In the aftermath of demonetization, India saw a whopping growth in online financial transaction. The ground-breaking move well and truly gave impetus to digital transactions in India.
Rise in Digital Payment Transaction
India saw a staggering 105% rise in digital payment solution post-demonetization. The figure sharply inclined from a total value of Rs 6,022 crore in October to a total value of Rs 9,770 crore in December of 2016.
Growth in Mobile Banking
The mobile banking front witnessed a 30% rise. Total value in transactions rose from Rs 1,13,578 crore in October to a total value of Rs 1,48,583 crore in December.
Future of Digital Transaction is Promising in India
The growth witnessed in the wake of demonetization is but a tip of the iceberg. India is eyeing at a widespread cashless economy as finance minister Arun Jaitley announced a mission to reach 2,500 crore cashless transactions in 2017-18. According to him, Banks will add another 10 Lakh Point of Sale machines and Government is also looking to unveil another 20 lakh Aadhaar based PoS machines within September of 2017. According to Jaitley, Government is also considering to make cashless payment facility mandatory in petrol pumps, hospitals and government offices like block offices, road transport offices.
How Secured is the Cashless Economy in India?
Rise in online monetary transaction trigger a surge in cyber crime in India as well. Registered incidents of several different types of cyber crimes like banking and credit card frauds and hacking saw an alarming 40% yearly increase. Let’s take a look at the rise in cyber fraud incidents in last few years. According to statistics revealed by Home Ministry, there were 71,780 cyber frauds in 2013, 22,060 in 2012 and 62,189 incidents of cyber frauds till June of 2014.
Cyber crime cases registered under the IT Act surged nearly 300 per cent between 2011 and 2014. Among all the states in India, Uttar Pradesh and Maharashtra top the list when it comes to cyber crime.
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