A customer on purchasing something just needs to open their bank’s mobile banking app on their smartphones and scan the merchant’s QR code.
It is a double-edged sword for banks where digital transactions have soared since high value currency were scrapped while their infrastructure has remained unsafe.
Transactions on UPI jumped to 4.2 million for January against 0.3 million in November while that on USSD leapfrogged to 3,14,000 in January from 7,000 in November.
Transactions on UPI jumped to 4.2 million for January against 0.3 million in November, while that on USSD leapfrogged to 3,14,000 in January from 7,000 in November.
The money that has come in has been deployed in loans and treasury products. But as CASA goes out, cost of funds will go up, says SBI chairman Bhattacharya.
In a statement to the media NPCI (National Payments Corporation of India) said that the App on iOS platform is equipped with updated features available on BHIM’s Android version 1.2.
This rise comes on the back of small pick ups in the foreign exchange reserves over the last few weeks of January and February.
We used to do 6,000 terminals in a month, which we have increased to almost 10,000 per week – scaling it up to 30,000 is not possible at this juncture,” said an official.
Hitachi confirmed the breach and said that they will continue to undertake all mandatory and regulatory security measures.
The main aim of this committee would be to review the threats inherent in the upcoming and existing technology, adoption of security protocols.
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