Q-6 DU SOL CYBER CRIME

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Digital payment is referred to as those payments that take place using the various types of electronic medium. These methods do not require payment to be made in the form of cash or providing cheque.


There are different modes and types of digital payments that are prevalent in India, which are discussed in detail in the following lines.

1. Banking Cards: Banking cards are the most widely used digital payment system in India. It offers a great set of features that provides convenience as well as security to the users. Cards offer the flexibility of making other types of digital payments. Customers can store card information in the mobile application and pay for the services using the stored card information.


Banking cards (debit and credit cards) can be used for a variety of digital transactions like PoS terminals, online transactions, as a payment medium in mobile apps, which provide any kind of service like grocery, healthcare, rental cab booking, flight tickets, etc.


The most popular cards are issued by service providers like VISA, MASTERCARD, RuPay, AMEX etc.


2. USSD ( Unstructured Supplementary Service Data): USSD is another popular digital payment method. It can be used for carrying out cashless transactions using mobile, without the need of installing any banking app.


The good thing about USSD is that it works without the requirement of mobile data. The main aim of this digital payment service is to include those sections of people of the society who are not included in the mainstream.


The striking feature of the USSD is that it can be availed in Hindi. The USSD can be used for the following types of activities:


a. Initiating fund transfers


b. Making balance enquiries


c. Getting the bank statements


3. AEPS (Aadhaar enabled payment system): AEPS can be used for all the following banking transactions such as balance enquiries, cash withdrawal, cash deposit, aadhaar to aadhaar fund transfers. All such transactions are carried out through a banking correspondent which is based on Aadhaar verification.


This service can be availed if the aadhaar is registered with the bank where an individual has a bank account.


4. UPI (Unified Payment Interface): UPI is the latest digital payment standard where the user having a bank account can transfer money to any other bank account using UPI based app. UPI enabled payments occur throughout the day and all 365 days in a year.


Payment can be done using a Virtual Payment Address (VPA). To use UPI services one must have a bank account and a mobile number registered with that bank account.


5. Mobile Wallets: Mobile wallets are another popular payment option. Here the users can add money to their virtual wallet using debit or credit cards and use the money added in the wallet to perform digital transactions.


Some of the most popular mobile wallets are PayTM, Mobikwik, PhonePe, etc.


6. Point of Sale Terminals: PoS terminals are installed in shops or stores where payments for purchases can be done through debit and credit cards. There are variations of PoS, one which can be Physical PoS and the other one is mobile PoS. The mobile PoS does away with the need of maintaining a physical device.


7. Mobile Banking: Mobile banking is a service provided by the banks through their mobile apps in a smartphone for performing transactions digitally. The scope of mobile banking has expanded extensively after the introduction of UPI and mobile wallets.


Mobile banking is a term used to describe a variety of services that are availed using mobile/smartphones.


8. Internet Banking: Internet banking is the process of performing banking transactions from the comfort of your home using a mobile phone/laptop/ desktop and an active internet connection. The major type of transactions can all be done using internet banking.


 Internet banking services can be availed round the clock and all 365 days in a year, which makes it a popular choice for performing digital transactions.

Precautions should be taken in making Digital Payments               

 1. Avoid saving card details

Although this seems basic, it is crucial to ensure that your debit/credit card details are not saved when you make purchases online. Many of us tend to save the details to avoid entering all the details from scratch in the future and enable quicker payments. However, it is best to erase your card information after completing your online purchase to ensure it isn’t prone to the risk of being stolen.

2. Use a private window for transactions

The most effective way to protect yourselves while making digital payments is by avoiding suspicious apps and websites and always relying on trusted official apps suggested in the app store.


3. Don’t share passwords

This is a common advice but integral to preserving your financial security. Passwords of your internet banking accounts should be extra strong, must never be shared with anyone, and need to be changed regularly to avoid falling prey to cyber-attacks. Also, be sure to inform your bank in case you receive phony calls from anyone asking for details such as your passwords or ATM PIN. Furthermore, it would be best to use one-time passwords (OTP) to complete your transactions as they are more secure.


4. Avoid public computers/Wi-Fi networks

When making online transactions it would bode well to avoid using public devices or Wi-Fi networks since they are more prone to cyber-attacks, theft, and other fraudulent activities. It is also important to use only reputed, verified websites. Trusted websites often offer higher levels of protection for online payment transactions.


5.  Beware of fraudulent apps

There are many illegitimate apps on the App Store and Play Store. Fortunately, thes can be identified through multiple negative reviews, a low number of downloads, and the lack of a ‘verified’ badge.

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