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Rising cash payments in India secured by Spectral Technology

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Rising cash payments in India secured by Spectral Technology
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Despite India’s government implementing schemes, such as the demonetisation of all 500 and 1000-rupee notes in 2016, to encourage the country to go cashless, there is still high demand for banknotes. According to the Global Cash Index™, cash continues to hold a significant role in Indian culture and is seeing growth rather than decline – cash is still very much king in the region.

Commenting on the popularity of cash in the region Marcus Tiedt, Sales & Marketing Director of Innovative Technology Ltd (ITL) said, “With over a billion people living in India a large percentage of them still transact in cash and are not part of the official tax network. Also, the infrastructure required to go cashless needs years to catch up and be reliable, and therefore a cashless society is not currently achievable in the short term. Working closely with Chevend, our Trading Partner in the region for the past four years, we are meeting market and consumer demand to ensure that cash can be used as the preferred method of payment both securely and efficiently.”

Andy Bassam, VP of Customer Support for ITL commented, “We foresee that our latest products with the added benefit of Spectral technology will begin to see more and more demand.  We work hard with Ammaar, who heads up our partnership at Chevend, to ensure that we optimise datasets and acceptance rates on our products. The National Bank release banknotes on a yearly basis and notes in circulation can wear quickly, so keeping datasets up to date is imperative. Another major challenge in India is that the banks do not allow customers to redeem damaged and stained banknotes. This issue can be overcome by using ITL products that utilise our Spectral Technology to ensuremachines do not accept banknotes that have been damaged or stained by anti-theft devices.”

CHEVEND TECHNOLOGIES PVT. LTD based in India, are the proud pioneers of the Automatic Vending Concept in India and although vending is their core competence, their payment systems division has grown in prominence and turnover over the years and they provide payment systems to customers within the Kiosks and Banking sectors.

Commenting on the Trading Partnership, Ammaar Huseini, Director at Chevend said, “We have been collaborating directly with ITL to provide their state-of-the-art cash validation products to customers throughout the whole of India since 2016. We also have an office in Dubai, so are helping to extend ITL’s reach throughout the Middle East. We offer support for a wide range ofproducts including the NV9, NV11, NV200 and BV20 where uptake in the region is substantial giving Innovative Technology significant share of the vending market.  We are delighted to have secured a significant tender for the NV10 compact, stackerless banknote validator recently to be used in government payment terminals. Looking forward, we are beginning to promote ITL’s Spectral range of note validators and recyclers to help businesses in the region reject ink-stained banknotes.”

Concluding Andy said, “We have a really good relationship with Chevend, and with Ammaar’s comprehensive local knowledge in the region I look forward to many more years working in partnership together.”

Asia

NFT Collectible “God Temple” Launches Public Sale, Introduces Play-to-Earn Game Model with Comic Artist Pat Lee’s Artwork

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God Temple, an NFT collectible platform, has introduced the gamification model for its limited-edition art collection collaborated with comic artist Pat Lee, who did stints with DC and Marvel comics.

Users of the platform will be able to play against other users or computer-controlled players through God Temple’s global matching system. It will be a Play-to-Earn model utilizing both the platform’s native token (MYTH) and the game token (SOUL), which are necessary for players to start a game.

At God Temple, players can hold the Greek god NFT and play as the mythical characters such as Zeus, Athena, and Hades, illustrated by renowned comic artist Pat Lee. The winner in the duel will receive a game token (SOUL) as a prize, which will be tradable on secondary markets.

The public sale of God Temple’s native token (MYTH) will commence on 2nd August on Balancer Liquidity Bootstrapping Pool to make it accessible in a fair, linear, and decentralized manner. The sale supply will be 1,000,000 MYTH and the sale will last for 48 hours and will officially conclude on 4th August. The Balancer sale will have a MYTH-USDC pool during the token issuance period.

“We aspire to bring the story of mythology to life, and that’s why we introduced this new gamification model. We are developing strategic collaborations with artists around the world to create timeless mythical art god NFTs. Pat Lee is the leading celebrity artist and we hope more artists will be inspired to join the ecosystem,” said the spokesperson at God Temple.

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Asia

Kabaddi Adda partners with FanCode to exclusively broadcast K7 Kabaddi Stage Up tournament

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Leading Kabaddi destination, Kabaddi Adda, has announced its partnership with FanCode, India’s premier digital sports destination for all fans, for exclusive broadcast rights of the K7 Kabaddi Stage Up tournament. Matches from the upcoming tournament will be exclusively live-streamed on FanCode, reaching its user base of more than 20 million sports fans.

The K7 Kabaddi Stage Up Tournament is a 17-day event, starting on July 22. It will feature 59 matches with more than 140 players and coaches participating from across Haryana. The 10 participating teams include 8 teams that made it through the K7 Qualifiers in March, and 2 additional wild card entries. Taking place at the Future Fighters Kabaddi Academy, Gurugram, each participating academy team will come in with a squad of 12 players and 2 officials.

Through collaboration with FanCode, Kabaddi Adda aims to bring back live kabaddi action to the fans who have been waiting for the sport to resume. Speaking on this, Suhail Chandhok, Co-Founder, Kabaddi Adda, said, “It’s been a challenging year for athletes and with the K7 Stage Up, we want to not only bring back the thrill of our own Sport of Kabaddi, but provide opportunities to budding players from top Kabaddi academies across the country. The collaboration with FanCode helps us reach out to Kabaddi fans on a massive scale but also provide a platform for talent across players, coaches and referees to showcase their skills, giving them exposure among fans and professional teams across India and Indian sub-continent.” 

FanCode, launched in March 2019, provides highly personalised experience across sports content, commerce and statistics to all sports fans through innovative technology. Since inception, FanCode has partnered with several domestic and international sports leagues and associations across multiple sports.

Talking about the partnership and comprehensive digital sports experience that will be offered during K7 Kabaddi, Prasana Krishnan, Co-Founder of FanCode, said, “We are excited to host and support Kabaddi’s comeback after a hiatus by live streaming all the action from K7 Kabaddi. To make it engaging, through innovative technology, we are creating a comprehensive live kabaddi experience where the fans can witness live streaming, fastest live scores with play-by-play information, real-time statistics, and much more.”  

The tournament will sport prizes for the winning team, ‘Super 6’ – top 6 players of the tournament, Best Raider, Defender and more. The 6 top teams from the tournament will move on to the K7 Finals, which is scheduled to take place at the end of this year.

Kabaddi Adda’s existing distribution network and strong connect will help amplify the content, with social reach to the massive kabaddi audience online. Being associated with the grassroot ecosystem of the sport, it will leverage expertise in data and automation tech to bring together the community. Recently, Kabaddi Adda even undertook an initiative ‘Mann ki Jeet’ to address and support the mental health wellbeing of kabaddi athletes and make them field-ready for upcoming tournaments like K7 Kabaddi.

For more details on K7 Kabaddi, including the full schedule, click here.

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Asia

China to Expand Blacklist of Overseas Gambling Destinations Again

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China to Expand Blacklist of Overseas Gambling Destinations Again
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China’s Ministry of Culture and Tourism has announced its plans to introduce a “third batch” of blacklist measures aimed at overseas tourist destinations that attract Chinese tourists for gambling activities.

The ministry also said it would work with several other government departments to “suspend tour groups and arrangement of tourist visas” for outbound travel to these destinations.

As with earlier official mentions of China’s overseas-gambling blacklist, the latest announcement did not identify the places concerned.

The ministry mentioned on Friday its previous approach of including several overseas destinations – in “two batches” – in its “blacklist system” for cross-border gambling tourist destinations. It said such an approach was to “better regulate the travel market” and “safeguard the lives and financial safety of Chinese citizens”.

“The Ministry of Culture and Tourism is to adopt a measure to blacklist a third batch of travel destinations, in response to the recent developments whereby some cities abroad have lured Chinese tourists for gambling activities,” stated the ministry.

It added: “The ministry will – together with the Ministry of Foreign Affairs, the Ministry of Public Security, the National Immigration Administration and the Civil Aviation Administration of China – adopt measures to suspend outbound tour groups and the arrangement of tourist visas for trips to these cities and attractions abroad that are on the ‘blacklist’; and reinforce the restrictive measures on business jets [travel] and charter services.”

The Ministry of Culture and Tourism also noted that the “blacklist” of travel destinations would be “dynamically adjusted” in accordance to any changes seen in overseas markets.

Under a new amendment in mainland China criminal law – with effect from March 1 – anyone who “organises” trips for mainland Chinese for the purpose of overseas gambling will be deemed to have committed a criminal act.

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