Age without Cash: Digital Payments and its Safety Measures
When it comes to making payments, people now have various options to choose from. While some people prefer the digital payment over traditional cash payment systems. Both approaches offer their own advantages and as a consumer knowing how they function can help you avoid taking excessive risks. Another factor to consider is the security of these two payment options. While working with cash, there is very little security. We have no way of obtaining the cash back if it is lost or stolen on the way to making a payment. However, digital payments are not completely safe either as there are privacy concerns and hacking threats. When we make an electronic payment, the transactions are always recorded and can be tracked.
The transfer of value from one payment account to another through digital equipment such as a mobile phone, POS, computer, or any other digital channel is known as digital payment. Digital wallets and payment gateways, internet banking, mobile banking, debit/ credit cards, Automated Teller Machines, Point of Sales Machines, and some the methods of digital payment are popular in Nepal. The majority of Nepalese people now use digital payment on a daily basis.
In Nepal, digital payment does not have a long history. It all started when Nabil Bank issued credit cards in the early 1990s. Other banks, such as Himalayan Bank, Kumari Bank, and Laxmi Bank, aided the practice by providing related services. People in Nepal are starting to use more digital payments as the internet becomes more widely accessible. Being an open economy, it is unsurprising that Nepal has been adopting the latest innovations. As a result, we can deduce that the growth of digital payments and digital payment services is a result of a worldwide preference for cashless payments. Some of the digital wallets such as Khalti, IME Pay, eSewa, and more have been getting increasingly popular among Nepalese in recent years. They are more user-friendly and convenient for online payment of utility bills, domestic flight bookings, mobile top-up, and movie bookings, among other things.
The digital payment system in Nepal started gaining widespread popularity after the nationwide lockdown following Covid-19. Due to the risk of contagion and spread of COVID, online business transactions and the digital payment system in Nepal started to flourish.
Digital payment has established itself to be the best alternative to the traditional method of payment.
However, care should be taken to ensure the safety and security of our digital transactions:
Make sure your passwords are unique: This may seem like common sense, but it is critical to protect the safety and security of your digital transaction ecosystem. To create a unique password, mix upper and lower case letters, special characters, and numbers, and remember to keep it private.
Two-Factor Authentication should be enabled: To prevent payment fraud or unauthorized access to your accounts, enable two-factor authentication. Even if you have shared your account information with others, SMS-based two-factor authentication is useful because it is only sent to your phone number. As a result, two-factor authentication is a must-have feature to ensure the safety and security of your digital transactions.
Frequently change your password: The first piece of advice is to choose a unique password; nevertheless, changing your password on a regular basis complements and improves your digital accounts and transactions. Also, make sure to use a unique password for each of your digital accounts and protect your online transactions.
Make use of private networks: Make sure that all of your transactions take place over a secure network. Fraudulent actions and phishing attempts can be carried out on a public Wi-Fi network. You may be more vulnerable to data theft if you do transactions on public networks or devices.
Keep a close eye on your finances: The majority of consumers do not review their finances on a regular basis. Furthermore, we don’t always maintain track of and double-check digital payments and transfers. View and read the messages you receive after each transaction, keep track of any unusual balance deductions, and notify your bank or payment platform right away.
Only use trustworthy apps: With so many different digital payment platforms to choose from, it is critical to use trusted apps. Check out the app’s reviews for functionality, usability, and security. Enable notifications and security features as well to improve the security of your digital transactions.
Disclosing personal information: Personal information should only be exchanged with people you know or with people who claim to work at a certain institution. Make sure to disclose only the bare minimum of information and to verify the legitimacy of the second party if further information is requested.
Set a password for your phone’s saved information: It is always better and safer to preserve your information on a private note rather than saving it on your phone. If you need to store it on your phone, make sure it’s password protected. You never know who might be using your phone while you are away or taking sensitive information.