The Importance of the Secure Digital payments in India

For those people, who most of the time stay at home, and also do not have much interest in the online services, television is the most favorite entertainment medium for them. Taking this interest of people into account, XPay.Life renders the service of DTH recharge through which the recharge can be done effortlessly in a jiffy.

India is witnessing a digitally evolving era where there is an expectation of $1 trillion of revenue flowing from the digital transactions annually by 2025. Everything has gone online including Online Gas Bill Payment. These statistics confirm the rapid pace our country is inclining towards the alternate payment modes. Every transaction is mostly done through the QR codes, UPI based transactions, mobile apps that are highly productive and useful. But while we conclude on the glory of the success of the digital payments, there is a hood of fear exposing the sensitive customer data towards the cybercrime and the cyber frauds gaining access to the lots of sensitive data of the customers.

How are fraudsters doing this?

There are many tech-savvy fraudsters who illegitimately steal the customer data from popular online channels where sensitive information like the card details and pin numbers are stored in the application. A simple task of water bill payment online can pose huge problems of loss. These are mostly done through SMS, email phishing. It is a process where the fraudsters contact you through spam, offers or other exciting deals and get sensitive information. Some even create fake Application Ids and urge the customers to click on the link to download the application by offering lucrative offers. Another most prominent way of phishing is through the voice call also known as vishing where fraudsters will call the customers in the name of the bank agents or masking as the genuine institutions and takes the information regarding transactional details.

What is Blockchain Security?- Simple Guidance

Blockchain technology is the underlying technology that is used in the cryptocurrencies like bitcoin. The main reason for this is the resistance of this technology towards any change. It is a distributed, decentralized ledger system that is used to store sensitive customer or digital data securely in the digital realm. It consists of the series of blocks each storing different sensitive data. Each block is assigned with a header hash which is unique for each block and is as unique as a human fingerprint. And it stores 3 things, one is the data, one is the hash of the particular block and the hash of the previous block. These are connected in a long chain. hence any changes are easily spotted and transparency doesn’t allow any fraudster to meddle with the stored data through the distributed ledger technology. Tata sky recharge Online can be absolutely secure with this technology.

Blockchain technology in Bill Payment sector

The bill payment sector is highly evolved with the influx of technologies and the government regulations through the RBI initiative NPCI( national payment corporation of India) driven BBPS Bharat Bill Payment System which provided a single, unified, interoperable system to streamline all the payment procedures under one platform across geographies. Hence it started acquiring billers and banks and engaging with the agent institutions and aggregators. With Bharat Billpay and UPI systems making a huge revolution in the bill payment sector. Adding Blockchain technology into the framework would intensify the security layers and Postpaid Bill Payments cab be highly secure through this.

Hence XPay Life is a BBPS/NPCI approved agent institution which has built the mobile app and online website on the most secure blockchain technology. Also, it doesn’t store any debit/credit card details and hence adding another stringent security cloak on the Online Broadband Bill payments.

End-Customers Are The Weak links

Even though the government is taking measures in terms of the regulations and boards to monitor and solve the cyberfrauds. The end-customers are the weak link as they are more gullible and unaware of the cyber frauds and resorts to pay landline bills while downloading the apps from the spam links.

Write a Comment