Hi, Saurabh. Yeah payment platforms like Razorpay do assist tokenisation for merchants, especially for those who use the processor's payment interface instead of capturing data by themselves.

Jaspreet Kalra

Hi, Harsha. European regulators haven't mandated the deletion of data but rather only encouraged tokenisation.

Jaspreet Kalra

Hi, Srikanth. So the point the person I spoke with was making was that even though merchants prod customers to "safely store" their cards, many haven't opted in yet. Merchants do need customer consent because the tokenisation has to be validated via second-factor authentication. Sure, there's no need to wait till all cards have been tokenised. But we mentioned the 1 billion figure to just contrast it with how high tokenisation numbers would be at an adequate level given that they are card and merchant specific. Unique users on Swiggy, Zomato, Amazon, Flipkart and others could alone lead to a few hundred million tokenisations.

Jaspreet Kalra

Thanks, Pratik. I think you're referring to Jamtara in Jharkhand and from what I know, the banking fraud is alive and kicking there. Though it may have slowed down a little as compared to past years.

Jaspreet Kalra

Hi, Ali. Thanks for pointing that out. Have fixed it.

Jaspreet Kalra

Hi, Chandragupta. I take your point. But I'd also say that since the story opens with the entity being referred to as HDFC Bank, it might be clear enough and not require repetition. Can follow the alternate you offered going forward as well if it'd be clearer.

Jaspreet Kalra

Hi, Mitali. From what I know, I don't think Fiserv was responsible for PayZapp. Wibmo was the firm handling PayZapp and the application is now being rebuilt by Zeta. But sure, Fiserv's back end may have helped make the experience better as well.

Jaspreet Kalra

Hi, Anurag. As far as I know, efficiency ratios are calculated using operating expenses and total income. My calculations showed that HDFC maintains the lowest ratio on that part but happy to be pointed to data that might say otherwise. Just as a reference point, this is the ratio calculation method I went with: https://www.fe.training/free-resources/fig/efficiency-ratio/

Jaspreet Kalra

Hi, Chriag. Thanks for pointing that out. Have corrected it.

Jaspreet Kalra

Hi, Anubhav. Slice and others can pursue PPI licenses via their NBFCs if they wish to. I am guessing a traditional credit card offering would require them to work with a bank. In that case, they'd act more like direct selling agents for a bank's product would be my guess.

Jaspreet Kalra

Hi, Pradeep. Yeah, the PPIs are funded through credit lines. Which other parts about the PPI would you like elaboration on? The card transaction fee is shared between partners, yes. That would include Slice, Visa and SBM.

Jaspreet Kalra

Hi, Chandan. RBI guidelines do allow foreign currency transactions unto Rs 50,000 on a monthly basis. Here's a link to those: https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=11142 Sure, yeah. PPI can be granted to NBFCs as well. LazyPay holds a PPI license in its NBFC but has still chosen to work with SBM to use its PPI.

Jaspreet Kalra