It’s time to allow new payment networks to rival state-run monopoly NPCI. Let them charge fees to offer institutional-grade security to retail customers
Bank frauds in India have tripled in value. But that’s only because some of the cases reported previously were reinvestigated and appeared in the new data. More worrying than the surge in the amount, however, is the rise in the number of payment scams over the past couple of years. The solution lies in rewarding better security.