Legal Efficiency of Secure Transactions Framework in India
Nanda Pardhey, Denis Nfor Yuni · Advances in finance, accounting, and economics book series · 2023
Virtual technological development has revolutionized banking, financial, and capital market transactions in the world. A majority of transactions are taking place through online banking, net banking, or Unified Payments Interface (UPI) transactions, with few other portals giving the ease and comfort to do transaction in one's comfort zone without going to banks or withdrawing money in offline modes to be paid. The rapid evolution of online and UPI transactions has transformed the way transactions are conducted, shifting a significant portion of commerce to the digital realm. In this context, the efficiency of legal frameworks for secure transactions is of paramount importance to ensure trust, reduce risks, and foster economic growth without sabotaging the customers transactions security concerns. The transactions taking place in past in offline mode and presently in online mode had delves into the nexus between secure transactions and electronic transactions, exploring the impact of emerging technologies such as blockchain, UPI, and net banking that have posed challenges.