Digital payment transactions have significantly increased in India, with contactless payment becoming popular due to the COVID-19 pandemic. The growth in the digital payment system landscape has also come with the challenge of the alarming increase in frauds in digital transactions. An increase in total digital transaction volume to Rs 5,512 crore in 2020-21 from Rs 1,004 crore in 2016-17 is a pointer to the growing popularity of the digital payment ecosystem in the country. The growth is driven by the push for making the Indian economy a 'less-cash economy. The Central Government has also increased allocation for Digital India Programme five times from Rs 300 crore in 2020-21 to Rs 1,500 crore in 2021-22 to capitalize on the positive mood and growing popularity. The rise in digital transactions has led banks and financial technology companies to cut down expenditures on infrastructures such as bank branches or Automated Teller Machines (ATMs) required to facilitate cash transactions. However, cash continues to dominate overall transactions and money circulation in the country even after the demonetization aftereffects in the rural economy. A Reserve Bank of India (RBI) report titled "Assessment of the progress of digitization from cash to electronic" states that according to Credit Suisse AG, a global investment bank and financial service 72% of consumer transactions in India takes place in cash which is double the rate as in China. The observation in the "J.P. Morgan 2019 Global Payments Trends Report- India Country insights" that "Indian payments market, historically dominated by cash, is evolving to meet the demands of smartphone led online shopping culture, with cards and digital wallets rising in prominence," highlighted in the RBI's assessment report explains the growth in the digital payment system landscape. The RBI has attributed the growth in digital payment to an increase in mobile density and mobile internet users. With banks pushing mobile and phone banking systems, an increase in the number of bank accounts has helped popularize digital payments. Digital payment under Direct Benefit Transfer to beneficiaries of various flagship schemes of the Government of India and the State Governments is another key factor behind the rise in digital transactions. The popularity of digital payment is also attributed to an increase in plastic money usage in the country. The total number of credit cards has surged to 66 million in October from 55 million in 2020 and the number of debit cards increased to 934 million facilitating growth in both online and physical Point of Sale (PoS) terminals-based cards payments. Cashback offers as part of cobranding by different brands in digital payment system has fuelled the PoS-based and online payments. Securing the digital payment system has become an urgent necessity to curb digital payment fraud and retain the confidence of consumers shifting to digital payment mode. Building awareness among consumers on secured digital payment needs to be intensified to protect them from being duped by fraudsters. The Reserve Bank has been harping on the need to intensify multilingual campaigns to educate users on the safe and secure use of digital payments. National Crime Records Bureau estimates show that online banking frauds in the country doubled during the pandemic which is a key indicator of rising in digital frauds following the rise in digital transactions. Victims of such frauds are afraid to continue digital transactions and view cash transactions to be a safer option. Indian Cybercrime Coordination Centre under the Ministry of Home Affairs launching the helpline 155260 is a laudable step to prevent siphoning of money from customers' accounts by fraudsters. The Citizen Financial Cyber Fraud Reporting and Management System linked to this helpline number empowers banks and the police to share online fraud-related information and take action in almost real-time. Popularizing the helpline number and the awareness on instant reporting of the fraud is crucial so that the loss of defrauded money in online cheating cases can be stopped. The system enables the police to chase the money trail and stop its further flow by banks before it is taken out of the digital ecosystem by the fraudster. While the helpline is a response mechanism, securing the payment gateway with multi-layered protection is more important as it is a preventive mechanism to deny access to fraudsters. Improving online dispute resolution over failed transactions is also critical to increasing customers' confidence in the digital payment system. The RBI's Master Direction on Digital Payment Security Controls provides necessary guidelines for the scheduled commercial banks, small finance banks, payment banks and credit card issuing NBFCs to set up a "robust governance structure and implement common minimum standards of security controls for digital payment products and services". The dominance of cash in consumer transactions also speaks volumes of the potential for further growth of digital payment systems in the country. For the consumers, the use of digital payment products more safely and securely is more important than a smooth and convenient digital payment ecosystem.