Faster account opening, which allows investors to start trading without ever leaving their homes or visiting a physical branch of their local brokerage has played a role in the surge.
India recorded 50,035 cases of cyber crime in 2020, an 11.8 per cent surge in such offences over the previous year, according to the National Crime Records Bureau (NCRB) data. The Reserve Bank of India (RBI) last week once again cautioned bank customers of fraud, including those in Know-Your-Customer (KYC) cases. In fact, certain frauds have become more prevalent than others, and being aware of them is the first step towards protect yourself. Mayur Joshi, chief executive officer, Indiaforensic.com, a company engaged in the prevention, detection, and investigation of frauds says, "It is necessary to learn, to read about these scams."
It hopes to leverage the growing number of mobile transactions
With a surge in users and transactions in two weeks, payment wallets step up cashbacks to get more users online.
New offerings by banks are changing the way you transact.
The Income-Tax department will soon start updating taxpayers about the status of their I-T refunds and processing of certain tax statements by sending real-time SMSes and emails, on similar lines as that of credit card and bank transactions at present.
SBI Cards on Tuesday launched a credit card especially meant for transactions on e-commerce websites.
HDFC Bank on Thursday said network outages that led to a regulatory ban on new credit card sales were not due to transaction volumes, and affirmed that it continues to stay in touch with the RBI for restarting the services but giving a timeline for it will be difficult. The bank said it is on its way to creating a new technology architecture for the future as part of the "digital factory" and "enterprise factory" initiative. But, it conceded that outages will continue under the older system though it will be working to minimise the time taken to bring the service back. In December 2020, the RBI took the unprecedented step of stopping the largest private sector lender from selling any new credit cards and also launching new digital services, because of a series of network outages.
This year, PhonePe is focussed on bringing more partners across categories, including travel, commute, food, hyper-local, retail and entertainment on the platform.
Some believe the shift to mobile-based transactions will be seamless considering that the urban tele-density is 148%. In rural areas, it is touching 51%. But smartphone penetration in India is a mere 12%. Growth of mobile money has been extremely slow: It is currently 1%.
Benefits of demonetisation come at a heavy price for Fintech firms. They will spend a massive amount on securing and reinforcing their cyber security apparatus this financial year. Karan Choudhury reports.
The value of transactions through debit and credit cards used at the PoS fell to Rs 64,200 cr in February
In case of any grievance, file a complaint with Sebi on its SCORES (Sebi Complaints Redress System) web site, suggests Sanjay Kumar Singh.
Officials said Gaurav Arya, who runs a hotel in the coastal state, has been asked to depose before the central probe agency at its office in the Ballard Estate area of Mumbai on August 31.
Electronic transactions are rising fast, so are cases of payment failure and delayed settlement. One needs to be proactive.
ShopX offers a wide range of products like clothes, electronics, furniture and services such as direct-to-home and mobile recharges.
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India is estimated to have 302 million Internet users by December 2014, overtaking the US as the world's second largest online userbase.
Sleep has been a casualty for Vijay Shekhar Sharma, whose wallet company Paytm has a user base of close to 150 million and is working 20 hours a day.
'She came yesterday, she came today... we talked to her all day, questioned her. So, I cannot say she is not cooperating. She will come tomorrow too. 'So we are getting her cooperation,' NCB deputy director general (DDG) (south-west region) Mutha Ashok Jain told reporters after the questioning session.
GPS devices will enable real-time money transactions
Avoid high risk transactions even if they seem more profitable.
Unbanked customers can expect easier access to banking.
Online retail is increasing market share rapidly.
Tamal Bandyopadhyay details HDFC Bank's digital journey.
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Banking as we know it will stand on its head in the next 10 years.
The number of cyber crimes in India could touch 3,00,000 in 2015
Fast paced growth in computer literacy and greater use of data on mobiles will help India's Internet economy grow to $200 billion or 5 per cent of the GDP by 2020.
A start-up that just focuses on discounting for growth without a balancing effort towards product will soon find itself riding a tiger that's impossible to get off from.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
While some are relatively new in this business, Vodafone, which has 1.8 million touch points in the country, has been offering basic banking and payment services through its pre-paid mobile digital semi-closed wallet called M-Pesa since 2012.
According to research and consultancy firm RNCOS, the online retail market is projected to grow at a compound annual rate of 40-45 per cent during 2014-18.
Consumers will get a list of dealers in their neighbourhood once they have made a selection of vehicles.
Global sales made via mobile devices are expected to top $638 billion.
It also plans to open 5 new centres across India in addition to its two fulfilment centres (FCs) in Mumbai and Bangalore.
Indians are eager consumers of digital advertising and are five times more willing to share personal data with companies when they are delighted by their digital experience.
Online retail in India touched $12.6 billion in 2013.
eBay and PayPal will be sharper and stronger, and more focused and competitive as leading, standalone companies in their respective markets.
Indian banks are the 2nd-fastest-growing ones.
With the Centre issuing guidelines for their resumption under Unlock 4, the rapid transit networks started operations in a graded manner in Delhi-NCR, Lucknow, Kochi, Chennai, Hyderabad, Bengaluru and Ahmedabad, but were still closed in Mumbai, Nagpur, Kolkata and Jaipur.
India should not be left behind. It should join the seven central banks which are studying feasibility and safeguards necessary to eliminate risks, particularly from hacking, advises former foreign secretary Shyam Saran.
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