Legal Efficiency of Secure Transactions Framework in India: A Multi-Dimensional Regulatory System

Legal Efficiency of Secure Transactions Framework in India: A Multi-Dimensional Regulatory System

Nanda Pardhey, Denis N. Yuni
Copyright: © 2024 |Pages: 12
DOI: 10.4018/979-8-3693-1038-0.ch011
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Abstract

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.
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1. Introduction

The digital revolution has fundamentally altered the landscape of secure transactions. Online transactions in banking sector, financial and capital markets have revolutionized completely post pandemic phase as people now through online modes manages their all-financial tractions through multiple devices like phone, laptop and computer at their own convenience and hassle free from all formalities that were required by going to banks which gave them easy accessibility at their comfort zone. Indian had adapted like many other countries incorporated online transactions in virtual world through various devices with changes in the functioning of banking and financial sectors incorporating virtual mode of transactions swiftly but there are certain legal implications of such transactions that encompasses various aspects of concern on the persons security and privacy in virtual world and misuse risk of electronic transactions. Traditional legal frameworks are facing unprecedented challenges because of new technologies that have reshaped global online transactions and economic impact. Through analysing the implication of virtual transaction, we would investigate into the efficiency of the legal framework for stakeholders considering their intricate relationships between electronic transactions, blockchain technology, the dark web, and KYC protocols that overlaps and raises safety and security concerns of secure transactions.

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