Latest news with #SameerMathur
Mint
28-05-2025
- Business
- Mint
Worried about identity theft? Here's how a credit freeze can help
With identity theft and data breaches becoming more frequent, it has never been more important to protect your credit profile. One of the best ways to protect your financial identity from unwanted access is through a credit freeze. A credit freeze is one tool that can take away access to your credit report. Once a credit freeze is in place, it prevents any credit card issuer, lender, or even a fraudster, from accessing your credit report. Also, the credit freeze will stop new accounts from being created in your name. If you choose, a credit freeze can be temporarily lifted or permanently removed, and it does not affect your credit score. A credit freeze is helpful in all of the following situations: You have been a victim of identity theft. Your personal documents are missing. You are not applying for new credit any time soon. You would like to protect your financial health. 'A credit freeze, or security freeze, is a proactive step to protect yourself from identity theft by restricting access to your credit report. It's a great way to safeguard your financial identity without affecting your credit score. There are four main credit bureaus in India: CIBIL, Experian, Equifax, and CRIF High Mark. To start one, you must contact all four, provide proof of who you are, and get a unique PIN for future use. It is a good way to protect your financial identity that usually doesn't cost anything and won't hurt your credit score or existing loans,' stated Sameer Mathur MD and Founder of Roinet Solution. When you freeze your credit: Your credit file becomes inaccessible to credit reporting agencies Lenders will not be able to process applications submitted in your name However, in very limited circumstances your current creditors and a few government agencies may still access your report. 1. Contact each of the credit bureaus: You will have to go to the official websites of CRIF High Mark, Experian, Equifax, CIBIL. Each bureau must be handled separately. 2. Provide your identification: You will need to provide documentation such as, PAN or Aadhaar, proof of address, your most recent credit report, which is helpful but not mandatory. 3. Create a password: You may need to create a PIN. You will need that in the future when you will want to remove the frozen. Temporarily lifted when you apply for a credit card or loan Permanently removed when you no longer need it A freeze can be removed by using your PIN either online, over the phone or in writing. A credit freeze does not prevent the use of existing accounts. If you do not remove it ahead of time, there might be a slight delay before loans are approved. Make sure to unfreeze a credit freeze when applying for new credit. In conclusion, freezing your credit is a smart, proactive way, not just poison control, to protect yourself financially. While it may not feel like much, freezing your credit is a solid defence against identity theft and credit fraud. For those concerned about the state of their credit, it's a safeguard worth consideration. Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
Mint
26-05-2025
- Business
- Mint
What comes after UPI? Can BBPS and voice-led payments replicate its success
In a country of 1.4 billion people, developing the worldwide normalcy of digital banking through India's Unified Payments Interface (UPI) has been nothing less than transformational. UPI processed an unprecedented 19.78 billion transactions in March of 2025 for a total value of ₹ 24.77 trillion. The digital payment narrative in India is shifting radically, as the 'new normal' sets in. The direction of the future of India includes voice-led payment solutions and the Bharat Bill Payment System (BBPS). This is not just the next chapter. It's a rewrite of the playbook. When UPI launched in 2016, only a few had anticipated the kind of financial democratization it eventually unleashed. Today, with 11.5 billion transactions which take place in a single month (April 2024), UPI is undoubtedly the heartbeat of India's cashless economy. But while UPI simplifies peer-to-peer and merchant payments, BBPS is quietly transforming how India pays its bills. 'While UPI continues to break records, the future of digital payments in India lies in two parallel shifts—BBPS and voice-led interfaces,' says Sameer Mathur, Managing Director and Founder of Roinet Solution. 'BBPS has seen a 60% year-on-year surge in transaction value in FY24, now processing over 28 crore monthly bill payments across utilities, education, and taxes.' That scale isn't just impressive—it's foundational. BBPS brings structure and interoperability to recurring payments, covering the long tail of Indian households who want their electricity, water, broadband, and school fees paid with a single tap. Its API-first, regulator-backed framework ensures that these payments are secure, standardized, and widely accessible. But the most exciting innovation may not involve screens at all—it's the rise of voice-led payments, a game-changer for India's 700 million feature phone users. Voice AI, now achieving up to 95% accuracy in regional languages, is turning spoken instructions into financial actions. Picture this: a farmer in rural Odisha pays his electricity bill using a simple voice command. A street vendor in Uttar Pradesh checks his BBPS payment status through a missed call. The digital divide begins to dissolve. 'With digital payments deeply ingrained in India's financial ecosystem, forward-thinking companies know the next wave of opportunity lies in accessible, inclusive platforms like Bharat BillPay—especially when combined with voice-led processing,' says Rohit Mahajan, Managing Partner and Founder of plutos ONE. 'New players like NPCI's Conversational Voice Payments and BBPS's BillPay Connect are empowering users to transact via voice commands or even missed calls, breaking digital barriers to inclusion.' A tech-agnostic ecosystem is emerging and you can pay offline or pay with a QR code, a feature phone, a smart phone or a voice. This ecosystem, which is responsive to India's vast variety in connectivity, literacy, and access to devices, sees innovation as a necessity rather than an option. This convergence of platform and interface is a mission and not a roadmap. Digital payments, according to some industry figures, will encompass every facet of society by 2029, from high-rises in Mumbai to tribal hamlets in Chhattisgarh. BBPS and voice, as part of India's payment system, are extensions, multiples and reinforcements of UPI, and not replacements or alternatives. They see the world, collectively, as a future where all Indians can join the digital economy no matter their literacy level, language and device you are using. UPI may have sparked the revolution—but BBPS and voice are building the republic.
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Business Standard
14-05-2025
- Business
- Business Standard
Indo-Pak conflict cancels flights: Does travel insurance cover costs?
As geopolitical tensions rise, travellers wonder if their insurance will cover flight cancellations if airports shut down due to conflict. Here's what you need to know about travel insurance. During India's Operation Sindoor, over 300,000 flight tickets were cancelled between May 7 and May 12, aviation industry sources told Business Standard. This is a common practice during such conflicts across the world. Force majeure? But what happens to the fliers' money in such a scenario? Does travel insurance cover flight cancellations if airports shut down due to conflict? The answer is not that straightforward. Standard policies often exclude war-like situations 'Flight cancellations caused by operational issues or sudden airport closures are generally covered under standard travel insurance policies,' says Sameer Mathur, MD and founder, Roinet Solution. 'However, if the disruption is due to an officially declared war, that falls under exclusions,' he said. Insurers typically classify events like war, terrorism, or civil unrest under 'force majeure' or 'exclusions,' meaning claims under such circumstances may be denied. 'Most standard travel insurance policies clearly state that losses due to geopolitical conflicts, such as war or terrorism, are not covered,' adds Manish Kumar Goyal, CMD, Finkeda. Special add-ons could offer some relief While base policies may fall short, some specialised products offer limited protection. 'There are add-ons like Cancel for Any Reason (CFAR) that allow partial refunds even in such situations, but they must be purchased early and come at an extra cost,' Goyal explains. Key features of CFAR coverage: Must be purchased within a set window after booking travel Costs more than regular insurance Allows trip cancellation for almost any reason Reimburses a portion (typically 50–75 per cent) of non-refundable expenses However, Mathur clarifies that in most Indian policies, no standard plans include war-related disruptions, and no add-ons currently cover full cancellation costs due to geopolitical conflict. If you're caught in such a scenario, it's vital to document everything. 'Travelers should keep tickets, identity proofs, and a cancelled cheque handy to submit claims,' Mathur advises. 'Each case is subject to evaluation, but basic documentation is essential.' Bottom Line Travellers must check the policy document thoroughly before purchasing and consider add-ons if travelling to or near conflict-prone regions. In uncertain times, preparation and awareness are the best safeguards.
