Paytm Payments Bank (PPB) led the rankings in the number of digital transactions done in July, a report by Ministry of Electronics and Information Technology (MeiTY) said. “MeiTY has set up the ‘Digital Payment Mission’ with a target of 4,019 crore digital payment transactions in FY 2019-2020. And PPB reached 102.01 percent of the set target,” Paytm Payments Bank said.
PPB’s spokesperson says the company had set a target of 5 billion digital transactions for this year. But it reported 1.3 billion transactions in the first three months of 2019. The bank has also on-boarded almost 1 million rural merchants in the same period. The company also reported one of the highest rates of successful transactions in the month, with 0.03 percent of the transactions on UPI being declined, as per a report. Further, Canara Bank reported more than 1.4 percent transaction declines on UPI. The public-sector entities that have been rated ‘good’ in the list include Canara Bank and IDBI Bank.
Separately, to help users easily identify any suspicious transactions, Google now sends app as well as SMS notifications. With this move, Google aims to inform users every time they receive a collect request. It will highlight that approving the request will deduct money from their bank accounts. Google Pay has added enhanced fraud protections with SafetyNet.
Google is assuring world-class protections against fraud attacks along with faster identification and suspension of fraudsters. To keep users safe, the Google Pay app also comes with secure access using PIN entry or fingerprint authentication. This helps keep users safe from remote desktop attacks. Google is also working hard to block fraudsters from getting on the Google Pay platform.
To ensure this, the search giant has added an exhaustive risk relations check right at the onboarding stage. “We have now launched notifications and SMS alerts to clarify the direction of flow of money and help them to transact securely.” Ambarish Kenghe, Director, Product Management, Google Pay said in a blog post.
– With inputs from IANS