Microsoft joins India's ONDC WHAT HAS HAPPENED? US firm Microsoft has become the first big tech company to join the Open Network for Digital Commerce (ONDC), A government-backed project which is aimed at enabling small merchants and mom-and-pop stores in parts of the country to access processes and technologies that are typically deployed by large e commerce platforms such as Amazon and Flipkart. The software giant intends to introduce social e-commerce - group buying experience in the Indian market, Which would include a shopping app for Indian consumers along with their social circle, harnessing the ONDC network to discover the best pricing among retailers and sellers. WHAT IS OPEN NETWORK FOR DIGITAL COMMERECE ? It is an initiative aimed at promoting open networks for all aspects of exchange of goods and services over digital or electronic networks. ONDC is to be based on open-sourced methodology, using open specifications and open network protocols inde...
SBI changes Rule for ATM Cash Withdrawal WHAT HAS HAPPENED ? The State Bank of India (SBI) has launched a one-time password (OTP) based cash withdrawal service to protect its customers against fraudulent ATM transactions. Soon many banks are expected to switch to this method for cash withdrawals from ATMs. This will work as an extra layer of protection against unauthorized transactions. WHAT IS THIS EXTRA SECURITY ? According to the SBI, customers will have to enter the OTP during the cash withdrawal at ATMs to complete the transaction. The OTP is a system-generated four-digit number, which will be sent on the registered mobile number of the customer. The OTP will authenticate the cash withdrawal and it will be valid for only one transaction. The largest lender in the country launched the OTP-based cash withdrawal services on January 1, 2020. But this is applicable for...