Last Week’s Latest:
Focused Story Of The Week #1: Mobile Wallets: A USD 16 Trillion Global Market Opportunity
In an effort to establish a presence in South Africa's fast expanding digital payments market, Alphabet Inc. launched Google Wallet there on Tuesday. Due to its simplicity in enabling online bill payments and other money transfer services, mobile wallets are becoming extremely popular all over the world. The global mobile wallet industry is expected to grow to USD 16.2 trillion by 2031, at a CAGR of 22.2 per cent, helped along by digitalsation in banks and financial organisations.
But there are still a few issues that the mobile wallet sector needs to deal with. Despite the fact that technology like UPI has helped India easily transition to mobile wallets, there are still many untapped markets throughout the world. Only 12-18 per cent of mobile users in the US make mobile payments. The uncertainty around security of digital wallets is a key factor. Cybersecurity has emerged as one of the most in-demand services for businesses wanting to safeguard their data and gain confidence of their customers as the digital footprint of enterprises grows. Customers need to be persuaded by payment firms that their data and the applications they use are safe.
Mobile wallets will inevitably become the new standard in a world where digitalisation is sweeping the globe. But for the mobile wallet industry, how things turn out in the long term will depend on how they tackle their biggest challenge – Security.
Focused Story Of The Week #2: India's Growth In Internet Users & The Flipside Of Increased Cyber Attacks
In India, both digitalisation and the heterogeneity of networks, apps, and devices are growing quickly. The rapid penetration of gadgets is outpacing the testing of applications and devices. Overall, this has led to an increase in breaches and cyber incidents.
While India's internet user base is expected to reach over 900 million by 2025, a simultaneous surge in cyber dangers has become a major source of worry. Up until this June, there were, according to the authorities, 6,74,021 cyberattacks throughout the nation, or almost 3,700 per day.
Important sectors recently have been attacked, including banking, telecom equipment, and electrical delivery. Data breaches, denial of service attacks, and ransomware are some of the common examples.
Rural India is driving the growth in internet usage in India, per IAMAI-Kantar – over 351 million people in rural areas used internet in 2021. Although this is encouraging, experts warn that rural consumers may be more susceptible to cybercrimes due to lack of knowledge about the internet.
While we should be proud of the digital initiatives and their great success in providing delivery of key services across all parts of our country, hospitable and inhospitable, I think it is time to create a national education charter that enables people to learn more about cybercrimes and cyberthreats.
It is crucial for the country to take stronger initiatives towards awareness and knowledge on safe practices of the internet, which will in return help us prosper as a well enabled nation.