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SMS like Google Pay, Paytm Notifications to overpriced customers! Companies want a cheap option

Major online payment apps such as Google Pay, Paytm, among others, want in-app notification to be seen as an alternative to SMS notifications for financial transactions. Check the details.

What online payment application do you use? Google Pay, Paytm or others? Have you noticed that every time you make a transaction, you get an SMS alert that the amount has been debited from your account? But now the government has been asked to consider in-app alerts other than message notifications. Yes, major payment apps, including Google Pay and Paytm, have filed a petition with the government to consider in-app alerts as an alternative to SMS notifications for banking transactions.

The reasons given for opting for in-app alerts other than SMS notification are higher costs and security risks, according to a report by the Economic Times. The report further states that on May 30, the National Association of Software and Services Companies (Nasscom) sent a representation to the Reserve Bank of India (RBI) asking to consider allowing app-based notifications. for banking transactions. Read also : Delete Paytm account from phone NOW if you just suffered this blow! here’s how

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Nasscom in representation to RBI, informed that the estimated fee for in-app notification is Rs. 0.001. While the cost of sending a single SMS alert is Rs. 0.12. He further stated that as there were digital transactions worth Rs. 8,734 crores in the financial year 2022 and the cost of SMS notifications for the same totaled around Rs. 1048 crores.

Nasscom also suggested that customers could be given the option to choose whether they want an SMS alert or an in-app notification, or both, for financial transactions they make up to Rs 10,000. While for transactions above Rs. 10,000, SMS and “In-App Notifications” may be mandatory and later the thresholds may be increased.