Understanding the digital payments landscape

1 min read Livemint 06 Oct 2017, 01:13 AM IST

Adoption of digital payments has increased significantly with the move towards a cashless economy. However, there are concerns which need to be addressed

According to the KPMG survey, a barrier to the growth of digital payments is security concerns. Photo: iStockphoto. (iStockphoto.) — According to the KPMG survey, a barrier to the growth of digital payments is security concerns. Photo: iStockphoto. **(iStockphoto.)**

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.