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Reminds me of an old saying about ignorance of the law not being an excuse for unlawful behavior. 

Not that Robinhood has disrupted the traditional stock broking industry or anything like that but would it even have reached where it has if it had done everything that it's now being fined for not doing? 

Kudos to European Court of Auditors but why so late? AFAIK, EU capped credit card interchange 20 years ago and mandated free sharing of account data via Open Banking 10 years ago. 

In USA, Germany, and many other developed countries, whenever I book an air ticket or make an A2A RTP payment or trade a stock or generate a bill at a hospital, or..., a mainframe system does processing in real time. 

Still Wannabe Mainframe Replacement folks think "Mainframe systems are mostly batch driven".

Sigh! Such blatant ignorance of basic reality of the mainframe world is one big reason why they have failed to generate much traction for mainframe modernization on the ground level despite shilling that service for decades.

Under any administration, this lawsuit / complaint should be thrown out for being frivolous.

But, once Trump becomes POTUS, I put the chances of that happening at over 90% and those of CFPB itself being thrown out for being overzealous at 60%. 

@PrashantBhardwaj:

I already read that before and asked you a question in my comment:

https://www.finextra.com/blogposting/27444/scammed-in-silence-unveiling-the-digital-fraud-crisis-in-rural-areas#:~:text=13%20December%202024-,While,-I%27d%20not%20thought

Payments business tracks economic activity, not population per se. While 65% of the population of India might live in rural areas, it's mostly engaged in agriculture, which contributes less than 30% of GDP of India. I doubt if expanding rural footprint will lead to any meaningful increase in digital payments adoption in India. 

OTOH, there's a huge low hanging fruit for expanding digital payments in existing geographies: Business-originated payments. From Day One in 2009, FPS permitted companies in UK to send out payments from their business accounts. Whereas, more than seven years after its launch, UPI does not support B2C or B2B payments. As a result, much of the supply chain still uses cash or cheques. 

For example, I pay my pharmacy by credit card but the pharmacy owner continues to pay his supplier (distributor / wholesaler / manufacturer) by cheque - as though UPI is not a thing. Enabling him to pay distribution channel members digitally will lead to manifold increase in TPV of digital payments / UPI within the existing markets - no need to go rural. 

While I'd not thought of urban v. rural when I wrote Three Strike Rule To Eliminate Cybercrime, going by what you say about the financial literacy level of rural customers, my three strike rule seems to be particularly applicable for them.   

On a side note, ₹14.57 billion is exactly ₹1,457 crore. Not sure why you say "approximately ₹1,457 crore".

Go Google! It's high time these rogue regulators were put in place. (Not that they're going to be around after Trump becomes POTUS). 

While they didn't go far, there were several initiatives that tried to tap the potential of personal data as a digital asset e.g. ShopIn SHOPcoin for Shopping Data,  Jaguar Land Rover IOTAcoin for Driving Data. At the peak of Crypto / Data Mania five years ago, even I proposed a crypto called OBcoin for Open Banking Data!

The emergent consensus at the time was that data by itself is worth peanuts and the real value lay in the targeted ads that could be run off of the database comprising data of millions of consumers. A WIRED reporter even tried to encash his personal data and got less than peanuts for it.  

Not sure if anything has changed since then.