Tokenisation acts as an additional layer of security as it masks sensitive card data such as the 16-digit account number, expiry date and security code. However, the security level of the app and the customer's mobile itself also needs to be taken into consideration, say experts. Nikhat Hetavkar explains the whole idea of tokenisation, how it is enabled, its impact on card transactions and related security guidelines.
'India missed the software products revolution (and now is in danger of missing the platform revolution), complacent that we are the software experts of the world based on IT services prowess,' points out Rajeev Srinivasan.
Handle cards like you would handle cash.
The 16-digit randomly generated number by the Aadhaar system was supposed to be introduced by the UIDAI on March 1 and mandatorily deployed by companies using Aadhaar by June 1.
Employers are now looking to hire professionals who can demonstrate their skills rather than reel off a catalogue of undirected theoretical qualifications.
For the first time, the value of card and mobile payments of Rs 10.57 trillion was more than ATM withdrawals of Rs 9.12 trillion in Q4 of fiscal 2019-20. In the months of lockdown, the gap may have widened further, but cash could be back in vogue when the situation normalises.
RBI Governor Shaktikanta Das said the central bank saw economic growth slowdown in February, prompting it to cut rates ahead of the curve and wondered why markets were surprised with the decision to pause rate reduction. Noting that there is a need for an "informed and objective discussion" on the country's economy, Das said the RBI would do "whatever is necessary" to address growth slowdown, spikes in inflation as well to ensure good health of banks and non-bank lenders. The apex bank went for five consecutive rate cuts starting in February this year, making it a cumulative reduction of 1.35 per cent.
Compared to a 64 per cent penetration in Brazil (130 million users total) and 53 per cent in China (total 733 million users), India has barely 28 per cent penetration. Of the digital reach, almost 80 per cent are from affluent segments in urban areas. How can this change?
Apart from fulfilling banking services, one can access more than 100 e-commerce sites, book tickets, and even pay for small value groceries through the app. The bank is now proposing to allow other banks to use this to serve their own customers.
A platform that helps retailers reduce failed transactions while keeping the cost down, Innoviti is all set for India's digital payments revolution.
While digitisation and automation have made internal processes more efficient, front-end products are being enhanced digitally through robotics, artificial intelligence and botchats.
'If your data is hacked you cannot go to court. Only UIDAI can go to court.' 'UIDAI is lying that Aadhaar is completely secure.'
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
The Bharat Interface For Money app was launched on the iOS platform earlier this month. It is also available on the more popular Android platform. There have been over 17 million downloads of the BHIM app so far.
'Malicious files can silently sit in your phone and relay data to hackers without your knowledge.'
Watal panel had suggested an independent payments regulator be set up.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
Digital services work best when the seller designs a system where default options are designed to help the buyer, says Debashis Basu.
New offerings by banks are changing the way you transact.
