There has been an exponential increase of 178 per cent in the volume of digital payment transactions in the last three years with the rise of several platforms like Bharat interface for money-unified payments interface (BHIM-UPI), immediate payment service (IMPS) and prepaid payment instruments (PPIs). among others.
According to official figures, between 2019-20 and 2022-23, the volume of digital transactions rose from Rs 4,572 crore to Rs 12,735 crore, showing a rise of 178 per cent in just three years. Also, BHIM-UPI has emerged as the preferred payment mode and has achieved a record of 753.48 crore digital payment transactions with the value of Rs 12.36 lakh crore in February 2023 alone, sources added.
Apart from new digital payment platforms, existing payment modes like debit cards, credit cards, National Electronic Funds Transfer or NEFT and Real-Time Gross Settlement (RTGS) have also grown at a fast pace.
In order to ensure safety of digital transactions, the Indian Computer Emergency Response Team (CERT-In) issues alerts and advisories regarding latest cyber threats or vulnerabilities and countermeasures to protect computers and networks on an ongoing basis.
It also issues advisories for users and organisations to create awareness about cyber frauds and threats and to secure digital payment systems.
In addition, CERT-In aso provides tailored alerts to banks and financial sector organisations regarding latest cyber threats and advising countermeasures.
