Wednesday, March 22, 2023

Boost for Digital India as RBI to set digital payment security control


digital payment, cyber frauds, Reserve Bank of India, RBI, Digital Payment Security Controls Directions, Digital India, less cash society, contactless card payment limit, RTGSThe proposed Digital Payment Security Controls Directions would make India a less cash society in a safer way.

The Digital India initiative of the government has got a boost with the Reserve Bank of India announcing measures to secure digital payment channels via the proposed Digital Payment Security Controls Directions to make India a less cash society in a safer way.

With cyber frauds becoming rampant and online customers getting robbed by fraudsters on an alarming frequency, the RBI initiative was the need of the hour to secure the online payment process.

Commenting on the RBI initiative on digital payment security control, Amit Kumar founder of Galaxycard said, “This is a very welcome move by the RBI. Cyber crime will be a big deterrent to the adoption of digital payments and having the government bringing in processes to control this fraud will ease the customers’ minds and help them trust it more. There is a very thin line between secure and easy to use, so it’s important to see how these rules enforce security without making the payment systems cumbersome to use.”

Giving further boost to digital payments during the Covid-19 pandemic, the RBI has also announced hike in the upper limit of contactless card payments from Rs 2,000 to Rs 5,000 from January 2021 and making RTGS transactions available on a 24×7 basis.

“We welcome the RBI’s announcement to enhance limits for contactless card transactions and e-mandates. Since Visa launched its contactless cards in India over five years ago, consumers have continued to prefer contactless cards for their small ticket, daily use purchases. As evident in recent months, there is strong consumer preference for digital payments and the new enhanced limits for e-mandates and contactless cards will help transition millions of Indian consumers from cash to fast, convenient and secure forms of digital payments,” T R Ramachandran, Group Country Manager, India & South Asia, Visa.

“Additionally, we are fully supportive of the RBI’s plans to pursue a uniform security framework for digital payment channels in the county via the proposed Digital Payment Security Controls Directions. As an evolved digital payment market, India has the opportunity to set world class risk and security standards that can be emulated by markets across the world,” added Ramachandran.

Beware! You may lose data, money as major cyber attacks feared

Commenting on the proposed change in the limit of contactless payment, Naveen Kukreja – CEO& Co-founder, said, “The decision to enhance the upper limit on contactless card payments from Rs 2,000 to Rs 5,000 is progressive and will increase customer convenience, especially in these pandemic times when social distancing and staying contactless is crucial. This should also further boost digital payments, which would help the overall financial ecosystem.

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