He stated that the crimes increased after digital payments came into usage. He suggested people not to share their pin numbers or other bank details to anyone.
As the country moves towards a $5 trillion economy, there will be a lot more tailor-made solutions for customers in the fintech space, say fintech founders.
The focus of RBI's initiatives in the payment systems has been to ease frictions which may arise from systemic, procedural or revenue-related issues.
The pricing of financial instruments should be left up to market forces, as it is important that players should continue to innovate, say experts.
"Digital Jyot" is a special tribute to the heroes of India's freedom struggle, the prime minister said.
With an aim to improve security as well as safety of transactions, the Reserve Bank of India (RBI) has permitted authorised card networks to offer card tokenisation services.
UPI currently facilitates transactions by linking users’ debit cards with savings or current accounts; New move will see upsurge in UPI & credit card transactions.
The central bank said greater use of technology accentuates the concerns related to cyber security
BharatPe, which allows shop owners to make digital payments through QR codes, last month, stripped Grover of all titles and positions after a third-party audit alleged grave governance lapses.
Geo-tagging refers to capturing the geographical coordinates (latitude and longitude) of payment touchpoints deployed by merchants to receive payments from their customers.
The company also claimed high success rates for transactions, especially for RuPay cards and the Unified Payments Interface (UPI).
Digital payments major Paytm is ‘persuading’ its customers to provide Aadhaar as proof for Know Your Customer authentication, allege several customers of the app who spoke to Express.