Mastercard commits $1-bn investment in India in next 5 years; plans to develop country as global tech node
This investment will help foster innovation and increase Mastercard's speed-to-market capabilities and value-added services.
Tokenisation of card payments can simplify and secure financial transactions, services for merchants, consumers
Tokenisation is a process aimed at increasing the security and safety of payment systems by replacing the card details with a unique alternate payment ID or code termed as a ‘token'.
Cash crunch: Cashless economy is still far away; govt hasn't done enough to push digital transactions
The steps thus far taken by the government are few and unsubstantial like 0.75 percent cash back on card payments in petrol bunks, waiver of user charges for online booking of rail tickets, etc.
The government’s e-payment drive is likely to face other hurdles as well.
With a sharp surge in card payments, either the government will have to bear the burden or let those consumers who would want to use cards for transactions pay the extra charge
The app will be particularly useful for small shopkeepers without card swiping machines, ensuring they do not lose out on business amid the ongoing cash crunch following demonetisation.
The first step to take customers out to the paperless world of transacting is by encouraging ATM use in the initial stage. For this, banks should make ATM transactions free
The new solutions will allow cards payment businesses and retailers to deliver personalised offers and redemption alternatives at the point of sale.