Asheeta Regidi reports:
The government is pushing very strongly for a cashless society. After the demonetisation move, several initiatives have been seen to further encourage going cashless. The latest of these is the Ministry of Urban Development’s direction for all Urban Local Bodies to shift to e-payments. While cashless transactions are a convenience and the future, it is being pushed without addressing two critical concerns – security and privacy of digital transactions. In the case of e-wallets and other fintech corporations, laws establishing security requirements and liabilities for loss are missing.
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