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<keyword id="51926" type="UNKNOWN" weightage="100" keywordseo="Techprocess">TechProcess</keyword>, one of India's oldest e-payment processing firms, recorded a 42% rise in <a href="http://www.businessinsider.in/Ushering-in-a-tectonic-shift-in-mobile-payments/articleshow/52204588.cms">online payments</a>, while doubling its online revenue in FY16. As things look hopeful, the company is expecting the growth in online payments to double in the current financial year. 
 
Talking of numbers, TechProcess is said to have recorded a total of over 186 million payments during the year, in which the government and education sector had a huge role. Anand Ramachandran told ET that both these sectors have grown at 70% and 20%, respectively, and would continue to grow by 50% and 150-200% in the coming fiscal, because of more and more people getting interested in online payments. 
 
"We've gone from being a payment router to banks to becoming a platform for online payments," he said. 
 
Also read: <a href="http://www.businessinsider.in/Cashless-Indian-economy/articleshow/52220110.cms">Black money can be dealt with by creating a cashless economy, says the Indian government</a> 
 
The e-tendering platform built by TechProcess is being used by various state governments, and educational institutes, which use the platform FeesJunction to upload student database and manage payments. 
 
TechProcess also recently received an in-principle approval from the RBI, and would now be serving as a Bharat Bill Payments Operating Unit (BBPOU), through which it aims to shift more utility, education and government payments to the online mode. 
 
Also read: ​<a href="http://www.businessinsider.in/PayU-India-becomes-firstnon-bank-entity-to-get-Bharat-Bill-Payment-Unit-license/articleshow/52288975.cms">PayU India becomes first non-bank entity to get Bharat Bill Payment Unit license</a> 
 
<a href="http://i.huffpost.com/gen/3244958/images/o-POS-facebook.jpg">Image source</a>

Techprocess sees double growth as e-payments rise 42%

<ul><li>India’s central bank, the Reserve Bank of India (RBI), has issued a notice alerting online payment systems to be careful of an app called ‘AnyDesk’. </li><li>The app can allegedly access confidential user data to conduct fraudulent financial transactions through apps on the Unified Payments Interface (UPI). </li><li>129 banks currently used UPI in India overseeing transactions amounting to ₹1 trillion. </li></ul>As online transactions have boomed in India, so have the <a href="https://www.businessinsider.in/indian-corporates-are-not-prepared-to-take-on-cyber-attacks-report/articleshow/68041682.cms">instances</a> of financial fraud. In its most recent notice India’s central bank, the Reserve Bank of India (RBI), has warned banks and payment system operators to be vary of an app called ‘AnyDesk’ that’s being used by fraudsters to gain access to confidential user data. 
 
 
 
 <div type="ExtQuote" text="“An app code (nine-digit number) would be generated and once the fraudster inserts this code, he would ask the victim to grant permission. Post this, the fraudster will get full access to the victim’s device.”" auname="RBI circular"></div>







 The circular highlights how once ‘AnyDesk’ has the requisite permissions, the app allegedly uses its access the confidential data to carry out fraudulent transactions using apps that are based on the Unified Payments Interface (UPI). India’s lax cybersecurity Earlier this year, on January 10, the RBI <a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=11452&amp;Mode=0">issued</a> a notice alerting developers of payments apps in India to introduce more stringent controls. Even the National Payments Commision of India (NPCI), the umbrella organisation that oversees all retail payments, issued a similar notice asking developers to be wary of what kind of data is being accessed on user’s devices. Indian banks aren’t safe from the onslaught either. Cosmos bank, a Pune-based Indian bank, was <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/cosmos-banks-server-hacked-rs-94-crore-siphoned-off-in-2-days/articleshow/65399477.cms">robbed</a> of ₹940 million because hackers were able to clone Visa and RuPay debit cards last year. The bank assured customers that the core banking system was safe and it was only the payments gateway that was hacked. 
	
 
 
 <div type="image" title="Cosmos-Bank-696x464" msid="68043247" hostid="261" caption="&amp;lt;p&amp;gt;Cosmos Bank branch in Maharashtra&amp;lt;/p&amp;gt;"></div>







 The use of digital wallets and online transactions have seen an increase since the government’s demonetisation exercise. And while hacking is a reality, there are also startups working on solving that problem. Appknox, for example, is a startup that <a href="https://appknox.com/in/">specialises</a> in mobile app security and has identified several critical vulnerabilities in UPI mobile apps. It’s critical to raise awareness about online digital security especially since India <a href="https://www.npci.org.in/product-statistics/upi-product-statistics">currently</a> has 129 banks on UPI will over 650 million transactions amounting to ₹1 trillion as of January. See also: <a href="https://www.businessinsider.in/indian-corporates-are-not-prepared-to-take-on-cyber-attacks-report/articleshow/68041682.cms">A majority of Indian corporates are unprepared for cyber security challenges: Report</a> <a href="https://www.businessinsider.in/can-nilekani-the-architect-of-the-worlds-largest-biometric-project-spark-digital-payments-in-india/articleshow/67439834.cms">Can Nilekani, the architect of the world’s largest biometric project, spark digital payments in India?</a> <a href="https://www.businessinsider.in/here-are-the-biggest-bank-frauds-that-happened-in-india-last-financial-year/articleshow/63942569.cms">Here are the biggest bank frauds that happened in India the previous financial year</a>

India’s central bank tells digital wallets to avoid this app linked to compromising confidential user data

<ul><li><keyword id="2736678" type="COMPANY" weightage="20" keywordseo="Unified-payments-interface">Unified Payments Interface</keyword> (<keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword>) 2.0, <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s cashless payment interface, was launched by the <keyword id="6383340" type="UNKNOWN" weightage="20" keywordseo="national-payments-corporation-of-india">National Payments Corporation of India</keyword> on Thursday.</li><li>It’s an update to the original UPI platform that the Indian government launched back in January 2016. </li><li>The update will be rolled out to users through the interface’s 11 partner banks.</li></ul>India’s public cashless payment platform, the Unified Payments Interface (UPI), announced the rollout of UPI 2.0 on Thursday. While the country’s central bank, the Reserve Bank of India (RBI) facilitated with the development of the app, the National Payments Corporation of India (<keyword id="193629" type="CITY" weightage="20" keywordseo="NPCI">NPCI</keyword>) is the organisation in-charge of retail payments in the country. The primary function of the UPI app is to serve as the middle-man for around-the-clock money transfers from one bank account to another without having to disclose the beneficiary’s bank account details. Having been in the works for nearly six months, the updated version has features that add to the authenticity of payments while others contribute towards added convenience. Here are some changes to watch out for: 
 <div type="image" title="List Templates BI" msid="65445129" hostid="261"></div>



 1. No more mismatch between payment requests and actual billing The original UPI platform, while having its merits, ran into a bit of a snag when there were complaints of actual bills on matching payment requests. UPI 2.0 attempts to solve that problem by adding the bill to the payment request itself. Users can verify the invoice and cross-check the vendor’s credentials before making the actual payment. 2. <keyword id="6804466" type="UNKNOWN" weightage="20" keywordseo="verified-qr-code">Verified QR code</keyword> In the past, there have been a few instances of QR code tampering where customers have made payments, but rather than it going to the vendor, the payments end up in a fraudulent account. What UPI 2.0 has put in place allows customers to check whether or not a particular merchant is verified, and in case they’re not, the user will get a notification to alert of possible fraud. 3. One time mandates One time mandates are like the post-paid for merchant payments. Within the new interface, users can pre-authorise a payment that will be executed at a later date as specified. It works both ways, for consumers and merchants alike. 4. Overdraft account In the past, users could only link their current and savings accounts to the app. But, UPI 2.0 allows for overdraft accounts as well. Not just in a filtered way, but with full bells and whistles that are associated with overdraft accounts. Using Immediate Payments Service (IMPS), the UPI process can be thought of like an email ID for making payments. Being faster than NEFT and without the time constraints, UPI is essentially an advanced version of the IMPS. It cuts down on costs and the effort associated with making payments. Just as UPI was a push towards enhancing the <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword> culture in India, UPI 2.0 looks to encourage that even further. That being said, the adoption of cashless payments, though on the rise, shows the disparity in its penetration across the country.

UPI 2.0: Here’s what you need to know

Gokul Rajaram is Product Engineering Lead at Square. He was most recently the Product Director of Ads at Facebook, and the Product Management Director for Google AdSense. He recently joined LivSpace as its Special Advisor. Business Insider India caught up with him just when he was beginning his day in San Francisco. 
 
1) What led you to join Livspace? 
I joined Livspace because of the founding team. The team compliments each other very well, right from Anuj the founder and CEO to Ramakant and Shagufta of Space Matrix. Livspace helps one design home better; the very concept excited me. 
 
2) What’re the unique internet trends you see in India? 
Food, shelter, clothing and transportation are some of the basic necessities for people. The Internet is helping solve problems in all aspects of human life. Indian companies understand the specific needs of the <a href="http://www.businessinsider.in/searchresult.cms?query=consumers">consumers</a> in India and are designing products accordingly. 
 
US based <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce">e-commerce</a> giants like <a href="http://www.businessinsider.in/searchresult.cms?query=Amazon">Amazon</a> are competing with Indian companies because they are many untapped opportunities here in India with the growth of Internet. 
 
3) What are the current challenges for Indian e-commerce companies? 
One is definitely logistics - the ability to transport goods from the warehouse to the drop location. One has to ensure last mile logistics. The second is payment - there is a lot of <a href="http://www.businessinsider.in/searchresult.cms?query=cash+on+delivery">cash on delivery</a> (COD) in India as compared to other payment channels like debit and credit cards or the use of wallets. The third would be how to encourage the merchants, i.e. the sellers to sell more products online. 
 
Demographics and the usage of mobile define the gap among e-commerce sites when it comes to fashion and other product verticals. 
 
4) What is India’s e-commerce population like? 
A large section of the online population is in the age group of 18 to 25. They are also the largest users of <a href="http://www.businessinsider.in/searchresult.cms?query=smartphones">smartphones</a>. These people increase the mobile engagement of buying products online. In years to come every household will start using mobile to engage in online shopping. 
 
5) What are the current product innovations you’re planning at Square? 
We at Square are looking at consumer friendly solutions in the payments sector. We are currently building products which will enable easier payments methods through debit and credit cards. 
 
Image credit: Indiatimes

Gokul
Rajaram: Every household will start using mobile

<ul> <li>Until August, <keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword> recorded over 30 billion transactions worth Rs 51.74 trillion for FY23. </li><li><keyword id="7998786" type="General" weightage="20" keywordseo="Online-payment-fraud" source="Orion">Online payment fraud</keyword> includes losses across the sales of digital goods, physical goods, money transfer transactions and banking, as well as airline ticketing and other purchases. </li><li>A report recommended that fraud prevention vendors focus on building platforms providing AI-powered risk-based scoring to best suit changing market conditions.</li></ul> Triggered by the growing use of digital wallets, the total cost of e-commerce fraud to merchants is likely to exceed $48 billion globally in 2023, from just over $41 billion in 2022, a report showed on Wednesday. This growth will be accelerated by the increasing use of alternative payment methods, such as digital wallets and BNPL (buy-now-pay-later), which are creating new fraud risks. In <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>, the Unified Payments Interface (UPI) reported another record high in August, with 6.57 billion transactions, amounting to Rs 10.72 trillion. In FY23 (till August) UPI recorded over 30 billion transactions worth Rs 51.74 trillion. Online payment fraud includes losses across the sales of digital goods, physical goods, money transfer transactions and banking, as well as purchases like airline ticketing. Fraudster attacks can include phishing, business email compromises and socially engineered fraud. "To combat this fraud, e-commerce merchants must implement simple steps such as address verification, combined with risk-based scoring on transactions, which will allow merchants to best mitigate the massive fraud threats present," suggested research author <keyword id="12585121" type="General" weightage="80" keywordseo="nick-maynard" source="Orion">Nick Maynard</keyword>. The report recommended that fraud prevention vendors focus on building platforms providing AI-powered risk-based scoring, which can be payment method agnostic, to best suit changing market conditions. Additionally, the research found that the potential for fraud with BNPL is a major risk going forward. Given the delayed nature of BNPL payments, fraudsters can make several illegitimate payments using stolen card details before the fraudulent activity is identified, creating significant risk. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ready-to-talk-with-startups-to-address-their-concerns-and-prevent-them-from-moving-out-of-india-sitharaman/articleshow/94800585.cms">Ready to talk with startups to address their concerns and prevent them from moving out of India: Sitharaman</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mixture-of-factors-may-shake-indias-sovereign-ratings-sp-global/articleshow/94807074.cms">Mixture of factors may shake India's sovereign ratings: S&amp;P Global</a>

E-commerce losses due to online fraud to exceed $48 bn globally

Online food delivery platform <keyword id="19901323" type="General" weightage="20" keywordseo="zomato" source="keywords">Zomato</keyword> on Thursday announced that its wholly-owned subsidiary <keyword id="20332565" type="General" weightage="20" keywordseo="zomato-payments-private-limited" source="keywords">Zomato Payments Private Limited</keyword> (<keyword id="20332941" type="General" weightage="20" keywordseo="zppl" source="keywords">ZPPL</keyword>) has been granted a certificate of authorisation from the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) to operate as an '<keyword id="20332942" type="General" weightage="20" keywordseo="online-payment-aggregator" source="keywords">Online Payment Aggregator</keyword>'. The authorisation came into effect from January 24. "We wish to inform that ZPPL has been granted a certificate of authorisation dated January 24, 2024, from the RBI to operate as an 'Online Payment Aggregator' in India with effect from January 24, 2024, as per the guidelines issued by the RBI," Zomato said in an exchange filing. With this, Zomato Payments has expanded its role beyond food delivery and restaurant discovery into the realm of digital payments. Apart from this recent development, Zomato had partnered with ICICI Bank last year to introduce its own unified payments interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>), Zomato UPI. Earlier this month, Zomato introduced a new feature called "daily payouts" to support emerging restaurant partners. Currently, the feature will be available for restaurant partners who receive 100 or fewer orders a month, according to the company. "Our discussions with various restaurant partners highlighted the financial challenges smaller eateries face, using the traditional weekly payout system. This feature is designed to address this critical need for more frequent access to earnings," Zomato said in a blogpost. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a><a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank">Revolt RV400 BRZ – An electric bike for the city with 150 km range hits Indian roads</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a>

Zomato gets RBI approval to operate as 'online payment aggregator'

(Photo Source: Inc42.com) <ul><li>India’s central bank plans to implement an <keyword id="4839943" type="PERSON" weightage="20" keywordseo="Ombudsman-Scheme">ombudsman scheme</keyword> to address complaints related to digital payments. </li><li>All payment services provided by entities that are currently regulated by the Reserve Bank of India will be included. </li><li><keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> has also issued instructions for limiting the liability of consumers in case of unauthorised e-transactions involving debit and credit cards issuing non-banking financial companies. </li></ul>India has witnessed a dramatic increase in the use of e-wallets and digital payments transactions over the past year. Nothing is more worrisome than getting a pop-up, “Your payment failed” soon after you have transferred money digitally. Moreover, not having a complaint system adds even more worry. It is quite common for Indian users to witness payment failures. To address this, the Reserve Bank of India will appoint an ‘ombudsman’ to specifically address all the complaints related to digital payments for prepaid instruments. Its existing banking ombudsman <a href="https://m.rbi.org.in/Scripts/FAQView.aspx?Id=24">allows</a> consumers to seek the help of a senior official appointed by the bank to address banking-related complaints. The bank has said it will soon implement a “cost-free, speedy and dedicate” ombudsman scheme to address all the consumer complaints against multiple issues faced while doing digital transactions in India. Additionally, it is also planning to limit customer liability in case of unauthorised electronic transactions involving banks and credit card issuing non-banking financial companies (NBFCs). Once notified, the scheme will cover all the services provided by entities registered under the Reserve Bank’s regulatory jurisdiction. — With IANS inputs

India will soon have an ‘ombudsman’ to address consumer complaints about digital payments

<ul><li><keyword id="6354743" type="COMPANY" weightage="20" keywordseo="Amazon-India">Amazon India</keyword> has plans on rolling out its own Unified Payments Interface (UPI) so that online shoppers don’t have to depend on third-party applications to make payments on the platform. </li><li>With this move, the company is rolling into a space that already has a lot of competition with PayTM, BHIM, PhonePe, <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> and <keyword id="1106616" type="PERSON" weightage="20" keywordseo="TrueCaller">Truecaller</keyword>. </li><li>With its own UPI as an option, <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> India will be able to offer users an ‘end-to-end’ solution for <keyword id="6357762" type="UNKNOWN" weightage="20" keywordseo="online-shopping">online shopping</keyword>.</li></ul>India’s central bank just announced a committee to push more Indians towards digital payments and Amazon has plans of jumping into the ring with its own Unified Payments Interface (UPI). Bankers told <a href="https://tech.economictimes.indiatimes.com/news/internet/amazon-starts-closed-user-group-testing-of-upi-pay-platform/67445483">ETtech</a> that the e-commerce giant is already testing its UPI on a restricted user base, in partnership with Axis Bank. Any digital payments platform needs to adopt <a href="https://www.businessinsider.in/upi-2-0-heres-what-you-need-to-know/articleshow/65444928.cms">UPI 2.0</a>, which was launched in August, 2018, in order to enable online financial transactions in India. That space is currently dominated by the Indian government’s own <a href="https://www.businessinsider.in/UIDAI-CEO-confident-about-BHIM-and-Aadhaar-Pay-says-misuse-not-possible/articleshow/58235536.cms">BHIM app</a>, <a href="https://www.businessinsider.in/thanks-to-demonetization-paytm-is-making-rs-120-crore-per-day-achieves-target-before-deadline-crosses-5-billion-gmv/articleshow/55541691.cms">PayTM</a>, PhonePe, Google Pay and Truecaller. But, Amazon has an edge. Rather being a digital wallet that adapts to being an e-commerce platform like PayTM, Amazon already has its customer base. Setting up its own UPI will help users that are already on Amazon, stay on Amazon, without needing a third-party app to make online payments. Even WhatsApp had <a href="https://www.businessinsider.in/whatsapp-google-yet-to-fully-comply-with-indias-data-localisation-norms-despite-repeated-inquiries-from-the-government/articleshow/66878922.cms">plans</a> of rolling out its own payments platform in June, 2018 but India’s new data localisation policy has them stuck in a rut. How is this going to change how you make payments online? At the checkout stage while shopping online on Amazon, it will have its own UPI handle that you can choose to make payments along with the usual suspects — debit cards, credit cards, net banking or cash-on-delivery. The UPI handle will allow you to make payments directly from your bank account to Amazon. Due to the vast popularity of PayTM, some users assume that all UPI using apps are digital wallets — but they’re not. An e-wallet is where money is transferred from your bank account into a digital wallet, where you can access it to make payments. But an app developed on the UPI platform allows transactions to occur directly between your bank account and the vendor, like a debit card, where the app is only the means of making the transfer without any having to store the money anywhere else in between. That will be the essential difference between Amazon Pay and Amazon’s UPI platform. The introduction of Amazon’s own payment platform will negate the need for consumers to turn elsewhere when they need to access their money. It assures users of an end-to-end solution for their online shopping.

In India, Amazon's fight is not just with Flipkart, but with PayTM, Google Pay and Truecaller

<ul><li>Letters have been issued to <keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> and <keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">Whatsapp</keyword> by the National Payments Corporation of <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> (NPCI) to clarify their plans to store payments data locally. </li><li>The government is concerned is that while these companies may be storing Indian users’ data locally, it’s being mirrored abroad. </li><li>India’s directive on <keyword id="6441632" type="UNKNOWN" weightage="20" keywordseo="Data-localisation">data localisation</keyword> requires data of local users be stored ‘exclusively’ in the country.</li></ul>The deadline imposed by India’s central bank, the Reserve Bank of India, to store all of Indian users’ data exclusively within the country was October 15, but technology giants like Google and Whatsapp are yet to fully comply with the directive. Officials told the <a href="https://economictimes.indiatimes.com/tech/internet/google-whatsapp-told-to-clear-air-on-data-storage/articleshow/66874386.cms">Economic Times</a> that the National Payments Corporation of India (NPCI) has sent letters to both companies. NPCI, the organisation responsible for all retail payments in the country, is asking Google and Whatsapp to clarify their plans on how they’re storing the data of Indian users from their respective payments platforms within India. The agency’s concern is that while these companies have started storing their data in India, they’re also keeping copies of the data abroad, which violates the rule that data should be ‘exclusively’ stored within the country’s borders. The need for a level playing field Local players in the Indian payments market like Paytm <a href="https://www.medianama.com/2018/09/223-paytm-data-localisation/">say</a> that the move to localise Indian data will benefit startups as well as allay the privacy concerns of citizens through a strong consumer data protection framework. PhonePe, another Indian payments company, has <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/phonepe-cheers-rbi-diktat-on-data-localisation/articleshow/65791504.cms">alleged</a> that global firms have been trying to evade taxes by keeping their data servers outside India. It claims the move is a requisite for the nation’s ‘safety and security’ as well as for the creation of ‘national wealth’. Whatsapp’s hurdles While Whatsapp was the first global company to <a href="https://www.businessinsider.in/whatsapp-gives-in-to-indias-data-localisation-policy/articleshow/66135946.cms">announce</a> that it would comply with India’s payments data localisation demand, it has faced its fair share of hurdles. Other companies like MasterCard, Visa, PayPal, Amazon, Google and Facebook were <a href="https://www.businessinsider.in/google-pay-accused-of-data-payments-violations-by-paytm-in-a-letter-to-the-npci/articleshow/65897649.cms">still seeking</a> extensions at the time of the imposed deadline. Whatsapp’s <a href="https://www.businessinsider.in/beta-no-more-whatsapp-isnt-slowing-down-even-without-an-office/articleshow/65226054.cms">plans</a> to roll out its own payments platform have <a href="https://www.businessinsider.in/what-india-needs-from-whatsapp-might-not-be-so-easily-attainable/articleshow/65497255.cms">faced obstacles</a> after its parent company, Facebook, got embroiled in the Cambridge Analytica’s data breach debacle and the spread of fake news was thought be propagated through its messaging app. The company is yet to fully roll out their payments service, but nearly one million people are already testing <keyword id="4685737" type="PERSON" weightage="20" keywordseo="WhatsApp-payments">Whatsapp Payments</keyword> in India, according to the company. The <a href="https://www.businessinsider.in/heres-what-whatsapp-india-head-will-take-on-as-it-sets-out-to-establish-its-first-full-country-team/articleshow/66751310.cms">recent appointment</a> of Abhijit Bose as the country head, whose previous role was co-founder of Ezetap — a digital payments product for rural households where smartphones could be turned in to point-of-sale devices — is meant to help with the platform’s full roll out. See also: <a href="https://www.businessinsider.in/heres-what-whatsapp-india-head-will-take-on-as-it-sets-out-to-establish-its-first-full-country-team/articleshow/66751310.cms">Here's what WhatsApp India head will take on as it sets out to establish its first full country team</a> <a href="http://.">WhatsApp gives in to India’s data localisation policy</a> <a href="https://www.businessinsider.in/whatsapps-appointment-of-a-grievance-officer-for-india-may-only-be-a-cosmetic-move/articleshow/65945991.cms">WhatsApp’s appointment of a grievance officer for India may only be a 'cosmetic move'</a>

Whatsapp, Google yet to fully comply with India’s data localisation norms despite repeated inquiries from the government

<ul><li>SMising is becoming more prevalent, as highlighted by the coronavirus lockdown, which means one-time-passwords may not be enough to keep hackers at bay. </li><li>Guru Bhat, the General Manager at <keyword id="284992" type="COMPANY" weightage="20" keywordseo="PayPal-India">PayPal India</keyword> and the company’s chief technology officer Sri Shivananda explain how ‘kinetics’ is the next threshold for payment companies to keep fraudulent transactions at bay.</li><li>The problems with using OTPs extend beyond the <keyword id="6361948" type="UNKNOWN" weightage="20" keywordseo="cybersecurity">cybersecurity</keyword> landscape, with a higher chance of transactions getting abandoned midway, creating a demand for seamless <keyword id="6659127" type="UNKNOWN" weightage="20" keywordseo="Multi-factor-authentication">multi-factor authentication</keyword>.</li></ul>Users in India believe that their online transactions are largely safe because we have a strong system of <keyword id="1592017" type="PERSON" weightage="20" keywordseo="Two-factor-authentication">two-factor authentication</keyword> in place. However, with phishing — especially SMishing — on the rise, this may no longer be the case. Hackers can gain access to your phone, and, in turn, all your messages, including incoming one-time-passwords (OTPs). So, what do you do when the one sure-shot method of protecting your <keyword id="694150" type="UNKNOWN" weightage="20" keywordseo="online-payments">online payments</keyword> might get compromised? ”The way you hold your phone, the pressure that you exert when you’re typing on the keyboard and other things — these are multiple hidden factors that will give you the same result as an OTP,” said Guru Bhat, vice-president of the Customer Success Platform and general manager at <keyword id="6357940" type="DEFINITION" weightage="20" keywordseo="paypal">PayPal</keyword> India. Most smartphones today come equipped with a host of sensors. The screen Gyroscopes can measure the orientation of your phone. Accelerometers can determine how hard you’re hitting your keyboard. And, advanced haptics can even determine how hard you’re holding your phone. These factors come together to determine a person’s digital signature through what is called ‘kinetics’. “You take the fact that an individual is associated with a device and the individuals’ use of a device itself has a signature. And, you use that signature as a part of the claim that the individual is who they claim to be,” explained Bhat. Where do you draw the line? While multi-factor authentication could facilitate seamless transitions, companies will also have to determine where to draw the line since microphones and facial recognition are also factors than need to be taken into account. While they may be more efficient than other methods to authenticate a person’s identity, they end up falling on the other end of the privacy spectrum. “It’s going be a mix of human intelligence and machine intelligence, where the magic actually lies,” said Bhat. It’s not something that is used by payments platforms just yet, but it’s definitely something that’s on the horizon. “Soon enough, we’ll get to a place where seamless transactions and convenience will all be based on implicit multi-factors, from various different things,” said Sri Shivananda, senior vice president and chief technology officer at PayPal. The obstacles with OTPs go beyond security Until multi-factor authentication comes in, OTPs are still the best option that users have at their disposal. “There are other methods of secure communication that can happen. But, during the bridge, this is the best course that companies are able to take,” Shivananda explained. However, OTPs are not only a worry with respect to security as the hackers get cleverer but also with respect to transaction drop rate. “Does two-factor authentication improve the security and safety of a transaction — absolutely, yes. And, at the same time, does it add friction to it and does the conversion rate for a merchant actually drop — absolutely, yes,” he added. From the time that you initiate a transaction to when you complete it using an OTP there are many things that can go wrong. Network connectivity could fall through, you might enter the incorrect six-digit code, somebody might call you away in the middle of the lengthy process causing the transaction to time or you might simply, just lose interest. For now, payment companies like are using artificial intelligence (AI) and machine learning (ML) to track where potential attacks could emanate from. “Through what we call defence-in-depth and layered security, we apply protection on your device from within the app — on the network edge, rate-limiting infrastructure, the right kind of cryptographic infrastructure, and so on,” explained Shivananda. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ms-dhoni-backed-khatabook-adds-to-its-line-up-of-star-investors-sequoia-and-tencent-get-more-stake-in-indias-largest-small-business-app/articleshow/75842295.cms">MS Dhoni-backed Khatabook adds to its line-up of star investors ⁠— Sequoia and Tencent get more stake in India's largest small business app</a> <a href="https://www.businessinsider.in/tech/news/faisal-siddiquis-tiktok-acid-attack-video-is-adding-to-the-growing-list-of-problems-for-the-platform-in-india/articleshow/75800571.cms">Faizal Siddiqui’s TikTok acid attack video is adding to the growing list of problems for the platform in India</a> <a href="https://www.businessinsider.in/tech/news/tiktok-gogole-play-ratings-fall-to-1-3-stars-after-4-million-comments/articleshow/75842653.cms">Tiktok got 4 million comments on Google Play Store dragging down its rating to 1.3⁠ — but it may not disappear yet</a>

You Searched For "online payments india" and got 10 results

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In India, Amazon's fight is not just with Flipkart, but with PayTM, Google Pay and Truecaller

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Whatsapp, Google yet to fully comply with India’s data localisation norms despite repeated inquiries from the government

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PayPal executives explain what comes after OTP — the way you type or hold your phone could be the 'digital signature' of the future

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