Moneycontrol
Mar 09, 2018 04:00 PM IST | Source: Moneycontrol.com

India has immense potential in digital payments space: Edwin Aoki, PayPal

According to multiple reports, currency in circulation in the country has returned to pre-demonetisation levels.

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India has immense potential for growth given that 85 percent of the financial transactions still take place in cash, said Edwin Aoki, Global Vice president, chief architect, and technology fellow of PayPal.

"A country like India is in a unique and fortunate position because (there is) still 85 percent of the cash, so despite a tremendous growth in digitisation in the past couple of years. India still is very much at the beginning of this journey," he said on the sidelines of a report launch on securing India’s digital payment frontiers.

The study was jointly conducted by Data Security Council of India (DSCI) and PayPal India.

According to multiple reports, currency in circulation in the country has returned to pre-demonetisation levels.

The total currency in circulation stood at about Rs 17.82 lakh crore during the end of February against Rs 17.97 lakh crore on November 4, 2016, according to a recent RBI data.

Aoki also stressed that the digital payments firms should get together to solve common problems. "Suppose if one of the other e-wallets or players has an unfortunate incident. It also raises questions in customer's mind about the entire industry," he said.

The report released, suggests a long-term strategy for managing the dynamic global cybersecurity environment and controlling cyber crime and standardization of data protection laws and cybersecurity framework, among other things.

"India has emerged as one of the leading and fastest growing digital economies with a clear vision of becoming a cashless society. Enabling that vision requires strong foundations to build trust in the system and protect customers and the fintech sector from abuse by malicious actors. The cybercrime landscape is a rapidly evolving global threat, and the success of the industry requires investment in security best practices, training, and effective regulation. Through the study, we have evaluated the digital payments environment and highlighted the impact of cybersecurity on users to illustrate the importance of a holistic cybersecurity framework. With global expertise from our presence across 200 markets, we are geared up to help India secure the digital payments space," said Aoki.
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