Several major Indian banks have been hit by a massive card breach which may impact up to 3.2 million cards. Banks have either recalled cards or invited customers to changeThis is the action by which certain banknotes and/or coins are exchanged for the same amount in banknotes/coins of a different face value, or unit value. See Exchange. More PINs. The National Payments Corporation of India indicated an investigation was looking into the cause of the breach. It suspects cards were compromised by as many as 90 ATMs which were infected with malware.
The attack comes at a time when India had been pushing hard to reduce cashMoney in physical form such as banknotes and coins. More usage. In May, the Prime Minister urged his countrymen to adopt non-cash payments in order to reduce tax evasion and corruption. The Reserve Bank of India (RBI) recently launched the Unified Payments Interface (UPI), which uses a national identification number and one’s mobile number to make payments. Moreover, Google and Visa have also been lobbying hard to push digital payments by calling for the government to incentivise the use of non-cash instruments.
Bloomberg reports that this breach is a major setback for India’s fight against cash. “Rather than the actual impact of the breach it is the noise, confusion and fear of the unknown which is fueling the panic,” said Naveen Surya, chairman, PaymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More Council of India.“Given that most Indians are in the villages and not tech savvy, there will be lot of apprehension regarding usage of digital moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More and cards after this breach,” said VVSSB Shankar, founder of i-lend, India’s first peer-to-peer lender.