Bringing trust into Indian mobile payments

A report out this week has predicted that India will see a tenfold increase in digital payments between now and the end of the decade. That will see a rise to $500bn annually and see the GPD of India rise by 15%. However, unless more trust is built between consumers and banks, this prediction might not come to pass.

Payment industry commentators have often pointed to economies such as India and China as places of great innovation and progress. Just as nature abhors a vacuum, so does economics. Where there is a gap in the market, it will be filled. And this is what has happened in countries such as India where mobile technology has offered financial services to those who previously lacked them.

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Contactless has finally taken off

It was 2007 when Barclaycard launched the first contactless card in the UK. With a maximum spend of £15 and accepted by very few retailers, contactless cards were seen as little more than a gimmick and consumers were sceptical of their security. Sensational headlines about how easy they were to skim and hack did nothing to calm these fears.

Embraced by fast food chains, sandwich shops and coffee shops as a way to beat queues and serve customers quickly, slowly the technology began to expand.

Security concerns were addressed head on: banks and issuers assured card holders that the cards are safe, pointing out that added security, occasionally the consumer will be asked to enter their PIN number.

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EMV and the new avenues of fraud

It has nearly been a year since the 1 October 2015 US liability shift deadline for US credit card companies and merchants to switch to EMV cards. Despite concerns about costs and the challenges of roll out on such a huge scale. EMV adoption has rapidly increased. MasterCard has announced that 80% of its credit cards now have chips, while it has 1.7 million chip-active merchant locations on its network.[1]

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