Digital Banking and Cyber Security

Download or read book Digital Banking and Cyber Security written by Sarika R Lohana, PhD and published by . This book was released on 2020-12-25 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: India has a rich diversity of digital payment options. Due to steps taken by the Reserve Bank of India (RBI) to encourage electronic transactions, paper-based systems (cheque, demand draft, banker's cheque, payment order, traveller's cheque, interest warrant, dividend warrants, and money order) now constitute a miniscule portion of retail payments. The number of clearing houses has also declined. Card-based electronic payment systems are well-understood at the global and national level, and find acceptance at stores, as well as for online payments. Cards are usually issued by banks and can be classified on the basis of their issuance, usage and payment by the card holder. There are three types of cards: (a) pre-paid cards, (b) debit cards and (c) credit cards. In recent years, non-card electronic payment systems have become very popular. These have, inter alia, included: (a) real time gross settlement (RTGS), (b) national electronic funds transfer (NEFT), (c) electronic clearing services (ECS), (d) immediate payment services (IMPS), (e) unified payments interface (UPI), (f) unstructured supplementary service data (USSD), (g) Aadhaar-enabled payment system (AEPS), and (h) Bharat int