Security in Digital Payment

Abstract

A cashless economy is secure, it is clean. You have a leadership role to play in taking India towards an increasingly digital
economy—Narendra Modi. [1]
This article focuses on all the aspect of the Security in Digital Payment system in India.
With the continuous growth of Internet the trend of on-line business is extremely high. The development of many
security protocols to ensure the security in online transaction. There are some loop holes in current e-commerce payment
system like Security model, payment security system. The aim of this paper is what are the challenges in digital payment
system, how the different protocols to ensure that you’re digitally data are not goes to third person (unauthorized person),
how the one layer is co-ordinate with other layer to provide us security of data. Electronic banking, also known
as electronic funds transfer (EFT), 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.