Business
Credit Cards Ranked Next Biggest Driver In Payment Landscape By 65% Of Fintech Leaders: Report
New Delhi: As many as 65 per cent of industry leaders identified credit cards as the top growth segment leading the next wave of transformation in India’s fintech and payments landscape, a report said on Wednesday. In the survey report from PwC India that surveyed 175 industry leaders who identified cards, over 90 per cent said that they believed in credit cards’ promising growth potential.
The survey revealed that 73 per cent of respondents expect Gen AI and Agentic AI to significantly impact the payments landscape. Nearly 50 per cent of the survey respondents believe that Agentic AI and biometric authentication are set to transform the user experience in digital payments.
Credit cards surpassed 100 million in FY24 and are projected to reach around 200 million by FY30 with robust transaction growth fuelled by product innovation and wider adoption, the report said. Debit cards, however, continue to decline as consumers increasingly prefer UPI and credit cards.
PwC forecasted that overall digital transaction volumes may nearly triple by FY30, driven by innovations across the ecosystem, increasing credit penetration, regulatory support, adoption of emerging technologies, and evolving consumer behaviour.
“India’s payments ecosystem is entering a new phase of maturity and integration. Over the next five years, we expect continued innovation and expansion of UPI, strong credit growth, and increasing convergence of payments with lending, insurance, and wealth. The key will be balancing innovation and scale with interoperability, security and inclusion to create a digital payments economy for the future,” said Mihir Gandhi, Partner and Leader – Payments Transformation and Fintech, PwC India
UPI accounted for 90 per cent of retail digital payment volumes in FY24–25, and its growth will be driven by offline adoption, interoperability, credit-linked use cases and emerging opportunities such as cross-border transactions.
As many as 70 per cent of respondents point to tokenisation and the RuPay–UPI linkage as key enablers, while 66 per cent viewed hyper-personalisation, easier authentication and credit on UPI as critical success factors.
Business
Anthropic’s new AI model exposes fresh risks, flaws for cybersecurity, IT services – The Times of India
New Delhi: A powerful new AI model is forcing govts, banks, and technology firms to rethink the rules of cybersecurity – and in India, the stakes may be even higher.Claude Mythos, developed by Anthropic, has demonstrated the ability to autonomously detect and exploit software vulnerabilities, including flaws that have persisted for decades. Early tests revealed that the model could identify long-standing weaknesses and simulate complex, multi-step cyberattacks, prompting the company to restrict its wider release. Anthropic CEO Dario Amodei highlighted the shift, noting that AI systems are now capable of finding vulnerabilities “that humans have missed”, a signal of how quickly the cybersecurity landscape is changing.US Treasury Secretary Scott Bessent reportedly convened a meeting with top bank executives – including leaders from JPMorgan Chase, Goldman Sachs, Citigroup, BoA, and Morgan Stanley – to assess the risks posed by such advanced AI systems.That concern is not theoretical. According to Jaydeep Singh, GM for India at Kaspersky, the emergence of such systems represents a turning point not just for security professionals, but for everyday users. “We have been closely monitoring how AI is reshaping the threat landscape, and Claude Mythos represents a moment that every user, not just the cybersecurity industry, needs to understand,” Singh said.The dual-use nature of AI is at the heart of the concern. The same capability that strengthens defences can just as easily be weaponised. “The same capability that finds a 27-year-old vulnerability in hardened infrastructure is the capability that, in the wrong hands, turns every unpatched system into an open door,” Singh added.Cybersecurity firm Check Point Software Technologies echoed the warning. Sundar Balasubramanian, MD, India and South Asia, for Check Point, says, AI is “dramatically lowering the barrier to entry for cyber attackers,” enabling even less-skilled actors to identify and exploit vulnerabilities. He added that defensive tools can be repurposed offensively, compressing the traditional gap between attackers and defenders. Jayant Saran, partner, Deloitte India, described this as a “changed reality,” where organisations must prepare for risks that were previously invisible. He called AI a “double-edged sword…that cannot be reversed,” highlighting an accelerating race between those securing systems and those attempting to break them.In India, the risks are amplified by scale. From UPI to banking and govt platforms, millions depend on digital infrastructure – much of it built on legacy systems. These systems are often slower to patch, harder to monitor, and lack continuous threat intelligence, creating what Saran called an “asymmetric risk exposure.” Singh pointed out that this gap is especially critical in India, where legacy infrastructure serves hundreds of millions.Beyond cybersecurity, ripple effects could reach financial markets. Analysts say models like Mythos could automate parts of software development, testing, and security – core functions of IT services industry. While disruption may be gradual, labour-intensive outsourcing models could face pressure, while firms embracing AI may benefit.
Business
Could a digital twin make you into a ‘superworker’?
Firms say digital twins make staff more productive, but are they a potential legal minefield?
Source link
Business
Netflix co-founder Reed Hastings to step down as chairman
Hastings set up the company in 1997, when it rented DVDs to customers and delivered by post.
Source link
-
Entertainment1 week agoQueen Elizabeth II emotional message for Archie, Lilibet sparks speculation
-
Tech1 week agoAzure customers up in arms over ‘full’ UK South region | Computer Weekly
-
Tech1 week agoAs the Strait of Hormuz Reopens, Global Shipping Will Take Months to Recover
-
Fashion1 week agoCII submits 20-pt agenda to Indian govt to back firms hit by Iran war
-
Tech1 week agoThis AI Button Wearable From Ex-Apple Engineers Looks Like an iPod Shuffle
-
Politics7 days agoIndian airlines hit hardest after Dubai limits foreign flights until May 31
-
Entertainment4 days agoPalace left in shock as Prince William cancels grand ceremony
-
Politics7 days agoChinese, Taiwanese will unite, Xi tells Taiwan opposition leader
