As the govt grapples with issues to take cashless payments to the masses, some are concerned about security and privacy issues. The government’s plan to reach 25 billion digital transactions in the next financial year will be driven by consumption-based payments, said experts, who expect digital education of both consumers and merchants along with security steps and enabling regulations to support the process. While demonetisation was a great push towards increased digital transactions, challenges to keep the momentum going remain as 90% of the Indian economy still uses cash, representatives of financial technology companies, wallet providers, banks and payment platforms said at a panel discussion on building a cashless future at the Global Business Summit on Tuesday. “We need relevant solutions for different demographic as the masses may have different needs, then there’s low awareness levels, and economics … we feel every small merchant should be able to accept any kind of pa
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