Being Digital Citizen

As people in India move from all-cash transactions to digital transactions, criminals have also graduated from pick-pocketing to cyber fraud. Although technological advancement helps people to enjoy the advantages of cashless/ digital payment systems over others, but with technology comes its vulnerabilities. The report of Norton Cyber Security Insights states that consumers in 20 big economies, including India, lost over $170 billion in financial cybercrime in the year 2017. Out of this, India alone lost $18.5 billion; on average, the victims of cyber frauds lost over $100. https://www.cpomagazine.com/wp-content/uploads/2019/03/cyber-criminals-have-turned-social-media-cyber-crime-into-a-3-billion-business_1500.jpg In fact, we face a risk of cyber fraud/crime every time we make an online or mobile transaction. So, are we prepared for such types of risks? According to Trishneet Arora, Founder & Chief Executive Officer, TAC Security, you may secure your online payments and...

The Reserve Bank of India (RBI) has issued a set of rules for payment aggregators and payment gateways to make digital payments safer for users. The central bank issued these rules through a notification, 'Guidelines on the regulation of payment aggregators and payment gateways', on March 17, 2020. The guidelines aim to minimize the risk of digital payment frauds and to keep customers' financial data safe https://www.x-cart.com/wp-content/uploads/2017/07/eCommerce-fraud_1.jpg The guidelines state that payment aggregators, such as Razorpay, CC Avenue, etc., will now have to stop giving the option of using ATM PIN to users to validate/complete online transactions. This means that for payments over Rs 2000 users will be able to use only OTP for verification. This way a person's ATM PIN will not be available online to the aggregator or payment gateway (or even a hacker) and therefore be safer. Further, RBI has asked such aggregators to make sure that all refun...

https://www.pymnts.com/wp-content/uploads/2019/02/digital-payment-AI-WeChat-Alipay-7-Eleven-Adidas.jpg Some retail outlets are experimenting with moving to digital payment-only operations. As non-cash payments become the norm, some retailers, particularly in hospitality, no longer accept cash. While there are downsides to managing cash, what are the pitfalls of refusing to deal with it? Cards have long dominated retail spending by value but according to the British Retail Consortium (BRC), they now also account for over half of all retail transactions too. Figures published by the BRC state that debit cards account for 42.6 percent of all transactions, whereas cash is 42.3 percent. According to the UK Finance, 77 percent of all U.K. retail spending was made by cards. This trend has been driven by the widespread adoption of contactless and other forms of digital payments, which have finally won over the British public. Both the London Business School and the Bank of Engla...

·        The Indian economy continues to be heavily reliant on cash ·        Digital payment systems are heavily reliant on smartphones that are enabled with data connections, NFC, Bluetooth, etc. ·        The solutions available now are catering to individuals who are already well versed with cashless transactions through credit/debit cards and net banking https://i0.wp.com/inc42.com/wp-content/uploads/2018/07/digital-payments.jpg?fit=690%2C518&ssl=1 Post the implementation of demonetization in November 2016, the use of digital payment methods in India received a major boost. According to the National Payment Corporation of India (NPCI), the value of the BHIM Unified Payments Interface (UPI) transactions skyrocketed to INR 1 Tn while the volume of transactions reached 913 Mn, up from a meager 7 Mn in April 2017. One would imagine that this massive growth of digital payment metho...

While digital payment was more of a thing for the rich society, with the cashless India movement, India is soon to become completely digitized. Regardless of the urban and rural differentiation, India will be called digital India in the upcoming years. While your friend might ask you why should you go cashless and opt for digital transactions, you should exactly know why you support the digital payment system. Cash payment has become an outdated payment method with the emergence of digital or cashless payment options. So, what are the major 5 reasons to go cashless and opt for digital transaction? https://dsim.in/blog/wp-content/uploads/2017/07/digital-payments-dsim-e1500041092515.jpg Convenient -  This is the first reason why digital payment options are expanding day by day making it easier for the public to opt for digital transactions instead of cash. Neither do you have to stand in never ending queues for taking out money from the ATM, nor will you have to car...

https://learnmyselfblog.files.wordpress.com/2017/12/upi-blog.png With increased online payments it is important to know how to protect your UPI transactions from cyber fraud, and the RBI vouches for it.                                                                                                                                   ...