Understanding the digital payments landscape
Adoption of digital payments has increased significantly with the move towards a cashless economy. Digital payments comprise transactions carried out using a variety of electronic modes such as cards, mobile phones or an internet-based set-up to send and receive money.
A survey by KPMG titled Digital Payments—Analysing the Cyber Landscape—finds 36% of respondents attributing ease of making payments to the enhanced use of digital payments.
A quarter of the respondents say digital payments help them to track all payments. Forty per cent believe that phishing, distributed denial-of-service (DDoS) attacks, vulnerability and spam are the major cyberthreats faced by various organizations.
According to the survey, a barrier to the growth of digital payments is security concerns. Lack of awareness is also a barrier.
Twelve per cent of the respondents say that additional charges stop them from making digital payments. The survey calls for a strong cashless ecosystem to enable faster adoption of digital payments.