Apple Podcast Subscriptions – Please choose UPI AutoPay. Standing Instructions on Credit Cards will be difficult.

 

Apple India today vide a Press Release announced the start of a new service to Apple Phone users.

            The new service is Apple Podcast Subscriptions. 

            This is a major change and its podcast listeners will have an opportunity to be inspired more by a long list of illustrious podcast creators.

            The new change will roll out from May 1^st, 2021 in over 170 countries.

            Basically, there are two parts of charges in the Podcast subscriptions services.

            The first part is for the Podcast Creator and the second part is for the Podcast listener.

              Creators have to pay Apple for Access to multiple tools to enhance the overall Podcast experiences for listeners

 

            Subscribers have to pay  Apple for Access to premium channels, shows, including early access.

 

            In India, INR1799/- is the yearly fees Podcast creators have to pay every year to Apple.           

            Once the podcast creator signs up for Podcast Subscriptions’, he/she can offer 3 plans to listeners.

            Free – Fans listen to shows for free.

            Freemium – Fans listen to shows for free and subscribe for additional benefits.

            Paid – Fans pay to subscribe and listen.

            Freemium and Paid plan.

            One more feature, which is introduced is ‘Discover Channels’. Channels are simple ways to group shows. A creator can create multiple channels with individual logos, artwork, and description.

            All Channels are accessible to fans only under the Paid model. Creators can choose to move shows from Paid to Freemium or Free after a specified period.

            Pricing for each subscription is set by creators and billed monthly by default.

            Creators can additionally offer annual billing, which subscribers can manage from their Apple ID account settings, now accessible from Listen Now.

            Listeners will also be able to access free trials and sample episodes offered by creators and move to subscription if they wish to.

            Creators will receive 70% of the subscription price at each billing cycle, minus applicable taxes.

            After a subscriber accumulates one year of paid service, creators net revenue increases to 85% of the subscription price, minus applicable taxes.

            Of course, creators another podcast revenue — including any ads — is 100% of creators only.

            Apple has yet to announce the actual payment channels for Creators and Subscribers. If there are recurring subscription charges, there might be a challenge for Apple to set up a Standing Instruction on Debit or Credit Cards.

           

            This article may be helpful in understanding Apple’s challenges in India,  “Explained: The RBI’s order on recurring payments on credit cards “, @ https://indianexpress.com/article/explained/explained-why-auto-payment-for-ott-platforms-may-not-go-through-from-april-1-7251728/

            Vide RBI Circular on 'Framework for processing of e-mandates for recurring online transactions' dt. March 31, 2021, Reserve Bank of India has made it clear that during the extended timeline, no new mandate for recurring online transactions shall be registered by stakeholders, unless such mandates are compliant with the framework.

            The next best option is UPI AutoPay service. Let us wait and watch for the final guidelines.

 

           

Disclaimer: These are my personal thoughts only. The bottom line is Mission #LessCashNotCashLess. Nothing more-Nothing Less

            Source Article: https://www.apple.com/in/newsroom/2021/04/apple-leads-the-next-chapter-of-podcasting-with-apple-podcasts-subscriptions/

 

            I do not own an Apple Phone hence not sure of the the popularity of Apple’s Podcasts in India.

This article published in 2019, may offer some insights. ‘Is podcast the latest trend amongst millennials in India?’ @ https://economictimes.indiatimes.com/magazines/panache/podcasting-growth-is-slowly-picking-up-in-india/articleshow/67398243.cms?from=mdr

This is another interesting article on top Podcasts "Food For Thought: These Unique Podcasts Need To Be Bookmarked" @ https://lbb.in/delhi/best-podcasts-online/

 

             

Utility Bills Providers – Offer Cashback for early payment of your Bills

 

This is a #FinFiction Post

Just provide a cashback of 1% to your consumers and see the monies flow early into your accounts.

Consumers are willing to pay the bill within 3-4 days of the bill generated date if the respective utility companies offer a reasonable cashback.

Example 01) My Airtel Landline Account

Latest Bill Date is 12/09/2020

Due Date is 01/10/2020

Bill Amount is INR1532.00

I have opted for Kotak Mahindra Bank’s Automatic Bill Pay Module and my bank will debit my Bank Account on 27/09/2020 to remit the bill amount to Airtel.

If I am offered a cashback of say 1% i.e INR15/- for payment within 17^th September, I will pay my bill withing 17^th September, instead of waiting till 27^th September.

Like me there will be lakhs of Airtel consumers are willing to take the early payment offer.

So, will Airtel roll out this offer and make itself happy.

 

Example 02) My BESCOM (Electricity Bill) Account

Latest Bill Date is 12^th September, 2020

Bill due date is 1^st October, 2020

Bill amount is INR1729.00

 I have opted for Kotak Mahindra Bank’s Automatic Bill Pay Module and my bank will debit my Bank Account on 22/09/2020 to remit the bill amount to Airtel.

If I am offered a cashback of say 1% i.e INR175/- for payment within 17^th September, I will pay my bill withing 17^th September, instead of waiting till 22^nd September.

Like me, there will be lakhs of BESCOM consumers willing to take the early payment offer.

So, will BESCOM roll out this offer and make itself happy.

 

The cashback offer can be dynamic integrated with BBPS at the time of Fetch and Pay option.

Basing on the Fetch and Pay Date, the cashback amount can be calculated and displayed to the customer.

 

OR

The cashback offer can be static, i.e Bill Date 12/09/2020, pay before 17/09/2020 and get a cashback of % in your next bill.

 

 

 

 

 

Revolut Digital Bank official launch in Japan with subscription-based Billing

 

Digital banking service Revolut officially launched in Japan after a successful beta launch, a couple of days back.

            Revolut after a successful beta launch for its premium accounts has now expanded its offerings to the general public.

            The fintech is entering Japan with 3 subscription-based accounts. Account-holders have to pay to Revolut the subscription fees as per their chosen account type.

The tag line of Revolut pricing plans is " Our Pricing Plans - No surprises, just fair and honest pricing. Simply choose a plan with the features that you want."

            The 3 subscription-based accounts types are:

01)  Standard @ ¥0/m

02)  Premium @ ¥980/m or INR677/- as per present forex exchange rates

03)  Metal @ ¥1800/m or INR1244/- as per present forex exchange rates

 

Read more about Revolut Japan pricing plans @

https://www.revolut.com/en-JP/our-pricing-plans

 

Quote:

Nikolay Storonsky, CEO and founder of Revolut, said: “When spending or transferring money overseas, most people are unaware of the hidden fees that banks are charging them.”

“According to a report from the World Bank, international remittance fees in Japan are 2 times higher than in the US. The world is becoming more connected, and financial services should be supporting this, not hindering it.”

Unquote

As well as cutting remittances costs, Revolut users in Japan will have access to the fintech’s ‘super app’ which will allow them to track and budget their spending, split bills and create savings pots.

As reported, Revolut’s initial rollout in Japan will be limited to “international transfers” and “managing money in 23 currencies.” Registered users will also reportedly receive a Revolut-branded Visa debit card.

The Revolut App has so far been downloaded mostly by expats. The subscription plans may appeal to the local residents to try this out.

Subscription-based services are popular in Japan.

The Japanese subscription market broadly covers eight industries including fashion, restaurants and entertainment.

According to Yano Research Institute, the Japanese subscription market, covering eight industries, was estimated to be worth ¥562.74 billion ($5.18 billion) in fiscal 2018 ended last March. That’s projected to reach ¥777.80 billion in fiscal 2021 and ¥862.35 billion in 2023, it said

Toyota Motor Corp. became the first Japanese automaker to introduce a subscription-based car-leasing service. Hyundai Motor Co., Porsche AG and Ford Motor Co. already offer subscription services overseas.

In the beverage industry, Kirin Brewery Co.’s Home Tap service delivers 4 liters of fresh, direct-from-the-factory beer, to homes for a monthly fee of ¥8,100. The company attempted to reach consumers willing to pay more for a higher-quality product rather than those wanting to save money, but temporarily had to stop accepting orders for Home Tap due to strong demand.

So, the subscription-based Revolut plans are not new to Japanese residents, and they may be willing to try out the 2 fee-based plans.

  

Reference Articles:

01)  UK's Revolut launches digital banking app in Japan @ https://asia.nikkei.com/Business/Finance/UK-s-Revolut-launches-digital-banking-app-in-Japan

02)  Revolut Rolls Out Core App Services in Japanese Market @ https://www.financemagnates.com/fintech/payments/revolut-rolls-out-core-app-services-in-japanese-market/