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  • The US suspends Mastercard and Visa in Russia, what does it mean? | VARINDIA News Hour

    The US suspends Mastercard and Visa in Russia, what does it mean? | VARINDIA News Hour

    #Visa and #Mastercard are suspending their Russian operations, as per a statement and they would no longer handle card operations pertaining to sanctioned Russian banks. They are now extending that to all card issuers and merchant processors in Russia. With this there will be a big impact on foreigners who won’t be able to use their Visa or Mastercard cards for purchases in the country, whether online or in person. Russian cardholders are still able to use these cards for purchases in Russia, but their transactions will travel over other networks, mainly Russia's homegrown payments system, Mir. Mir is a Russian payment system for electronic fund transfers established by the Central Bank of Russia under a law adopted on 1 May 2017. The system is operated by the Russian National Card Payment System [ru], a wholly owned subsidiary of the Central Bank of Russia. Russian cardholders won’t likely be able to use their Visa- or Mastercard-branded cards outside the country. “All transactions initiated with Visa cards issued in Russia will no longer work outside the country,” Visa said in a statement.

    Western financial institutions have moved rapidly to sever ties with Russia, in some cases going well beyond sanctions on the country’s biggest banks. Their moves have hobbled the country’s economy and cut off Russian citizens and companies from the global financial system. On the surface it looks like a brilliant move to cripple financial transactions of Russia. But scratch the surface and it will actually mean that the US will weaponize its corporations on countries not on the same page with them. But the question is will it impact Russia? Yes, to some extent.

    What effect will it have? It will simply cripple Mastercard and Visa growth in future as many nations wouldn’t want to be hostage of the US financial or corporate system. China has Union Pay, Japan has

    By VARINDIA | 65 views

  • Future of Business Email for SMEs | CYBERCRIMINALS Attacking CYBERINSURANCE | VARINDIA News Hour

    Future of Business Email for SMEs | CYBERCRIMINALS Attacking CYBERINSURANCE | VARINDIA News Hour

    We live in a world that’s becoming more digitally dependent. Right from our social interactions to professional interchanges and financial transactions, most take place digitally. While digital resources are enabling, they also leave us vulnerable to cyber criminals as a lot of information regarding our personal and professional lives rests in the digital domain. Cyber insurance or cyber security insurance provides coverage from activities such as identity theft, unauthorized transactions, and more with rapidly increasing digitalisation, cyber risks and loss scenarios keep changing quickly. For all risk owners this makes it even more important to learn from past incidents and identify upcoming cybersecurity trends, threats and vulnerabilities. Cyber insurers have already proven that they can be part of the solution when it comes to building up resiliency and preparedness across all industries. The total global economic damage of cybercrime is a controversial issue. Cybersecurity Ventures estimates global economic cybercrime costs to grow by 15% per year over the next five years, reaching $10.5 trillion annually by 2025. In 2021, the number is expected to be $6 trillion up from $3 trillion in 2015. This is no surprise as the cybercriminal world is advancing at a fast pace.

    Having cyber insurance is a good idea if the costs make sense — it could be the difference between going out of business and staying afloat. Even if you can afford and qualify for coverage, you should know that cybercriminals like to attack companies with cyber insurance. According to a recent survey, these organizations are over two times more likely to pay ransoms than those without it. Hackers even find out the value of potential victims' coverage by breaking into the insurance companies first so they can demand the highest possible ransom. Once they've extorted organizati

    By VARINDIA | 123 views

  • What makes a fintech start-up a real success?

    #SaltSecurity #unicornclub #CapillaryTechnologies

    Success Of Fintech Start-ups

    India is recognised as the world's fastest-growing economies and has emerged as one of the fastest-growing FinTech hotspots in recent years. Paperless lending, mobile banking, secure payment gateways, mobile wallets, and other concepts are already being adopted at a super speed in the country. FinTechs are emerging with the innovations in digital technology that aims to improve and automate the delivery and usage of financial services. The word FinTech is a combination of "financial technology.” Fintech APIs are driving an explosion of new business models. Their increasing adoption and use throughout the financial sectors have resulted in an explosion of new apps, services and business models. APIs allow different systems to talk to each other. In the context of financial technology—or fintech—they enable data access among the parties involved in financial transactions, including banks, third-party providers, websites and consumers. Banks and payment companies need to connect with third parties in order to expand their services and stay competitive. Merchants need to make it easy for customers to pay using their preferred methods and consumers want to be able to transfer funds, make purchases and perform personal banking tasks on the go.

    The digitization of banks, mobile payments, digital currencies, online mutual fund investments and others have given rise to fintech innovation. India's payments infrastructure has seen substantial improvements, particularly with the introduction of new payment mechanisms and interfaces such as Immediate Payments Service, Unified Payments Interface, Bharat Interface for Money, and others. The government's "Make in India" and "Digital India" projects also played a significant role in accelerating the adoption of Fintech. It is commendable that the Reserve Bank of India has also pushed the g

    By VARINDIA | 88 views

  • Data localization brings huge investment into data centre market in India

    #DataLocalization #Intel #DataCentremarket

    Data Localization – opportunity for Data Centre market



    Data localisation is good for the country in terms of control of data and governance of these companies. Visa, being the dominant player in terms of credit cards and also RuPay got an advantage as others like Mastercard, American Express and Diners Club have been barred as of now. Larger banks already have at least two issuing partners on board but smaller banks with only Mastercard are now looking for alternatives. According to RBI data, there were 6.23 crore outstanding credit cards as of May 31, 2021, and 90.23 crore debit cards. The ban was a clearly thought out move which ensures that the RBI’s norms are taken seriously and complied with fully while ensuring that banks have enough partners to issue cards. Most of the banks which had exclusive partnerships with Mastercard confirmed that they are in the process of shifting their card network to the remaining two players — Visa and home-grown RuPay.

    At the same time, the United Payments Interface (UPI) transactions offer customers cardless and cashless payment options through phone numbers and QR codes. A record 2.8 billion UPI transactions worth roughly 5.5 trillion rupees, or $73.8 billion, also took place last June.



    The data localisation policy brings a dynamic shift for investment into data centre business in the country. India’s digital economy is expected to touch $1 trillion by 2025, with the government planning to triple India’s installed power capacity for data centres from the existing 375MW by 2025, there is a $4.9 billion investment opportunity by 2025 to set up data centre infrastructure. All the credit comes with the growing digital economy, increased investor interest and stable long-term returns. The era of automation and AI has shown that today’s dream can become tomorrow’s reality. The Data Centre industry is expanding at an unprecedented pace

    By VARINDIA | 68 views

  • Opportunities For Technological Disruption In Times Of Crisis

    Opportunities For Technological Disruption In Times Of Crisis

    Opportunities For Technological Disruption In Times Of Crisis

    By VARINDIA | 72 views

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