By Vishwadeep Bajaj, CEO, ValueFirst
Union Finance Minister Nirmala Sitharaman announced earlier about initiating the 5G spectrum in India next year. This development is incredible, especially for the banking sector. The spectrum will provide faster and simpler payment options, which will make mobile and digital payments even more appealing to the masses and merchants alike, further boosting usage. This is key to economic growth. Another major advantage of 5G will be its ability for banks to improve proactive fraud prevention and take informed decisions in real-time. Processing data, verifying the nature of transactions, confirming transaction amounts and funds availability, consulting multiple data instances in real-time, coupled with customer geolocation and merchant ID, will reduce fraud detection errors and false positives, thereby protecting consumers and the bank’s bottom line.