Challenges for Digital Payments Ecosystem ?


Where does Digital payments stand in India?

1. Demonetization resulted in an enormous increase in the adoption and dependence on digital payments.

2. According to a report by KPMG, Digital payments in India are witnessing consistent double-digit growth and mobile wallets are expected to grow tremendously.

3. According to RBI’s 2021 vision document, Payment systems such as UPI/IMPS are likely to register average annualised growth of over 100%.

4. While becoming a cashless economy is the end-goal, the sudden push to ‘go digital’ may test the existing security and fraud control frameworks extensively.

Which are the challenges to the Digital Payment ecosystem?

1. Cybersecurity is one of the most critical challenges faced by stakeholders of the digital payment ecosystem.

2. With increasing preference for digital payments, the chances of getting exposed to cybersecurity risks such as online fraud, information theft, and malware or virus attacks are also increasing.

3. Digital payment frauds account for about half of all bank frauds in India.

4. Also, the changing nature of cybersecurity attacks such as web application attack, ransomware, reconnaissance, and DDoS attack clearly establish cyber-risk as a new reality.

What are the steps taken so far?

1. In view of this, the Reserve Bank of India (RBI) has issued some guidelines as security and risk mitigation measures for digital payments.

2. It has taken steps for securing card transactions, internet banking, electronic payments, ATM transactions, and prepaid payment instruments (PPIs).

3. It has also issued guidelines that limit the liability of customers on unauthorised electronic banking transactions.



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