Cybersecurity
India Card Breach Seen Hindering Modi’s Quest to Go Cashless
- Data breach may have compromised as many as 3.2 million cards
- Despite Modi’s push, 98% of transactions still made with cash
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India’s quest to become a cashless economy has been dealt a blow by a data breach that compromised as many as 3.2 million debit cards.
Prime Minister Narendra Modi urged Indians in a radio address in May to use cashless payments to discourage corruption and keep track of money. Convincing them may get harder after India’s national card payments network said that the data violation led to fraudulent transactions, mainly in China and the U.S.