Why Is India Struggling To Adopting Obsolete Payment Technology?

In this BBC video http://www.bbc.co.uk/news/business-23194486, they report

The use of debit and credit cards is growing at a brisk pace in India, but there has also been a rapid rise in the number of fraud cases linked to bank cards.

India’s central bank has now issued new security guidelines, but will this be enough to contain the problem?

The one great advantage that developing world nations have over the developed nation is that they can leap-frog past old, antiquated infrastructure and build upon the latest technology.

So why, then, is India struggling with antiquated credit and debit card technology that has been in existence decades before the Internet was developed and before all their associated Internet related fraud problems became apparent?

Bitcoin was developed from the ground up as an Internet based payment method and is free from the transaction fraud associated with credit and debit cards. Someone should tell the Central Bank of India as well as the merchants there that building upon Bitcoin’s far superior technology will save them huge amounts in fraud protection and losses. In a developing world economy those savings and efficiencies are worth a lot more.

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