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In the last two years, there has been a rapid rise in scams in India and a lot of people have lost their hard-earned money after trusting strangers for financial advice. Be it a fraudulent app, being added to a shady WhatsApp group, or receiving phone calls from strangers that sound too good to be true, many cases have come to light. Now, in a new incident, a doctor from Thane, Maharashtra, was misled by three Karnataka-based suspects who promised earnings via a municipal contract to supply medical equipment, costing him ₹3.84 crore. Despite investing over a three-year period, he saw no returns and reported the crime to the Naupada police, who have registered a case but made no arrests. Thane doctor tricked by false municipal contract According to a PTI report, a 39-year-old doctor in Thane, Maharashtra was deceived by three men from Karnataka. These fraudsters offered him lucrative returns through a supposed municipal contract for supplying medical equipment. Convinced by the promise of reliable profits, the doctor began investing heavily in December 2020, making significant contributions until March this year. The doctor’s substantial investment – totalling ₹3.84 crore – was made over multiple transactions from December 2020 and March this year, in anticipation of high returns that never materialised. Suspicion finally arose after the doctor had seen no profits despite his repeated investments. Recognising he may have been defrauded, he reached out to the Naupada police station, who registered a case under charges of cheating. While no arrests have been made so far, authorities have launched an investigation to track down the perpetrators and recover the funds if possible. A police official told PTI, "The man approached police after he did not get profits or any return on investment. We have registered a case of cheating but have not arrested anyone." Ahmedabad gynaecologist duped in <keyword id="21361161" type="General" weightage="100" keywordseo="stock-market-scam" source="keywords">stock market scam</keyword> In a similar incident, a gynaecologist from Ahmedabad lost ₹1.1 crore to a scam that began with a social media advertisement. Attracted by the potential for substantial stock market returns, the doctor engaged with a group promising expert tips and was subsequently added to a WhatsApp group where members shared investment insights. Through this group, he was introduced to a web link for stock and IPO investments, along with an application that required his banking details and identification documents. A PTI report revealed that the doctor’s initial investment of ₹50,000 yielded a profit of ₹10,000, which he successfully withdrew. This initial success encouraged him to make larger investments, transferring ₹1.1 crore through multiple transactions in pursuit of higher gains. When he later attempted to withdraw his funds, he was unexpectedly asked to pay 20% of his total profits. After refusing this demand, he was removed from the WhatsApp group and realised the extent of the deception. He contacted Cybercrime police in February, and after months of waiting, a formal case was registered against unknown suspects under charges of breach of trust and cheating, alongside provisions of the <keyword id="20003647" type="General" weightage="20" keywordseo="information-technology-act" source="keywords">Information Technology Act</keyword>.

Thane doctor gets cheated of ₹3.84 crore, was promised high financial returns by 3 men

<keyword id="20051732" type="General" weightage="20" keywordseo="Electronic-Voting-Machines" source="keywords">Electronic Voting Machines</keyword> (EVMs) have been at the heart of modernizing voting processes worldwide, including in the US and India. However, their journey has been fraught with issues that highlight both the promise and pitfalls of digital voting. The US, once heavily reliant on EVMs, has pulled back significantly in recent years, largely due to concerns about security and transparency. This shift provides an intriguing comparison to India’s continued reliance on EVMs, even as the country incorporates additional checks like <keyword id="23828650" type="General" weightage="20" keywordseo="Voter-Verified-Paper-Audit-Trails" source="keywords">Voter-Verified Paper Audit Trails</keyword> (VVPAT) to strengthen trust in the system. <h2>The US’s love-hate relationship with EVMs</h2>The history of voting machines in the United States goes back over a century, with early mechanical voting machines (lever systems) introduced in the late 1800s and dominating for much of the 20th century. Later came punch-card systems, which became infamous after the 2000 election’s “hanging chad” debacle in Florida, where authorities had to painfully and manually recount the votes over weeks. Following that crisis, Congress passed the Help America Vote Act (HAVA) in 2002, pushing states to replace outdated voting systems with modern, computerised Direct Recording Electronic (DRE) machines, believing they would improve accessibility and accuracy. However, these touchscreen DRE machines introduced new problems. By 2016, revelations about foreign hacking attempts on voter databases and research highlighting vulnerabilities in DRE software underscored the need for better security and transparency. A major turning point came with the 2020 presidential election and subsequent unfounded accusations of fraud, which amplified public distrust in purely electronic voting systems. Today, around 95% of American voters use systems with a paper trail to back up their votes, typically through optical scanners that read paper ballots and enable auditability, while only a small fraction of jurisdictions still use paperless EVMs. <h2>Adding paper trails</h2>In both the US and India, ensuring vote integrity has become central to the discussion around EVMs. While India was slower to adopt VVPAT, being trialled for the first time in the 2014 General Elections, this feature now serves a role similar to the hybrid systems the US has embraced, enabling verification and recounts if discrepancies arise. VVPAT, which prints a paper record of each vote that voters can see, was introduced by the Election Commission of India to build trust and create a tangible trail for audit purposes. <div type="Article" hostid="261" msid="115002787" title="Here&amp;#39;s what Trump&amp;#39;s victory means for Indian markets" mstype="2" mssubtype="0"></div>The US, in contrast, leans more heavily on optical scan machines, which directly scan paper ballots filled out by voters, leaving a clear, physical record from the outset. This trend gained momentum as DRE vulnerabilities were exposed; touchscreens without paper verification were phased out across much of the country. States like Virginia and Pennsylvania, for example, moved away from pure DREs after facing issues with hacked machines and machine malfunctions. <h2>Different paths, shared concerns</h2>While the US and India have approached voting technology differently, the challenges they face — such as security, transparency, and logistical concerns — are strikingly similar. In the US, outdated EVM infrastructure remains an issue, with hundreds of voting districts still using machines from over a decade ago, creating risks tied to malfunction, lack of parts, and security flaws. These problems are mitigated somewhat by the hybrid model (optical scanning with paper ballots), which ensures that even if a machine malfunctions, votes can still be counted manually. <div type="Article" hostid="261" msid="114965373" title="Joe Rogan endorsed Donald Trump, saying Elon Musk made a &amp;#39;compelling case&amp;#39; for the former president" mstype="2" mssubtype="0"></div>In India, EVMs have faced skepticism from opposition parties, with doubts raised over potential tampering and the lack of a physical vote count. While the introduction of VVPAT has helped address some of these concerns, experts argue that the level of transparency in Indian elections could benefit from further measures. The presence of VVPAT helps create an auditable trail, but questions remain about the random sampling method used in verifying these paper trails. As technology advances, both countries continue to refine their approaches to electronic voting, adapting to meet the demands of secure, reliable, and transparent elections. The US experience, however, offers a lesson on the importance of hybrid systems, especially when voter confidence is paramount in safeguarding democracy.

America’s complicated history with EVMs, and why the country almost stopped using them exclusively

Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

In 2020, <keyword id="19915884" type="General" weightage="20" keywordseo="Facebook" source="keywords" meta.keywordsubtype="org" meta.entityname="Facebook" meta.hostid="261" meta.entityid="Facebook">Facebook</keyword> parent <keyword id="19911549" type="General" weightage="100" keywordseo="Meta" source="keywords" meta.keywordsubtype="org" meta.entityname="Meta" meta.hostid="261" meta.entityid="Meta">Meta</keyword> faced heavy criticism for allowing the "Stop the Steal" movement to spread like wildfire on its platform. This far-right movement falsely claimed that electoral fraud had deprived Donald Trump of victory in the 2020 United States presidential election, leading to widespread violence in the country. Now, Meta has come under fire again for a similar role in promoting political polarisation during <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s ongoing <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> <keyword id="19900767" type="General" weightage="20" keywordseo="elections" source="keywords">elections</keyword>. A recent research report by the corporate accountability group Ekō, in collaboration with India Civil Watch International, has revealed alarming shortcomings in Meta's ability to detect and block <keyword id="21749265" type="General" weightage="20" keywordseo="AI-generated-ads" source="keywords">AI-generated ads</keyword> that promote <keyword id="20028741" type="General" weightage="20" keywordseo="hate-speech" source="keywords">hate speech</keyword>, election disinformation, and incitement to violence. These findings are particularly concerning given the critical election period in India, which several experts have termed as the most important Lok Sabha elections in recent times. <cmsannotation type="cmsannotation" annotationid="Infiltrating election silence periods" comment="subhead" text="Infiltrating election silence periods">Infiltrating election silence periods</cmsannotation> The investigation, spanning the third and fourth phases of India's seven-phase election, targeted 189 contentious constituencies during the election's 48-hour "silence period." This period mandates a halt on all election-related advertising, in order to grant citizens some breathing room to make a considered voting decision. However, researchers found that Meta failed to enforce these restrictions, allowing the dissemination of harmful political advertising, mainly by the ruling Bharatiya Janata Party (<keyword id="14666" type="General" weightage="20" keywordseo="bjp" source="Orion">BJP</keyword>). <cmsannotation type="cmsannotation" annotationid="Type of ads approved by Meta" comment="subhead" text="Type of ads approved by Meta">Type of ads approved by Meta</cmsannotation> Between May 8-13, the study organisations received publishing approvals for 14 self-submitted highly inflammatory advertisements, meaning that Meta’s auto-check systems were unable to pick up on the posts’ disturbing content. These ads contained violent rhetoric anywhere from targeting Muslim minorities, spreading disinformation by exploiting communal conspiracy theories, and inciting violence through Hindu supremacist narratives. One ad even mimicked a recent AI-doctored video of Home Minister Amit Shah, which had recently gained enough notoriety to sanction arrests of some opposition party members. The approved ads were placed in English, Hindi, Bengali, Gujarati and Kannada, and mimicked or exaggerated existing Hindu-supremacist propaganda, such as: <ul><li>Ads targeting BJP opposition parties with accusations of Muslim favouritism</li><li>Dog whistles about Muslim “invaders” and calls for violence against <keyword id="20024988" type="General" weightage="20" keywordseo="Muslims" source="keywords">Muslims</keyword></li><li>Narratives claiming electronic voting machine tampering, calling for uprisings</li><li>Hindu supremacist language and calls for burning Muslims</li><li>A call for executing a lawmaker accused of Pakistani allegiance</li><li>Disinformation about affirmative action policies</li></ul>Each ad featured manipulated images created using common AI tools such as Stable Diffusion, <keyword id="20004545" type="General" weightage="20" keywordseo="midjourney" source="keywords">Midjourney</keyword>, and Dall-e, highlighting how easily AI can amplify harmful content. This news comes despite Meta’s earlier announcements to detect and label AI-generated content to protect the electoral process. Of the total 22 provocative ads that had been submitted to the platform, 14 were reportedly approved within 24 hours, despite them all breaching Meta’s own policies on hate speech, misinformation, and violence. <cmsannotation type="cmsannotation" annotationid="Exploiting Meta's weaknesses" comment="subhead" text="Exploiting Meta's weaknesses">Exploiting Meta's weaknesses</cmsannotation> The research also highlighted vulnerabilities in Meta’s automated ad review system. When faced with regional roadblocks, researchers managed to simply set up dummy Facebook accounts from outside India to circumvent Meta's security measures and post these ads — including during the silence period. Even in the rare chance that these ads were flagged by the platform, slightly adjusting the content was enough to bypass Meta’s scrutiny, the researchers found. This reveals how easily bad actors can exploit Meta’s platform to spread disinformation and incite violence. Civil society groups, both in India and internationally, have called on Meta to enforce stricter measures during elections, emphasising the need for transparency and accountability. As India continues its electoral process, the need for robust action from social media giants like Meta is more critical than ever to protect democratic integrity and public safety. A comprehensive report of the investigation can be accessed <a href="https://aks3.eko.org/pdf/Meta_AI_ads_investigation.pdf" data-type="tilCustomLink">here</a>.

Facebook parent Meta’s systems fail to block anti-Muslim propaganda advertisements amid ongoing Lok Sabha elections, claims report

Union Finance Minister Nirmala Sitharaman on Thursday said that while government institutions, <keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">banks</keyword> and <keyword id="114713" type="General" weightage="20" keywordseo="insurance-companies" source="Orion">insurance companies</keyword> were building greater awareness over cyber fraud, there was a need for people also to be more alert against cheats who were out to game the system. Speaking at the 'DATE with Tech' event in the national capital, Sitharaman said the government regularly examines public sector banks and the RBI checks its own systems in order to prevent <keyword id="70382" type="General" weightage="20" keywordseo="cyber-frauds" source="Orion">cyber frauds</keyword>, in which victims are tricked via <keyword id="10861" type="General" weightage="20" keywordseo="phone" source="Orion">phone</keyword> or <keyword id="6369206" type="General" weightage="20" keywordseo="sms" source="Orion">SMS</keyword>, while insurance firms assess their own systems as well. "India is in a transitional stage, we are at a stage where we are transforming from what was before to what is now, which is completely digital," Sitharaman added. She said there is worry on a small scale about people receiving arbitrary calls that trap them and cause them to lose money. "Those people who game the system probably are one notch ahead of us in terms of using and misusing technology. On that, there is a lot of work required. It is a never-ending game because technology is such an animal that keeps moving and racing much ahead of you. You have to be sure that you got the reins in your hand," Sitharaman said. The Union Minister said big organisations with systemically sensitive information should have sufficient technology and staff that are properly educated to firewall their systems on a daily basis. They also need to continuously assess whether the firewall is still capable of doing its job. She also highlighted India's achievement in developing a comprehensive digital infrastructure known as the "India Stack". This initiative, funded by public resources, integrates various digital elements, marking a significant leap in the nation's digitiaation journey which has been appreciated by other countries as well. Sitharaman said in the recent G20 Digital Public Infrastructure conference people were really surprised that a country like India could not only utilise the talent which is available with public funds and be able to scale it up at the ground level.

Banks, RBI keeping close watch to tackle cyber fraud: Sitharaman

At least five Australian universities have placed bans or restrictions on students from some Indian states, amidst a surge in fraudulent applications from South Asia seeking to work - not study - in this country, according to a media report. Australia is on track for its biggest-ever annual intake of Indian students, topping 2019's high watermark of 75,000. But the current surge has prompted concerns from lawmakers and the education sector about the integrity of Australia's immigration system and the long-term impact on the nation's lucrative international education market, The Sydney Morning Herald newspaper reported on Tuesday. "The volume of students arriving has come back a lot stronger than anyone was expecting," said <keyword id="17179005" type="General" weightage="80" keywordseo="jon-chew" source="Orion">Jon Chew</keyword> from global education firm Navitas. "We knew there would be a lot of pent-up demand, but there has also been a surge in non-genuine students," Chew was quoted as saying. With many applications deemed by universities not to meet Australian visa requirements that they are a "genuine temporary entrant" coming solely for education, universities are putting restrictions in place to pre-empt their "risk rating" being downgraded, the report said. An investigation by The Age and The Sydney Morning Herald newspapers has obtained emails from within <keyword id="212104" type="General" weightage="80" keywordseo="victoria-university" source="Orion">Victoria University</keyword>, Edith Cowan University, the University of Wollongong, Torrens University, and agents working for Southern Cross University that show the crackdown on applications from Indian students. Those universities that have restricted access to some Indian states are concerned Home Affairs will reduce their ability to fast-track student visas because of the number of applicants who are actually seeking to work - not study - in Australia. Perth's Edith Cowan University in February placed an outright ban on applicants from the Indian states of Punjab and <keyword id="41646" type="General" weightage="80" keywordseo="haryana" source="Orion">Haryana</keyword>, then in March, Victoria University increased restrictions on student applications from eight Indian states, including Uttar Pradesh, Rajasthan and Gujarat. These restrictions came just days after Prime Minister <keyword id="178055" type="General" weightage="80" keywordseo="anthony-albanese" source="Orion">Anthony Albanese</keyword> visited <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, in part to celebrate Australia's education links and announce a new agreement with Australia's universities and colleges that would, he said, herald "the most comprehensive and ambitious arrangement agreed to by India with any country". Crucially, the agreement included a "mutual recognition of qualifications between Australia and India", which will make travelling to either country for university study easier. The University of Wollongong in March also ratcheted up conditions on its "genuine temporary entrant" test on students from India, Nepal, Bangladesh, Pakistan, Lebanon, Mongolia, Nigeria and "other countries deemed a risk (of students not being a genuine temporary entrant) by the Department of Home Affairs". A spokeswoman for Adelaide's Torrens University said it too was "now looking carefully at each area where our applications come from" after the university told The Times Higher Education in March that it was considering only "very strong" applications from Gujarat, Haryana and Punjab, the report added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/passenger-traffic-at-bangalore-airport-up-96-at-31-91-million-in-fy23/articleshow/99584225.cms">Passenger traffic at Bangalore airport up 96% at 31.91 million in FY23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/volkswagen-to-bring-its-first-ev-in-india-next-year/articleshow/99584045.cms">Volkswagen to bring its first EV in India next year</a>

Five Australian universities restrict Indian students as fraud applications surge

Nalin Bansal, Chief Relationship Management at the National <keyword id="20242630" type="General" weightage="20" keywordseo="payments" source="keywords">Payments</keyword> Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), speaking at the Global Fintech Festival 2024 on Wednesday, emphasized that only 25 per cent of payment users are <keyword id="19900675" type="General" weightage="20" keywordseo="women" source="keywords">women</keyword>, with even lower penetration in semi-urban and rural areas. "While we've achieved significant scale in <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword>, penetration remains a challenge, with only 25% of payment users being women, and even fewer in semi-urban and rural areas. Many women's mobile numbers are not linked to their bank accounts, hindering their participation," Bansal said. He added, "Yet, data shows women are 50% less prone to fraud and are highly loyal and engaged users. As an ecosystem, we must prioritize personalized, assisted services and continuous engagement across all channels. UPI123 has made strides, especially for initiatives like Ujjwala, and prepaid instruments hold promise as a 'secret purse' for women. Building trust is crucial, and it is our collective responsibility to foster it." Women are more likely to adopt <keyword id="20853683" type="General" weightage="100" keywordseo="digital-financial-services" source="keywords">digital financial services</keyword> when introduced by local agents or <keyword id="22950816" type="General" weightage="20" keywordseo="community-influencers" source="keywords">community influencers</keyword>, particularly women who can help them overcome social and technological barriers. Women who make at least five <keyword id="19971375" type="General" weightage="20" keywordseo="transactions" source="keywords">transactions</keyword> in the first week of onboarding are twice as likely to continue using <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>. This highlights the need for financial service providers to rethink in-app nudges and sales metrics to encourage consistent usage. 93 per cent of women surveyed expressed the need for ongoing support during the first three months of using digital payments, particularly for grievance redressal during failed transactions. Kalpana Ajayan, Regional Head - South Asia, Women's World Banking, said, "We recognize that digital payments can serve as a powerful tool for women, enabling them to manage their finances more effectively, access a broader range of services, and ultimately secure a better future for themselves and their families." She added, "By addressing the specific barriers that women face in adopting digital payments, we open up a new frontier for growth. This initiative is about much more than inclusion--it's about positioning women as key drivers in the digital financial ecosystem." The NPCI's UPI platform has already revolutionized India's payment landscape, with UPI transactions soaring from Rs 920 million (USD 11.08 million) in FY 2017-18 to Rs 83750 million (USD 1.01 billion) in FY 2022-23, reflecting a staggering CAGR of 147 per cent. The value of UPI transactions reached INR 80.79 trillion (USD 96,287) across approximately 55.66 billion transactions in the first four months of FY 2024-25. Of the 536 million women aged 15 years and older in India, 37 per cent report using mobile internet, making the addressable market for UPI solutions among women around 200 million strong.

Women are more likely to adopt digital financial services when introduced by local agents or women community influencers

With <keyword id="19899402" type="General" weightage="20" keywordseo="digital" source="keywords">digital</keyword> adoption fast gaining currency, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is likely to see <keyword id="19992513" type="General" weightage="20" keywordseo="retail" source="keywords">retail</keyword> <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> double to USD 7 trillion by 2030 from current levels, a study by Kearney and <keyword id="19942875" type="General" weightage="20" keywordseo="Amazon-Pay" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon Pay" meta.hostid="153" meta.entityid="Amazon Pay">Amazon Pay</keyword> said. In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in <keyword id="21056201" type="General" weightage="20" keywordseo="online-purchases" source="keywords">online purchases</keyword> has potentially led to a permanent shift in consumer behaviours, fuelling offline adoption as well. While 90 per cent of the respondents of the survey preferred digital payments when making online purchases, affluent consumers lead the way with the highest Degree of Digital Payment Usage (DDPU), tending to use various modes of digital payment for 80 per cent of their transactions. "<keyword id="19955338" type="General" weightage="20" keywordseo="millennials" source="keywords">Millennials</keyword> and Gen X are leading in the adoption of all types of digital payment instruments," it said. "Men and women both use digital payments in about 72 per cent of their transactions, indicating gender parity." The research was based on an online survey of over 6,000 consumers along with more than 1,000 merchants through offline and online methods across 120 cities with representation from various regions, income groups, city categories, age brackets and genders. India has seen a surge in <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword>, with the market valued at USD 75 billion to USD 80 billion in 2022 and expected to grow at a 21 per cent CAGR until 2030. "In line with India's digital journey, retail digital payments have grown dramatically over the past five years - from USD 300 billion in FY18 to USD 3.6 trillion in FY24. By FY30, they are likely to double to USD 7 trillion," the report said. The Unified Payments Interface (<keyword id="19900911" type="General" weightage="100" keywordseo="UPI" source="keywords">UPI</keyword>) has been a key driver of this growth, demonstrating a CAGR of 138 per cent in its volumes during FY18-24. Other instruments such as cards and digital wallets are also gaining in popularity, contributing 10 per cent of digital transaction value today. "With such dynamic developments, it is no wonder that India is a global frontrunner in the digital payment landscape, accounting for a stellar 46 per cent of the global digital transaction volumes in 2022," it said. Digital payments have penetrated small towns, with respondents in these areas highlighting that 65 per cent of their transactions are digital, while respondents in larger cities cited this ratio to be 75 per cent. "There is a strong correlation between a city's average DDPU and its retail potential, as measured by the Kearney India Retail Index, with the top six metros displaying both high DDPU and high retail potential," the report said. DDPU surpasses retail potential in some cities such as Lucknow, Patna, Bhopal, Jaipur, Bhubaneswar, Indore, Ahmedabad and Pune, which have a high DDPU nearly matching that of larger metropolitan cities despite having a lower retail potential than the top six metros. The report said co-branded credit cards are gaining momentum. "Emerging methods such as buy now, pay later (BNPL), wearable payments and voice assistant-based payments are also starting to make inroads." Digital modes of payment constitute around 69 per cent of the total transaction volumes for the Indian merchants that were surveyed. Even street vendors such as paan shops, fruit and flower sellers, food stalls, and kirana stores are joining the digital payment brigade. "Challenges for merchant adoption mirror consumer concerns, emphasizing issues of financial fraud, limited connectivity and trust," it said. The report said the next wave of growth in digital payments will be fueled by increasing penetration in segments with lower DDPU, such as consumers in lower-income groups and smaller towns, along with enhancing the value of spending via digital modes of payment in the higher DDPU segments by addressing their concerns. "All key stakeholders across the digital payments' ecosystem, including payment providers, the government, and value-added services players, will need to play a part in expanding digital payment adoption," it said. The focus areas should be empowering communities with financial education by launching target programmes to boost awareness of digital payments and new methods such as UPI Lite and UPI Lite X, especially for aspiring consumer segments, women in small towns, and street commerce merchants, to encourage higher adoption. Also, there is a need to create user-friendly consumer journeys by streamlining documentation and know-your-customer (<keyword id="19910870" type="General" weightage="20" keywordseo="kyc" source="keywords">KYC</keyword>) processes, optimising user interfaces, and establishing responsive customer complaint resolution mechanisms, it said adding also there is a need to enhance digital infrastructure by addressing systems and network issues and exploring innovations such as UPI Lite X for areas with limited internet. Also, the risk of fraud has to be minimised and access to credit-based payment methods expanded by using alternate data for underwriting risk, developing innovative credit products and promoting credit education for financial health. "These areas can help India overcome challenges in the digital payment ecosystem by fostering a more inclusive, secure, and user-friendly environment, thereby enhancing the adoption of digital payments among consumers and merchants in India," it added.

India to see retail digital payments to double to USD 7 tn by 2030: Report

The allegations of the US Short seller Hindenburg against <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword> Chairperson <keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword> and her husband have drawn sharp political reactions from the opposition parties. Reacting to the Hindenburg report, Samajwadi Party spokesperson Ghanshyam Tiwari on Sunday lashed out at the Modi government and said that the tenure of PM Modi will be known for 'Adani-waad'. "The whole world witnessed a different session with different ideologies but the term of PM Modi will be known as 'Adani-waad'. In this Adani-waad, they captured the whole economic system of India in such a way that Gautam Ad(<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="83" meta.entityid="Adani Group">Adani Group</keyword>) could benefit, it looks like this is the only motive of PM Modi," he said. Referring to the Hindenburg Report alleging SEBI chief Madhabi Buch and her husband's stakes in "both the obscure offshore entities used in the Adani money siphoning scandal", Tiwari stated, "Hindenburg's report regarding the SEBI chief has triggered the integrity of the market regulator. Hindenburg alleged that SEBI is not investigating properly. Questions are being raised on the Adani Group continuously by the opposition. Anybody with a basic investigation can simply question how the Adani Group with different allegations of corruption, whether it is a coal scam or power, through the medium of offshoring, invested in the share markets. SEBI whose duty was to investigate and find out the criminals was deviating from the core issues." Aam Aadmi Party MP Sanjay Singh alleged that the Modi government is steeped in corruption and is trying to save "their friend Adani". Taking it to a social media post on X, Sanjay Singh wrote, "The Hindenburg revelations were hinted at 3 days before Modi ended the Parliament session. Modi Government is steeped in corruption from head to toe. To save his friend Adani, Modi Ji got the investigation done by the same SEBI Chairman who had committed the scam in connivance with Adani. SC should reconsider its decision." <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="83" meta.entityid="Congress">Congress</keyword> MP Manish Tewari said that a JPC must be constituted to go into the entire Hindenburg saga. "There are certain revelations by the <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="83" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> which have been put out in the public space. They require closer scrutiny...There seems to be some semblance of an alleged conflict of interest and so therefore under those circumstances there has been a demand in the public space for a while that the entire Hindenburg saga needs to be investigated properly by a <keyword id="21964200" type="General" weightage="20" keywordseo="Joint-Parliamentary-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Joint Parliamentary Committee" meta.hostid="83" meta.entityid="Joint Parliamentary Committee">joint parliamentary committee</keyword>. It would be in the fitness of things if a joint parliamentary committee is constituted to go into all these issues at length," he said. Earlier in the day, shortly after US-based short seller Hindenburg Research on August 10 alleged that SEBI Chairperson Madhabi Buch and her husband had stakes in "both the obscure offshore entities used in the Adani money siphoning scandal," the SEBI Chairperson and her husband issued a joint statement rejecting the allegations. Madhabi Puri Buch and her husband accused Hindenburg Research, against whom SEBI has taken enforcement action, of character assassination. In the joint statement released to the media they said, "Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." Earlier on Saturday, US short seller Hindenburg had alleged, "We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani's relationship with SEBI Chairperson, Madhabi Buch." "What we hadn't realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," the report by the US hedge firm said. Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. The Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies' stocks. In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and had directed market regulator SEBI to complete its probe into two pending cases within three months. Earlier this year, the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the Adani-Hindenburg case.

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