Out of the 14 banks that signed up for the Governements' new payment system - Aadhar Pay, IDFC became the first one to formally launch the service. They aim to reach 50,000 – 75,000 merchants in the next two years.
From being tech enabled, banks are moving towards becoming tech driven corporations. In such scenarios, cyber security automatically becomes one of the most critical aspects of banking. But when you're SBI, well, you're SBI. NOT banking with them for sure!
Speaking of cyber security, an Indian discovered a bug in the Uber app that allowed free travel. To their credit, at least they had a bug bounty program. Are you listening, startups?