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What are people's concerns and preferences

in cashless payments? Find out
As digital payments find increasing acceptance among people, knowing which platform to
use and taking appropriate safety measures is a must.
By Sanket Dhanorkar, ET Bureau | Updated: Jan 02, 2017, 04.45 PM IST Save

2
Comments

Cash may no longer be king. While you wait

for the serpentine queues at ATMs to peter
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IN THE SPOTLIGHT
again, the adoption of digital payment
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embracing digital payment solutions to tide

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over the cash crunch. currencies are in vogue

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Debit cards, e-wallets and other digital platforms are witnessing a surge in volumes. But attacks
are we fully equipped to make the switch to a less-cash society?
For agriculture financing, the future may be
cashless loans
ET Wealth conducted an online survey to find out the level of adoption of digital payment
Cashless toll mop-up via FASTags nears 50 per
solutions and user habits. The findings reveal that while people are getting comfortable cent mark
with cashless payments, some mindset issues are holding back many from embracing the
View: Cashless India could be a model for the world
newer platforms. The findings also suggest that the usage habits of those who have taken
to cashless modes could be exposing them to security threats. Banks power cashless campuses

EASE OF DIGITAL TRANSACTIONS WINS PEOPLE

The online survey was conducted from 26 to 28 December. Some 663 respondents
participated in it. Figures denote % of respondents. INVESTING

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Why would you adopt a cashless payment system? market
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What are people's concerns and AUTO
ICICI Bank customers can withdraw cash Amazon's Great Indian Sale's here. Check Hallmarking of gold jewellery mandato
1 preferences in cashless payments? Find 2 Enter your email id
at ATMs sans debit card. Here's how 3 Subscribe Now
out the top deals Bajaj Chetak’s4new
now. Here's what you need to know
out
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1/21/2020 Hallmarking of gold jewellery mandatory now. Here's what you need to know
traits
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For Chetak sales, Bajaj is banking heavily on

the digital channel.
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Most people are switching to digital payments for its sheer convenience

Convenience: 84%
Discounts/cashback rewards: 49%
Easy tracking of spends: 54%
Shortage of currency notes: 34%

What is your biggest concern around cashless payments? DISCOVER MUTUAL FUNDS
Risk of fraud and lack of merchant acceptance are main concerns.

All Mutual Top Tax

66% Security (risk of identity theft) Funds Saver Funds

48% Poor Internet connectivity

59% Merchant acceptance Better Than Low Cost
Fixed High Return
28% Costs Deposits Funds
10% Lack of tech knowhow

What has been your preferred mode of payment since 9 November?

Card have been the preferred mode of payment since the demonitsation.
Spend Top Trending Terms
Netbanking: 59%
Credit /debit card: 88% Affordable Smartwatch Gold Investment

Cash: 17% Calculate Gold Jewellery Price GPS GST

Internet Banking Gold Coin Digital Transactions
E-wallet/Mobile app: 47%
Air Conditioner Phone Virtual Payment Address
Cheque: 19%
Airtel Payments Bank UPI
4 smartphones with artificial intelligence
For high-value transcations, what is your preferred mode of payment?
Consumers seem to prefer Netbanking for high-ticket transactions.
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74% Netbanking To Forgive
54% Credit/Debit card
5% Cash Ad Thrive

8% e-wallet/Mobile app
53% Cheque Enjoy Swiggy Super
Services worth Rs. 999 @
Would you use cashless payments if notes come back into circulation? Rs 1
Almost two-third of the respondents are likely to continue with digital payments for most Ad Times Prime KNOW MORE

transactions. By Colombia

For most transactions:65%

For some transactions: 22% Not to be Missed
For rare transactions: 10%
Coronavirus: India to screen flyers
Never: 3% from China

Have you installed antivirus or malware protection on your phone?

Three out of five respondents do not use a security software on their mobile phones. Growth slowdown hits Zee’s Q3 profit:
Takeaways

Yes: 41%
No: 59%
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How often do you change device passwords, NEWSLETTER
of debit/credit cards? flight surgeons
What are people's concerns and
One out of every five respondents admit toEnter
ICICI never
Bank changing
customers their security
can withdraw cash passwords.
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1 preferences in cashless payments? Find 2 at ATMs your email id
sans debit card. Here's how
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1/21/2020 Hallmarking of gold jewellery mandatory now. Here's what you need to know

35% Once Wealth

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27% Once in a year RPower arm

17% Every month

21% Never
US' tax system not right for the times:
What can be safely shared when you do cashless transactions? Gita Gopinath

Several users seem comfortable sharing critical financial details during digital transactions.

Aadhaar: 32% NZ Tour: Dhawan out of T20s, Ishant

PAN: 24% out of Tests

Bank account number: 17%

Credit/Debit card number: 14%
All of these: 10% ET Daily: Uber gets eaten, Reliance
None of these: 41% making big plans

Do you access public WiFi from phone or laptop?

Three out of 10 respondents say they regularly access unsecure public WiFi. ETRise Top MSMEs: Land acquisition
rules need change
Yes: 30%
No: 70%
Some of the most successful ways to
Do you store card details on your phone or laptop? make any business profitable
More than two-third prefer convenience over safety and store financial details on their
devices.
India needs $2.64 tn investment to
Yes: 35% meet SDGs by 2030
No: 65%

Convenience over liquidity crunch

Ease norms to enhance liquidity for
The government is going all out to encourage the adoption of digital payment platforms. It NBFCs, HFCs: CII
initially waived off the service tax on card transactions up to Rs 2,000 and announced
discounts on purchase of petrol, diesel and railway tickets, among others, if paid for
digitally. It is also pushing for a sharp cut in the transaction charges, levied by banks on
Trump tells leaders of 'spectacular' US
merchants, on debt and credit cards. economy

More recently, the government launched two schemes, Lucky Grahak Yojana and Digi
Dhan Vyapari Yojana, offering around Rs 340 crore in cash rewards to encourage digital
RBI cancels Vodafone m-pesa's
payments between Rs 50 and Rs 3,000. It is also aggressively pushing UPI (United authorisation certificate
Payment Interface) and is expected to launch an app that users can download to transact
across multiple banks. An upgraded, feature-rich version of the USSD (Unstructured
Supplementary Service Data) platform, which allows banking transactions through feature
Trump impeachment trial to begin with
phones without Internet connectivity, is also to be unveiled. rules fight

Those without mobile phones can now also transact digitally through Aadhaar based
payments using just their fingerprints. E-wallet providers have also jumped at the
M&M XUV300 gets 5-star safety rating
opportunity. It is raining discounts and cashbacks in this segment, which is attracting more in NCAP test
users on these platforms. For instance, Freecharge recently ran a two-day flat 100%
cashback campaign on purchases like movie tickets, meals and online shopping. It claims
that during this short window more than 3 lakh new wallets were created and volumes rose
Sachin Bansal to put $400m in
15 times.
banking biz

Others service providers such as Paytm and MobiKwik have also been lining up cashback
offers. Banks are not far behind in promoting their debit and credit cards. Nearly nine out of
Economic slowdown to hit insurance
the 10 respondents in our survey have been using debit or credit cards regularly since 9
collections: Moody
November—the day after the notes ban was announced. For higher payments, nearly
WEALTH NEWSLETTER
three out of four respondents now prefer Internet banking and more than half use debit or
What are people's concerns and
1 credit
preferences
cardsin cashless
and also payments? Find
cheques. 2 ICICI Bank customers can withdraw cash
Enter your email id
at ATMs sans debit card. Here's how
Amazon's Great
3 Subscribe Now
out the top deals
Indian Sale's here. Check
4 Hallmarking of gold jewellery mandato
now. Here's what you need to know
out Donald Trump says US Fed has
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1/21/2020 Hallmarking of gold jewellery mandatory now. Here's what you need to know
p y
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However, neither the cash crunch nor the discounts or rewards are the main drivers behind
the growing attraction towards digital platforms—as many as 84% of the respondents say
they would switch for the sheer convenience afforded by digital payment platforms. Only
Hyundai launches sedan Aura, prices
34% admitted they were forced to adopt cashless modes due to the ongoing cash crunch.
start at Rs 5.79L
“Even those initially reluctant have started moving towards digital payments,” points out
Sony Joy, Cofounder and CEO of Chillr, a multi-bank mobile payments app.

Users are finding it easier to pay for small-ticket items using e-wallets. “The e-wallet India plans to mandate cyber security
for power grids
platforms are being adopted by the mainstream users for everyday transactions of around
Rs 50-Rs 200,” says Sudhanshu Gupta, VP, Paytm. It appears the interest in digital
payments is here to stay, with nearly two out of three respondents saying they would
continue to use cashless modes for most transactions, even after currency notes are back Like atom bomb once, people now fear
AI: Huawei CEO
into circulation.

Which digital payment mode suits you?

Knowing the transaction costs and caps, among other things, can help you decide which Zomato is stable, sound: Sanjeev
Bikhchandani
digital payment platform to use.

DEBIT / CREDIT CARD

Suitable for: Online/offline merchant sale. ISRO helps chipmaker Qualcomm for
Indian GPS, NavIC
Transaction limit: Set by card issuer
Details required: Card number • CVV • Expiry date
Cost: Debit cards: Up to 0.75% for transactions up to Rs 2,000; up to 1% for transactions
above Rs 2,000. Credit cards: around 2.5% per transaction ICICI Bank introduces cardless ATM
cash facility

RTGS / NEFT
Suitable for: High value online transactions.
Transaction limit: No upper limit, minimum Rs 2 lakh. Up to Rs 10 lakh, minimum Rs 1 Cash flows of about 500 stressed
companies’ under lens
Details required: Account number • Password • Beneficiary registration • IFSC code
Cost: RTGS: Up to Rs 55 per transaction. NEFT: Up to Rs 25 per transaction.

IMPS Medium scale cos may be given credit

Suitable for:Instant transfer risk cover

Transaction limit: Rs 2 lakh per day

Details required: Account number • Password • Beneficiary registration • IFSC code
Cost: Rs 5-15, depending on transaction amount. Facebook targets UK growth with
1,000 hires this year

UPI
Suitable for: Instant transfer
Transaction limit: Rs 1 lakh Maruti's global premiere of FUTURO-E
Details required: VPA (virtual payment ID) of recipient, m-Pin at Auto Expo

Cost: Less than 50 paise per transaction.

USSD India 4th best market for companies

Suitable for: Feature phones without Internet connectivity looking for growth

Transaction limit: Rs 5,000

Details required: Only Aadhaar number, IFSC or code allotted by banks on registration
Cost: As levied by the telecom operator. FPIs cut stake in Infy, raise in TechM,
TCS
E-WALLET
Suitable for: Small-ticket transactions.
Transaction limit: Rs 20,000 per month (Rs 1 lakh for KYC-compliant wallet holders) Water could get most of infra allocation
Details required: Login ID in Budget
Cost: Only if you transfer money from your wallet into your bank account.
WEALTH NEWSLETTER
What areReal-time
RTGS: people's concerns
grossand
settlement systems. NEFT: National Electronic
ICICI Bank customers can withdraw cash FundsAmazon's
Transfer. Great IndianBudget:
1 preferences in cashless payments? Find Enter
2 at ATMs your email id 3 Subscribe Now Sale's here. EaseCheck Hallmarking of gold jewellery mandato
tax laws,4dispute
sans debit card. Here's how out the top deals now. Here's what you need to know
IMPS: Immediate Payment Service. UPI: Unified Payment Interface. USSD: Unstructured
out resolution, say experts

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1/21/2020 Hallmarking of gold jewellery mandatory now. Here's what you need to know

Supplementary
Home WealthService
Tax Data
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Limitations aplenty MHA sanctions 2,000 posts in CISF

Even as people adapt to newer, digital modes of payment, questions remain over the
platform’s operational aspects. The surge in digital payments that followed the notes ban
has clearly overwhelmed the existing infrastructure. “As a nation, we are clearly behind on
the preparedness to deal with this largescale move towards digital payments,” admits Joy.
Indians rush for US citizenship before
Trump shuts door
There have been numerous reports of card transactions on PoS terminals not going
through owing to connectivity or server issues. E-wallet transactions have also not been
smooth, with some customers complaining their wallet balance did not reflect the correct
SC agrees to hear telecos plea on
amount transacted. “Issues with network congestion and Internet connectivity have led to AGR dues
some delays in transactions going through and reflecting in the users’ wallet balance,”
admits Gupta, explaining that the problem is a result of the sharp spike in transactions.

Pessimism at record level among

He assures users that there is nothing to be concerned about. “Digital payments are CEOs
completely traceable and can be reconciled. Your money is safe and not going anywhere,”
he says. E-wallet platforms are constantly upgrading their systems to cope with the
increased traffic. “Physical infrastructure supporting the digital payments needs to revisited
Nearly half billion people lack decent
and scaled up to cater to the next level of usage,” says Mohan Jayaraman, Managing jobs: UN
Director, Experian Credit Bureau, India. Merchant acceptance of digital payment platforms
also remains a sore point. Shailaz Nag, COO, PayU India, says that both existing users
and those yet to take to digital platforms remain confused with the different options
New funding avenues for enterprising
available such as PoS terminal, ewallet, IMPS (Immediate Payment Service) etc. startups

Merchants are also not fully aware of the policies and regulations around accepting digital
payments. This confusion exists among end users as well, who have to contend with
Why Choksey is betting on ICICI Bk,
different experiences across platforms. “The user experience across these digital platforms SBI & Bajaj Fin
is not similar,” says Nag, pointing out how even among banks, different authentication
systems exist—a combination of ATM PIN, password, One-Time Password (OTP), security
questions etc.
Telcos seek modification in AGR
ruling, move SC
Security issues
Concerns around the security of transactions and identity theft still prevent thousands from
moving over to the digital payment platforms. Some 66% of the respondents in our survey
Reliance setting up small stores for
said that security concerns remain their biggest worry. A cultural and mindset change is
last-mile delivery
required to bring people on board and make them feel comfortable with digital payments,
argues K.V. Karthik, Partner, Financial Advisory, Deloitte.

Experts insist digital payments platforms are fully secure provided the necessary
precautions are taken by the user. “Cash can get stolen and you will have to bear the loss.
However, if there is a fraud related to your debit/credit card then you have a recourse. As
per regulatory guidelines, the banks will investigate the case when you report a fraud and
you will get compensated in case it's not because of lapses on your part,” points out
Karthik. Most popular e-wallet platforms also comply with the latest security specifications
and have added further layers of security, say experts.

However, the existing machinery for protection of consumers requires a huge revamp
before consumers become comfortable with digital payments, says Jayaraman. “As more
and more digital transactions move into the yet unregulated fintech space, proper fraud
prevention, including device fingerprinting and consumer protection mechanisms, needs to
be put in place. There is a definite need to improve the quality of the safeguards,” he says.

However, service providers are taking steps for added protection. Freecharge, for instance,
recently launched an e-wallet protection plan (at no added cost) for all its users, where the
WEALTH NEWSLETTER
underlying wallet balance of all the customers will be insured up to a limit of Rs 20,000, as
What are people's concerns and
ICICI Bank customers can withdraw cash Amazon's Great Indian Sale's here. Check Hallmarking of gold jewellery mandato
1 long as thein user
preferences is transacting
cashless 2 once
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1/21/2020 Hallmarking of gold jewellery mandatory now. Here's what you need to know
expected to follow suit.
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Change in habits a must

What is clear is that users’ habits related to online transactions and usage needs to
undergo a drastic change. “This is a newer way to transact and it will involve a learning
curve,” insists Gupta. At the very outset, Karthik warns users not to reveal too many details
on social media. “Nowadays users put up many personal details in the public domain
through social networking platforms. If the profile is so widely available, it is not difficult for
fraudsters to use it to their advantage,” he warns.

Nag firmly believes the smartphone will increasingly become the hub for making payments,
but users need to take necessary precautions—keep the Bluetooth switched off, install
antivirus software on the smartphone and not download suspicious files from the Internet.
“Most people today use antivirus software on their desktop computer or laptop, but ignore
the smartphone. It is critical that the smartphone is also secured properly,” says Nag.

Three out of five respondents in our survey admitted to not having installed an antivirus
software on their smartphone. Even if your eWallet app is secure and trusted, you must be
careful about other apps on the smartphone, which can potentially capture keystrokes or
passwords being used for transactions. Most apps nowadays seek access to personal info
stored on the smartphone including documents, media files, contacts, etc.

Users must be cautious when it comes to allowing access to information demanded by

these apps. “Be wary of using apps asking for access to information that’s not a must for
the app to function,” urges Karthik. This is where prominent anti-virus and anti-malware
software can come to the rescue. They scan the installed apps and flag potential risks, in
case of apps asking for unnecessary permissions. Storing critical details on personal
devices is another worrying habit.

For instance, one-third of the respondents admitted to allowing their smartphone or

personal computer to store their billing or card details for easier future transactions. While
this surely facilitates quicker payments, it leaves you vulnerable to hackers and identity
thieves. “Habits like writing down the PIN on the back of the debit or ATM card or sharing
details over the phone is like presenting someone with a blank cheque,” warns Joy.

Similarly, you could expose yourself to risks, if you regularly access public WiFi through
your smartphone or laptop. Three out of 10 respondents in our survey admitted to doing so
at every opportunity. With all the financial information stored in the phone, losing or
misplacing it is almost like losing your wallet. To ensure your critical data is secure, even
when your phone is unattended or lost, the least you can do is enable the phone screen
lock. You can further enhance the security by installing an app lock to protect apps with
sensitive data.

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Read this article in :Hindi

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WEALTH NEWSLETTER
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securely and conveniently for everyday usage and purchases. Insurance

Here is a look at how you can use this facility.

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How to use Cardless Cash Withdrawal

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You can download the iMobile app on your smartphone from the app store; Android users EPF, NPS investments
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Apple App Store. Once you have downloaded the app, you need to visit a specified ICICI 'buyer guarantee' scheme: Here's why
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Step 1: Request for Cardless Cash Withdrawal from iMobile
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Go to Services > Click on Cardless Cash Withdrawal –Self option. Can these deductions make you tax free?
Enter amount, 4-digit temporary PIN and select account number from which the
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amount is to be debited.
Confirm the details displayed in pre-confirmation screen and click on 'Submit'.
You will receive a success message on the screen of transaction completion.
INVESTING

Goldman Sachs eyes

Step 2: SMS from ICICI Bank China's financial
market
You will receive an SMS with a unique 6-digit code on your registered mobile phone
from ICICI Bank. The leading global asset manager aims to
tap the USD13 trillion of investab...

INNOVATION
Step 3: Cash withdrawal from ICICI Bank ATM A quest to build spare
After processing cash withdrawal request on the iMobile app, to withdraw cash, you will parts for humans
have to visit a specified ICICI Bank ATM and enter the following details:
The registered mobile number BioFabUSAaims to produce human organs
like ligaments and tendons on a comme...
The temporary 4-digit code which you have set.
The 6-digit code (as received via SMS). AUTO
Exact withdrawal amount. Bajaj Chetak’s new
traits
Cash will be dispensed on successful authentication of all these parameters. The entire
amount needs to be withdrawn as a one-time transaction. For Chetak sales, Bajaj is banking heavily on
the digital channel.

Points to note
To locate the ICICI Bank ATM for cash withdrawal, send an SMS from your phone -
ATMCC PINCODE to 9222208888.
The cash withdrawal request and OTP are valid up to next day midnight, i.e., for 24
hours.

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Read more on Debit Car Money Cash Transaction ICICI Bank Withdraw All Mutual Top Tax
Funds Saver Funds
WEALTH NEWSLETTER
What are people's concerns and
ICICI Bank customers can withdraw cash Amazon's Great Indian Sale's here. Check Hallmarking of gold jewellery mandato
1 FROM
preferences in cashless payments? Find
AROUND THE WEB 2 Enter your email id
at ATMs sans debit card. Here's how 3 Subscribe Now
out the top deals Better Than
4 now. Here's what
Low you
Costneed to know
out
Fixed High Return
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