QUOTE OF THE DAY
“Money is the worst currency that ever grew among mankind. This sacks cities, this drives men from their homes, this teaches and corrupts the worthiest minds to turn base deeds.” ~ Sophocles (Ancient Greek Tragedian, Playwright, Philosopher)
PAYTM PLANS TO LAUNCH MESSENGER APP IN INDIA
India’s heroic digital wallet app currently has more users than Whatsapp in the country.
WHAT IS PAYTM?
While not many of our international readers might know, but India went through a massive demonetization program last year. As several banknotes in circulation were rendered void by the Indian government, it led to a majority of the population becoming almost cashless. This led to rise of digital payments through debit/credit cards and digital wallets, where Paytm stood on top. Currently, there are approximately 230 million Paytm users in India, which is a little more than 200 million Whatsapp users in the country.
WHAT ABOUT THEIR MESSAGING APP?
Compared to the world, India only shares a fraction of the 1.2 billion Whatsapp users across the globe. This clearly suggests how there’s room for more messaging apps in the country. Since Paytm is already used by a large number of smartphone users, launching a messaging service would only make matters more convenient. Allowing users to text while transferring funds certainly sounds like a great plan that could actually work in the South Asian nation.
Although readers might find it odd for digital payments firm to suddenly turn towards communications tech, the idea is surely not as crazy as it sounds.
SHOULD WHATSAPP BE SCARED?
We’ve already mentioned how Paytm users exceed Whatsapp in India. However, it does seem that officials at Facebook and Whatsapp surely know the Indian market and is also working on their own digital wallet service.
Whatsapp users are still much higher in number when compared to rival apps such as Hike, which already has a payment service. And clearly, Whatsapp’s dive in the digital wallet nice could be a tough task in India, with Airtel, Paytm and Truecaller already enjoying significant number of users.
U.S SENATORS ATTEMPT TO PASS NEW IOT SECURITY BILL
The new act attempts to standardize security measures for IOT device manufacturers and retailers in the U.S.
WHY IS THIS HAPPENING?
This surely sounds like a silly question as most of us are aware of the numerous cases of data breaches and cyberattacks that put the globe topsy-turvy. According to two U.S. Senators, Mr. Mark Warner and Mr. Cory Gardner, while the cyber threat was short lived, its large scale infection was mostly due to a large number of vulnerable IOT devices. Hence, as per the two congressmen, there should be a law in place to govern the various security regulations in ‘Internet of Things’ devices,
WHAT DOES THE BILL SUGGEST?
Known formally as Internet of Things Cybersecurity Improvement Act 2017, this bill will apply to manufacturers of web connected tools, wearables and sensors. This covers hard-coded passwords that are only used by manufacturers and in worst cases, hackers to gain full-control over devices.
As per Mr. Warner “If we turn around and there are 20 billion [IoT] devices in a couple years, and the federal has ‘x’ million of these devices, and they all have these characteristics. Then, you know, I think we’re going to make a big mistake.” With the IOT market’s rapid growth in recent years, this act certainly seems like the last line of defense for cyber users in the country.