The foremost thought that comes into mind of any person who switches towards the digital payment system, is about the security involved, due to direct connection of bank accounts to these online payment methods. Digital payment of several forms including net banking, digital wallets, or UPI transactions go through a check to ensure that they meet appropriate level of security. As per the facts given by Reserve Bank of India, 85% of total banking transactions in 2015-16 were done through internet in its volume. This was the bright beginning of digital payment systems in the country.
Most business have switched to digital payments to get easy, fast, and reliable customer payments. To bring customers towards online payment system, they ensure to convey that the transaction procedure is full proof with absolute concern for privacy of bank details. At your end, any customer should ensure the following points to go for safe digital payments-
- Ensure two factor authentications- The implementation of two factor authentication has been made compulsory by RBI for all the digital payment gateways and services. It takes into account the better access methods for users to get logged in to their accounts. The one time password has to get sent to user’s registered phone number or email id, each time the payment transaction happens. It ensures the safety of your bank account and gives notifications for each attempt that anyone does for doing payment with the account or to use it anywhere on the web.
- Be alert of Malwares- Malwares attack the mobile phone through online websites, advertisements, email attachments or even any downloaded file that you may have. These tend to access the information related to your accounts, and could be used for illegal purposes like cracking of digital payment gateway passwords. To make your payment system well proofed to these malwares, must install the latest security updates and antiviruses. The user awareness is more needed than the gateway security.
- Give permissions to applications carefully- The mobile applications that you install, demand access to certain portions of your phone, read this permission license and do not allow apps to get access to payment service apps or portals in your mobile. Along with careful permissions to the applications on your phone, ensure that the digital payment service or app that you use is reliable and holds good bulk of customer support. Avoid using those e-commerce platforms that are uncommon and less popular.
- Do not share OTP or wallet passwords- The safety of your digital transaction depends on the measure to which you secure your account. Being cautious to never share the OTP and the gateway passwords with anyone knowingly or unknowingly. The password once stolen, can be misused to great extent, and by the time it comes to your notice, you would have undergone serious financial loss.
Safe payment gateways for the perfect business transactions are being made availed by a few digital payment services or companies. They make sure to take care of all the factors that could lead to loopholes in safety of your account. These payment gateways are most used, and trusted by large scale businesses as well as huge number of customers.