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.
WhatsApp, the global messaging app that has more than 200 million monthly active users in India, has leveraged National Payment Corporation of India's Unified Payment Interface platform to launch its beta payment service that will allow users to send money to other WhatsApp users, excluding merchant accounts.
Chinese social media companies WeChat Pay and AliPay reportedly will attempt to introduce digital payment services to serve the growing number of smartphone users in India. But can they meet tough regulatory requirements and carve out a piece of the market?
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?
WhatsApp, the messaging service owned by Facebook, says it's ready to launch its digital payment services, WhatsApp Pay, in India following its beta test. But the Supreme Court says WhatsApp first must comply with RBI's data localization requirements.
As part of its ongoing push toward cashless payments, India is taking steps to ramp up the use of contactless payments, which are already becoming more common in Japan, South Korea, Australia, the U.K. and the U.S. What can be done to balance security vs. convenience?
In the wake of a growing number of mob lynchings often attributed to fake news spread via WhatsApp, the government is looking for an easy solution. But while some of what it's proposing makes sense, a plan to make messages more traceable would prove impractical.
The Reserve Bank of India's new guidelines on interoperability of prepaid payment instruments will lead to better management of cybersecurity and security audits. But many questions are yet to be answered.