Opinion | Cybersecurity a critical challenge for india’s digital payments ecosys3 min read 30 Jan 2020, 10:13 PM IST
Frauds in digital payments account for about half of all bank fraud cases in India
Demonetization resulted in the withdrawal of 86% of India’s total currency value in circulation, leading to an enormous increase in the adoption and dependence on digital payments. Three years on, digital payments in India are witnessing consistent growth at a compound annual growth rate (CAGR) of 12.7%, while the mobile wallet market is expected to continuously grow at a CAGR of 52.2% by volume between 2019-23, according to a recent report by KPMG. This digital explosion can be seen in the accelerating rise in the download and use of electronic wallets as well as an unprecedented increase in digital transactions/payments.