IT spending in Indian banking sector to see 11.7% jump to hit $9.1 bn as banks turn to contactless payments
As part of their increased IT spending, top banks in India are investing heavily into contactless payment
Customers in the small income group and students will have to draw small amounts multiple times from ATMs. The Rs 25 per transaction charge will impact them hard.
More than a third of Europeans and Americans would be happy to go without cash and rely on electronic forms of payment if they could.
Alfian Sharifuddin, Head - Technology & Operations at DBS Bank India writes on the Budget for the Financial year 2017-18. He points that it was quite an anticipated budget announcement for the digital players.
e-Wallets: No prescribed security standards under Indian e-wallet laws puts your financial data at risk
While cashless transactions are a convenience and the future, it is being pushed without addressing two critical concerns - security and privacy of digital transactions. In the case of e-wallets and other fintech corporations, laws establishing security requirements and liabilities for loss are missing.
Maharashtra Chief Minister Devendra Fadnavis on Thursday stressed the need for "reverse working" for a cashless society.
People pay their monthly rent for housing by cash, contrary to the current happy little myth that all of India is tech savvy and on the fast track to a cashless society.
Thailand's telecoms regulator and central bank said on Friday they had agreed steps to improve cyber security for electronic transactions via mobile phones as the country pursues a goal to become a cashless society.