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Digital Payments

Constant Fortification of Security to Shield Digital Payments Comprehensively

India envisions to go 100per cent paperless when it comes to digital payments and securing these payments will only help to spring the vision come to life
Constant Fortification of Security to Shield Digital Payments Comprehensively
Image credit: graphicstock
Senior Correspondent, Entrepreneur India
3 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

The initiation of Digital India and attempt to make India cashless has frantically given rise to a large number of digital payments in the country. And this has been possible because of the consecutive rise in the number of mobile phone users in the country. The Indian mobile phone market has grown with leaps and bounds, making it a leading mobile phone markets in the world.

“A digital revolution has meant that our world today has become increasingly fast-paced. We live in an increasingly connected world where we can connect with people, companies and get services on demand at the touch of a button. India has moved largely to the digital medium, along with a rapid rise in demand for subscription services through apps. We have seen this evolution across categories in our daily lives. A rise in connectivity has meant that we use our mobile phones to order food, hail cabs, book holidays and even movie tickets,” says Gagan Maini, Co-Founder, OneAssist.

But the security issues that tagged along with digital revolution have had been bitterly merciless making security providers toil night and day in the attempt to be the ultimate cybersecurity solution provider. Among the various security needs, securing data and cashless transactions have become the most important.

 

Keeping Security Up-to-date

If one wants to be a top-notch payments service provider, the obvious thing that should be taken care of is security. Mobikwik is a provider of mobile phone based payments system and digital wallet. Its CEO Bipin Preet Singh believes that “security is not just a state; it’s a process which is applied in every new feature upgrade or in case of any new product development. MobiKwik understands the importance of maintaining high levels of security standards and puts this at the centre of all user interactions on the platform.”

With that being said, it is needless to say that in such a delicate and crucial state, fortifying digital payments by consistently upgrading the existing security measures will only help to protect the digital payments and comprehensively achieve the paperless vision the country has aimed for in hands with the government.

Like Singh, other similar voices came through companies like Instamojo and OneAssist, talking about securing payments. Ankur Sharma, VP – Analytcis at Instamojo, a provider of free payment gateway mentions what they are trying to do in securing digital transactions, “We are consistently working with the banking partners and card interchanges to make sure the payments remain absolutely secure and leak-proof.”

Explaining what the loss of digital wallets means in today’s world, Maini from OneAssist explains, “Our wallet and m-wallet protection plans help protect our customers against theft, fraud or misuse of their credit and debit cards as well as their m-wallets. We also understand that the loss of a wallet means that we also lose national identity cards such as our PAN card and driver’s license.” Therefore, they are assisting people caught in such gooey states by not only assisting them with the financial loss incurred but also by providing them with a single window to block all their credit and debit cards and handle the leg work involved in getting their PAN card and driver’s license replaced.

With more number of the digital payments service providers entering the sector , it is customary that more service providers enter the space and keep innovating with their technologies in order to keep the security wall of digital payments tall and strong.

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