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.