- Bit by Bit
- Posts
- Bit by Bit 3rd Dec. || The new trend of reimagining payment || 'Robocop' is a reality & More
Bit by Bit 3rd Dec. || The new trend of reimagining payment || 'Robocop' is a reality & More
Good Morning Readers!
Anyways, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹18,696.10 (-0.62%)
BSE SENSEX : ₹62,868.50 (-0.66%)
NIFTY BANK : ₹43,103.75 (-0.36%)
USD/INR : ₹81.44 (+0.39%)
BRENTOIL : $85.73 (-1.34%)
MCXGOLD : ₹53,393 (+0.29%)
FII Net Cashflow : + ₹5445 crores
DII Net Cashflow : + ₹712 crores
(Market data as of 11:00 PM on 2/12/2022)
BANKING
The new trend of reimagining payment
Key Facts
Mastercard has partnered with Conferma Pay to accelerate the use of virtual cards for B2B payments in the travel industry.
Mastercard will make a minority investment in Conferma Pay as part of the agreement.
Uber now is accepting AirPlus Company Account as a form of payment for journeys and other services.
The Story
Virtual cards enable users to securely generate single-use card numbers to provide a link between booking and associated payments to third party suppliers. “The payments industry is in the midst of a revolution and there is an increased need for travel companies to better manage the whole payment experience,” says Roshan Mendis, executive vice president and chief commercial officer, Sabre Travel Solutions.
Corporate payments specialist AirPlus is integrating with Uber Wallet - the first UATP issuer to do so - which will enable travellers to pay for Uber rides via the accounts, and for companies will receive bundled billing and reporting on the rides. Companies will also be able to pay for other Uber offerings through AirPlus accounts, including meal orders and other deliveries.
Visa Inc. V announced that it secured a global partnership with the financial education app, GoHenry. The seven-year partnership will enable Visa to work as the exclusive global network partner for the education app’s cards in the United States, the U.K. and Europe.
FMCG
The Story:
New Packaging Rule: In a relief to fast-moving consumer goods (FMCG) companies, the government has decided to implement 'new packaging rules' from January 1, 2023. Earlier, it was decided that the new rules would be effective from December 1, 2022. However, it has now been delayed by one month.
According to new packaging rules, 19 types of items - including milk, tea, biscuits, baby food, pulses, bottled water, edible oil, flour, cement bags, bread and detergents - will have to give complete information on the packets.
Also, it would be compulsory for the imported products to mention the date of manufacture and country of origin.
The new rule also states that the manufacturers will have to mention the price per gram or ml in case the weight of the quantity of the product is less or more than the standard weight.
Earlier in July this year, the Ministry of Consumer Affairs, Food and Public Distribution on Thursday issued new rules for the packaging of electronic goods. As per the new rule, giving a QR code has been made compulsory on the packaging with relevant information for products manufactured on or from July 15 onwards.
If not mentioned as a QR code, the information should be part of the packaging, said the rules called the Legal Metrology (Packaged Commodities) (Second Amendment) Rules, 2022, notified by the ministry.
Citing relevant clauses and sections, the ministry had said, "Provided that in the case of an electronic product which is manufactured or packed or imported after July 15, the package of such product shall, for a period of one year from such date, declare the name of the manufacturer or packer or importer, as the case may be, on the package itself and such declaration shall also inform the consumers to scan the QR code for the address and other related information."
AUTOMOTIVE
The Story
On Friday, the country's largest carmaker Maruti Suzuki India said it will increase the prices of its models from January 2023. The company, without specifying, said that the price increase would vary across models.
"The company continues to witness increased cost pressure driven by overall inflation and current regulatory requirements. While the company makes the maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impacts through a price increase," the carmaker said in a statement.
On Thursday, it reported a 20.6% growth in its domestic passenger vehicle sales to 132,395 units in November 2022. The company dispatched 109,726 units in the year-ago period.
TECH
The Story
The governing Board of Supervisors in San Francisco has decided to permit the deployment of lethal robots by the city's police. The law allows for the deployment of explosive-equipped robots by police in emergency situations. The city's police, the SFPD, stated that they do not currently run any robots that are capable of using fatal force, but that there may be instances in the future where a robot does so.
The legislation would only be utilised in exceptional circumstances, according to supporters. However, detractors claim that the authority may result in a growing militarisation of the police force. The legislation was approved on Tuesday, with a provision that authorities may only deploy robots equipped with lethal force after trying other de-escalation strategies. The board also mandated that only a select group of senior officials may approve its usage.
Want a BIT More?
India Is increasing its solar capacity at a very rapid pace
Between July and September, open access solar capacity installation in India increased by 91% to 596 megawatts (MW). Mercom Research India states. In the same period a year ago, India increased its open access solar capacity by 312 MW. In a solar power, through open access arrangement, a power producer builds a solar power plant to provide consumers with clean energy.
According to the "Mercom India Solar Open Access Market Report Q3 2022" report, India added about 1.9 gigawatts (GW) of open access solar in the first nine months (9M) of 2022, an increase of 96% from the 956 megawatts (MW) installed in January-September 2021. The report states that as of September 2022, there were over 7 GW of installed solar capacity worldwide and over 5 GW of projects in various stages of development and pre-construction.
The number of projects in the pipeline to be launched is impressive and greater than ever. Despite the majority of the demand coming from large corporations, Managing Director of Mercom India, Priya Sanjay. With a total solar open access capacity of about 2.7 GW, Karnataka continued to be the leading state, followed by Maharashtra (801 MW). 74% of all open access solar installations nationwide were located in the top five states.
