Innovation & Info-security –
If we trust the data from various data factories or from data science labs, what we will find is this: we are living in a world where the number of mobile SIM cards is far greater than the number of toothbrushes on the African continent.


Undoubtedly, this statement is accurate. There are insurance companies that are giving due importance to this fact and are devising substantial strategies and justifications.

Consider the concept of mouth insurance, which involves a specialized toothbrush equipped with tracking technology to gather and analyze data about your oral health for the purpose of optimizing your dental insurance policy.

IntroductionInnovation & Info-security

Nowadays, the direction of privacy and security is a matter of concern. Both businesses and individuals urgently need security measures as the progress of cybercriminals renders every safeguard less effective with each passing day. The volume of customers on open or public cloud platforms is significantly greater than that on closed or dedicated infrastructure-based systems.

More significance is being given to reliability over visibility. Fast and dependable connectivity is crucial for driving innovation, and the introduction of fresh networks plays a key role in promoting digital services and supporting the growth of start-ups. The imminent payment market restructuring could happen very soon.


The crux of the matter pertains to the replacement of technological instruments or personnel with proficiency in both technical and managerial domains in order to enhance innovation and security within an organizational context. This encompasses scrutinizing authentication procedures that involve the employment of application passwords as well as instances of unauthorized access by utilizing passwords belonging to other users. The differentiation of these behaviors necessitates a discerning analysis of access patterns dictated by individualized credentials.

This small piece of artificial intelligence packed in one simple API can set global standards. TMT (telecom, media, and technology) can perform better on device ids by using device hardware and software information as another method of security. Creating a simple rule for servicing the service request from queuing to tokenization The digital wallet revolution has not lived up to its expectations yet.

According to Gallup, just 13 percent of smartphone owners have a digital wallet app, while the majority of those who do have an app (76 percent) rarely use it. Why: may be innovation was not done with security, innovation was not secured enough, or simply innovation is the only thing that was talked about with no discussion on how useful and secured it is.

Innovation and Info-security – Killer Of Each Other

In my first post of this year’s “Year of AI and Digital Payments, I mentioned digital payments and their needs. Now, in this post, I am trying to be specific about how much innovation there is. Today, payments, banking, banks, mobile money, and telecom operators face a plethora of challenges.

Apart from wafer-thin profit margins and rapid new innovators and entrants in the market, they focus more on issues pertaining to quality of service (QoS) and quality of experience (QoE), but give equal importance to security and privacy. The focus has shifted to ensuring optimal new solutions and experiences for subscribers, and everything else is being parked in the backyard.


Against escalating security threats on mobile payments, empowerment of merchants, acquirers, and service providers with new commerce opportunities and experiences in-store and protection should be the highest priority for any mobile, fintech, or banking payment solution system. Where do we go when the era of central banking dies? And the ministry of innovation takes over because the era of too much regulation is about to die by decentralizing organisms that are dynamically scalable and software that can be modified.

Software systems can do adoption jobs dynamically. As mobile payment systems head toward primetime, we could be witnessing the beginning of a profound shift in payment culture.

As mobile transactions develop, providers of technology and financial institutions are collaborating to improve security measures and increase customer confidence. To take the necessary measures, new measures are being implemented to prevent fraudulent activities. One of the ways is through tokenization, whereby there will be no need to disclose sensitive information such as credit card numbers and their expiration dates during transactions.

Some may find it discouraging to constantly search for loopholes, but for the majority of individuals recognized as innovators, protectors, or rescuers of the industry, there is typically a positive outcome, whether it be a silver or gold lining. In the United States, Business Insider predicts that the mobile payments sector will experience substantial growth by 2020, with an estimated volume of $503 billion and the involvement of more than half of the consumer population.

Sweden, Singapore, the Netherlands, France, Canada, Belgium, and the U.K. currently represent countries that fall under this category.

Ministry Of Innovation

Societies are progressively moving towards a cashless system. Countries such as India, Australia, Brazil, and various African nations are also adopting similar initiatives.

Innovation Pic.png

In digital wallets, security plays a pivotal role (hardware based on BaaP is better than software based on BaaS-based security), whereby a recipient should receive a transaction that includes a transaction timestamp and, on the basis of the transaction timestamp and the bucket timestamp, determine a particular initial bucket in which to store the transaction.

As a consumer, I can rely on the innovative infrastructure of the payment solution without having to worry about the currency or country I am in, the amount in my payment instrument, the service provider, the recipient, the time zone, the language, the nature of the transaction, or the payment amount. The consensus among experts is that this factor plays a significant role in the market’s growth over both the short and long term. Incorporating the category of payments made through mobile devices.

Of course, there are and will be sticking points (I hope you don’t think I am dreaming in my dreams). For example, prescribed in the Law “On National Payment System” are requirements to carry out almost all payments, including wages, shopping, micro/macro payments, cross-border or borderless payments, VAT refunds, pensions, and benefits. That was the beginning of cryptocurrencies.

Build and Rebuild – Innovation & Info-security

hand pushing innovation button on a touch screen interface

Transaction velocity is used for fraud detection. Mobile payments are moving away from proprietary development to become global services. The Indian market is warming up to digital payments with a big bang approach and creating lots of confusion for consumers, but at the same time, it is an exciting time for payments industry professionals and a few consumers.

Recently, there was a headline about WhatsApp Pay as one more way to pay cash, cards, wallets, and P2P methods like Visa Direct, Mastercard Moneysend, IMPS, UPI, BHIM, Truecaller Pay, Bharat QR, Aadhaar Pay, Netbanking, Samsung Pay, and the upcoming Android and Apple Pay. No one talks about security or privacy. With nearly 200 million people between the ages of 15 and 24, Africa has the youngest population in the world.

This figure is set to double by 2025, ushering in a new generation with the potential to understand and solve pressing social and economic challenges by harnessing the power of digital innovation. How ready Africa is to adopt digitization in much day-to-day life needs.

Word Race – Pay

In the latter half of 2014, Apple Pay made a grand entrance and successfully sold 10 million devices within a mere three-day timeframe. Introducing Apple Pay utilizing NFC technology didn’t provide a groundbreaking innovation or novelty in terms of technology. In 2014, Apple Pay was launched exclusively on the iPhone 6 equipped with IOS-8, featuring an embedded secure element (eSE).

It seems that the Android Pay solution is a service provided by the scheme, which is hosted through HCE technology and comes with the Android brand. Microsoft’s payment service, MS Pay, is considering entering the competitive arena of mobile payments alongside Apple, Android, and Samsung. The official recognition of host card emulation in Windows 10 for phones has been made possible through licensing.


Microsoft is seeking permission to operate as a licensed money transmitter, indicating its intention to create its own mobile payment system like Android Pay, Apple Pay, and Samsung Pay. There are rumors circulating that obtaining a license has resulted in significant advancement in Idaho.

Microsoft announced that its hand set, would be supporting HCE. HCE a  simple method of transmitting credit card information without relying on a Secure Element embedded in a SIM. Newer Android phones use HCE to transmit NFC signals to terminals, and the benefits of the scheme mean that third-party developers can build NFC functions into their apps. The elimination of the Secure Element requirement makes the payment platform SIM independent, and hence HCE threatens & upset carriers.

Artificial intelligence in Innovation & Info-security


Artificial intelligence and machine learning with security as the prime front-end, middleware, and back-end idea will fire in the event of any financial transaction and will explore the current implementations of many forms of security.

AI in financial services can focus on consumer and corporate applications and explore the near future of all transactions. Artificial intelligence in its many forms—predictive, analytic, machine learning, natural language processing, robotic process automation, chatbots, and more—needs to come into play to help global banking institutes (not necessarily driven or owned by banks).

Banking AI and machine learning leaders will drive the next generation of financial apps and platforms that will change the face of banking and fintech. Fintech will have global implications. Info security being the hotbed of innovation and fintech, banks and credit unions are at the forefront of implementing new concepts that truly transform the banking experience (which may not come from banks at all). Joining this race for a special tour of banking innovation and transformation in action will be worth watching.

Wants to Survive ?

To serve and survive in the digital age, a basic need is to find out how to infuse the digital market with brands and culture. Critical steps will be required, both internal and external, to lead the way to digital success. Teaming up with training, education, innovation, information security, artificial intelligence, machine learning processes, and technology.


From community banks to credit unions to fintech, no matter the size or customer base being served, today’s financial institutions are embracing some of the most innovative technology on the market to keep their customers happy and ensure experiences are frictionless and secure. Information security will lead to examples of innovative technology, self-service, and an improved customer experience.

In addition, bank management will be on hand to answer questions, and AI will help machines learn the key ingredients to develop and execute a winning digital strategy within the financial technology ecosystem. Having AI and machines does not mean that we will be able to get rid of basic resources; they will still be needed for the primary reasons below.

  • People – People roles must exist in your organization to effectively design and execute strategies.
  • Process – Machine changes need to take place at the process level.
  • Technology – Designing technology and solution architecture.

A payment gateway is your doorway to making sales online. What is more important? Innovation or security? My own assumption as a technologist in the financial domain is that I would go for security first before any innovation. Innovation is the key to staying relevant in the market, but security is the golden key to staying alive in the market. A payment gateway will allow you to charge your customer’s credit or debit card with the purchase he or she makes online, but is it secure enough for your customer? ISO released new standards 12812 for mobile banking. How much change will it bring for mobile banking security? Let’s wait for it.


Conclusion – One way or another, the development, innovations, strategic creativity in payments system remains today’s prime target. Breaking down digital wallets and mobile payments. The idea of a digital wallet, which is basically just a digital version of a physical wallet, isn’t new. In fact, David Chaum, an American cryptographer, created digital cash all the way back in 1983. “World Wide Pay” or “Universal Pay” can kill banks and lots of other institutions.

Some Payment Processors do provide direct merchant services, but most companies focus on processing payments. Experts agree that mobile-driven loyalty will be critical in garnering consumer adoption of mobile payments through apps, USSD, SMS, NFC, GPRS or QR Code. Fortunately, the rest of the payment industry players who were not part of the initial painful experiments have the unique opportunity to learn from the growing pains and avoid making the same costly mistakes as one mistake could make them miss the opportunity to convert an occasional customer into a regular loyal customer.

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Posted by V Sharma

A Technology Specialist boasting 22+ years of exposure to Fintech, Insuretech, and Investtech with proficiency in Data Science, Advanced Analytics, AI (Machine Learning, Neural Networks, Deep Learning), and Blockchain (Trust Assessment, Tokenization, Digital Assets). Demonstrated effectiveness in Mobile Financial Services (Cross Border Remittances, Mobile Money, Mobile Banking, Payments), IT Service Management, Software Engineering, and Mobile Telecom (Mobile Data, Billing, Prepaid Charging Services). Proven success in launching start-ups and new business units - domestically and internationally - with hands-on exposure to engineering and business strategy. "A fervent Physics enthusiast with a self-proclaimed avocation for photography" in my spare time.


  1. Soumen Fintech at

    I agree 100% on …. To serve and survive in digital age basic need is to find out how to infuse the digital market with brand and culture


  2. This post has too much information , I must say thank you for such an excellent resource


  3. Sheetal at

    Simply awesome!!


  4. Awesome !!!


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