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7th KSA Retail Summit: “Think Opportunity” touted as success mantra
NEW DELHI: Standard Chartered Bank in association with VISA today launched India’s first mobile credit card called m-Wallet.
Currently being undertaken as a pilot project amongst select Manhattan customers in Bangalore and Mumbai, the industry first secure mobile credit card m-Wallet aims at making shopping easier for people on the move, enabling them to pay for purchases from select outlets using their mobile phones.
Designed to make contact less payments, this new service, using an inbuilt PKI security and JAVA based technology, has been developed by a team of global technology experts using the best security technology standards to protect the privacy and confidentiality of the card holder’s account information. Available free of cost, customers have to download and install a JAVA application using GPRS on their mobile phone. After installation of the application software on the mobile phone the user has to download a virtual Manhattan card on to the mobile.
The m-Wallet technology has been developed through a strategic alliance between Tata Consultancy Services Ltd. (TCS) and C-SAM Inc, known for bringing innovative payment solutions to the banking and financial services sector. TCS has a strong relationship with Standard Chartered and with this new initiative; TCS has once again demonstrated its capability to offer unique and innovative solution to its clients.
According to chief information officer and group head, technology & operations, Standard Chartered Group Jan Verplancke,, “This is a business innovation which builds on the advances that have happened in technology. By providing our customers with a payment wallet in their mobile phones, we empower them with the capability to pay for their goods and services electronically while on the move. This product is also aligned to our young, dynamic and mobile customer base with its ever-increasing usage and builds further on our leadership position in the Cards business in the India market. Standard Chartered Bank will always look at the use of technology for innovation and investments in customer service channels.”
Country manager – South Asia, Visa International Santanu Mukherjee said, “We are happy to partner with Standard Chartered Bank in the offering of ‘m-Wallet’. This innovative payment solution combines the benefits of the payment card with the functionalities of the mobile device and is an evolution in the payment options available to consumers. This is yet another step towards convergence of mobile phones and payment cards and the growth of Universal Commerce – Anytime, Anywhere, Any way.”
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
