Understanding The Impact Of India’s New GST On Service Providers

Launched from July 1, 2017, the Goods and Service tax or the GST is said to be the biggest tax reform in the history of India. This new tax is a deviation from the current varying taxes that are applied to goods and various services in the country. It is being said by economic experts that the GST will simplify the tax structure thus making it easier to do business and also ensure greater compliance to tax rules.

Four Slabs Of GST Rates

Under the GST, there will be four slabs of GST rates applicable for services. This includes different services such as business services, travel services, financial services and the hotel industry.

The four slabs comprise of 5 %, 12 %, 18 % and 28 % tax that is to be applied. This is similar to the tax structure for goods. Services contribute to more than half of India’s earnings and it is being said that the move might create an adverse impact on the service industry. However, there are certain services and certain bands of services that are exempt from tax. For example, education and healthcare are exempt from GST. This move is being hailed as a very populist move by the general public and is a step in the right direction.

However, the hotel industry is reeling under higher tax rates. Luxury services such as business travel will attract higher tax rates. Financial services under GST will be taxed at 18 %. Five star hotels are the most impacted as they are in the highest slab of 28%. This is likely to have a big impact on their business.

As the telecom industry is being taxed at 18%, you can expect you phone bills to rise up. Services offered by banks are also likely to become more expensive. Recent years have seen a huge surge in domestic air travel. However, as tax on air tickets has gone up, this might have an impact on air travel.

Interestingly, e-commerce businesses will be taxed at a very nominal figure of 1%. The good news is that buying a car will now be cheaper now. Home appliances are also likely to get cheaper under the new GST regime. Freelancers will now be taxed as service providers and they will be able to easily file their taxes online using the GST portal.

Hence, while GST is being promised as a one nation, one tax initiative, it is likely to have different impact on different types of services. There is certain confusion regarding the various rates to be applied as per the four slabs of GST rates. However, it is expected that gradually this will give way to clarity and overall system that benefits the common man.


Looking At How Payza Scam Protection Team Protects Users

Payza is an online payment platform through which you can send and receive money and accept payments from customers if you run an online business. Payza provides maximum online transaction security. But still, there are scams that you should be aware of while making any type of online payments. Payza scams prevention aims to help users recognize and avoid scams.

Aspects Of Security

Cyber criminals use various strategies to hack and steal information. The three main areas of security that online businesses need to look at are:

  1. Technical: This requires the use of anti-virus, screen locks, SSL encryption and storing data in a secure environment. De facto practice is to use layers of security to keep sensitive data safe from cyber criminals.
  2. Physical: It is important to protect against physical access to your computer or mobile devices. Use strong passwords for all your devices and accounts.
  3. Personnel: If you run a business, then your staff should be trained in cyber security and sensitive data should be made accessible only to those who need it.

Phishing Emails

Payza scam protection team warns that the most common scams used by fraudsters are phishing emails and phishing sites. Fraudsters send an email claiming to be from Payza and ask for your account details. One should immediately know that this is a scam as Payza never asks for account details via email. Phishing websites mimic the real Payza website in appearance. When unsuspecting users enter their login information, it is recorded and then misused. Always check the URL address for ‘https’ before you log in.

You can safeguard against online fraudsters by following a few guidelines. Always use a strong password for your Payza account and change it often. Use internet security software and keep it updated. Never ever click on a suspicious link.

Reporting Scams

Reporting Payza scam is easy and doing so helps to make the internet safer for everybody. You can go to the Payza Support page and submit a ticket. You can also visit Payza Customer support directly to report a scam. There is also a Live Chat feature that you can use to chat live with a support advisor. Payza Scam Protection team works diligently to eliminate scams and protect its users.

Payza Fraud Prevention

Payza’s security and fraud prevention team was setup to prevent frauds before they start. Payza follows a strict KYC policy and every new member is verified to confirm his identity and bank account details are also validated. All merchant websites are screened through in-depth website reviews. Payza uses 128-bit SSL encryption to filter all its transactions. This keeps personal and financial data secure. Payza’s fraud-matrix adapts to new suspicious patterns that fraudsters use and immediately identifies and flags suspicious activity.

India’s Rapid Rise In The Ecommerce World

For a nation to be an eCommerce superpower it needs internet penetration and technology. Industry analysts say that factors affecting growth of eCommerce are rapid rise in internet use, tech savvy population and a rising uptake of mobile phones. Today, India is the world’s fastest growing smartphone market. Due to competition, data plans are cheap and India is also one of the world’s cheapest places to use the mobile internet.

Large Youth Population

There are various trends behind India’s high potential for growth in eCommerce in the next two decades. India is the world’s biggest consumer of mobile phones. With 3G and 4G plans offered at affordable prices, India is expected to see more mobile shopping. The recent introduction of Reliance Jio has caused massive disruption and is expected to further bring down prices of internet and data plans. India has the largest youth population. 70% of its population is under the age of 35 and this group is familiar with mobile and digital technologies. They are keen to participate in the online economy. These tech savvy young people shopping via smartphones are responsible for India’s increasing online spend.

The global eCommerce market is expected to reach USD 63.7 million by 2020. This will open up enormous opportunities for companies who sell online. Recently, Worldpay analysed 30 global markets including India and has said that much of India’s eCommerce growth is the result of rising internet penetration. It reaches about 350 million people currently and is expected to double by 2020. Huge uptake of mobile phones is one of the major factors driving eCommerce growth in India.

Mobile Payment Methods

Transfers and cash on delivery dominate the online payment scope with 27% of the market preferring bank transfers and 22% preferring cash on delivery. As the country’s payment infrastructure develops new methods could rise in popularity. Surprisingly, only 8% of online shoppers use e-wallets currently and the mobile wallet market is expected to reach $5.1 billion in 2020.

India is in the early stages of its eCommerce transformation and many people do not feel comfortable with online payments and mobile payment methods. Hence, in order to position their business for success merchants must recognise India’s potential for eCommerce growth and payment preferences. Leading eCommerce vendors like Amazon and Alibaba have already indicated their interest and are offering incentives for merchants so as to gain a foothold within India’s eCommerce market.

Payza Fraud Prevention Is Aimed at Curbing Money Laundering

Today due to massive developments in communication and technology, money can be transmitted across the globe with speed and ease. While this is a big boon to businesses, it has also brought to light the need to tackle the problem of money laundering. The process of using money obtained from crimes like drug trafficking, terrorist activities and other illegal means as money from legitimate sources in the financial system is called money laundering. UNODC estimates that roughly 2 to 5 % of global GDP is laundered every year – this amounts to US dollars 800 billion to 2 trillion!

Implications for Financial Platforms

While money laundering often happens in financial institutions. The Prevention of Money Laundering Act 2020 mandates the investigation of money laundering offenses in India. Private banks, public sector banks and insurance companies have started sting operations to discover money laundering. The recent rise in other means to transfer payments means that online payment processing platforms too need to watch out for money laundering.

How Is Laundering Done?

Money laundering is usually done by the physical disposal of bulk cash obtained from illegal activities. Sometimes, a complex layer of financial transactions is created to separate illegal money from its source. This is done to disguise the true source of money. The money is then put into regular financial systems via drafts or deposits. Sometimes companies are created on paper and money is moved via fake bills and invoices. This laundered money then flows through the economy as normal business money.


There are a number of steps which can be followed to detect and prevent money laundering. In India, financial institutions are required to follow KYC guidelines and a PAN number is asked for every financial transaction.

As a consumer, you can also do your bit. Make it a point to close any dormant accounts as they can be easily misused. Also be cautious while allowing others to use your bank accounts for transferring money especially from outside the country.

Payza Anti-money Laundering

Payment processor Payza uses a variety of tools and techniques to fight fraud. This includes account verification, encryption, and the Payza fraud prevention matrix. The fraud matrix is Payza’s proprietary tool that monitors online behavior in real time and looks for patterns typically used by fraudsters and cyber criminals. Payza fraud matrix is frequently upgraded as cyber criminals are quick to come up with new means of committing frauds.

Learn How to Save Money

While everybody makes big plans including new year resolutions for saving money, very few are able to actually save as per their set targets. Sooner or later we encounter unforeseen expenses and our saving plans go haywire. Here are a few simple tips on how to save money:

Cash Over Credit
Credit card definitely has its benefits. Today most shops and service providers across the globe accept it as a mode of payment. While traveling, it is much more convenient to carry the credit card rather than wads of cash and it also helps in making emergency payments. However, the fact is when you are shopping with a credit card you lose track of the amount of money spent. Paying with cash, on the other hand, helps you set an upper limit and you do not end up making unnecessary purchases. Trying to use cash more often than the card is one of the easiest money saving techniques. Next time you go to your favorite store, try keeping the credit card at home and see the difference it makes to the bill.

Shop Smart
Rather than indulging in impulsive shopping, if you plan and organize your shopping you will be in a better position to leverage discounts, sales, and coupons. Before making big purchases do some research online to determine which providers offer the best rates. Sometimes it might be worth delaying a purchase to enjoy a better rate.

Cook at Home
When you eat home cooked food not only are you saving money but also eating healthy. For most people, dining out is one of the biggest buckets for household expenditure. If it is not feasible for you to cook every day, you can cook in bulk and store in the freezer.

Curtail Unnecessary Expenses
A little bit of diligence can go a long way in cutting down on unnecessary expenses. The electricity bill is a good example of how some good habits can greatly cut down your consumption and thus how much you pay. Similarly, discontinue any service subscriptions that you don’t really use. You can optimize phone bills by signing up for family packs. The list is endless and there are a lot of money saving opportunities here.

Is Your Payment Process Safe Enough?

I recently came across Payza, an online payment platform which allows registered users to transfer money internationally. This is very interesting especially for many freelancers working for international clients. It gives them an opportunity to receive their payments easily and quickly. However as with any online payment platform, it is very important to ensure that user accounts are kept secure and no loophole is left open for hackers and other cybercriminals to gain unauthorized access to data or payments.

How Safe Is Payza?

In order to answer this question we need to take a look at Payza’s security and fraud prevention mechanism. As cybercriminals are always finding new ways to hack into systems, it is important to keep data provided by members safe and secure.

Source: Payza.com
Source: Payza

Payza Security

Payza’s security and fraud prevention is designed to avoid problems before they start. The most common cause of hacked accounts is a password that is too easy to guess. Payza requires users to login using a strong password. It is also a good practise to not use the same password for multiple accounts and to frequently change your passwords.

The next level of security comes in every time you do a transaction wherein you have to enter a security pin. This means you need to enter the pin in order to do any financial transfers. All transactions are encrypted using SSL.

Payza’s FraudMatrix

Payza has a proprietary Fraud Matrix that is used to detect any suspicious activity. It’s Fraud matrix learns and adapts to suspicious patterns that are typically used by cybercriminals. It immediately reports any suspicious activity so that action can be taken before a security incident occurs.

Src: Android Headlines
Src: Android Headlines

In case users suspect a fraud or online scam, Payza recommends its users to file a report as soon as possible. Especially if users receive a suspicious email claiming to be from Payza and asking for any personal details. This technique, known as Phishing is one of the most popular methods used by cybercriminals to gain access to unauthorized data. Users can contact Payza’s customer support in case their account has been locked or restricted, or if they notice a suspicious transaction or any other account activity not initiated by them.
Payza’s security and fraud prevention also uses a KYC policy wherein new members are checked for their identity and their banking and credit card information is validated. Websites using Payza Payment Checkout Buttons are screened via in-depth website reviews to make sure that merchants are in compliance with Payza’s procedures and standards.

Keep You Credit And Debit Cards Safe From Fraudsters

As more and more business is being done online via E-commerce, Credit and debit cards have emerged as the most popular methods for making online payments. However, there have also been an increasing number of frauds related to Credit and Debit cards. Payment processor Payza fraud alert system reports according to one statistics at least 30% of online Credit and Debit card users have been victims of fraud.

Risks of Credit and Debit Cards
Many sites offer to save your credit and debit card information. It is very important that this information is saved in a secure way using encryption. If this data is compromised it can be easily used for malicious purposes. Cyber criminals use techniques such as Phishing to gain access to your sensitive information. They typically get in touch with unsuspecting users via email, phone or post. Stolen Credit card numbers usually end up in “Carding” shops which are a marketplace for stolen cards.



As the use of contact-less credit card increases, radio frequency scanners are being used to steal credit card numbers. All that a thief needs to do is bring the scanning device within close range of your credit card and he can hijack the requisite information.

Another technique used by a fraudster is “skimming”. The thief uses a physical scanner to read the information on your credit card. Usually, skimming devices are attached to ATMs and other places where a card is swiped.

Securing Credit Card Information
As there are several methods a fraudster can use to obtain your credit card information, it is best to follow guidelines to avoid a fraud. Some guidelines posted by Payza support are listed here.

Never share your Credit or Debit card information on phone or email. Payza fraud alerts have reported this as the most common way used by fraudsters to gain access to your information. If your card is RFID-equipped then get an RFID-blocking wallet to keep your card details safe. Look out for card scanning devices at stores and ATMs, especially ATMs at public places. As far as possible avoid storing credit card information on websites. Make it a habit of monitoring your bank statements regularly so that in case there is any suspicious activity it can be caught early.


Payza has also come up with a Payza Prepaid card that is safer than a Credit or Debit card. Registered users can use their Prepaid cards at ATMs, in stores and online just like normal Credit cards but without the associated risks.