Marketing Made Easy, Revenue Made Real
Go Digital, Go Secure: What Does This Mean for MSMEs?
Digital transformation of MSME

Recently, the Reserve Bank of India (RBI) observed 'financial literacy week' by promoting the theme of 'Go Digital, Go Secure'. With the COVID-19 pandemic, many people have started to opt for digital transactions. However, there has also been an increase in financial frauds. It is to increase awareness and improve digital security that RBI has chosen this theme.

Why is Digital Payments important for MSMEs?

Digital payments can be safe, secure and seamless. Convenient and quick, digital transactions go a long way towards making India 'digital first'. For customers, business owners and even financing institutions like banks, going digital can be of great benefit. Large-scale digital transformation of Indian MSMEs are necessary to improve MSME finances, credit lending, and microfinancing. Being able to transact and manage business digitally can also make MSMEs more resilient to financial or market shock.

There are many initiatives planned in the Budget 2022 which will help MSMEs improve their digital literacy. Some of these are:

  1. Digital Banking Units: 75 digital baking units will be set up in banks across rural India to promote digital financing. Through these, new digital initiatives can be rolled out in India and more Indians will be able to understand, operate and access digital transaction methods..
  2. Support on Digital Payments: Cost savings, better accounting, and e-receipts are just some of the benefits of digital payments. Because of this, the Indian government will continue to give incentives to businesses, schemes and banks that promote digital payments.
  3. e-Bill Implementation: e-Bills provide faster and better access to credit for MSMEs, helps them clear invoices and delayed payments, and improve day to day operations for MSMEs who require funding.

These and several other digital payment and transaction policies are all set to improve digital transformation in India.

Go Digital, Go Secure

Along with digital payments, digital safety and security are also important. RBI has now introduced "tokenization" to help customers do online transactions without saving any debit or credit card details. Tokenization adds a safety layer to a digital payment by replacing card number with a unique "token". This provides additional security to payments.

There are also other ways to become secure while making digital transactions.

  1. Be careful while using QR codes. Do not scan any QR codes that promise to give prizes or gifts. QR codes can be used only to make payments, not receive any gifts.
  2. Use Tokenization: now that RBI has enabled this method, MSMEs must opt for this so that sensitive data is kept safe.
  3. Use customer support within your apps: take help from customer service at a bank if you have any doubts or suspicion regarding payments.
  4. Use more layers of protection: if you have a website, keep your online transaction information safe by choosing safety methods beyond passwords. Many apps like PhonePe, PayTM etc where transactions happen do allow for multiple security processes. You can opt for fingerprint scanning also to protect your information.
  5. Set transaction limits on your cards: take help from your banks to set limits on your cards so you cannot be hit by frauds or unauthorized transactions.

At MarketCentral, we take data security very seriously. Using encryption, SSL certification and two-factor authentication, we make sure that our customers’ data is protected.

Read more about online safety, security and MarketCentral's role in it here:

  1. Lessons From Social Media Outage https://www.marketcentral.in/market/viewpoint/15/keeping-business-safe-online.
  2. Practice Safe Online Business Practices https://www.marketcentral.in/market/viewpoint/12/Secure-Online-Business.

Let us know what you think about this article at support@marketcentral.in

Don't forget to share this post

Facebook Twitter LinkedIn Instagram
News letter

Join 50,000+ entrepreneurs who already have a head start.

Get free online marketing tips and resources delivered directly to your inbox.

Start your online business today. For free.

Sign up for MarketCentral free to access all of the tools and services you need to start, run, and grow your business.

Try MarketCentral for free, no credit card required.

Popular Articles
MSMEs in northeast region

MSME-and-the-Northeast-Part-One-Assam-and-Nagaland

Credit cards for MSMEs

Indias-first-online-credit-card-for-MSMEs

business funds

7-Innovative-Ways-to-Fund-Small-Business-Growth

technological growth

5-Ideas-to-Grow-Your-Business-Using-Technology

Promote online business

8-essential-to-promote-online-business

MSME schemes and loans

Budget-2023-MSME-loans

MSME and customer experience

What-is-immersive-customer-experience

MSME online advertising

Online-advertising-for-MSMEs

MSME business trends and forecast

Key-trends-msme-coming-year

MSMEs are job creators

SMBs are top job creators in India

Digital payments for MSME

Here's How UPI Can Help Your Business Grow

MSMEs that grew big

5 Small Indian Businesses That Grew Big

Business safety

5 Ways to Make Your Business Safe from Future Shocks

festival business tips

Diwali business: Tips for small and medium businesses during the Indian festive season!

MSME digital transformation

Get Online, Grow Big: Digital-First Small Businesses Are Prepared for The Future

MSME GST scheme

The New GST Scheme: How Will It Impact Your Online Business?

MSME schemes and credit cards

In the News: MSME Credit Card, post-Covid revival, and new schemes for small businesses

Independent business

How MSMEs Can Grow And Achieve Greater Independence

MSME logistics challenges

Transport and Logistics Challenges Faced By MSMEs

Digitizing supply chain

The Importance of Digitizing Supply Chains for MSMEs

Sustainable business growth

How MSMEs Can Grow Sustainably With Three 'R's

Sustainable business growth

The Importance of Sustainable Growth for Businesses

MSME customer retention strategies

4 Customer Retention Strategies for MSMEs

MSME customer retention strategies

Customer Retention

MSME day

MSME Day 2022

Target market

What is Your Target Market? - Part Two

Target market

What is Your Target Market? - Part One

MSME Data security

9 Ways to Make Your Business Data Safe and Secure Onlines

MSME business automation

Why Automating Your Business Operations Can Make Your Business Smarter and More Efficient

Increase website traffic

8 Effective Ways to Drive Traffic to Your Website

business growth strategies

5 Ways to Keep Your Online Business Growing

SEO services

What is SEO or Search Engine Optimization, and How Can It Help Your Business?

Festival discounts

6 Tips for Marketing Your Business During Festivals.

Branding benefits for MSMEs

Branding for Small Business - What is It, and How to Do It.

branding for MSMEs

What is branding and why do small businesses require it?

Women entreprenuers

Women Entrepreneurship and Women-led MSMEs: Schemes and Benefits PART Two

Women entreprenuers

Women Entrepreneurship and Women-led MSMEs: Schemes and Benefits PART ONE

Digital transformation of MSME

Go Digital, Go Secure: What Does This Mean for MSMEs?

Social commerce benefits

What is Social Commerce and How Can it Help MSMEs?

ISO certification

How to implement ISO 9001 for Your Small Business?

ISO certification

Why is an ISO Certification Important for Your Business?

Financial operations for MSME

Updating Your Financial Operations Can Save Your Business Lakhs of Rupees!

Secure business

Keeping Your Business Safe Online: The MarketCentral Way

MSME digital marketing

Best-Time-for-MSMEs-to-start-digital-marketing

Technology upgradation

The MSME Tech Upgradation Scheme: What Does it Mean?

Online business security

5 Ways to Protect Your Data and Build a Secure Online Business

Customer experience benefits

Customer Experience: 3 Ways for B2B Businesses to Stand Out from the Crowd

Online business trends

Diwali 2021: 3 Trends in Online Business, E-commerce Inflation, and More

Ecommerce business trends

4 Steps To Guide Your Business-to-Business (B2B) Enterprise Towards eCommerce Success

Social media outage

What The Facebook, WhatsApp Outage Can Teach Small and Medium Indian Businesses

Growth of ecommerce market

E-Commerce Market in India to reach $350 Billion by 2030: What Will This Mean for SMBs?

Udyam portal for MSMEs

50 Lakh MSMEs Have Registered on Udayam portal. Enroll your business today.

MSME schemes and funds

3 Recent Schemes and Funds for MSMEs and What They Mean

MSME entreprenuers

Entrepreneurship and Competition in the Time of Covid-19

Udaan monopolizing distributions

Amul, Parle Among Businesses That Has Cut Supplies to Udaan

Learnings of MSMEs post covid

Covid-19 Second Wave: What Can Small and Medium Businesses (SMBs) Learn From It?

Amazon's Physical stores

Amazon is Opening Physical Stores. What Does it Mean for Small Businesses?