Securing India's Digital Payment Frontiers

Publish: March 09, 2018

Technological advancements in the digital payment ecosystem are changing our lives significantly and providing end consumers with speed, convenience, choice and savings. Its impact can be seen across society, business and the economy. India’s digital payment industry, currently worth around USD 200 Billion, is expected to grow five-fold to reach USD 1 Trillion by 2023, as per a report by Swiss financial services holding company, Credit Suisse. The global digital payment market is expected to reach USD 21 Trillion by 2020.

Advancement in technology and its increased availability backed by the Internet and smartphone penetration has transformed the way Indians consume and use financial services. The same technologies which help to increase digital adoptions can be leveraged by malicious actors to disrupt services and impact trust in the ecosystem which is of paramount importance in any financial service. Thus, it is imperative for all stakeholders to ensure a safe and secure digital payment ecosystem.

As digital India grows, it is imperative to ensure safety and security. We need to keep ourselves abreast with the rapidly changing technologies, evolving regulatory environment and at the same time ensure that the end consumer is safe. This necessitates adoption of best practices/policies, standards and guidelines from mature markets/economies. As such, all the stakeholders involved in the ecosystem need to gear up, prepare and collaborate to better their capabilities and processes to detect, prevent or respond to advanced threats in the digital payment ecosystem.

With this background and need, DSCI and PayPal conducted a study on the current state of cyber security for digital payment ecosystem in non-banking sector organizations.

The study focused on analysing the following elements:

  • India’s journey in digital payments and its cyber security.
  • Threat landscape of digital payment ecosystem.
  • Digital payment ecosystem cyber security - public polices, regulations, standards and frameworks of major countries.
  • Enterprise cyber security best practices.
  • Future trends.

At the end, this study presents recommendations on public policy and enterprise cyber security best practices in the Indian context.

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