jraju (Others) (283 Points)
25 December 2016Hi, Cashless economy is the emrging topic. Would it not necessitate the use of smart phones (switch from older phones) to all the users? In these days of cyber attacks and phising, if the transactions are bound to happen cashless, by any means, would it not necessitate buying of smart phones. Older phones do not have internet facility and only smart phones do have those things.
ankita gandhi
(student)
(5908 Points)
Replied 25 December 2016
ankita gandhi
(student)
(5908 Points)
Replied 25 December 2016
ankita gandhi
(student)
(5908 Points)
Replied 25 December 2016
jraju
(Others)
(283 Points)
Replied 25 December 2016
net banking needs internet, i suppose. Cheques, for small amount of purchase? Would you tell the details of using ussd code you mentioned.
What if network fails during transacation? are all sms will be stored in respective servers to be received if the network resumes? If not, how to know about those transactions?There are so many ifs, .Smartphones would be the order of the day and you could expect a sizable , a vast jump at the sale of smart mobiles.
ankita gandhi
(student)
(5908 Points)
Replied 25 December 2016
jraju
(Others)
(283 Points)
Replied 25 December 2016
Hi your view is that. Cheques , if given in small amount, then you have to daily give request for cheque books. Regarding possessing of smart phones, the change would require more time for the switch over. What abut the rural folks , who would only know reagional languages. You have said about *99 in your reply . That is the ussd code. it request something from server to get some sms as reply.. Some transactions like neft also lost in network loss, so you do not know immediately about the transactions. I have experienced . I do not know whether there is a mechanism, where all the transactions even if it is lost due to network loss, should be saved on the bank servers or wherever to be sent to the user as sms without fail. If the phone is switched off or not reachable, it should reach the mobile users. I do not think that there is a fullproof mechanism in this. So, as i said so many ifs,
ankita gandhi
(student)
(5908 Points)
Replied 25 December 2016
jraju
(Others)
(283 Points)
Replied 25 December 2016
Hi, So is the discussion. I raised some query on OTP and do not receive conclusive reply. Are all transactions carry the OTP. In some shops, they ask us to type the Pin and there ends the transaction. OTP is a security , which gives a signature to transactions. Had it been made mandatory for all the transactions. Recently i heard that it is not for small transactions, where PIn alone is given and transaction is completed and your account is debited. You might have heard the risk of cyber transactions like skimming phising etc. If those carry any thing all your data is lost.
I mean that switch over will take time. Moreover different banks have different systems of security . Some ask for cvv and some ask for pin , some give otp and others ask for once. So, it is so many ifs
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