As part of its ongoing push toward cashless payments, India is taking steps to ramp up the use of contactless payments, which are already becoming more common in Japan, South Korea, Australia, the U.K. and the U.S. What can be done to balance security vs. convenience?
Although the Reserve Bank of India mandated that banks complete the shift from magnetic stripe debit and credit cards to EMV chip-and-PIN cards by Jan. 1 to help reduce fraud, there's still plenty of work to be done.
After initial protests, Google, Facebook, Amazon and Microsoft, along with major payment firms, have indicated they plan to comply with the Reserve Bank of India's payment data localization mandate and meet the Oct. 15 deadline. Security experts analyze the impact of the data storage shift.
Privacy advocates are praising the India Supreme Court's ruling that private entities can no longer require the use of Aadhaar data for authentication, but they're pressing for swift passage of a new data protection law.