EXPLORING THE SECURITY RISKS AND SAFETY MEASURES OF MOBILE PAYMENTS IN FINTECH ENVIRONMENT IN INDIA

The current Covid-19 pandemic has benefited digital payment platforms. This digitalization resulted in ease of doing transactions and protection from virus and germs but while increasing usage of digital payments, it has led to a serious question of how safe are these transactions? This concern acted as a motivator to identify risks associated with mobile payments. The study primarily focuses on data privacy and security issues associated with mobile payments from the customer's (Gen Y) perspective. The findings revealed that digital payment transactions involved various factors and it is crucial for app developers to take into cognizance the following: develop a sense of trust among the app users and security provisions by deploying novel technology interventions (for maintaining data privacy). This was further substantiated by the survey conducted, wherein data privacy was an area of prime concern and required interventions from both app providers and the government. There should be some strong policies from government regarding storage and usage of personalized data by app owners.