Digital transactions and fintech have been the buzz words during
the past few years. The Indian government, the regulators and the
industry have trained their focus on adopting fintech and digital
transactions.
While cashless transactions continue to be driven by fintech,
cash continues to have a significant market share in the retail
space within the overall payment transactions. It is understood
that private sector banks are leading the electronic mode of
transactions and PSU banks have an edge in cash transactions at the
automated teller machine (ATM) network level.
One key component of banking operations has been transactions
undertaken at ATMs and the real time IT network
connecting all the ATMs for the seamless execution of
transactions by customers. Often these ATMs are
exposed to hacking, resulting in fraudulent transactions and data
breach.
