December 2019 Issue Vol.9 No.12
Abstract: Internet Banking started in the late 1990s. ICICI was the first bank to champion its usage and introduced Internet Banking to their customers in 1996. Banks like HDFC, Citibank and IndusInd followed. SBI launched Internet Banking in 2001. Anywhere Banking got recognized and services like checking account status, fund transfers, ordering demand drafts, loan applications and shopping portals were viewed as high value offerings. Total transaction value in the Digital Payments segment amounts to US$64,787m in 2019 from about 513.8m users in India. The market’s largest segment is Digital Commerce with a total transaction value of US$58,812m in 2019. Total transaction value is expected to show an annual growth rate (CAGR 2019- 2023) of 20.1% resulting in the total amount of US$134,588m by 2023. A total of 5,743 fraud incidents involving a total amount of Rs. 95,760 crores from Apr 2019 to Sep 2019 reported from Public Sector Banks.