Cyber security a critical challenge for India’s digital payments ecosystem. Discuss.
Answer: India’s status as a digital economy is at a very nascent stage and will evolve and innovate drastically in the coming years, especially with the increased convergence of sectors such as financial services, telecom, and information technology. This change will also come with its fair share of challenges, both in the short and the long term. Payment systems such as UPI/IMPS are likely to register average annualised growth of over 100%, according to RBI’s 2021 vision document.
Cyber security is one of the most critical challenges faced by stakeholders of the digital payment ecosystem. With more and more ....
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