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WhatsApp builds system to comply with India’s payments data storage norms

NEW DELHI: Facebook Inc’s WhatsApp said on Tuesday it has built a system that stores payments-related data locally in India, in a bid to comply with a central bank directive that all such data should, within six months, be stored only in the country. WhatsApp rolled out a test of its payment system in India, its biggest market by users, earlier this year. “In response to India’s payments data circular, we’ve built a system that stores payments-related data locally in India,” WhatsApp said in an emailed statement.…

India to bar cryptocurrencies from its payments system: finance ministry official

NEW DELHI: India is planning steps to ensure cryptocurrencies are illegal within its payments system, while at the same time appointing a regulator to oversee unregulated exchanges that trade in “crypto assets,” a finance ministry official said on Monday. A panel set by the government to look into issues relating to cryptocurrencies is expected to submit its report in the current fiscal year, ending on March 31, S.C. Garg, Economic Affairs Secretary, told CNBC TV18 news channel. “The government will take steps to make…

Annual review of payment systems shows significant growth: SBP

KARACHI: During the financial year 2016 (FY16), Payment Systems in Pakistan have shown significant growth in key performance indicators, State Bank of Pakistan (SBP) said in a press release. “It is encouraging to witness consistent upward trend in volume and value of payments through digital/electronic channels which compliment the SBP vision to promote digital payments in the country,” it said. SBP said the volume and value of Large Value Transactions through RTGS reached 930,501 and Rs231.7 trillion respectively…

Biometric Verification System for payments launched in Mirpur Khas, Sanghar

ISLAMABAD: Under Benazir Income Support Program (BISP), Biometric Verification System for payments was inaugurated in Mirpur Khas and Sanghar on Sunday. Addressing the inaugural ceremony, Chairperson BISP Marvi Memon said the biometric verification will ensure transparency and effective service delivery. She said over thirty-five thousand beneficiaries in Mirpur Khas and Sanghar holding smart cards have been shifted to Biometric Verification System while rest of the beneficiaries being paid through Pakistan Post and debit…