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Topic: Finance

A farmer in Canada was fined close to Rs 50 lakh after a buyer interpreted his thumbs up emoji as agreement to contract's terms. News 

Farmer Suffers Financial Loss of Rs 50 Lakh After Sending Thumbs Up Emoji

Febin Mathew,

A farmer from Saskatchewan, Canada, found himself facing a hefty fine of nearly Rs 50 lakh ($61,610) due to a text message contract he received, despite simply sending a thumbs up emoji. This came to light when Achter failed to deliver 86 tonnes of linen to buyer Kent Mickleborough in 2021 – as he had inadvertently contracted. According to the BBC, farmer Chris Achter claimed to have sent a thumbs-up emoji to confirm he had received the contract, but his buyer misinterpreted it as a contract agreement. How did it…

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SBI Yono app to feature scan and pay UPI feature. (SBI) News 

Explore the Revamped Version of SBI YONO App with UPI Scan and Pay Feature

Sanjay Patil, ,

The long-awaited Unified Payments Interface (UPI) feature has been launched on the State Bank of India (SBI) YONO app. SBI has completely redesigned the mobile banking app and released a new version. The Yono app now offers several new features that enhance user experience and simplify banking transactions. Notably, YONO has over 6 crore registered users as of 2017. In FY23, 78.60 lakh savings accounts were opened digitally through YONO in SBI, according to the Economic Times. Let’s see what the updated version of YONO has to offer us. New…

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The NFC Forum has revealed its roadmap for the technology through 2028. News 

NFC Technology Could Enable Completely Contactless Transactions in the Next Five Years

Nitin Misra,

In the future, it may be possible to make payments and access train stations without the need to physically touch your phone to an NFC terminal. The NFC Forum, responsible for setting NFC standards, has announced a roadmap for research and development of near field communication technology until 2028. The group’s main focus is to extend the range of NFC, which currently only works within a 5 millimeter range between two enabled devices. The NFC Forum is exploring ranges that are four to six times the current operating distance. It…

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He and an associate were found boarding a flight with forged passports. News 

Do Kwon of Terraform Labs Receives Four Month Prison Sentence in Montenegro

Sanjay Patil,

Do Kwon, the founder of Terraform Labs, is currently being held in a Montenegrin prison after being found guilty of forging official documents. Kwon was arrested in late March while attempting to board a flight to Dubai from Podgorica Airport with fake Costa Rican passports. Along with Terraform Labs’ former finance officer, Han Chang-joon, Kwon was also found to have Belgian passports and computers sought by authorities in both South Korea and the US. Kwon is wanted in both countries for his involvement in a scheme that caused investors to…

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BlackRock Chief Executive Officer Laurence Fink and other senior executives laid out a vision for BlackRock’s growth as a one-stop shop for investors that provides tech, data, analytics, funds and financial markets advice to clients. (REUTERS) AI 

Larry Fink Predicts AI Could Help Control Inflation

Febin Mathew, ,

According to Larry Fink, the CEO of BlackRock Inc., artificial intelligence has enormous capabilities to enhance productivity and could potentially be the technology that curbs inflation. Collapsing productivity has been a key issue in global economies and a major “reason why we have such sticky inflation,” he said at BlackRock Investor Day on Wednesday. Fink said AI “could be a technology that can lower inflation.” The CEO of the world’s largest asset manager said AI could have “very big results in long-term investing” and could also transform margins across sectors.…

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Zomato has implemented this change to reduce reliance on third-party payment apps and decrease the number of Cash on Delivery (COD) orders News 

Zomato UPI services launched: How to activate and use it

Adriana Marais, ,

Popular online food delivery app Zomato has launched its own UPI (Unified Payments Interface) service, a real-time payment system in collaboration with ICICI Bank. Zomato introduces a new service that allows users to make payments to both merchants and individuals directly. This means that users can conveniently pay for their purchases from different merchants and also send money to other users in a peer-to-peer way. Customers using Zomato can now log into the app and create their own UPI credentials, after which they can make payments through the app itself.…

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Apple shares ended the day up slightly at $165.33. The appeals court sided with Apple on nine other matters in the case News 

Apple can’t ban links to payments outside the App Store, says a US appeals court

Febin Mathew, , ,

A US appeals court on Monday upheld a federal court order that could force Apple Inc to change payment practices in the App Store. Apple said it could appeal the decision. The 9th US Circuit Court of Appeals upheld a 2021 order in an antitrust case brought by Fortnite creator Epic Games that could require Apple to allow developers to provide links and buttons to third-party in-app payment options and avoid paying sales commissions to the iPhone maker. Apple’s stock rose slightly to $165.33. The appeals court defended Apple in…

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