Building A Digitally Secure India: The Advent of Biometric Authentication in Financial Transactions

With digital India movement gaining momentum, our country is gradually growing more and more tech savvy. This wave of technological revolution has brought focus to maintaining the accuracy and security when it comes to keeping appropriate records. Identification through bio-metric has become a secure task that has been fast reaching far and wide in our nation of 1.34 billion. The banking industry is presently going through the age of radical transformation with the sure promise of upgraded of technological accuracy, reducing the risk of fraud and mismanagement.

Thus due to the rise in banking fraud, the regulators of financial institutions, biometric verified payments have started replacing traditional PIN, passwords and tokens with biometric security system. The traditional security keys are easy to imitate. They also prove to be ineffective in protecting customer’s information. The ‘Biometric Identification’ is more secure than the current system of passwords.

End of the Password age

Gone is the age of password since the introduction of Biometric system. The banking industry has radically evolved from the traditional security keys. The Biometric system is considered to be more suited security key for the banking industry. It is beneficial both for the consumers as well as for the banks. Biometric has been embraced as the vibrant security system. Moreover, passwords are tough to memorize.

Fingerprint identification

This is one among the new identification features. It is number one requested feature which is now available in maximum number of smart devices. You can simply save your fingerprint at a secured and authorised server base and let the device authenticate it during any transaction. Fingerprint being unique to every individual, this user authentication method ensures complete security. Now, the same technology has been finding prominence in FinTech arena.

Biometrics in Branch Banking

With the implementation of Biometric system in the bank branches, a customer can walk into any bank and the identification can be done by fingerprint or finger vein biometric scanners. The identification data of the individual matches the existed data in the bank’s database, following that, he can easily proceed towards his banking transaction. This system may help to maintain an accurate detail trail of every transaction like cash payment or cheque and can prevent the chances of fraud.

Biometrics for Online Banking and Mobile Banking

The online banking system is the most popular banking system prevailing these days. It provides an easy procedure of banking transaction from anywhere. You can use smart devices like laptops, computers and smart phones to access banking services online. Online banking is presumably seen as risky. There have been frauds related to online banking before the availability of evolved technology. There are several security steps that help online banking system protect their customers. These security measures are fingerprint scanning, facial recognition, and voice recognition.

Mobile banking has been gaining popularity pretty rapidly, all over the world. The security issues are distracting consumers from using Mobile banking. Even though cyber crime has been growing, biometric authentication has been taking off as a more secure way of authenticating transaction. As of now, new identity verification methods securities like; fingerprint identification, voice recognition, etc have entered the market as the perfect solution.

Despite the age of technological revolution, biometric authentication has been facing issues. People in the rural areas are sceptical of this technology; there is a general air of fear when it comes to technology and their hard earned money. Recently a video of a man in immense fear of authenticating identity via biometric device has been going viral. Initially these videos seem funny, but on a serious note people are actually afraid of the technology of biometric devices.

Today the Aadhaar or the UIDAI no. has taken the agenda of identity authentication by storm.  The UIDAI no. has now become a mandatory pre-requisite for all financial transactions. This has brought about convenience along with security of transactions for people in general. Aadhaar number holders and service providers can secure their biometric authentication by locking their biometrics. Country residents can unlock their biometrics before doing any biometric transaction in prevention of identity theft.

Aadhaar Enabled Payment System (AEPS) has been successfully installed in around 17,250 fair price shops. A report says that government has managed to save INR 36,144 Crore during the course of last two years using Aadhaar Payment System as a bridge.

The development of a country is considered with the advancement in its economy and that can be measured through the upsurge in bank and financial institutions. Biometric system avails an impenetrable security and hassle free transactions which was previously impossible with traditional security keys.  The idea is not just to build a digitally enabled India, but also a digitally secure India.

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Understanding GST and Introducing Spice GSP

Spice GSP

India is moving forward toward radical digitization. Spice Digital believes itself to be one of the front league players in participating in this digitization movement.  With Goods and Service tax in its implementation phase, Spice is now one of the selected GST Suvidha Providers by GSTN.

Spice GSP will soon provide comprehensive tax related services to business taxpayers.  Spice GSP is all set to offer seamless integration to ASPs, Corporates, MSME, TRPs with the GSTN network to enable the businesses to be compliant with the Goods and Services Tax (GST).

So what exactly is GST?

GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the central and state governments. Amalgamating several Central and State taxes into a single tax GST has been implemented to mitigate cascading or double taxation, facilitating a common national market. For example, when you go to a restaurant, VAT will not be charged separately, along with service tax. A single tax amount will be charged on the billed amount, which is GST.

Since the GST is expected to be levied at every stage of the production system. The discrepancy is expected to be eliminated by giving the benefit of Input Tax Credit (ITC) of the tax remitted at previous stages. Currently all the taxpayers are liable to get registered under the GST regime.


The implementation of GST will subsume the following taxes –

  1. Central Excise
  2. Service Tax
  3. CVD or Countervailing Duty under customs
  4. SAD or Special Additional Duty under Customs
  5. CST
  6. VAT / Sales Tax
  7. Octroi & Entry Tax and
  8. Purchase Tax

The taxes that would be applicable over and above GST would be the Customs duty. There is no clarity as of now over the inclusion of Auto Cess, NCCD and the Infrastructure Cess.

What are the compliance requirements for GST?

On more macro note, GST compliance for any sort of business owners has been set, that is where a business needs a GST Suvidha provider.  A detailed list of requirements for GST compliance has been released by GSTN (Goods and Service Tax Network) for all eligible tax-payers:

 The taxpayer under GST Regime will have to provide following information at regular intervals:

  • Invoice data upload (B2B and large value B2C)
  • Upload GSTR-1 (return containing supply data) which will be created based on invoice data and some other data provided by the taxpayer.
  • Download data on inward supplies (receipts or purchase) in the form of Draft GSTR-2 from GST Portal created by the Portal based on GSTR-1 filed by corresponding suppliers.
  • Do matching of purchases made and that downloaded from GST portal. Finalize the same based on his own purchase (inward supply data) and upload GSTR-2
  • File GSTR-3 created by GST Portal based on GSTR-1 and 2 and other info and tax paid.
  • Similarly there are other returns for other categories of taxpayers like casual taxpayer or composition taxpayers.


How does the GST Eco-System work?

The GSTN is going to have a G2B portal for taxpayers to access the GST Systems. This will not be the only way for taxpayers to interact with the GST system. Taxpayers can also choose their preferred and authorized third party applications. These will provide interfaces and convenience via desktop, mobile, other interfaces, enabling to interact with the GST system. The third party applications will connect with GST system via secure GST System APIs.  All such applications are expected to be developed by Authorized GSPs such as Spice GSP.

Spice GSPs is committed to provide convenient methods to taxpayers and other stakeholders in interacting with the GST Systems from registration of entity to uploading of invoice details to filing of returns. There will be two sets of interactions, one between the App user and the GSP and the second between the GSP and the GST System. It is envisaged that App provider and GSP could be the same entity. Another version could where data in required format directly goes to GSP-GST Server.

It is quite understood that there are different variants and forms of businesses; hence there will be diverse taxpaying requirements. Thus it is the GSP who will come to rescue to provide custom solutions for different kinds of businesses and enterprises.

The flowchart pasted above will help to understand the process in an ideal situation, on how the GSP functions in the system.


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Introducing AdGyde: Real-time Mobile App Analytics Solution


AdGyde is finally here. The product has been developed by Spice Digital along with MoMagic Technologies, with a global vision and backing of large mobile internet and technology players.

So what is AdGyde and how does it operate?

AdGyde is a unique product that provides real-time mobile app analytics and attribution. The product is created for app developers and marketers to make the best of their efforts via analytics and insights. AdGyde reigns on two aspects of app analytics:

1. Optimization of user experience:

Once the app is published in the playstore, a single integration of AdGyde will help you get the best of all updates. It starts right with the installation data that AdGyde tells you about the share of organic and inorganic app installs. It tracks conversations and user experience to help optimization of the app, be it the in-app purchases, events and more. What it essentially does is helps to decipher what the user data is pointing at. There can be system bugs which may not have been reported, yet they were somehow standing in the way of providing better user experience.

2. Better monetization of campaigns:

The best part of the product is that it can track campaigns across all ad networks. It creates an integrated dashboard, so that monitoring, comparing, and decision making can be quick. That fact that all data is real-time also adds up to the fact that mobile user market is light-years faster than any other medium; hence campaign decisions needs to be made in a jiffy. It supports CPI, CPC, CPA models for Ad marketers. If the app provides products, AdGyde will show you the acquisition channels, location, media source and performance in order to understand customer behavior, segregating repeat buyers from one time buyers, identifying the influencers from the detractors in terms of referral and other media sources. App marketer can input cost value, put an in-app purchase event on purchase screen and create a deep link to that screen. User clicks on tracking link to make that purchase and captures the revenue details against it. App marketers can track the performance of every Ad unit is broken down by clicks, installs, and revenue on the AdGyde dashboard.

All reports can be downloaded for further number crunching if required. AdGyde’s dashboard operatives are simple and have been created to be the one stop solution for app marketers and developers.

If you want to know more about AdGyde, drop in your queries at