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I am wondering if the tokenisation scheme for private label cards is different from the current scheme for branded cards.

I would like to know how statistics are gathered for cash transactions.  Cash transactions are mostly bi party transactions and remain private unless reported exclusively by parties involved.

 I believe the statics in this article are only for reported cash transactions . In reality there might be many more cash transactions going un reported contributing to a parallel economy.

I am not sure how you can post a message on block chain ??

This is interesting.  I am wondering if governments can slap a fine on bitcoin transactions or other crypto currency transactions like Ripple in retrospection. It is a possibility if they do become main stream.

Don't think anyone will use such a convulated way to transfer money. It doesn't offer the sender or reciver any benift or enhanced user experience.  The ideal way would have been if I am able to pay by tweeting " pay@xyz Rs 100 for coffee #icicipay".

@Ketha - I didn't see multiple debits on my statement(online) on that day. Infact it takes couple of days for the transaction to appear on the statement .Hence  I had to call phone banking and find out whether I would be charged multiple times. The answer I got was that the bank has authorised the transaction but if the merchant doesn't pick it up I will not be charged.

In a way  you are right because as far as the bank is concerned I have spent money. The only problem is I have wait two more days till the settlement occurs to really know whether I have been charged multiple times. 

The text really should be "Your bank has authorised a payment of xxx amount for yyy merchant". The bank cannot accurately say whether you have spend money ie completed the transaction. I had quite a few experiences where I got sms for expense even when my transaction didn't go through at merchant.

The narrative in the screen shot says payment which make this even more scarier. Is it a fraudulent payment against ur account that the bank has no clue where it originated or is it simply an internal fraud.

I assume when apple pay business case was brought up in these issuing banks a lot of guys would have said that let's consider the loss in interchange revenue as investment in marketing. After all you don't get a lot of opportunities to associate your brand with a hip and consumer friendly brand like Apple. 

No it cannot operate outside India as kaypay is based on IMPS platform.