Page 42 - Banking Finance January 2025

ARTICLE

payments. As they begin using mobile wallets for their payments, mobile wallets simply require a near touch to the
convenience, consumers are becoming increasingly merchant's NFC-enabled point of sale terminal - a
comfortable marrying innovative payment technologies with transaction more immediate than the exchange of cash.
sensitive personal information - provided that they feel their Payment receipts can also be sent and stored automatically
information is kept securely.In addition to that introduction to the device, removing the need and hassle of printing
of Biometric payments identify users by analyzing their multiple customer receipts.
unique physical traits, such as fingerprints, iris scans, or facial
features,provides a high level of security without Ready for the Future
compromising on payment speed and convenience. By adding debit card information to mobile wallet
applications on their mobile devices and using apps that
Contrary to some commonly held perceptions, mobile monitor debit card usage, cardholders are finding innovative
wallets are even more secure than EMV chip cards. Built-in ways to transform the payment process, benefiting not only
security hurdles authenticate the user, which limits themselves, but merchants and their financial institutions,
fraudulent use before the mobile wallet is even activated. too. But just because cardholders are putting down the
Combining the extra securities of a fingerprint touch ID, six- plastic in favor of newer electronic forms of payment, don't
digit passcode, and the device chip itself, smartphones offer be fooled into thinking that physical debit card payments
strict user protections in addition to the standard PIN and will be left behind entirely. As long as consumers value the
signature components of debit card usage. immediacy and flexibility of a debit payment option -
whether in the form of physical card or mobile wallet - debit
In addition to the advanced security measures of mobile cards will continue to have a place in future transactions
payments, debit cards linked to mobile wallets like Apple
Pay, Samsung Pay, and Google Wallet are advancing the Refrence:
convenience of store checkout. Prompting easy and instant Fisglobal.com,worldline.com,Financial Express, Payneteasy

RBI Governor: Stable inflation bedrock for sustained growth

A stable inflation is a cornerstone for sustained economic growth, which can improve the purchasing power and
provide a stable environment for investments, Reserve Bank of India's (RBI) Governor Shaktikanta Das said.
"A stable inflation or price stability is in the best interest of the people and the economy. It acts as a bedrock for
sustained growth, enhances the purchasing power of the people and provides a stable environment for investment,"
Das said in his address at the High-Level Policy Conference of Central Banks from the Global South.
He, however, said that the resilient growth in India has given the RBI the space to focus on inflation to ensure its
durable descent to the 4 per cent target. The government has given the RBI the target to maintain inflation in the
2-6 per cent band. The RBI has been focussing on maintaining CPI print at 4 per cent on a durable basis.
The Consumer Price Index (CPI) accelerated to a 14-month high of 6.21 per cent in October, compared to 5.5 per
cent in September.
The recent "State of the Economy" article published in the November bulletin of the RBI also said that there was
a need to bring inflation down in order to help India meet its potential.
"All that is needed is get inflation down so that India reconnects with its potential," the article said.
The Governor stated that price stability is just as crucial as growth to enable economic agents to plan ahead, re-
duce uncertainty and inflation-risk premiums, and encourage savings and investment. These all will provide a boost
to the potential growth rate of an economy.

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