Even as incessant political bickering is polarizing opinion on demonetisation, India is making a significant transition to a digital payments ecosystem. This new digital payments ecosystem is brutal in its attempt to alter the way India transacts, trades and is taxed. A wider adoption of digital payments will invariably change the dimensions of risks, crime and security as well. To achieve this, a comprehensive approach for securing the digital ecosystem must be devised and some actions must be taken immediately. Lastly, it may be useful for the government to think of the digital payments ecosystem, now anchored by the NPCI, as analogous to the Internet.

Source: Mint January 25, 2017 20:41 UTC