Grahakjago (S.K.Virmani)©

Transacting through Digital Payment System The Indian government recently had initiated the demonetisation drive in November 2016 withdrawing currency of Rs. 500/- and Rs. 1,000/- from the market. The demonetization drive resulted into pushing the citizens to carry out banking transactions through Internet or plastic cards. Such technologically driven banking transactions also make banking transactions susceptible to financial frauds.   As the banking sector moves deeper into the digital era where banks provide 24x7 technologically advanced products, the consumers need to exercise greater caution to avoid digital and net banking fraud. It is up to individual customers to ensure the safety and security of their payment systems and enjoy the ease and convenience of digital banking. The normal mode of cashless transactions is through internet banking, cash cards, wallets, debit cards, credit cards etc.   While you enjoy such 24x7 newly-acquired convenience, it is ess

Govt. of India came out with an idea to encourage Digital payments. The digital payment has an exponential growth during demonetization as the legal currency of denomination of Rs. 500/- and Rs. 1,000/- was withdrawn overnight  to be replaced with new currency of denomination of Rs. 500/- and Rs. 2,000/-. All of a sudden the citizens were deprived on even meeting their daily needs and hence the digital payment industry saw the boom during demonetization. It is alwayz better to use digital payments as one get rid of carrying on cash in the wallets. The other advantage could be security and safety of both notes as well as that of the person carrying the currency. Ideally the use of digital payment does not only address the security issue but it is also cost effective. The perceived advantage in the digital payment process could be less operational cost for both merchant as well as Government and Banks as well as: 1. Less cost towards printing and distribution of currency at the l