Transaction Limit Increased for Hospitals and Educational Institutions:RBI

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Reserve Bank of India (RBI) has recently announced a significant increase in the transaction limit for the Unified Payments Interface (UPI) in hospitals and educational institutions. The new limit has been raised from Rs 1 lakh to Rs 5 lakh. This change aims to simplify and enhance large payments in these critical sectors, offering greater convenience to consumers and streamlining financial operations.For hospitals, this move will facilitate easier payments for high-value medical treatments and services. Patients and their families will be able to make large payments without facing complex processes or restrictions, improving their overall experience. Similarly, educational institutions stand to benefit by offering more flexible payment options for tuition fees, hostel charges, and other expenses, making the process smoother for students and parents. The RBI’s decision reflects its ongoing efforts to promote digital payments and encourage a cashless economy in India. By increasing the ...
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Apple offers its rival payment apps access to contactless technology in EU


Apple has recently reached an agreement with the European Commission regarding its Near-Field Communication (NFC) technology, marking a significant development in the ongoing antitrust case. As part of the agreement, Apple will open up its NFC technology to third-party mobile wallet providers, allowing them to access the technology that was previously exclusive to Apple Pay.


The European Commission, which has been investigating Apple's practices concerning mobile wallet services since 2020, believes that this commitment from Apple will lead to increased competition and innovation in the mobile payments market. By providing third-party providers with access to NFC technology, consumers will have more choices in how they conduct their mobile transactions, potentially leading to better services and lower costs.


The Commission is currently seeking feedback on these commitments from interested parties. If the commitments are accepted, they will be enforced for a period of ten years. During this time, Apple must comply with the agreement, ensuring that third-party mobile wallet providers have fair access to NFC technology.


Failure to comply with the commitments may result in a substantial fine for Apple. The potential penalties underscore the importance of Apple's adherence to the agreement and its impact on the broader mobile payments ecosystem.


This resolution represents a notable shift in Apple's approach to its proprietary technology, potentially paving the way for greater collaboration and competition in the mobile payments sector. The European Commission's actions reflect its commitment to fostering a competitive environment that benefits both consumers and businesses.


https://ai-worldinfo.blogspot.com/2024/01/apple-offers-its-rival-payment-apps.html







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