Security for Digital Payments: An Update

A cashless economy is secure and it's clean too. Electronic banking, also known as electronic funds transfer, is simply the use of electronic means to transfer funds directly from one account to another, rather than by check or cash. The financial security over the digital payment channel is important for pushing the cashless economy idea. There have been a lot of development of many security protocols to ensure the security in online transactions. However, there are some loop holes in the present e-commerce payment systems. The article focuses on all the aspects of the Security system in Digital Payments in India. With the continuous growth of Internet, the trend of on-line business is extremely high. The aim of this paper is to discuss what are the challenges in digital payment system, how to ensure that your digital data is secure, how to provide security of data to all.