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5 Ways to Validate a Business Idea, Right Now

Don't let your day job or lack of capital stop you from finding and testing a business idea. Here's how.
Last year, I embarked upon a personal challenge to validate a business idea in 30 days. To make it even more difficult, it was a random idea chosen by my readers. They asked me to do it without using my existing website, traffic and business connections and without spending more than 20 hours per week on the project. On top of that, I limited myself to spending no more than $500 validating this idea. The experiment was a success.In just two weeks, I built an email list of 565 subscribers without having an actual website. Then, I reached out to a handful of those subscribers and pre-sold 12 copies of a book that didn't even exist yet, all in less than 30 days. I wrote about the experiment in real-time with in-depth weekly updates, successes, failures and lessons learned along the way, right here in my validation challenge. Today, I want to share with you the five most effect…

RBI will allow transfer of money between online wallets from 2016

The services are expected to be launched by early 2016 and are being developed in association with the National Payments Corporation of India
RBI will allow transfer of money between online wallets from 2016
The Reserve Bank of India (RBI) will soon allow transfer of money from one online wallet to another. These services are expected to launch from early 2016. The service is being developed in association with the National Payments Corporation of India (NPCI).

This transfer of funds from one online wallet to another was mentioned by Infosys co-founder and Former Chairman of the Unique Identification Authority of India (UIDAI), Nandan Nilekani during the ‘WhatsApp moment in finance’ talk that happened in Bengaluru in August. The talk happened during The Indus Entrepreneurs (TiE) Leapfrog summit, Nilekani said that India was moving towards a cashless transaction mechanism with the emergence of services such as Immediate Payment Service (IMPS), mobile wallets, direct cash and more. He said that IMPS transactions had exceeded money orders within three years of launching, even though money order service was launched back in 1880. He also said that IMPS would overtake debit and credit card payments. 

Nandan Nilekani also mentioned the Unified Payments Interface (UPI) which would allow interoperability from different bank accounts and wallets. The NPCI had initiated the UPI in February and had released a draft document for the payments architecture.

Most of the banks in India have already released their own mobile wallets. In August this year, SBI had announced its own mobile wallet app called SBI Buddy. The app is available on the Google Play Store for free while an iOS version of the app would be released soon. The app can be used by SBI customers as well as non-SBI Customers. ICICI Bank also released a similar e-wallet service called Pockets. Ahmedabad based Zebpay became the first company in India to launch a mobile Bitcoin wallet.

In May this year, cyber security firm F-Secure found that cyber attacks on mobile wallets and e-currencies were on the rise. According to the firm, SMSs that send trojans and ransomware attacks grew in the second half of last year. The report also said that the threat was equally posed to Android and iOS platforms.