The Unique Identification Authority of India (UIDAI) is looking to collaborate with foreign countries and international organisations to build digital identity systems across the world, a top official said on Friday. UIDAI CEO Saurabh Garg during a panel discussion with Paytm founder Vijay Shekhar Sharma at the Infinity Forum said the authority is also exploring emerging technology to enhance security and increase the number of transactions that can be done by using Aadhaar. "We think going forward we will be happy to collaborate with other nations...We would like to collaborate with international organisations also in building international institutions for standards for national identity.
Prime Minister Narendra Modi on Friday underlined the need for converting fintech initiatives into fintech revolution to provide a low-cost and reliable payment system to the masses. Speaking at the InFinity Forum, he said technology is bringing a big shift in finance, and mobile payment last year exceeded ATM withdrawals. Fully digital banks without any physical branch offices are already a reality and may become commonplace in less than a decade, he said.
Billionaire Mukesh Ambani on Friday backed the proposed data privacy and cryptocurrency bills, saying India is putting in place the most forward-looking policies and regulations. Ambani, who has been a votary of Indians owning and controlling their own data and the nation drafting strict rules around how digital information is stored and shared, said nations have the right to build and protect strategic digital infrastructure. Stating that data is the 'new oil', he said every citizen's right to privacy has to be safeguarded. "India is putting in place the most forward-looking policies and regulations," he said at the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA).
With the festive season underway, retailers in the online and the offline world need to prepare well to offer the best deals to consumers and earn trust.
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