time window to process the transactions. 10. similarly, there has also been a surge in the customers registered for mobile banking. the mobile payments in 2012 – 13 have reached 53. 30 million in volume terms and ₹ 59. 90 billion in value terms. the growth rate in 2012 – 13 has been 108 % in volume and 229 % in value terms. the overall share of mobile payments in the payment system, however, is minuscule. given the huge potential of mobile banking to be game changer, reserve bank of india has constituted a technical committee on mobile banking, chaired by shri b. bis central bankers ’ speeches sambamurthy, director, idrbt. the committee will examine the challenges faced by banks in increasing the usage of mobile banking including the usage of ussd ( unstructured supplementary service data ) channel. the committee will examine various options including the feasibility of using encrypted sms based applications for funds transfer that can run on any type of handset for expansion of mobile banking in the country. 11. the volume of electronic transactions has increased to 1. 7 billion in 2012 – 13 from 1. 2 billion in 2011 – 12, indicating a growth of36 per cent. the total value of electronic transactions has increased to ₹ 1212. 37 trillion in 2012 – 13 from ₹ 967. 52 trillion in 2011 – 12 registering a growth of 25. 31 per cent. in the year 2012 – 13, the share of electronic payments in the overall non - cash payments, at 56. 4 per cent, has surpassed the paper based payment systems. during the previous year ( 2011 – 12 ) the electronic payments represented 48. 2 per cent of over - all non - cash payments. the trend clearly indicates rising consumer acceptance for the e - modes of payments. on the flipside, however, the growing importance and usage of electronic payments has increased the vulnerability towards risks and threat of frauds. securing electronic payments 12. in 2011, a working group on information security, electronic banking, technology risk management and cyber frauds ( chairman : g gopalakrishna ) made comprehensive recommendations for enhancing security in internet banking. the recommendations included authentication methodologies, changes in mobile phone numbers, beneficiary management aspects, etc. based on these recommendations, instructions have been issued to banks offering electronic banking services to their customers. taking cognisance of the recent developments and attendant unpredictability of cyber - attacks and vulnerability of electronic payments to misuse, reserve bank instructed

banks to introduce certain minimum checks and balances to mitigate the impact of such attacks. banks have also been instructed to put in place customer induced caps on value of transactions, limit on number of beneficiaries to be added in a day, sending alerts when beneficiary is added, velocity check on number of transactions, introduction of additional factor of authentication, etc. banks have also been instructed to consider feasibility of using digital signatures for large value payments in rtgs and capture of ip address as an additional validation check. the reserve bank has mandated additional factor of authentication for all card not present ( cnp ) transactions. several measures have already been initiated to secure the card present ( cp ) transactions through implementation of recommendations of the “ working group on securing card present transactions ” ( chairperson : gowri mukherjee ) in a time bound manner. 13. it becomes the responsibility of all the stakeholders to ensure timely completion of all tasks mandated towards fool - proofing the ecosystem for electronic payments. one of the measures for securing card present transaction is implementation of ukpt ( unique key per terminal ) or dukpt ( derived unique key per transaction ) and tle ( terminal line encryption ) to secure the technology infrastructure. while most banks have implemented these measures, 100 per cent achievement is likely to materialise soon leading to a safe and secure environment for electronic payment systems in our country. 14. while it is critical that technological measures are put in place, what is equally, if not more, important is creating awareness amongst the consumers / customers using these electronic payment methods. reserve bank has initiated a series of awareness programmes – e - baat ( electronic banking awareness training ) alongwith banks and other stakeholders. at the same time, serious attention needs to be paid to related issues of consumer protection, grievance redressal mechanisms, and issues of consumer liability in case of negligence or complicity in the event of unauthorised / fraudulent transactions. challenges in indian payment systems ecology 15. there are several issues which need to be addressed to make the electronic payment system infrastructure in india more efficient and integrated ; the crucial ones being building bis central bankers ’ speeches dexterity of payment systems through standardisation, interoperability, and creation of common infrastructure. 16. in india, there are different types of messaging solutions and formats specific to each of the payment systems. consequently, banks / system participants are required to develop application specific apis ( application program interface ) to integrate with these payment systems.