A STUDY ON THE REQUIREMENT OF A UNIFIED STRUCTURE AND SYSTEM GOVERNING DIGITALIZATION FOR A SECURED CASHLESS ECONOMY

Abstract

India through its initiative of ‘Digital India’ is beholding frontward to contest worldwide. The transition from cash to cashless economy is filled with trials amongst which the utmost challenge is acceptability from its people. Security, confidentiality and safety is considered as the core factor that brings in immediate effect on the people’s behavior on going digital. Thus, this paper provides an insight about the requirement of a unified structure and system that has a strong governing on digital payment systems that helps in achieving ‘A Secured Cashless Economy’. It is already found that RBI has taken various initiatives in ensuring cyber security and safety. However, the study suggests more initiatives and steps that could be taken by the government of India in formulating a secured digital world and educating its people to understand the benefits gained out of those respective initiatives.