1 in 3 Indians using real-time payments scammed in 2024, high-value losses doubled: Fico survey
1 month, 2 weeks ago

1 in 3 Indians using real-time payments scammed in 2024, high-value losses doubled: Fico survey

Firstpost  

The ‘2024 Scams Impact Survey: India’ revealed that 34 per cent of respondents had paid for products, services, or investments that were never delivered. Additionally, 45 per cent believed that enhancing fraud detection systems was the most crucial step banks could take to prevent scams One in every three Indians lost money to scamsters in the past year while high-value losses nearly doubled in 2024, a survey by America-based data analytics firm Fico has found. Additionally, 45 per cent believed that enhancing fraud detection systems was the most crucial step banks could take to prevent scams. Dattu Kompella, managing director in Asia for Fico, said, “While fewer Indian consumers reported losses in 2024 compared to 2023, the percentage of high-value losses—those exceeding Rs 8 lakh —doubled from 2% to 4%.” With the rise of RTP came the menace of online scams.

Scams Indian Scam Survey Cent Indians Fico Kompella Indian Consumers Payments Banks  2024  fico  using  doubled  scam  indians  rtp  scammed  realtime  losses  scams  cent  indian  survey  highvalue  payments  banks  respondents

History of this topic

Cybercrime may cost India Rs 20,000 core in 2025; banking, e-com most vulnerable
2 weeks ago

Cybercrime may cost India Rs 20,000 core in 2025; banking, e-com most vulnerable

India Today  

The menace of cybercrime continues to target more Indians and heavy losses. Bengaluru-based cybersecurity firm CloudSEK, after analysing data related to more than 5000 now-defunct malicious website domains and instances of abuse of over 16000 brands, has predicted that Indians and Indian companies could lose Rs 20,000 crore to cybercrimes in 2025. Scams related to brand impersonation alone could cost …

₹62.46 lakh refunded to cyber fraud victims through court orders in Hyderabad
3 weeks, 4 days ago

₹62.46 lakh refunded to cyber fraud victims through court orders in Hyderabad

The Hindu  

The Hyderabad Cyber Crime Police facilitated the refund of ₹62,46,900 to victims of online fraud in 16 cases, following court directives. The modus operandi in these scams ranged from false investment promises to impersonation tactics designed to deceive victims into transferring money. “Of the 16 cases, eight were related to stock trading and investment scams, where victims were lured with …

Half-priced dreams, full-priced nightmares: Why are Keralites such easy prey for scamsters?
1 month ago

Half-priced dreams, full-priced nightmares: Why are Keralites such easy prey for scamsters?

New Indian Express  

During the fag-end of 2024, a 45-year-old man from Kerala lost a staggering Rs 4.05 crore over a two-and-a-half month period to a cyber scam. Earlier, in September 2024, a scamster hailing from Rajasthan cheated a Kozhikode doctor to the tune of Rs 4.08 crore. Kerala police said that during the year 2023, a total of 23,753 people in the …

India's 'digital arrest' scammers stealing savings
1 month, 3 weeks ago

India's 'digital arrest' scammers stealing savings

Hindustan Times  

Within five hours while sitting at home in India, retired professor Kamta Prasad Singh handed over his hard-earned savings to online fraudsters impersonating police. Indians have emptied their bank accounts "out of sheer fear", Modi said in an October radio broadcast, adding fraudsters "create so much psychological pressure on the victim". India runs the world's largest biometric digital identity programme …

India's 'digital arrest' scammers stealing savings
1 month, 3 weeks ago

India's 'digital arrest' scammers stealing savings

Hindustan Times  

Within five hours while sitting at home in India, retired professor Kamta Prasad Singh handed over his hard-earned savings to online fraudsters impersonating police. HT Image {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} The cybercrime known as "digital arrest" where fraudsters pose online as law enforcement officials and order people to transfer huge amounts of money has become so rampant that Prime Minister …

Digital arrest to illegal parcels, here is how Indians are being scammed by cyber criminals
2 months, 1 week ago

Digital arrest to illegal parcels, here is how Indians are being scammed by cyber criminals

India Today  

India is witnessing an alarming rise in online fraud, with cyber scammers employing new and sophisticated tactics to exploit unsuspecting individuals. Thousands of people have lost lakhs and crores to cyber scammers, who lure their victims under the pretext of work-from-home jobs, updating KYC through links, and in some cases by threatening people with with the so-called "digital arrest.” To …

Scam Alert! THESE are the 10 ways scamsters can drain your bank account
2 months, 3 weeks ago

Scam Alert! THESE are the 10 ways scamsters can drain your bank account

Live Mint  

Cybercrime tricks: With the rising number of cybercrimes in the country, India's largest bank, the State Bank of India, has issued an advisory outlining possible ways in which fraudsters can trick customers. 10 common cybercrime tricks TRAI Phone Scam: Some fraudsters may threaten to suspend your mobile services over allegations of illegal activities or KYC non-compliance. Get rich quick trading: …

Cyber cheats dupe citizens of ₹1.58 crore
2 months, 3 weeks ago

Cyber cheats dupe citizens of ₹1.58 crore

Hindustan Times  

The Pune Police have lodged nine cyber fraud cases where cybercriminals siphoned off funds worth ₹58 lakhs from different bank accounts of the victims. All nine cases were lodged on Thursday, December 19 while as many as ten cyber fraud-related cases were lodged on Wednesday, wherein an aggregate amount of ₹1 crore was siphoned off by the accused. The city …

Beware of ’digital arrest’ scam, NPCI’s must-know tips to protect your money, identity
3 months ago

Beware of ’digital arrest’ scam, NPCI’s must-know tips to protect your money, identity

Live Mint  

The National Payments Corporation of India has sounded the alarm about a growing threat to digital payment users: the "Digital Arrest" scam. Early identification of potential scams helps protect you and your loved ones, fostering a safer, less-cash economy, for everyone.” The ‘Digital Arrest’ scam is a sophisticated form of cyber fraud. Scammers pretend to be law enforcement or financial …

Over half of APP scams last year ‘carried out by fraudsters using social media’
3 months ago

Over half of APP scams last year ‘carried out by fraudsters using social media’

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our …

India saw massive increase in online scams during festive shopping season, finds survey
3 months, 3 weeks ago

India saw massive increase in online scams during festive shopping season, finds survey

Firstpost  

With more Indians turning to online shopping around the festivities, online scammers are having a field day. Thanks to deepfakes and sophisticated phishing attacks, Diwali 2024 saw a massive uptick in online scams, as per McAfee’s Global Festive Shopping Survey 2024 Online platforms were popular for their convenience and attractive discounts, but these benefits came at a risk. Diwali 2024 …

Beware! New scam using TRAI’s name could drain your bank account
4 months ago

Beware! New scam using TRAI’s name could drain your bank account

India TV News  

Cybercrime has been rapidly growing in the Indian market, with scammers experimenting with various tactics to defraud people of their hard-earned income. Cybercrime on the rise: TRAI issues warning TRAI has warned the public about this scam which has been pacing up, and has been urging people to report such calls on the ‘Chakshu’ portal. The scam often starts with …

BSNL, Jio, Airtel, Vi users attention! TRAI warns of new scams targeting mobile users
4 months, 1 week ago

BSNL, Jio, Airtel, Vi users attention! TRAI warns of new scams targeting mobile users

India TV News  

Cybercrimes are becoming a significant issue in India, with scammers tricking people out of large sums of money. Rising Digital Arrest in India India reported a financial loss of approximately Rs 120.3 crore due to a ‘digital arrest’ scam from January to April 2024, according to government data. Rajesh Kumar, CEO of the Indian Cyber Crime Coordination Centre, noted that …

9m people caught out by financial scams in past year, Citizens Advice estimates
4 months, 3 weeks ago

9m people caught out by financial scams in past year, Citizens Advice estimates

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. As part of its Scams Awareness campaign, Citizens Advice …

Don't fall prey to cybercrime scams, says Kanniyakumari police
5 months ago

Don't fall prey to cybercrime scams, says Kanniyakumari police

New Indian Express  

KANNIYAKUMARI: The Kanniyakumari district police instructed the public not to fall prey to cyber crimes such as share market and trading scams, part-time job frauds, among others. In a press release, the Kanniyakumari district police said that several people have been increasingly receiving messages stating that they could earn Rs 10,000 daily by carrying out easy tasks while sitting at …

Cybercrime in India: A staggering loss of Rs 14,600 crore
5 months, 1 week ago

Cybercrime in India: A staggering loss of Rs 14,600 crore

ABP News  

The article highlights the staggering sum of Rs 14,600 crore lost to online financial fraud in India since 2020. It emphasizes the rise in cybercrime, particularly online financial fraud, which constitutes nearly 84% of the total cybercrime complaints reported. The article outlines the modus operandi of cyber scams, including phishing attacks, fake investment platforms, and cryptocurrency fraud. It also mentions …

Fraud Losses Increasing in India, Finds Study
1 year, 1 month ago

Fraud Losses Increasing in India, Finds Study

Deccan Chronicle  

Mumbai: India is seeing a significant upswing in fraudulent activities resulting in an increase in fraud losses with financial services reporting the biggest increase. A study conducted by Forrester Consulting, commissioned by Experian, a leading global information services provider, found that year-on-year fraud losses are increasing for nearly two-thirds of respondents, with financial services organisations reporting the biggest increase in …

Fraudulent loan apps proliferate in India. But how big of a problem are they?
1 year, 2 months ago

Fraudulent loan apps proliferate in India. But how big of a problem are they?

Firstpost  

The Centre has ordered popular social media platforms and other websites not to host The Centre is cracking down on fraudulent loan apps. The government on Wednesday ordered social media platforms and other websites not to host Union minister Rajeev Chandrasekhar said, “One of the areas we are now cracking down on is advertising of fraudulent loan apps that many …

‘Pay… Paid’: How India plans to put paid to frauds adding delay to first-time digital payments of over Rs 2,000
1 year, 3 months ago

‘Pay… Paid’: How India plans to put paid to frauds adding delay to first-time digital payments of over Rs 2,000

Firstpost  

In order to curb scams that use online transactions, the government of India is thinking of ways to add some friction bewteen first time transactions between two parties, if the amount is over Rs 2,000 The government of India is planning to add friction in the way first-time online transitions are done between two parties, in order to combat online …

Indians get around 12 fake messages per day via AI: Know-more
1 year, 4 months ago

Indians get around 12 fake messages per day via AI: Know-more

India TV News  

Indians get around 12 fake messages per day via AI: Know-more It was shocking to find out that an average Indian receives around 12 fake messages or scams every day via email, social media or text every day. As per McAfee’s first-ever ‘Global Scam Message’ study, around 82 per cent of Indians have been surveyed for clicking on or have …

Online scams hurt India's financial stability. A court order explains how
1 year, 4 months ago

Online scams hurt India's financial stability. A court order explains how

Firstpost  

Justice Swarana Kanta Sharma stated that the public becomes increasingly unwilling to deal with digital systems when faith in online transactions is undermined, which can considerably restrict financial inclusion, innovation, and economic progress According to the Delhi High Court, there is an urgent need to combat online financial frauds since they threaten the economic stability of the nation. In one …

Purchase and romance scams drive authorised fraud cases a fifth higher
1 year, 4 months ago

Purchase and romance scams drive authorised fraud cases a fifth higher

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. “The only …

App-based online scams: Kannur, Kasaragod districts in Kerala hit by series of frauds as many suffer huge losses
1 year, 5 months ago

App-based online scams: Kannur, Kasaragod districts in Kerala hit by series of frauds as many suffer huge losses

The Hindu  

Kannur and Kasaragod districts of Kerala have recently witnessed a surge in online scams that have left several people devastated. In a concerning series of events, individuals were lured into fraudulent schemes promising lucrative job opportunities and high returns, only to suffer substantial financial losses. Similarly, residents near the Pariyaram station, Kannur town police station, and Kelalam police station also …

India ranks first in digital payments made globally: Report
1 year, 6 months ago

India ranks first in digital payments made globally: Report

Deccan Chronicle  

Hyderabad: Online banking and the shift to a cashless society started approximately three decades ago in India. This year, 91 billion digital payment transactions have been recorded and today India ranks first in the number of digital payments made globally. Backbase on Wednesday released the IDC Infobrief titled ‘Accelerating customer-centric transformation by balancing build and buy - A collaborative approach …

Working professionals continue to be soft target of online frauds
1 year, 7 months ago

Working professionals continue to be soft target of online frauds

The Hindu  

Despite intensive awareness campaigns by the police and warning by banking firms, educated persons and working professionals have been found the most vulnerable segment to the recurring incidents of online frauds operated by scammers using fake income opportunities. Figures released by the Crime Police station here reveal that the complainants who approached the police within the last 20 days alone …

AI is spurring new scams. Counter this
1 year, 7 months ago

AI is spurring new scams. Counter this

Hindustan Times  

The proliferation of easily accessible Artificial Intelligence tools has had an unintended, if somewhat expected, consequence – turbocharging online scams. This newspaper reported on Tuesday that a resident of Kerala’s Kozhikode town, PS Radhakrishnan, was duped by a slew of messages on WhatsApp, with the scammers even using deepfake technology to video call Mr Radhakrishnan and convince him that the …

Beware of online job offers, say cops
1 year, 9 months ago

Beware of online job offers, say cops

Deccan Chronicle  

Hyderabad: Writing fake reviews online for money seems to be the new technique being used by cyber-fraudsters to trap gullible people and loot them. Police say fraudsters have been duping people with part-time job offers and this modus operandi is the latest in a long list of techniques employed to dupe people. Usually, the victims first receive the communication via …

Nuh Big Deal: Rs 100-Crore Cyber Frauds Unearthed, 28,000 Lose Money to Job Offers, Sextortion
1 year, 10 months ago

Nuh Big Deal: Rs 100-Crore Cyber Frauds Unearthed, 28,000 Lose Money to Job Offers, Sextortion

News 18  

Nuh in Haryana has emerged as the latest epicentre of cyber frauds in the country, with a special drive by police unearthing cyber frauds worth over Rs 100 crore involving more than 28,000 people across states and union territories. The Haryana Police claimed to have busted a major gang that used to cheat people across the country with fake SIMs, …

India tops the list for victims of AI-powered voice scams with 83% losing money, report reveals
1 year, 10 months ago

India tops the list for victims of AI-powered voice scams with 83% losing money, report reveals

Live Mint  

The increasing use and acceptance of artificial intelligence tools have made it simpler to manipulate images, videos, and voices of acquaintances and relatives. In addition, the report titled 'The Artificial Imposter' reveals that nearly half of Indian adults have either been a victim of or know someone who has fallen prey to some form of AI voice scam. As per …

Scam Alert! How scammers tricked 81 UPI users in Mumbai and stole over Rs 1 crore in KYC scam
1 year, 11 months ago

Scam Alert! How scammers tricked 81 UPI users in Mumbai and stole over Rs 1 crore in KYC scam

Firstpost  

UPDATE: The National Payments Corporation of India shared an official statement which has been added to the end of the article. That hasn’t prevented scam artists from coming up with novel methods to defraud people using popular mobile payment applications. However, if the user returns the money using one of these UPI applications, the scammer will gain access to all …

Online scammers in India have long targeted the U.S. Their new victims are closer to home
2 years ago

Online scammers in India have long targeted the U.S. Their new victims are closer to home

LA Times  

Ravindra Gaikwad, who leads the cyber investigations unit in Beed, India, says most victims of the online scams he looks into are people from small towns and villages with modest incomes. “Scamsters across India are exploiting gullible people in small towns and villages where the internet and smartphones have only recently become common,” he said. “These India-based call centers allegedly …

Indians Must Learn to 'Stay Safe Online' as Scammers Have Spread Phishing Net for IRCTC, UPI Users: Experts
2 years, 2 months ago

Indians Must Learn to 'Stay Safe Online' as Scammers Have Spread Phishing Net for IRCTC, UPI Users: Experts

News 18  

While Union IT Minister Ashwini Vaishnaw launched a new campaign called “Stay Safe Online” as part of India’s presidency of the G20, a report by Cyble Research and Intelligence Labs revealed that there is a new wave of financial fraud in which scammers, monitoring Twitter complaints, are targeting IRCTC customers and UPI users. The scammers seem to monitor Twitter for …

5 Most Common Online Payment Frauds in India That You Must Know
2 years, 6 months ago

5 Most Common Online Payment Frauds in India That You Must Know

News 18  

With digital transactions taking over, we are increasingly seeing more online payment fraud. WATCH VIDEO: iPhone 13, 12 Prices Slashed After iPhone 14 Launch 1) UPI Frauds It is widely acknowledged that UPI is the most common way to make day-to-day payments in India. 2) Remote Access/Screen Sharing Frauds Time and again, we have seen the elderly and people new …

5 Ways to protect your from online scams and false payments
2 years, 6 months ago

5 Ways to protect your from online scams and false payments

India TV News  

Google discussed numerous steps to protect internet users and the tech giant came back in the spotlight. In online hacking, victims may unintentionally transfer their payment codes to con artists, who then steal money from their bank accounts. In order to upskill 100,000 developers with a better grasp of security, privacy, and encryption, among other things Google is launching a …

Indian investors lose ₹1,000 crore in fake crypto exchanges: Report
2 years, 8 months ago

Indian investors lose ₹1,000 crore in fake crypto exchanges: Report

Live Mint  

Crypto scammers are using a wide range of techniques, including identity scams and phishing, to lure users into investing through fake crypto exchanges. Investors in India have lost as much as ₹1,000 crore in such scams that have spread through social media portals, according to a report by Indian cyber security firm, CloudSEK. According to the report, the scam involves …

7 in 10 consumers in India encountered tech support scams last year, highest globally: Microsoft
3 years, 7 months ago

7 in 10 consumers in India encountered tech support scams last year, highest globally: Microsoft

The Hindu  

India witnessed a relatively high rate of tech support scams at 69% in the last 12 months - among the highest globally - with a significant increase seen in such scams stemming from unsolicited calls, a Microsoft survey said on Thursday. Microsoft's 2021 Global Tech Support Scam Research report showed that consumers in India experienced a relatively high "scam encounter …

2 lakh tech support scams detected in India in Q1 2021: Report
3 years, 8 months ago

2 lakh tech support scams detected in India in Q1 2021: Report

India TV News  

Cybersecurity researchers said on Monday that they have detected and blocked more than 200,000 tech support scam attacks in India in the first quarter this year. In tech support scams, fraudsters use scare tactics to trick innocent individuals into purchasing overpriced and unnecessary "support services" to fix an alleged computer, device, or software problem. "Above all, remember that whether it's …

Consumers more concerned about digital payment frauds: Survey
3 years, 9 months ago

Consumers more concerned about digital payment frauds: Survey

Live Mint  

Bengaluru: Indian consumers are increasingly concerned about digital payments and look to exercise greater caution, according to a new study conducted by YouGov and digital payment software, ACI Worldwide. Almost 71% of consumers surveyed by YouGov and ACI Worldwide are more concerned about scams and fraud owing to the shift to digital methods of payments due to covid-19. When it …

Attention! UPI, payments frauds soar high in eastern Indian states: Report
3 years, 10 months ago

Attention! UPI, payments frauds soar high in eastern Indian states: Report

India TV News  

The eastern states in the country are witnessing high levels of digital frauds or UPI scams via payment apps and online marketplaces, a report has revealed. According to TrustCheckr, a fraud data insights and analytics startup, West Bengal, Odisha, Bihar, Assam, Kashmir, Arunachal Pradesh, Meghalaya, Tripura, Nagaland, Mizoram, Manipur, Himachal Pradesh and Sikkim are facing top frauds in KYC, fake …

Fraud Attempts Against Businesses in India Doubled in Covid-19 Lockdown, US Firm Finds
4 years, 4 months ago

Fraud Attempts Against Businesses in India Doubled in Covid-19 Lockdown, US Firm Finds

News 18  

There was a doubling of online fraud attempts against businesses in India during the initial days of the lockdown and the same went down subsequently as the economy began unlocking, an American information and insights company said on Tuesday. TransUnion found that suspected online fraud attempts against Indian businesses increased 121 per cent in the first phase of the pandemic, …

Wary of fake apps, many shopkeepers shy away from digital payment
5 years, 8 months ago

Wary of fake apps, many shopkeepers shy away from digital payment

India TV News  

With the growing popularity of payment apps based on Unified Payments Interface, a subsidiary of National Payments Corporation of India, scamsters are on the hunt. As India is acclimatising itself to UPI-based payment systems, there are many who resort to conning shopkeepers with fake apps. The description on the app's tutorial page reads, "This is a fun app, don't misuse …

Hyderabad: Call spoofing at all time high
6 years, 2 months ago

Hyderabad: Call spoofing at all time high

Deccan Chronicle  

Hyderabad: Call spoofing scams remained the most reported offence with Rachakonda cyber crime last year, where fraudsters call people, introduce themselves as bank officials, collect their debit or credit card details and transfer the money into their e-wallets opened by submitting fabricated documents. Most victims, even the educated lot, fall prey to Nigerian fraudsters who in the name of lottery …

The top five trends in India’s digital payment landscape
6 years, 5 months ago

The top five trends in India’s digital payment landscape

Live Mint  

Rahul is finishing dinner with his friends at a suburban Mumbai restaurant. The number of merchants accepting card payments has more than doubled in the last two years to cross 3 million, and the number of UPI transactions almost touched 250 million in June 2018. The top five trends that we expect to play out in the country are: UPI …

Banks' anti-fraud measures branded 'woefully insufficient' as customers scammed out of £500m in six months
6 years, 5 months ago

Banks' anti-fraud measures branded 'woefully insufficient' as customers scammed out of £500m in six months

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Banks’ efforts to stop customers …

Digital ecosystem in India is giving criminals a potential goldmine for cybercrime-related activities, says Richard Booth of security firm RSA
7 years, 2 months ago

Digital ecosystem in India is giving criminals a potential goldmine for cybercrime-related activities, says Richard Booth of security firm RSA

Firstpost  

We spoke to Richard Booth of RSA Security, who leads the fraud and risk intelligence business in RSA for Asia Pacific and Japan regions, on the current trends in the sphere of online fraud Digital financial fraud is all around us. We spoke to Richard Booth of RSA Security, who leads the fraud and risk intelligence business in RSA for …

Cyber crime: Online classified ads' portals, sites for fraud
7 years, 6 months ago

Cyber crime: Online classified ads' portals, sites for fraud

Deccan Chronicle  

Hyderabad: As the country goes digital with determination, opting for online payment rather than cash transactions, fraudsters are becoming quite adept at hoodwinking the online customer. A 28-year-old private employee from the city was booked by the Marketing Intelligence Team recently for duping a man by posting an online The cyber crime officials are actively taking up cases and deputing …

India’s digital payment start-ups not equipped to tackle high security risks: FireEye
8 years, 2 months ago

India’s digital payment start-ups not equipped to tackle high security risks: FireEye

India TV News  

India may have begun taking steps to become a cashless economy, but most of its new mobile wallet companies are not aware of the cyber risks involved in the process, a top executive from US-based cyber security firm FireEye has emphasised. "While India is rapidly embracing a cashless consumer economy, payment technologies are growing in adoption faster than awareness of …

Cashless Indians will be victims of cybercriminals: SC cyber lawyer
8 years, 3 months ago

Cashless Indians will be victims of cybercriminals: SC cyber lawyer

Deccan Chronicle  

Bengaluru: With greater stress now on digital economy and online cash transactions, cyber security experts warn of a bigger danger, of online fraud and cyber security attacks, which India is presently ill-equipped to prevent or deal with, said Neeraj Aarora, advocate on record, Supreme Court, cyber lawyer and international arbitrator. Sections 66, 66A, 66C and 66D of the IT Act, …

Digital payments in India seen touching $500 billion by 2020
8 years, 7 months ago

Digital payments in India seen touching $500 billion by 2020

Live Mint  

Hyderabad/Mumbai: India is headed for an exponential increase in digital payments over the next four years, according to a new study by Google and Boston Consulting Group released on Monday. The digital payments industry in Asia’s third-largest economy will grow by 10 times to touch $500 billion by 2020 and contribute 15% of gross domestic product, the report predicted. Ever-increasing …

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