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<ul><li>As digital payments industry booms, the RBI is going to set up a central payments fraud information registry. </li><li>The detailed framework for the registry will be set up by October 2019. </li><li>The Indian digital payments industry has seen a boom over the years and is set to be a $6 billion industry by 2020.</li></ul>The Reserve Bank of India has said it will set up central payments fraud information registry to monitor risks in the rising digital payments segment. “At present, there is a mechanism in place for banks to report all banking frauds to the Central Fraud Monitoring Cell of the Reserve Bank. With the digital payment ecosystem making substantial progress in terms of growth of payment infrastructure as well as volume and value of digital payment transactions, fraud risk monitoring and management by the stakeholders have assumed importance,” said the statement from the RBI. The Indian digital payments is all set to swell to $6 billion by 2020, according to Nasscom. Fintech startups like <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>, <keyword id="143842" type="COMPANY" weightage="20" keywordseo="Mobikwik">Mobikwik</keyword>, Razorpay are increasing their user base. Added to that, global giants like Amazon, Google and WhatsApp too are entering the space, making RBI’s move extremely timely. To improve consumer confidence, RBI is moving to introduce a body that will track frauds. “Payment system participants will be provided access to this registry for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks,” said the statement from RBI. The central bank will put a detailed framework in place by October 2019. See Also: <a href="https://www.businessinsider.in/rbi-cut-interest-rates-by-35-basis-points-as-growth-sputters-and-inflation-cools/articleshow/70565859.cms">RBI cut interest rates by 35 basis points as growth sputters and inflation cools</a> <a href="https://www.businessinsider.in/sensex-and-nifty-react-little-to-rbi-decision-to-cut-interest-rate/articleshow/70566279.cms">Here's why Indian markets aren't excited by the RBI move to cut interest rates</a>

India will soon have an online fraud registry with real-time data

<ul><li><keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">Digital payments</keyword> platform <keyword id="143842" type="COMPANY" weightage="20" keywordseo="Mobikwik">MobiKwik</keyword> has partnered with DT One to enable <keyword id="7772478" type="UNKNOWN" weightage="20" keywordseo="international-mobile-recharge">international mobile recharge</keyword>. </li><li>The feature will be available across 150 countries. </li><li>MobiKwik has over 107 million users in India.</li></ul>Indian digital payments platform MobiKwik partnered with DT One, a global B2B network for <keyword id="502942" type="PERSON" weightage="20" keywordseo="mobile-recharge">mobile recharge</keyword>. Its users will now be able to recharge their phones in 150 countries. The international recharge feature is live in countries in the Middle East, Asia Pacific, Europe, Africa, United States, Latin America and Carribean; across over 550 operators. “This new feature will enable millions - immigrants in India from across the globe, students studying abroad and even frequent travellers - the power of connectivity at their fingertips. This launch is in line with our growth and expansion plans in the domestic as well as international markets and making most of the services available on a single platform,” said Upasana Taku, Co-founder, MobiKwik. MobiKwik’s competitor in India, <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> had already entered two international markets – Canada and Japan. In an earlier interview with Business Insider, Paytm founder Vijay Shekhar Sharma had said that it was also looking to enter the <a href="https://www.businessinsider.in/facing-jio-paytm-founder-vijay-shekhar-sharma-plans-a-ticket-to-us/articleshow/69053166.cms">US</a>. Meanwhile, the focus of MobiKwik’s new feature is to make the lives of immigrants simpler. “Nearly 5.2 million immigrants live in India, making it the twelfth-largest immigrant population in the world,” said data from the Pew Research Center. With MobiKwik’s new feature, they can now recharge for friends and family across the border while living in India. This feature will come to the aid of Indian students studying abroad. In 2018, as many as 752,725 of them study across 90 countries including the US, Australia, Canada, UK, UAE. MobiKwik has over 107 million users, along with 7,000 Indian businesses on board. In March 2019, it had announced that it has clocked an industry best success rate of over 93% for digital transactions. See Also: <a href="https://www.businessinsider.in/paytm-clocks-50-billion-through-5-5-billion-transactions/articleshow/69670592.cms">Paytm’s year in a review – Billions, profits and frauds</a>

MobiKwik marks its global foray, enables international recharge in 150 countries

<ul><li>The <keyword id="158137" type="COMPANY" weightage="20" keywordseo="Domino">Domino</keyword>’s India data breach allegedly includes data of 1 million credit cards and 180 million orders. </li><li>According to security researchers, the reseller is demanding 10 Bitcoin – approximately $5,70,000 – for the 13TB database. </li><li>The database contains mobile numbers, name, home address and more. </li></ul>Domino’s India, the popular American multinational pizza restaurant chain, is allegedly the latest victim of a data breach. The Domino’s data breach has exposed 1 million credit card details along with 180 million order details. According to <a href="https://twitter.com/UnderTheBreach/status/1383673094963822597">Alon Gal</a>, security researcher and Chief Technology Officer of cybersecurity firm Hudson Rock, the reseller is demanding 10 Bitcoin, which is approximately $570,000 for the complete database, which is 13TB in size. <div type="twitter" handle="UnderTheBreach" handlename="Alon Gal (Under the Breach)" image="http://pbs.twimg.com/profile_images/1364107350748053512/VFKQXcPJ_normal.jpg" favoritecount="271" retweetcount="154" status="Threat actor claiming to have hacked Domino's India (@dominos) and stealing 13TB worth of data.Information includ… https://t.co/ayn9de8hgf" createdat="1618728347000" id="1383673094963822597"></div> Additionally, Gal also says that the hacker has plans to build a search portal similar to the MobiKwik one, allowing anyone to enter a search string to confirm the existence of those details. The database includes details like mobile numbers, names, home addresses, payment type and social login tokens. Rajashekhar Rajaharia, another security researcher, also <a href="https://twitter.com/rajaharia/status/1384079086927052801">confirmed</a> the breach, along with a data tree that reveals all the details that have been accessed by the hackers. Apart from the data of Domino’s India’s users and orders, the hacker also got access to data of 250 employees of the company across different departments like IT, Legal, Finance among others. Rajaharia has confirmed to Business Insider that this is the same hacker who breached MobiKwik earlier last month. He says that the hacker sold the database to a reseller who has now posted the details on the dark web. Domino’s India data breach exacerbates security concerns plaguing Indian companies Domino’s India won’t be the last Indian company to be hacked, but it highlights the endless stream of Indian companies facing security concerns. Earlier last month, MobiKwik was reportedly hacked, exposing data of 3.5 million users. While the company <a href="https://www.businessinsider.in/business/startups/news/mobikwik-ceo-orders-a-forensic-audit-after-denying-any-data-leak-from-its-digital-wallet/articleshow/81759461.cms">denied it</a>, it ordered a forensic audit post-fact. Prior to it, Juspay, BigBasket, Unacademy and others were also breached. India’s unicorn startups, <a href="https://www.businessinsider.in/defense/news/the-chinese-cyber-threat-is-real-and-indias-best-defence-right-now-is-to-keep-its-outage-time-limited/articleshow/81981886.cms">power sector</a> and others like Jio are amongst the prime targets for Chinese hackers. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/over-100-million-debit-and-credit-card-users-data-has-been-leaked-online-from-payments-processor-juspay-amazon-and-swiggy/articleshow/80096472.cms">The company that processes payments for Amazon and Swiggy has reported a data leak of over 100 million debit and credit cardholders</a> <a href="https://www.businessinsider.in/defense/news/the-chinese-cyber-threat-is-real-and-indias-best-defence-right-now-is-to-keep-its-outage-time-limited/articleshow/81981886.cms">The Chinese cyber threat is real — and India’s best defence right now is to keep its outage time limited</a> <a href="https://www.businessinsider.in/tech/news/after-jio-swiggy-paytm-ola-and-byjus-and-other-startups-on-target-of-chinese-hackers/articleshow/77497819.cms">After Jio, India's unicorn startups are the top target for Chinese hackers trying to get their hands on Indian users' data</a>

Domino’s India data breach allegedly exposes 1 million credit card details, 180 million order details

<ul><li><keyword id="3489555" type="PERSON" weightage="20" keywordseo="upstox">Upstox</keyword>, the second largest stock broker in India, has suffered a massive data breach.</li><li>This breach has exposed user data like Aadhaar, PAN, bank account numbers and more.</li><li>While Upstox did not comment on the data leak, it said it has upgraded its security systems ‘manifold’ on the recommendations of a global cyber-security firm.</li></ul> Popular discount broker Upstox has suffered a massive data breach that has exposed some important data like Aadhaar, PAN and bank account numbers, apart from other personally identifiable information like mobile numbers and email addresses. Upstox is a Delhi-based discount stock broker that allows its customers to buy and sell shares. It is backed by Tiger Global and has over <a href="https://economictimes.indiatimes.com/markets/stocks/news/what-made-upstox-indias-second-largest-stockbroker-after-zerodha/articleshow/78745921.cms">1 million customers</a>. “We have upgraded our security systems manifold recently, on the recommendations of a global cyber-security firm. We brought in the expertise of this globally renowned firm after we received emails claiming unauthorised access into our database,” Upstox <a href="https://upstox.com/announcements/customer-support/security-measures/">said</a> on its website, reacting to reports of the data breach. The company said that despite the data breach, the funds and shares of its customers are safe. This is for two reasons – funds in your Upstox account can only be withdrawn to the linked bank account, and the shares are held with the depositories – either Central Depositories Services India Ltd (CDSL) or National Securities Depository Ltd (NSDL) – and not with Upstox. With that being said, Upstox users have other things to be worried about. Security researcher Rajshekhar Rajaharia, who <a href="https://www.businessinsider.in/tech/news/over-100-million-debit-and-credit-card-users-data-has-been-leaked-online-from-payments-processor-juspay-amazon-and-swiggy/articleshow/80096472.cms">had earlier tipped Business Insider about Juspay</a> and MobiKwik data breaches, told us that the <keyword id="11082460" type="UNKNOWN" weightage="20" keywordseo="Upstox-data-breach">Upstox data breach</keyword> includes Aadhaar, PAN, passport, bank account numbers, mobile numbers and even the photos of signatures. This data could be used by hackers or malicious parties to impersonate users and transact on their behalf without the users’ knowledge. According to Rajaharia, the Upstox data breach was executed due to a compromised Amazon Web Service (AWS) key used by the company. He says that the same AWS key vulnerability was exploited in the MobiKwik data breach as well. Rajaharia shared a data sample with us – the sample revealed user details as reported in the breach. However, we could not verify the authenticity of the sample. The hacking group, ShinyHunter, has taken down the data for now. Upstox is the latest in Indian companies being targeted by hackers The Upstox data breach is the latest in a string of Indian companies being hacked – the most recent ones were MobiKwik, Juspay, ClickIndia, ChqBook, WedMeGood, among others. However, this time around, the Upstox data breach could be a result of its own folly. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/over-100-million-debit-and-credit-card-users-data-has-been-leaked-online-from-payments-processor-juspay-amazon-and-swiggy/articleshow/80096472.cms">The company that processes payments for Amazon and Swiggy has reported a data leak of over 100 million debit and credit cardholders</a> <a href="https://www.businessinsider.in/tech/news/these-were-the-biggest-cyber-attacks-of-2020/slidelist/79941232.cms">From FireEye to Twitter to Covid-19 vaccine research ⁠— these were the biggest cyber attacks of 2020</a>

Discount broker Upstox suffers data breach – Aadhaar, PAN and bank account numbers leaked

<keyword id="143842" type="UNKNOWN" weightage="20" keywordseo="Mobikwik">Mobikwik</keyword> just launched a new version of its Andriod app-'<keyword id="3896202" type="UNKNOWN" weightage="20" keywordseo="Mobikwik-Lite">MobiKwik Lite</keyword>'. This 1 mb app will be downloaded on mobile phones in 30 seconds and enables you to use MobiKwik in most online and offline merchants, even on a basic Edge connection. 
 
This app can be downloaded by giving a missed call on 8097180971. You will receive a link on your phone which you can click on to download the app. 
 
This app is available in English and Hindi. More languages will be launched by the end of this week. The app enables you to pay or receive MobiKwik cash seamlessly, using a QR code or an SMS. 
 
According to the company, other features of the app are: 
 
1) Single step OTP Login 
2) Compatible with Andriod v2.3 &amp; above 
3) Supports receiving payment, bank payments/transfer/P2P transfer, bill payments and recharges 
4) Does not require high speed data. Even works on edge.

MobiKwik launches a 'lite' app for seamless transactions, even on basic connection

The <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">Reserve Bank of India </a>(RBI) has some good news for <keyword id="6358031" type="UNKNOWN" weightage="20" keywordseo="digital-wallets">digital wallets</keyword>. In the backdrop of rising popularity of <a href="http://www.businessinsider.in/searchresult.cms?query=UPI&amp;sortorder=effectivedate">Unified Payment Interface</a> (<keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword>), or payment through digital wallets, the RBI has decided to make digital wallets inter-operable. 
 
At present, digital wallets such as <a href="http://www.businessinsider.in/searchresult.cms?query=paytm&amp;sortorder=effectivedate">Paytm</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Mobikwik&amp;sortorder=effectivedate">MobiKwik</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=PhonePe&amp;sortorder=effectivedate">PhonePe</a>, etc can access the UPI network through partner banks to facilitate bank-to-bank money transfers. 
 Once the RBI gives a nod to inter-operation of digital wallets, you will be able to send money directly to <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword> from your FreeCharge wallet and vice-versa. 
 
“RBI is expected to issue guidelines shortly on interoperability and 'know your customer' (KYC) norms for digital wallet companies. RBI will also decide on the interchange fees between the wallets for them to be able to access the UPI framework,” ET quoted two people as saying. 
 
Online money transfer and payments are gaining popularity in India and the Indian Government is also pushing for Aadhaar-based payment platform and another instrument for transactions using QR codes. 
 Bipin Preet Singh, chief executive of <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword>, told ET, “The company is keen to partner with other financial networks to develop a collaborative financial services platform." 
 
"We are hearing that the process (of opening up UPI for digital wallets) is likely to be fast-tracked. Since the (prepaid payment instruments, or digital wallets) are also issued licences by RBI, the logical step is to open the UPI infrastructure to them and make it more inclusive," Ritesh Pai, country head for digital banking at Yes Bank, which has partnered with Flipkart-owned payments venture PhonePe, told ET. 
 
As per the RBI data, UPI network registered about 4.2 million transactions worth Rs 1,900 crore in February.

Soon, you’ll be able to pay on MobiKwik via Paytm wallet and vice-versa. Here’s how

The biggest benefactors of the entire cash ban episode have undoubtedly been the e-wallet companies. From the fateful night of Nov 8, 2016, each of the country’s e-wallets has claimed an exponential increase in registrations, however, the figures have now come to be heavily contested by each other. The rivalry has now gained epic proportions with the largest now publicly claiming the other’s numbers as inflated. 
​ The strongest voice, in this case, has emerged from <keyword id="143842" type="UNKNOWN" weightage="20" keywordseo="Mobikwik">MobiKwik</keyword>’s co-founder, Upasana Taka, claiming that basis <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>’s data, <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">PayTM</keyword> was flaunting numbers that are largely inflated. This was mainly because RBI published data that said that prepaid payment instruments including mobile wallets had made about 88 mn transactions in December 2016. Now, the thing to remember here is RBI falls back on data as reported by these very e-wallets and disclosure isn’t mandatory in nature. 
 
<a href="http://www.businessinsider.in/the-most-popular-parts-of-delhi-mumbai-and-bengaluru-where-people-invested-in-real-estate-in-2016/articleshow/56503428.cms">ALSO READ: The most popular parts of Delhi, Mumbai, and Bengaluru where people invested in real estate in 2016</a> 
 
On the other hand, PayTM had claimed that it crossed 177 Mn wallet users in the month of December 2016, with 80 mn active users translating to at least 80 Mn transactions. 
 
Given the war of words, we decided to dig a little deeper and approached a third party organization that most e-wallets and their investors rely on as a measure of business growth. 
 
<a href="http://Meet N. Chandrasekaran, Tata Sons new chairman and Ex-TCS boss">ALSO READ: Meet N. Chandrasekaran, Tata Sons new chairman, and Ex-TCS boss</a> 
 This is what the <keyword id="1646890" type="COMPANY" weightage="20" keywordseo="App-Annie">App Annie</keyword> numbers had to say: 
 
Paytm 
• Paytm App downloads touched 7.2Mn in December 2016 
• Monthly active user-base jumped to 92 Mn in December from 78 Mn in November 
 
<keyword id="6377963" type="UNKNOWN" weightage="20" keywordseo="Freecharge">Freecharge</keyword> 
• App downloads touched 2.1 Mn in December 2016 
• Freecharge’s Monthly active users were at 29 Mn in December 2016 
 
Mobikwik 
• App downloads touched 1.1 Mn in December 2016 
• Mobikwik’s monthly user base was at 15Mn in December 2016 
 Commenting on this, Mrs. <keyword id="3870166" type="UNKNOWN" weightage="20" keywordseo="taku">Taku</keyword> from Mobikwik said, “This data can’t be a basis for comparison as it is analytical data which varies from company to company. All digital wallets are supposed to report to RBI about their numbers and there is a stark difference between these two data points.’’ 
 
<a href="http://www.businessinsider.in/freecharge-integrates-with-indus-os-to-increase-30-user-base-in-the-next-6-months/articleshow/56499858.cms">ALSO READ: Freecharge integrates with Indus OS to increase 30% user base in the next 6 months</a> 
 
When asked to share their own analytical data, Mobikwik spokesperson said that they don’t use any for comparison. 
 
Paytm refused to give comments on the different data points. 
 
All we can say is this space will definitely heat up further, a space that investors will closely be watching out before they put their money where the mouth is.

Exclusive: App relied on by investors shows that PayTM clearly lead the
e-wallets pack in December 2016

Post demonetisation, the whole nation has understood that all you need to survive is your smartphone. You can literally buy candies and also transfer money with your smartphones and it’s also timesaving. 
 
"In the near term, wallets will do well as they are more popular,” Niren Shah, MD of Norwest Venture Partners, told ET. 
 So far, people have grabbed whatever is easily available to pay for coffee, bills, movie tickets, cab rides and just about anything, and here, m-wallet <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> has scored over others. 
 
Users comfortable with mobile wallets today could shift to an easier digital platform. 
 "Frictionless payments are the future,” R Venkatachalam, managing director for India &amp; <keyword id="52011" type="CITY" weightage="20" keywordseo="South-Asia">South Asia</keyword> at FIS Global, a global provider of financial services technology. That is, any payment mechanism which is effortless, without requiring users to remember too many passwords, PINs etc, perhaps biometrics-enabled, told ET. 
 
There's more to providing a smooth digital payment experience than aspects such as security and ability to attract customers who are used to transacting in cash and are reluctant to change. 
 
"Three things are important for any payment option - access, interoperability and financial sustainability of the operator,” said Anant Bhagwati, partner, Bain &amp; Company. 
 People are using mobile wallets as they offer the least hurdles to complete a payment. Paytm alone has 173 million users but they have limitations. They are not interoperable and transferring money requires sender and receiver to have the same company's account - it's Paytm to Paytm, <keyword id="143842" type="UNKNOWN" weightage="20" keywordseo="Mobikwik">MobiKwik</keyword> to MobiKwik and <keyword id="6377963" type="UNKNOWN" weightage="20" keywordseo="Freecharge">Freecharge</keyword> to Freecharge. 
 
And furthermore, the money transferred to a wallet does not earn interest. Small merchants such as owners of corner shops and neighbourhood kirana stores can't draw more than Rs 25,000 a month from a digital wallet, which affects cash flow. Even the founders of some mobile wallet companies are not so optimistic about their future if challenges like interoperability persist. 
 "That's why we don't call it a Paytm wallet - it's a Paytm account that people have with us,” <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, founder of Paytm, told ET. 
 The account could be a digital wallet, <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword> or anything else that is permitted. 
 
"The fight is about owning consumers and merchants - protocols can change,”, Sharma said. 
 
At present, wallet companies are not allowed to enable users to access UPI, which enables funds to be transferred from one bank account to another. By the end of 2017, it's quite possible that people could be ditching their digital wallets and opting for UPI or even voice commands to digital avatars to complete payments. 
 
"Wallets need to mature, evolve into something else and be interoperable to be relevant,” Bipin Preet Singh, founder of MobiKwik, a wallet company with 45 million users, told ET. 
 
In India, 27% of the more than 1 billion mobile phone users have smartphones - compared with 70% in China - and the rest use feature phones. Affordability, among other factors, has hindered the faster adoption of smartphones. The digital payment option for feature phones is USSD, or Unstructured Supplementary Service Data, which transmits data over GSM networks and is popular in Kenya, Bangladesh, Cambodia and Zimbabwe with their respective services, mPesa, bKash, Wing and EcoCash. 
 
Plastic Lacks Reach; UPI Fills Void If mobile wallets face multiple headwinds, one of the oldest cashless options - credit and debit cards - have limited reach. About 800 million people carry plastic (mostly debit cards, less than 10% are credit cards) and they are generally used to withdraw cash from ATMs. 
 
Today, digital wallets are popular. Tomorrow, direct payment systems will score over intermediaries such as mobile wallet and plastic money companies.

Mobile wallets will lose their popularity with time, here’s why

<ul><li>WhatsApp’s Global Head Will Cathcart announced that WhatsApp Payments will be rolling out for India users within the year.</li><li>India is WhatsApp’s largest market with a digital payments sector that set to hit $1 trillion in 2023.</li><li>But WhatsApp delayed entry in the market will be setting it up against the likes of Paytm, PhonePe, Google Pay and MobiKwik, who have already had time to establish their foothold in the market.</li></ul>WhatsApp Payments will finally be launching in India by the end of the year, according to Will Cathcart, WhatsApp’s Global Head. The Facebook-owned messaging service will finally have a crack at India’s digital payments sector that’s set to grow five times by 2023 reaching $1 trillion according to <a href="https://plus.credit-suisse.com/r/V7ax692AF-YEch">Credit Suisse</a>. Facebook CEO, Mark Zuckerberg, stated, "Even in a limited test, the feedback was very positive. So I'm quite confident that when we can roll this out broadly, it's going to be meaningfully valuable to the user experience," during Facebook's Q2 2019 <a href="https://s21.q4cdn.com/399680738/files/doc_financials/2019/Q2/Q2'19-Earnings-Call-Transcript.pdf" data-type="tilCustomLink">earnings call</a> on Wednesday. But it will be going up against the likes of Google Pay, PhonePe, Paytm and Mobikwik — payment operators who have been in the Indian market for considerably longer. Even Paypal is <a href="https://www.business-standard.com/article/pti-stories/paypal-mulls-data-localisation-for-india-sets-up-tech-centre-119072300744_1.html">reportedly</a> looking to launch its payments service in India and is forming a strategy to comply with Indian laws. 
 
 
 <div type="ExtQuote" text="We believe that if we get this right, it will accelerate financial inclusion and bring value for people in India’s fast growing digital economy. We can’t wait to provide the service more of our users all across India later this year." auname="Will Cathcart, WhatsApp Global Head, at an event in New Delhi"></div>







 Better late than never WhatsApp, in partnership with ICICI Bank, and has been testing its payments platform in India since February last year. It's a <a href="https://www.businessinsider.in/whatsapp-is-trying-to-make-payment-services-available-to-all-its-users-in-india/articleshow/66917241.cms">huge opportunity</a> for the company since India is its <a href="https://www.businessinsider.in/WhatsApp-is-planning-a-payments-service-for-its-biggest-market/articleshow/58013437.cms">biggest market</a> accounting for over 200 million of 1.3 billion users. The delayed initiation of its payments service means that it will be going up against Paytm, PhonePe, Google Pay and MobiKwik who have had over a year to establish a foothold in the market — if not longer. One million users have tried the new feature but its official roll out has been <a href="https://www.businessinsider.in/whatsapp-rushing-to-launch-its-payments-feature-in-india-by-next-week/articleshow/64386826.cms">repeatedly delayed</a> due to policy changes in the country. WhatsApp and its many speed bumps India’s central bank, the Reserve Bank of India (RBI), asked all payment operators in the country to store financial data from Indian users locally. Companies were given a 6-month deadline to comply with the new norms in order to continue their operations in India. Most operators complied with the new regulations but WhatsApp tried to reason with the government instead to allow it to store copies of the data with India but keep some of it on foreign servers as well — something that never came to fruition. RBI even filed an <a href="https://www.businessinsider.in/whatsapp-google-india-data-localisation-issues-npci-issues-enquiry/articleshow/66878922.cms">affidavit with the Supreme Court</a> stating that the Facebook-owned messaging service was yet to comply with the new data localisation regulations. Local payment operators in India also pointed out that WhatsApp’s payments feature might not be <a href="https://www.businessinsider.in/whatsapp-case-proves-that-india-needs-strong-data-protection-laws-says-the-man-who-took-it-court/articleshow/69974607.cms">entirely secure.</a> WhatsApp has <a href="https://www.businessinsider.in/beta-no-more-whatsapp-isnt-slowing-down-even-without-an-office/articleshow/65226054.cms">previously stated</a> that it would officially roll out its payments service until it was it full compliance with India’s rules and regulations. Launch plans for within this year means WhatsApp has made progress. See also: <a href="https://www.businessinsider.in/the-indian-government-wants-to-build-its-own-whatsapp-for-official-communication/articleshow/69983904.cms">The Indian government wants to build its own WhatsApp for official communication</a> <a href="https://www.businessinsider.in/whatsapp-case-proves-that-india-needs-strong-data-protection-laws-says-the-man-who-took-it-court/articleshow/69974607.cms">WhatsApp case proves that India needs strong data protection laws, says the man who took it to court</a> <a href="https://www.businessinsider.in/india-personal-data-protection-bill-global-ceo-concerns/articleshow/68389336.cms">Here’s what global tech CEOs have to say about India's data protection laws</a>

WhatsApp Payments battling Paytm, Google Pay and PhonePe for India's $1 trillion opportunity by end of year

Many Indian banks, including ICICI and SBI, are ready to take on a battle with non-bank companies offering <keyword id="6368227" type="UNKNOWN" weightage="100" keywordseo="Mobile-wallets">mobile wallets</keyword>. For this, they are armed with their readymade payment systems, a wide merchant network and an on tap customer base, with which they want to reclaim what was their territory just a couple of years ago. 
 
In the past one year, large lenders like ICICI Bank, SBI, Axis Bank and HDFC Bank have launched new payment instruments so that they can prevent their customers from moving money to these newly emerging non-bank companies. 
 These apps include SBI's Buddy, ICICI's Pockets, HDFC Bank's PayZapp and Axis' Lime, which are in the market to challenge <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>, <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword> and Citrus Pay. 
 
"It is an evolving space and the shift is towards digital transactions. None of us know the pace of the shift. Everyone is trying to experiment with the space," Axis Bank Chief Executive Shikha Sharma told ET. 
 
While on one side, wallets have spent millions of rupees to brand themselves and establish their presence in the market, banks are using their existing brand value to attract customers. 
 
"Investments in this business for us is in terms of deployment of resources as platform has been provided by our technology partner," said Manju Agarwal, SBI’s Deputy MD for corporate strategy and new businesses. 
 
Parag Rao, who heads cards and merchant acquiring at HDFC Bank, told ET that he has been leveraging the bank's merchant and customer base so that customers can be offered attractive discounts for users of PayZapp. 
 
"We want to facilitate all forms of transactions that the customer uses. In the physical world, the user can use the credit card and the debit card while in the mobile world he can use wallets," Rao said. 
 
Data from RBI show that the number of outstanding debt and credit cards have increased more than three times in the past six years. However, paying in cash is still people’s preferable option. 
 
"Banks are excellent settlement engines, but when it comes to user experience, we have been able to train 123 million people over the last five years to make digital transactions without glitches. People trust us with their money," said Nitin Mishra, head of products at Paytm, India's largest wallet company.

State-run banks don’t want you to use mobile wallets from non-banking players

<ul><li>Tech companies are launching 'lite' versions of their apps to bridge the gap between internet penetration and internet speeds in emerging markets like India. </li><li>'Chrome Lite Pages' and 'Firefox Lite' are two of the most recent 'lite' features to enter the Indian market. </li><li>The problem of slow internet speeds due to network congestion isn't a problem that's specific to India but other populous countries around the world as well. </li></ul>Latching onto bandwagon of 'lite' apps being introduced into the market, Google and Firefox <a href="https://blog.chromium.org/2019/03/chrome-lite-pages-for-faster-leaner.html">launched</a> the light versions of their mobile web browsers on Wednesday in India. While internet penetration may be increasing in the country, internet speeds growing at a much slower rate — 'lite' apps are a way for companies to cater to users who don't necessarily receive the best internet connectivity. 
 
 
 
 
 
 
 
 
 
 <div type="ExtQuote" text="&quot;We use built-in optimisations and Google servers to improve page loading. These optimisations are only applied when the network's effective connection type is '2G' or 'slow-2G' or when Chrome estimates the page load will take more than five seconds.&quot;" auname="Ben Greenstein, Lite Pages Technical Lead and Nancy Gao, Product Manager, Chrome on the Chromium Blog"></div>




















 But, why 'lite' apps? While there's much a hub about the potential of the online Indian market, the internet speeds in the country till compare poorly to the rest of the world. 
 
 
 
 
 
 
 
 
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 Even with 4G connectivity in India the sheer number of people coming online leads to congestion. In fact, this problem isn't specific to India but is prevalent in other countries with high populations as well, including the US. 
 
 
 
 
 
 
 
 
 
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 The 'Firefox Lite' browser is only 4MB to download — less than 10% the size of other browsers. 'Chrome Lite Pages', on the other hand, is more of a built-in feature of the original Chrome browser. The app is still 54MB to download, but Chrome optimizes an HTTPS page and only the URL is shared with Google. It should be noted that Google already has a 'Data Saver' feature in Chrome that the company claims reduces data usage to upto 90%, helping pages load twice as fast. All of Google's sites — including YouTube, Gmail, Play Movies, News and Google Search — cumulatively garnered 28 million unique visitors from India across desktop and mobile <a href="https://www.livemint.com/technology/tech-news/google-facebook-most-visited-by-online-users-in-india-comscore-1552035844751.html">according</a> to a Comscore report from January. Google's Chrome web browser already has a head start with 63% of the browser market share in India. 
 
 
 
 
 
 
 
 
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 The introduction of 'lite' apps in emerging markets like India is about capturing the 627 million users that are expected to be online in India by the end of 2019 <a href="https://www.adgully.com/ads/Internet-in-Indic_2017_Final.pdf">according</a> to a Kantar IBM Report. And, tech companies aren't only looking at browsers that looking to bridge the gap between internet speeds and internet penetration. Gaming giants are also launching a 'lite' versions of their game — like the Tencent-backed PlayerUnknown's Battlegrounds (PUBG) launched a 'lite' version of their game in February that takes 10 time less space than the original game. Even TikTok, a social media platform that's recently garnered popularity in India, has a 'lite' version of its app in the Play Store. See also: <a href="https://www.businessinsider.in/Facebook-Has-A-New-App-For-Emerging-Markets-Called-Facebook-Lite/articleshow/46022435.cms">Facebook Has A New App For Emerging Markets Called 'Facebook Lite'</a> <a href="https://www.businessinsider.in/uber-lite-is-a-sub-5mb-app-designed-in-india-but-meant-for-the-world/articleshow/64558847.cms">Uber Lite is a sub-5MB app designed in India, but meant for the world</a> <a href="https://www.businessinsider.in/MobiKwik-launches-a-light-lite-app-to-integrate-all-Indians/articleshow/55662642.cms">MobiKwik launches a 'lite' app for seamless transactions, even on basic connection</a>

Google and Firefox join the bandwagon of light-weight apps aimed at emerging markets like India

Welcome to our new Payments Insights newsletter, a morning email with the top news and analysis on the digital payments industry, produced by <a href="https://intelligence.businessinsider.com/welcome?utm_source=House&amp;utm_medium=Edit&amp;utm_term=PINSIGHTSutm_content=link&amp;utm_campaign=BIIMobile" target="_blank">BI Intelligence</a>. 
<a href="http://e.businessinsider.com/join/biipaymentsform" target="_blank">Click here to sign up for Payment Insights today, and receive it every morning in your inbox</a>.

<div class="KonaFilter image-container float_right click-to-enlarge" style="width:400px"><div class="image"><a title_source="Flickr/nateOne" title_caption="" class="zoomin" href="http://static6.businessinsider.com/image/51114c7169beddc04d000004-960/target-18.jpg"></a><a href="http://www.flickr.com/photos/nateone/3519404549/">Flickr/nateOne</a></div></div>MASSIVE FRAUD AT TARGET SPOTLIGHTS WEAKNESSES IN THE LEGACY OF PAYMENTS INDUSTRY: Yesterday Target confirmed that it had suffered a huge security breach at its stores between November 27th and December 15th (of course that span of time included Black Friday, one of the biggest offline shopping days of the year). 
The breach may have affected 40 million credit and debit cards. As Business Insider's Jim Edwards pointed out in an article yesterday, the notable fact about the work of these hackers is that they exposed credit cards used at Target stores, not at Target.com. (<a href="http://pressroom.target.com/news/target-confirms-unauthorized-access-to-payment-card-data-in-u-s-stores" target="_blank">Target</a>) 
Despite the fear that e-commerce and mobile commerce sites are most vulnerable to cyber criminals, traditional point-of-sale systems like those used at large retailers can also be hacked and are susceptible to security failures that create huge losses and frustrations for themselves, their consumers, and credit card companies.
IF IT CAN HAPPEN TO TARGET, IT CAN HAPPEN TO ANYBODY: As American Banker writes, "if Target can't protect itself from a data breach, how can any retailer hope to do so? "Target had state-of-the-art security systems and was an early adopter of EMV cards or "chip cards," which are widely used in Europe, and are more difficult to steal data from. Magnetic strip cards are a much easier target for fraudsters. "Stolen data from a magnetic-stripe card can be written to any other type of card, even a hotel room key, and used to make swiped card payments." But EMV cards face a chicken-and-egg problem. Many consumers don't have them, which in turn, is why many retailers don't adopt compatible point-of-sale systems. (<a href="http://www.americanbanker.com/issues/178_243/target-breach-sends-chills-is-any-merchant-safe-even-with-emv-1064461-1.html" target="_blank">American Banker</a>)
In other news...
Airlines are leading the way to mobile payments: Twenty-five percent of airlines now allow customers to buy tickets from mobile apps, up from 10% last year. Of the 56 global airlines surveyed, 57% said that they expected that mobile would be that technology that drove the most new revenue in the next two years. <a href="http://www.mobilecommercedaily.com/25pc-of-airlines-accept-mobile-payments-report" target="_blank">(Mobile Commerce Daily)</a>
A new report from Forrester argues that financial institutions that do not take the plunge into the world of mobile wallets are at risk of becoming irrelevant in face of new competitors like PayPal, Amazon, and Square. <a href="http://www.mobilepaymentstoday.com/article/225083/Will-non-banks-own-digital-wallets" target="_blank">(Mobile Payments Today) </a>
A majority of respondents in India, Indonesia, Philippines, Vietnam, Kenya, Nigeria, and South Africa said they felt comfortable investing in Bitcoin, according to a new survey from Jana. The survey also covered Brazil and Mexico, where less than a majority felt comfortable investing in the digital currency. <a href="http://venturebeat.com/2013/12/19/this-is-what-people-in-9-emerging-markets-think-about-bitcoin-survey/" target="_blank">(Venture Beat) </a>
PayPal has completed its $800 million acquisition of Braintree. Braintree will continue as a separate service, but merchants can expect to see PayPal features within Braintee's applications in 2014. <a href="https://www.paypal-forward.com/leadership/braintree-has-officially-joined-paypal/" target="_blank">(PayPal)</a> 
HSBC has made a deal with HKT, a Hong Kong- based telecom, to offer customers a NFC mobile wallet. HSBC has reportedly made similar deals with three other Hong Kong-based telecoms as well. <a href="http://www.pccw.com/About+PCCW/Media+Center/Press+Releases/Detail?guid=385455e68c003410VgnVCM1000006a8ba8c0____&amp;language=en_US" target="_blank">(HKT)</a>
WELCOME TO PAYMENTS INSIGHTS. This is our new newsletter covering all things payments. Don't forget to <a href="http://e.businessinsider.com/join/biipaymentsform" target="_blank">sign up</a> and get it every morning in your inbox. Please email <a href="mailto:johnh@businessinsider.com">johnh@businessinsider.com</a> or BI Intelligence director <a href="mailto:mballve@businessinsider.com" target="_blank">mballve@businessinsider.com</a> with news and tips.
"We'll seek to follow the mainstream. Bitcoins are not forbidden in the U.S. and the U.K. It is out there and will continue to be out there. It just needs to be regulated." says Michael Landberg, chief legal adviser at the Financial Supervisory Authority in Denmark. <a href="http://www.paymentssource.com/news/bitcoins-spark-regulatory-crackdown-as-denmark-drafts-rules-3016370-1.html" target="_blank">(Paymentssource)</a>
MasterCard plans to expand its online payments portal, MasterPass, into Italy in early 2014. The service allows consumers to pay for goods online with a simple log in rather than filling out billing information. MasterPass is already available in North America and much of Western Europe. <a href="http://newsroom.mastercard.com/press-releases/masterpass-digital-payment-platform-launches-in-italy/" target="_blank">(MasterCard)</a>
MobiKwik an Indian mobile wallet start-up reported a million downloads. In November of last year the company had reported 100,000 downloads. <a href="http://blog.mobikwik.com/joining-the-million-club-mobikwik-android-app/" target="_blank">(MobiKwik)</a>
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