Post demonetization, there has been a monumental surge in digital transactions in India. As per report, wallet payments have soared by 300% after November 8, 2016 and some of the transactions statistics are an eye opener.
The number of e-wallet daily transactions has shot up from 1.5 million to 7 million transactions per day, and, in value terms daily from ₹ 500 mn to nearly ₹ 2 billion. While all this is happening, in a rare incident, the largest player in the market recently had to approach enforcement agencies for a hack and defraud perpetuated. While the details are still under investigation, needless to say, security of digital payments and wallets is now a paramount concern.
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