Is it safe to transact using digital methods?
This dynamic, randomly changing world has observed a tremendous advancement in digital money over recent years.
This rapid shift in the years lately has added to the advantages of the same to the users. Undoubtedly, the journey of digital money is a successful one. with the majority of the people in the world shifting in its favour.
The Fintech sector is making every effort to develop innovative products that will help as much as possible. And working on keeping the existing ones updated with time.
Since advancing technology is continuously giving opportunities. To digital money to be better with regard to security, convenience and overall efficiency.
The future of digital money is exceptionally good.
How safe is it to transact using digital methods?
More and more customers are tending towards using digital payments as a way of making transactions. Given their ease of use and convenience, digital methods are becoming more popular by the day.
Although the fraud rates go high whenever there is a progressive technology shift, the measures taken have always been taking a toll on them.
Some of the measures you can go through that have helped give impetus to continue using cards/digital methods with all safety:
- Behavioural Analytics helps to monitor navigation techniques and other aspects of a user’s online behaviour. With this technology, it becomes convenient to understand any such activity, indicating fraud or suspicion.
- Knowledge-based Authentication implies a series of questions with answers to each typed and saved by the user. In case any of the answers typed is incorrect, it immediately takes the individual attempting access to the payment out of the platform.
- Password tokens are the OTPs (One time only passwords), which give the user a one-time password on their device. Which expires as soon as the allowed time limit of using it is crossed.
- Automated Analysis tools are fraud analysis tools, which identify fraud attempts in a timely manner. Solution providers tend to provide real-time transaction screening, third-party screening and compliance solutions.
- The internal audit function is required to keep a regular check. A regular internal audit helps to remain one step ahead of the fraudsters and conclusively, to combat maximum fraud.
How Payment Gateways are more efficient and hence widely accepted?
Since payment gateways are progressing majorly to provide added benefits to the merchants, below are the main areas, which have developed to increase the efficiency and acceptance:
- Increased security with transactions
With PCI-DSS compliant servers, the transactions are successfully compliant with the security that a bank can deliver to the masses.
Lyra Payment gateway is India’s one of the most preferred payment gateway solution providers for banks, fintech and merchants alike.
- Less time & effort spent
Payment gateways have significantly brought down the level of time & effort taken to make payments. A payment gateway is equipped with a by-default setting.
This setting helps with the processing of continuous payments. Hence, the customers need not make effort to keep cash handy for making payments.
- Quicker and smoother transactions
Any advancement or progress in technology happens to make the circumstances better than before. Now, the provisions, like KYC, one-click payments, wallets, and so many other features have combined to make transactions even quicker and smoother for buyers.
- Favourable regulatory environment
It has played an integral role. After having observed the elevating status of online payments, authoritative bodies/governments have inflicted several factors to keep up with the pacing technology and dynamic customer outlook.
To do justice to the dynamism of the online payment industry, the concerned bodies keep introducing new decisions with regard to safety, convenience and customer grievances.
The new and progressing Digital India
This is visible in the recent progress of the country in terms of shifting to digital methods of payment. It has led to an increase in the demand for better opportunities consequently.
In terms of mobile subscriptions, India has come out ranking second with around 1 billion mobile subscriptions. The number of internet users is anticipated to drastically increase in the upcoming years, much to how 3G and 4G penetration has significantly increased and people are anticipating 5G.
India is well on its way to become a $5 trillion economy as digital payments become more common in rural areas.
Lyra’s secure payment acceptance offerings for your business:
As aforementioned, Lyra is in compliance with PCI DSS standards and follows government-set protocols on customer data security so you can transact using digital methods.
In addition to providing a module for managing fraud risk, Lyra’s MPI is equipped with the 3DS protocol.