Fintech firms focus on cyber security

According to Assocham, fintech companies would increase their spending on this to around $100 mn

For financial technology companies such as those offering mobile wallets or payment gateways, the benefits of demonetisation come at a heavy price. To be precise, $50-100 million (Rs 340-680 crore).

This is the amount the digital transaction system will spend this financial year on securing and reinforcing their cyber security apparatus. Two and a half months after demonetisation, protecting the surge of users and the business has become of utmost important at fintech entities for long-term gain. 

Sector experts say these companies are getting in touch with firms in America, Israel and Russia to ensure the best protection for their