India is rapidly embracing the idea of the digital economy with great enthusiasm. However, amidst all the excitement and enthusiasm over digital payments one big question remains to be satisfactorily addressed - how secure are digital cashless payments in India? Samir Alam finds out more…
From the humblest kirana stores accepting payments via online wallets to major government bureaucracies enabling digital linkages for data and funds. The push for ‘Digital India’, it seems, is firmly rooted in how citizens use and transmit their money. Since last year’s demonetisation implementation, the number of digital transactions in India has proven this to be the case. The breathless pace with which digital payments have become popular is nearly unprecedented for a developing nation like India. According to government data, the value of digital payments has increased by nearly 18 percent one calendar year from when demonetisation was enacted. As per research from government think-tank Niti Aayog, the volume of digital payments has increased by 55 percent and the value of these digital payments has increased by 24.2 percent year-over-year in 2016-17. This upward trend has continued strong with October 2017 being recorded as the highest monthly transaction period ever, when the RBI recorded nearly 965 million digital transactions, inching closer to the national target of 25 billion transactions for 2017-18.
LAPSES, BREACHES AND LEAKS
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