NPCI Announces 30 Percent Cap for Third Party UPI Apps Like Google Pay, PhonePe

first_img– Advertisement – ALSO SEE: WhatsApp Pay gets green signal from NPCIWith this new rule, the companies will see their share change — the cap of 30 percent will be calculated on the basis of total volume of transactions processed in UPI during the preceding three months on a rolling basis. According to the announcement, the TPAs that have more than a 30 percent share will have a two year period to comply in a phased manner.It’s not clear what will happen if a company hits a cap — whether it would be allowed to carry out further transactions at that point in time, or whether it would have to stop. This means that if you’re using a popular TPA like Google Pay or PhonePe, would this lead to more failed transactions? At present, this is not certain. WhatsApp is another contender in this space which has been waiting in the wings for permissions, and it has now been given permission by the NPCI to go ahead with its rollout.- Advertisement – The National Payments Corporation of India (NPCI) has set a cap of 30% on total volume of UPI transactions processed by Third Party App (TPA) providers, which will come into place from January 2021. UPI — the Unified Payments Interface — has exceeded two billion transactions, according to the NPCI, with TPAs like Google Pay and PhonePe accounting for the majority of this figure. Now, the NPCI has put a cap on the proportion of transactions that a single company can process, in order to “address the risks and protect the UPI ecosystem as it further scales up,” the NPCI wrote. This will largely affect Google Pay and PhonePe, and present an opportunity for others such as Paytm and MobiKwik. There are also concerns that by capping the number of transactions a company can do in a month, it might lead to greater failure rates of transactions.The UPI ecosystem is heavily dominated by only two companies — Google Pay and PhonePe. According to a recent report, both companies account for around 40 percent of the number of transactions — each. Aside from this, two other companies, Paytm and MobiKwik are together almost 20 percent of the UPI transactions. All other apps, ranging from the government’s BHIM UPI app, to the many bank apps, barely have any share.- Advertisement –center_img WhatsApp Pay has now been given permission to expand its users in a phased manner, with a maximum user base of up to 20 million users. To compare, PhonePe recently announced that it has hit the 250 million user mark.Why are smartphone prices rising in India? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.last_img read more

Overseas expats buying in QLD to escape COVID-19, political unrest

first_img1. Brisbane City 2. Surfers Paradise 3. Noosa Heads 4. Noosa5. Burleigh Heads More from newsCOVID-19 renovation boom: How much Aussies are spending to give their houses a facelift during the pandemic3 days agoWhizzkid buys almost one property a month during COVID-197 days ago6. Mooloolaba 7. Broadbeach 8. Coolum Beach 9. Southport 10. New Farm (Source: Realestate.com.au) 1. Queen’s Wharf Residences, Brisbane CBD2. Brisbane 1 South Brisbane, South Brisbane 3. Lot 923 Astor Street, Newport4. 21 Ironbark Ave, Park Ridge5. Halo, South Brisbane6. Magnoli Apartments, Palm Beach 7. 1/47 Lysaght Drive, Pimpama8. 116 Brookbent Road, Pallara9. Natura, Burleigh Heads 10. 14 Tranquillity Way, Palm View(Source: Realestate.com.au) 1. New Zealand2. United Kingdom3. United States4. Hong Kong/China 5. Canada(Source: Realestate.com.au) Aussie expat Sandy McFadden at the unit she has just bought in New Farm after returning from the United States. Picture: Annette Dew.QUEENSLAND’S reputation as a safe haven from COVID-19 and global unrest is fuelling a spike in inquiries for property from overseas expats. International searches for buying property on Realestate.com.au has jumped 22 per cent year-on-year, while local agents are reporting there is strong interest from Queensland expats, especially from Hong Kong.One Gold Coast real estate agent said the combination of COVID-19 and political instability had been a “call to come home” for many overseas expats.“They’re mainly long-term residents who have witnessed a lot of change and unease, and just want to come back to Queensland,” sad John Pirie, sales manager at Mantra Realty Broadbeach. An aerial view of the Surfers Paradise skyline on a clear day in Queensland, Australia.“There is also zn element of these expats seeing value in the properties available on the Gold Coast. For example, I’m selling high-end units for about $10,000 a square metre at the moment and I’ve got a client in Hong Kong who told me she had paid $60,000 a square metre.”Mr Pirie said the number of properties being sold “sight unseen” had also increased.“Buyers are very educated now, and measures such as online videos allow them to do virtual inspections from the safety of their own homes, rather than travel to see them first-hand,” he said.“While most of my business is in south-east Asia, I’ve been contacted by expats in the US who want to come home because they see Queensland as a safe destination.” Brisbane CBD featuring the Queen’s Wharf development under construction. Picture: Richard Walker.Realestate.com.au chief economist Nerida Conisbee said there was strong anecdotal evidence many expats were re-evaluating their circumstances due to the coronavirus, and the low Australian dollar and record low interest rates proved an attractive value proposition.“It makes sense given how we’ve been impacted by COVID-19, it’s pretty light on,” Ms Conisbee said. “That means our economic recovery will be quicker. Also, the dollar is fairly weak, which makes Australian property more attractive.”Ms Conisbee said the majority of people searching for property in Queensland were based in New Zealand, the UK, the US and Hong Kong. REA Group chief economist Nerida Conisbee.She said beach locations Surfers Paradise on the Gold Coast and Noosa on the Sunshine Coast were the most in-demand among overseas buyers.“Brisbane doesn’t see a lot of overseas searches,” Ms Conisbee said. “When people think of Queensland, they think of the beaches.”Tom Offermann, principal of Tom Offermann Real Estate, who sells prestige property in Noosa, said about 5 per cent of his buyers were from overseas, mostly Asian expats.“While the percentage is low, expat buyers typically have larger budgets and have made quite an impact to the value of prestige property,” Mr Offermann said. “Recent events in Hong Kong are likely to drive more expats to invest back home.” An aerial photo of Noosa’s Main Beach.Place Estate Agents managing director Sarah Hackett said a growing number of Hong Kong buyers were looking to diversify their portfolios and secure a home now for when they eventually returned to Brisbane. “I’m excited about (Brisbane’s) top-end market and what is to come,” Mrs Hackett said. “We are currently working with a number of buyer’s agents in Hong Kong to help secure opportunities.”Josh Cross of LJ Hooker Brisbane City Residential said he had been inundated with inquiries from expats since COVID-19 struck. Mr Cross said he had shown a number of Hong Kong expats through some of his high-end rentals, with many prepared to pay up to $1500 a week for an apartment.“I’m also actively finding a home for a couple and their daughter returning from New York who can’t wait to get home,” Mr Cross said.“COVID and political unrest are making them eager to come back. School catchments are important to them and I find they’re looking towards Bowen Hills, Spring Hill, West End. “Before COVID, it was all Melbourne buyers, which is still happening as well.“I’ve spoken to probably 20 people in the last week from Melbourne saying; ‘We’re selling, we’re done, we’re moving to Queensland.”His client Sandy McFadden has just bought a unit in New Farm after living in San Francisco on and off for more than 20 years. The cafe scene at New Farm, where expats are looking to buy. Picture: Annette Dew.Ms McFadden said she had been toying with the idea of investing in Brisbane and returning to the US in March, but decided to stay. “I have to say I am very, very pleased to be here during this period because Brisbane’s an amazing city,” Ms McFadden said.“My mother lives in Hervey Bay so I’ve been coming back and forth to Queensland for a very long time. “Things started getting crazy in the San Francisco Bay area, both politically and environmentally, so I’m very glad I’m here.”Ms McFadden said the only reason she could afford to buy a property in New Farm was because of the weak Australian dollar.Her only challenge has been finding work in her field of architecture, engineering and construction. QLD’S 10 MOST SEARCHED SUBURBS FOR PROPERTY BY OVERSEAS BUYERS THE TOP COUNTRIES SEARCHING FOR PROPERTY IN QLD QLD’S 10 MOST SEARCHED DEVELOPMENTS BY OVERSEAS BUYERS last_img read more

Qatargas delivers its first cargo to Summit LNG

first_imgImage courtesy of QatargasThe world’s largest liquefied natural gas producer Qatargas has delivered the first Q-Flex cargo of the chilled fuel to the Summit LNG floating storage and regasification unit (FSRU) located offshore Bangladesh. The cargo, aboard Qatargas-chartered 210,000-cbm Al Safliya, was loaded at Ras Laffan Port on December 27, 2019, and delivered to the FSRU on January 14, 2020, Qatargas said.This is the first commercial open water ship-to-ship transfer involving a Q-Flex vessel delivering to Petrobangla at their Summit LNG terminal (SLNG).SLNG is a project jointly developed by Excelerate Energy and the Bangladesh Oil, Gas & Mineral Corporation (Petrobangla) on a build, own and operate basis. The FSRU SUMMIT LNG is under a 15-year charter deal to Petrobangla and carried the inaugural LNG cargo from Qatar in April 2018.The deliveries to Petrobangla are made under a long-term sale and purchase agreement (SPA) signed in September 2017 between Qatargas and Petrobangla to supply up to 2.5 million tonnes of LNG per annum for 15 years.last_img read more