NPCI's UPI service, providing instant mobile fund transfer, will go live April 8. In the pilot, 29 banks will start UPI-based services using a single identifier with the norm of single-factor authentication. What challenges await CISOs?
NPCI's new unified payment interface for smartphones aims to simplify mobile money transfer through a single interface. But can it truly ensure a secure transaction through single-factor authentication?
Although some global payment organizations apparently have failed to meet the Bank of India's October 15 deadline for storing all Indians' payment data domestically, the nation's central bank reportedly has ruled out extending the deadline and is demanding a status report.
NPCI's new unified payment service for mobile fund transfers, which recently went live, is a leap forward in driving cashless transactions and boosting financial inclusion, but will increase challenges in ensuring seamless, secure transactions.
Some 3.2 million Indian debit cards may have been compromised, according to the National Payments Council of India. While investigations are ongoing and several banks have reissued at-risk cards, the source of the card exposure has not been officially confirmed.
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