World
Apple, Samsung Pay joins China's UnionPay
Apple, Samsung and China's UnionPay announced a partnership on Friday to bring the digital wallet of Apple Pay and Samsung Pay to China, cashing in on the popularity of such services in the country.
 
China UnionPay cardholders will be able to link their bank cards to Apple and Samsung Pay and make payments without cash or cards, Xinhua cited a joint statement from the companies as saying.
 
It said Apple and Samsung Pay will be made available to China UnionPay cardholders in early 2016 after certification by Chinese regulators.
 
Chinese third party payment firms handled online payments of 3.65 trillion yuan ($563 billion) in the third quarter, up nearly 11 percent from the previous quarter, according to research company Analysys.
 
Market leader Alipay has more than 400 million users, including 270 million who regularly make payments using mobile phones.
 
China UnionPay, which has issued more than five billion bank cards home and abroad, launched its own digital wallet for phones jointly with over 20 commercial banks last Saturday.
 
"China UnionPay is dedicated to promoting payment innovations and providing secure, convenient payment experiences for its hundreds of millions of cardholders, aligning multiple parties in the industry," said Chai Hongfeng, executive vice president of China UnionPay.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

GDP expected to grow 7-7.5 percent, mid-year analysis
India's economy is expected to register a GDP growth in the range of seven and 7.5 percent in 2015-16, the mid-year economic analysis has said noting further that the reforms process was gathering momentum.
 
The mid-year analysis for 2015-16, released on Friday, said the Indian economy continued to exhibit resilience to register a growth of 7.2 percent in the first half of 2015-16.
 
It said that economic growth, measured in terms of growth in GDP at constant market prices (real GDP) improved from seven percent in the first quarter of 2015-16 to 7.4 percent in the second quarter of the fiscal.
 
The analysis said that in addition to robust growth, the year so far has witnessed macro-economic stability aided by favourable factors such as comforting inflation indicators, benign fiscal situation and improving external current account balance.
 
"All these factors have resulted in India emerging as the fastest growing economy among the large economies," the analysis said.
 
It said most agencies have predicted that India will continue remain the fastest growing economy in the medium term.
 
"With the reforms process gathering momentum, along with low inflation which should help in keeping a benign interest rate regime, one can expect the full year growth of real GDP to be in the range of 7 and 7.5 percent," the analysis said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Retail inflation this fiscal at 6 percent: Mid Year Review
Retail inflation for fiscal 2015-16 is expected to be at 6 percent, the government said on Friday, while lowering its growth forecast for the Indian economy to between 7-7.5 percent.
 
The retail inflation projected in the Mid-year Economic Review, authored by Chief Economic Advisor Arvind Subramanian and tabled in parliament, is within the Reserve Bank of India's target of about 6 percent.
 
India's annual retail and wholesale inflation rates rose considerably in November to 5.41 percent and (-)1.9 percent respectively, due largely to an inrease in the prices of food items like pulses, official data showed earlier this week.
 
The inflation rates for October stood at 5.0 percent at retail and (-)3.81 percent at wholesale levels.
 
Data on the consumer price index (CPI) released by the Central Statistics Office here, showed that the retail inflation for rural areas was much higher at 5.95 percent as against 4.71 percent in urban India. For pulses, the combined inflation rate was a whopping 46.08 percent.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)