We have introduced an additional factor of authentication for all e-commerce transactions, and are swiftly moving to Chip and PIN technology for credit card transactions.SMS alerts for bank and credit card transactions are a welcome advance relative to even the United States, where thieves find it easy to bill thousands of dollars to your credit card even before you know it is stolen.
All this means that we have the infrastructure to provide cheap and safe payments and remittances. What we need are non-governmental players to utilize this infrastructure to provide the products and access that people want. A lot is already happening. Real-time funds transfer through the Immediate Payment Service (IMPS) put in place by NPCI has contributed significantly towards growth of mobile banking.