, and low-cost products. Nithin Kamath’s success can be attributed to his insight that a large proportion of active day traders, who work with razor-thin margins, require an affordable and more efficient platform. Drawing on his experience as a stock trader, he knew what they were looking for.
Kamath financed the launch of the online brokerage firm primarily through personal savings and contributions from acquaintances, as venture capital funds were hesitant to support his idea. In 2009, he resurrected the concept of flat-fee brokerage, which had been discarded by major domestic broking firms. While Zerodha cannot claim credit for introducing the concept of discount or flat-fee brokerage in India, it can be acknowledged for popularizing it.
During his time as a sub-broker with Reliance Money, Kamath closely monitored a product of a similar nature, which was launched in 2007 but discontinued due to dwindling volumes. Presently, online brokerages such as Zerodha have gained a foothold in the industry, prompting conventional competitors like Angel Broking, ICICIdirect, Sharekhan, and Motilal Oswal to upgrade their technology and revise their business strategies.
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Air India Announces Plans to Hire Over 1,000 Pilots: What You Need to Know
In a recent announcement 27, April 2023, Air India has revealed that it will be hiring over 1,000 pilots in the coming months. This move comes as the airline seeks to expand its fleet and increase its market share in the highly competitive aviation industry.
The decision to hire more pilots is not surprising, given the rapid growth of the Indian aviation industry in recent years. According to the Ministry of Civil Aviation, the number of domestic air passengers in India has increased from 61.3 million in 2011 to 146.7 million in 2019, representing a growth rate of over 138%.
To keep up with this growth and meet the rising demand for air travel, airlines like Air India need to expand their operations and increase their capacity. And that’s where hiring more pilots comes in.
So, what does this mean for aspiring pilots and aviation enthusiasts?
Firstly, it presents an excellent opportunity for pilots who are looking for job opportunities. Air India has a reputation for offering competitive salaries and benefits, making it an attractive employer for many pilots.
However, it’s important to note that Air India has strict hiring criteria and only hires experienced pilots with a minimum of 2,000 hours of flying experience. Additionally, candidates must meet a range of other requirements, including holding a commercial pilot license, passing medical exams, and undergoing background checks.
For those who don’t meet these requirements or are still in the early stages of their pilot training, this announcement serves as a reminder of the importance of hard work and dedication in pursuing a career in aviation.
It’s also worth noting that the competition for these positions is likely to be fierce. Air India is a highly respected airline, and many experienced pilots may be vying for these job opportunities.
Overall, the announcement that Air India is hiring over 1,000 pilots is great news for the Indian aviation industry and for those looking for job opportunities in this field. It highlights the continued growth of the industry and the opportunities available for those with the necessary skills and experience.
If you’re an aspiring pilot or simply interested in the aviation industry, it’s an exciting time to be involved, and it’s worth keeping an eye on Air India’s hiring process in the coming months.
FAQ
Q: How can I apply for a pilot job at Air India?
A: Interested candidates can visit Air India’s official website or job portals such as Naukri, Monster, or Indeed to search for and apply to current job openings. It’s also recommended to follow Air India’s social media pages for updates on job vacancies and recruitment processes.
Q: What are the minimum requirements to become a pilot at Air India?
A: Air India has strict hiring criteria and only hires experienced pilots with a minimum of 2,000 hours of flying experience. Additionally, candidates must meet a range of other requirements, including holding a commercial pilot license, passing medical exams, and undergoing background checks.
Q: Is Air India the only airline hiring pilots in India?
A: No, there are several other airlines in India that are also hiring pilots to keep up with the growing demand for air travel. These include IndiGo, SpiceJet, Vistara, and GoAir, among others.
Q: How long does it take to become a pilot?
A: The length of time it takes to become a pilot can vary depending on the specific training program and the individual’s pace of learning. However, it typically takes between 1-2 years to complete the necessary training and earn a commercial pilot license.
Q: What are some of the benefits of being a pilot at Air India?
A: Air India is known for offering competitive salaries and benefits to its employees, including health insurance, retirement plans, and travel benefits. Pilots also have the opportunity to work with a highly respected airline and gain valuable experience in the aviation industry.
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Varun Alagh: The Story of Mamaearth’s Young and Dynamic Founder
Inspiring Sustainability Through Mamaearth
Varun Alagh is not your typical businessman. He’s a young and dynamic entrepreneur with a mission to make the world a better place. His journey began when he discovered a significant gap in the market for safe and chemical-free personal care products. This blog will delve into Varun Alagh’s inspiring story and explore how he transformed his passion for sustainability into a successful business with Mamaearth.
The Beginning of Mamaearth
Varun Alagh embarked on his entrepreneurial journey when he realized that people needed safer, chemical-free personal care products. He co-founded Mamaearth in 2016 alongside his wife, Ghazal Alagh, with a vision to provide natural and toxin-free products that were also affordable.
The Mission of Mamaearth
Mamaearth’s mission is clear: promote sustainable and eco-friendly practices. They achieve this by offering products that are safe for both consumers and the environment. Mamaearth firmly believes that by using natural and organic ingredients, they can create products that not only benefit consumers but also contribute to a cleaner and healthier planet. This commitment extends to their choice of packaging materials, making them a true advocate for sustainable living.
The Success of Mamaearth
Mamaearth’s journey has been nothing short of spectacular. Varun Alagh’s vision and leadership have propelled the brand to become a household name in India. Their products are now available in across the country. The success of Mamaearth can be attributed to several factors, including their dedication to sustainability, affordability, and their focus on creating products that are both safe and effective for consumers.
Varun Alagh’s Vision for the Future
Varun Alagh doesn’t intend to stop at domestic success. He envisions Mamaearth as a global brand that can truly make a difference in the world. His plans for the future include expanding Mamaearth’s product line and making it accessible to consumers around the globe. Through this expansion, he hopes to further promote sustainability and eco-friendly practices on a global scale.
Conclusion
Varun Alagh’s journey as an entrepreneur is an inspiring tale of how passion and commitment can turn an idea into a successful business. Mamaearth’s success stands as a testament to Varun’s vision and leadership, and his dedication to sustainability sets an example for how businesses can have a positive impact on the world. With Varun’s guidance, Mamaearth is well on its way to becoming a global brand that is making a meaningful difference.
FAQ
Q: Who is Varun Alagh?
A: Varun Alagh is the founder of Mamaearth, a popular brand that offers natural and toxin-free personal care products. He is a young and dynamic entrepreneur who is on a mission to promote sustainable and eco-friendly practices.
Q: What inspired Varun Alagh to start Mamaearth?
A: Varun Alagh started Mamaearth when he realized that there was a significant gap in the market for safe and chemical-free personal care products. He wanted to create a brand that could offer consumers a safer and healthier alternative.
Q: What is Mamaearth’s mission?
A: Mamaearth’s mission is to promote sustainable and eco-friendly practices by offering products that are safe for consumers and the environment. The brand believes that by using natural and organic ingredients, they can create products that are not only safe for consumers but also contribute to a cleaner and healthier planet.
Q: What products does Mamaearth offer?
A: Mamaearth offers a wide range of natural and toxin-free personal care products, including hair care, skin care, baby care, and wellness products.
Q: Where can I buy Mamaearth products?
A: Mamaearth’s products are available in over 5000 stores across India. They are also available for purchase on the brand’s website and on popular e-commerce platforms such as Amazon and Flipkart.
Q: What are Varun Alagh’s future plans for Mamaearth?
A: Varun Alagh plans to expand Mamaearth’s product line and make it available to consumers around the world. He wants to create a global brand that is making a positive impact on the world by promoting sustainability and eco-friendly practices.
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Apple Sets Foot in India with the Launch of its First Official Store in Mumbai
Apple First Official Store in India, Mumbai
This marks a significant milestone for Apple, which has been eyeing the Indian market for a long time. India is one of the world’s largest smartphone markets, with over 500 million users, but Apple has struggled to gain a significant foothold in the country due to high import tariffs, price-conscious consumers, and competition from local players. The launch of its first official store in India is a step towards addressing these challenges and expanding its presence in the country.
The store is spread over 20,000 square feet and is the largest Apple Store in India. It offers the complete range of Apple products, including iPhones, iPads, Macs, Apple Watches, and other accessories. The store’s design follows Apple’s signature aesthetic, with an emphasis on minimalism, clean lines, and natural materials. It also features a Genius Bar, where customers can receive technical support, workshops, and other services.
The launch of the Apple Store in India has been met with great excitement from Apple fans, who have been eagerly sharing pictures and videos of the store on social media. The store’s opening coincided with the festive season in India, which is a time when many consumers are on the lookout for new gadgets and electronics. Apple’s timing couldn’t have been better, as the launch of its first official store in India has generated a lot of buzz and excitement among consumers.
Overall the launch of Apple’s first official store in India is a significant step for the company, as it seeks to expand its presence in one of the world’s largest smartphone markets. The store’s opening has been met with great enthusiasm from Apple fans, and the company’s decision to open the store during the festive season is a strategic move that is likely to pay off. It remains to be seen how Apple’s retail presence in India will evolve, but the company’s first steps into the Indian market are certainly promising.
Apple Store Design
Apple is known for its iconic store designs that feature clean lines, minimalist aesthetics, and an emphasis on natural materials. The company’s retail stores are designed to be a physical extension of its brand, providing customers with an immersive and personalized shopping experience.
The stores are designed to be intuitive and easy to navigate, with products displayed on tables and shelves that are arranged in a logical and visually pleasing manner. The stores feature a central avenue that leads customers through the space, with tables and displays arranged along the sides. The Genius Bar, where customers can receive technical support and other services, is typically located at the back of the store.
Apple’s store design is a reflection of its commitment to quality, innovation, and customer experience. The stores are designed to be more than just places to buy products; they are spaces where customers can connect with the brand and its values, and experience the latest technology in a warm and inviting environment.
FAQ
- Q: Where is the Apple store located in Mumbai?
- A: The Apple store is located at Maker Maxity Mall in the Bandra Kurla Complex (BKC) area of Mumbai.
- Q: What products and services are available at the Apple store in Mumbai?
- A: The Apple store in Mumbai offers a wide range of products and services, including iPhones, iPads, Macs, AirPods, Apple Watches, and a variety of accessories. Customers can also receive technical support, repairs, and other services at the store’s Genius Bar.
- Q: What are the store hours for the Apple store in Mumbai?
- A: As of my knowledge cutoff in September 2021, the store hours for the Apple store in Mumbai were 11:00 AM to 7:00 PM, seven days a week. However, it is important to note that store hours are subject to change and customers should check the official Apple website for the latest information.
- Q: Are there any special promotions or discounts available at the Apple store in Mumbai?
- A: Apple occasionally offers promotions and discounts at its retail stores, but these vary by location and are subject to change. Customers should check the official Apple website or visit the store in person for information about current promotions and discounts.
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The Business of Tata IPL, How the Indian Premier League Became a Global Sports Phenomenon
The Indian Premier League (IPL) is not just a sporting event, but a business phenomenon that has captured the attention of millions of people around the world. The league, which is now sponsored by Tata Group, has become one of the most valuable sports properties in the world, with a brand value of over $6 billion.
In this blog post, we will explore how the IPL became a global sports phenomenon, and how it has transformed the business of cricket in India.
The Birth of the IPL
The IPL was founded in 2008 by the Board of Control for Cricket in India (BCCI) as a way to bring together the best cricket players from around the world and create a fast-paced, high-energy cricket tournament. The league quickly gained popularity in India, and soon became one of the most-watched sports events in the country.
The Business Model of the IPL
The IPL has a unique business model that has contributed to its success. The league is owned by franchises representing different cities in India, who bid for players in an auction before each season. The franchises are also responsible for marketing their teams and attracting fans to the games. The league generates revenue through sponsorships, media rights, and ticket sales
The Role of Technology
Technology has played a significant role in the success of the IPL. The league was one of the first sports events in India to be broadcast in high definition, and it was also one of the first to embrace social media as a way to engage with fans. The league has also experimented with new technologies such as virtual reality and augmented reality to enhance the fan experience.
The Global Reach of the IPL
The IPL has become a global sports phenomenon, with fans from all over the world tuning in to watch the games. The league has also attracted international players, which has helped to increase its global appeal. The IPL has partnerships with sports leagues in other countries, which has helped to promote the league and expand its reach.
Tata’s Sponsorship of the IPL Tata Group, one of India’s largest conglomerates, became the official sponsor of the IPL in 2021. The sponsorship deal is worth over $28 million and will last for two years. Tata’s sponsorship of the IPL is part of the company’s larger strategy to invest in sports and build its brand.
In conclusion, the IPL has transformed the business of cricket in India, and has become a global sports phenomenon that has captured the imagination of millions of people around the world. The league’s unique business model, use of technology, and global reach have contributed to its success, and its partnership with Tata Group is a testament to its growing influence and value.
Frequently Asked Questions
Q: What is the IPL, and how did it start?
A: The IPL, or Indian Premier League, is a professional Twenty20 cricket league in India that was founded in 2008 by the Board of Control for Cricket in India (BCCI). It was created as a way to bring together the best cricket players from around the world and create a fast-paced, high-energy cricket tournament.
Q: How does the IPL generate revenue?
A: The IPL generates revenue through sponsorships, media rights, and ticket sales. Franchises representing different cities in India bid for players in an auction before each season, and they are responsible for marketing their teams and attracting fans to the games.
Q: How has technology played a role in the success of the IPL?
A: Technology has played a significant role in the success of the IPL. The league was one of the first sports events in India to be broadcast in high definition, and it was also one of the first to embrace social media as a way to engage with fans. The league has also experimented with new technologies such as virtual reality and augmented reality to enhance the fan experience
Q: What is the value of the IPL brand?
A: The IPL brand is one of the most valuable sports properties in the world, with a brand value of over $6 billion. The league’s popularity and success have helped to make it a global sports phenomenon, with fans from all over the world tuning in to watch the games.
Q: What is Tata’s role in the IPL?
A: Tata Group, one of India’s largest conglomerates, became the official sponsor of the IPL in 2021. The sponsorship deal is worth over $28 million and will last for two years. Tata’s sponsorship of the IPL is part of the company’s larger strategy to invest in sports and build its brand.
Q: How has the IPL transformed the business of cricket in India?
A: The IPL has transformed the business of cricket in India by introducing a new business model and revenue streams. Franchises representing different cities in India bid for players in an auction before each season, and they are responsible for marketing their teams and attracting fans to the games. The league generates revenue through sponsorships, media rights, and ticket sales. The IPL has also attracted international players, which has helped to increase its global appeal.
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Understand the New UPI Transaction Fees and Who Will Bear the Cost?
It has been announced that Unified Payments Interface (UPI) transactions will now cost more. This has left many people wondering who will pay for these charges and what the fees will be. In this article, we will explore the details of these changes and what they mean for consumers and businesses.
Firstly, let’s understand what UPI is. UPI is a real-time payment system developed by the National Payments Corporation of India (NPCI). It allows users to transfer money from one bank account to another without the need for traditional banking information like account number and IFSC code. UPI has gained significant popularity in India due to its ease of use and convenience.
Now, coming to the changes. The NPCI has announced that starting from April 1, 2023, UPI transactions will incur a fee of a 1.1% on UPI merchant transactions exceeding Rs 2,000 per transaction. The interchange fee will be levied only on specified merchant transactions of above Rs 2,000. This fee will be charged to the payment service providers (PSPs) who facilitate the transactions, and they will have the option to pass on the charges to the end-users or absorb them themselves.
This means that consumers and businesses using UPI may have to pay additional fees for their transactions. The fees may seem small, but they can add up, especially for businesses that deal with a large volume of transactions. The decision to pass on the fees to the end-users will be at the discretion of the payment service providers, and some may choose to absorb the charges themselves to remain competitive in the market.
However, it’s worth noting that these charges are not unprecedented. Other payment systems like the Immediate Payment Service (IMPS) and National Electronic Funds Transfer (NEFT) already charge fees for their transactions, and UPI was initially introduced as a free payment system to encourage its adoption.
So, who will pay for the charges? It depends on the service provider and their business models. If they choose to pass on the fees to the end-users, consumers and businesses will have to bear the additional costs. However, if the payment service providers absorb the charges themselves, there may be no impact on the end-users.
UPI transactions will now come with a small fee starting from April 1, 2023. The fees will be charged to the payment service providers, who will have the option to pass on the charges to the end-users or absorb them themselves. While this may increase the cost of using UPI, it’s important to remember that other payment systems already charge fees for their transactions. Consumers and businesses should keep an eye on their transaction costs and choose payment service providers that offer the best value for money.
Here are some frequently asked questions about UPI transactions
- Ques: What is UPI?
Ans: UPI stands for Unified Payments Interface. It is a real-time payment system developed by the National Payments Corporation of India (NPCI) that allows users to transfer funds between bank accounts instantly using a mobile device.
- Ques: How does UPI work?
Ans: To use UPI, you need to download a UPI-enabled mobile app and link your bank account(s) to it. Once your account is linked, you can use the app to send and receive money, pay bills, and make other transactions. To make a transaction, you simply enter the recipient’s UPI ID or bank account details, enter the amount, and confirm the transaction.
- Ques: Is UPI safe?
Ans: Yes, UPI is considered a safe and secure method of payment. UPI transactions are encrypted and require a PIN or biometric authentication to complete. Additionally, UPI uses two-factor authentication to ensure that only authorized users can access the system.
- Ques: Are there any fees for using UPI?
Ans: Most banks and UPI-enabled apps do not charge fees for UPI transactions. However, some apps may charge a fee for certain types of transactions, such as bill payments or merchant transactions.
- Ques: What are the transaction limits for UPI?
Ans: The transaction limits for UPI depend on the bank and the app you are using. Most banks and apps have a daily transaction limit of Rs. 1 lakh per day for UPI transactions.
- Ques: Can UPI be used for international transactions?
Ans: No, UPI is currently only available for domestic transactions within India.
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The third unicorn just launched their new Crickpe application
The New Contender in the World of Fantasy Cricket Apps
Cricket is more than a sport; it’s a passion, particularly in India. Cricket passion has reached new heights in recent years, resulting in a surge in demand for cricket-related applications. Crickpe is one such entrant that has been making waves in this competitive field. Crickpe was founded by The Third Unicorn and is led by Ashneer Grover, the visionary entrepreneur behind BharatPe, India’s premier finance business, and co-founder Aseem Gharvi. This blog dives into the world of cricket, its inception, and its extraordinary path to becoming a cricket fan’s paradise.
The Birth of Crickpe
Under the dynamic leadership of Ashneer Grover, Crickpe, a promising cricket-centric application, sprang onto the scene. Grover is no stranger to the world of entrepreneurship as the founder and CEO of BharatPe. He and Aseem Gharvi envisioned an app that could satisfy the voracious desires of cricket fans. Crickpe was thus born.
Features That Set Crickpe Apart
Crickpe is more than just another cricket app; it’s an immersive experience for fans. Here are some standout features that make it unique:
- Live Scores and Match Updates: Crickpe keeps you on the edge of your seat with real-time scores and match analyses. Whether you’re following an international game or a local showdown, this app has you covered.
- Fantasy Cricket Leagues: One of the app’s standout features is the ability to create your own dream cricket team. Users can select their favorite cricketers and pit their teams against others in fantasy leagues. It’s a chance to test your cricketing knowledge and strategy.
- Availability: Crickpe is accessible to a wide audience, with versions for both Android and iOS devices. This inclusivity has contributed to its rapid rise in popularity.
Crickpe’s Explosive Growth
Since its birth, Crickpe has taken the cricketing world by storm. The software gained over 1 million registered users in its first week alone. Such quick expansion demonstrates the sport’s popularity among cricket fans. Ashneer Grover’s reputation as a serial entrepreneur, as well as his ability to interact with customers, have surely contributed to Crickpe’s success.
A Peek into the Future
Crickpe is poised to become India’s go-to fantasy cricket app as it continues to grow. It has been a fan favourite due to its user-friendly layout, engaging contests, and alluring awards, including cash rewards. The app’s future looks good with Ashneer Grover at the helm, and it’s sure to establish a position for itself in the extremely competitive world of fantasy cricket.
How to Get Started with Crickpe:
- Playing Crickpe is as simple as it is enjoyable. Here’s a step-by-step guide:
- Download the Crickpe app from your preferred app store, whether it’s the App Store or Google Play.
- Create an account and sign in, providing your details.
- Choose a cricket match you’d like to participate in.
- Assemble your fantasy team by selecting your favorite players.
Join a contest of your choice, and let the games begin!
Crickpe is more than just an app; it’s a cricket fan’s dream come true. It has swiftly become a force to be reckoned with in the fantasy cricket market, thanks to its real-time updates, immersive fantasy leagues, and thrilling awards. Crickpe has reached unparalleled heights thanks to Ashneer Grover’s vision and entrepreneurial expertise, making it a must-try for cricket fans of all ages. So, if you love cricket and are seeking a new way to participate in the game, Crickpe is the app for you. Download it now to embark on an exciting cricket adventure!