India, Feb. 26 -- India's contactless payments mechanism is fast becoming a hotbed for scammers exploiting new users, fear, and intimidation.

On Friday, 2 February 2024, global Fintech platform Lyra started accepting payments in Indian Rupee at the iconic Eiffel Tower in Paris. The launch, which was scheduled for months now and was coordinated by the public-sector entity NPCI International Payments Limited, the global proliferation arm of the National Payments Corporation of India (NPCI) itself, was a grand success. It created plenty of spectacle, marked as a landmark technology moment for India.

This is important, since until now, India has been a user and applications developer of underlying fundamental technologies that the West deve...