A notion in mind to eradicate the growing trend of corruption from India recently the Indian government have taken drastic step to stop the flow of black money in every possible way. From the American economist Larry Summers to Spiritual guru of India all are of the opinion on the world’s largest demonetization drive that it is not enough to stop Corruption from the roots. The effect is a massive blow which eventually curbed the flow of cash free transactions into the society. Possibly in a country of more than 1 billion mobile phone the use of cashless flow of transaction become highly significant with the demonetization effect. Nevertheless, in the last few weeks after the bash of demonetization news, the moribund point of sales machines are locked due to overload of usage.
With the cashless deficit the commoners are forced to opt for the digital; transaction facilities for being on to the safe side on regard to making of the payments.
Over the past few weeks the stagnant digital transaction has hit a record. PayTM said they have gained a 200 % increase of transaction in case of mobile downloads and 250 % of the overall transaction. MobiKwik experienced an exclusive user traffic and the merchant queries which were all increased to 200% within the announcement of demonetization. Other notable companies like PayU and Oxigen have also observed the changes.
Mobile wallet a digital mechanism helped the users to collect up to 20,000 rupees per month minimum with the minimum Know Your Customer (KYC) whereas, 1 lakh transact with the full KYC( if you submit ID proof, residence proof documents)
Wallets One can load as much as possible while linking it to the debit card but if he want to link the bank transaction then 1% charge will be deducted. A merchant was unable to withdraw more than 25 thousand from his wallet sales. He can sell products till 5 lakhs cost through wallet.
It includes the SBI Buddy, HDFC PayZapp, ICICI Pocket, Paytm, Mobikwik. In all, 40 companies have mobile wallet licences whereas, 25 of them were operational NEFT, RTGS, UPI, IMPS, USSD options came into existence.
Needless to say that the transfer that took place via digital companies are more or less fairly secured hence, there remains no doubt while sharing any precautions for secured transaction. Although, it does not mean that precaution is invulnerable, the hackers with smart credentials may target any site any profile.
3. Tracking spends
4. Discipline Budget showcasing
5. Low risk
6. Small gains
1. Identity theft- “The biggest fear is the risk of identity theft. Since we are culturally not attuned to digital transactions, even well-educated people run the risk of falling into phishing traps,” says Nagpal.
2. Losing phone
3. Difficulty for Tech unsavvy
4. Overspending possibility
A joint responsibility is not limited hence, the companies concerned and the government must take up the charge to collectively participate to alleviate the cyber-attacks to diminish the damages.
• All the companies offering online transaction platform must educate and spread the awareness of the transaction facility among the masses. To reduce the risk factor. Employing behavioral analytics and the patterns of fraud detection must be predicted from suspicious behavior.
• Government must check the current policies and the regulating platforms along with regular podiums. Benefits that originate from disregarding security insurances must be minimized, and open private associations on live data sharing about cyber-attacks and extortion ought to be fortified.
• Customer’s responsibility is to know the features of the apps in details and the risk associated with it to reduce the chances of fraud circumstances. Customers must try to check application releases from the developer to keep the knowledge about what is in the market. For example, they should check the Website's validness via scanning for the correct spelling of the Web address. Check if the Website is safe and sound, by paying special mind to a green padlock image on the left half of the Web address, and keep Web programs upgraded so that they can perceive ill-conceived locales effortlessly.
Hence, the ‘cashless is equal to no worry’ is quit apt although everything has some effective and nominal sphere. We need to work consciously for not being defeated by anything, PM Narendra Modi recently asked-‘People to embrace the digital cashless world, reiterating that digitization of economic activities is here to stay. In the midst of going cashless, we should not cast a blind eye to the security aspect of digital payments. We all share a collective responsibility to build a safe and secure digital infrastructure.’
In the arena of the cashless transaction the newest venture of the transport, the Bike 4 everything is a wander which is an on request bike taxi specialist co-op serving worker to go down inside a city on a moment request. Bike 4 everything permits ride administrations with the talented bike riders guaranteeing inconvenience free voyaging. Clients simply need to enter the get and dropping area, just by downloading the mobile application “Bike4Everything” and the riders will be there in a minutes. Besides, customers can get finish ride points of interest in the wake of getting the ride booked. This facility offers every comfortable action to enjoy the bike ride in a cashless situation. The service offered is immense with truly prominent steps to reply back to the monetary issues significantly. Wallet option is comfortably carried without any hassle, focusing on the seamless transparent transaction and the automatic matching. Hence, Bike 4 everything enables the commoners to enjoy a new opportunity with positive PR transportation facility, ideal for youngsters who desire for cash in on the bustling on demand of marketplace.