Tuesday, June 05, 2012: 05:58:47 PM

Retail Guest Column

Digital Signature: innovations to make online transaction safer - Kalaivani Chittaranjan, eMudhra

Digital signature plays a critical role in carrying out transaction processes online, making web a safer medium

With internet and mobile penetration having increased, the importance of online transactions as a medium to save time has increased manifold. Another thing that also has to be kept in mind is the consumer’s financial and statutory needs. However, the basic idea is to enable the consumers with technology innovations.

Herein is the importance of digital signature, which plays a critical role in carrying transaction processes online.  For example, in case of digital transactions, a person willing to conduct a financial transaction does not have to pay the payable authority with a cheque or any other such mode of transaction. Instead he or she is using an online module named ‘Digital Signature’, wherein they have to submit a user id and password in order to get full access to his or her own account, which would enable him or her to conduct transactions online with the help of a digital signature.
Digital Signature providing authentication
Authentication is a major issue for anyone willing to conduct any transaction online, (mainly monetary transaction). There is always a missing with physical presence being missed. Digital signature therefore plays a crucial role in establishing a link between a person or organisation and the authority.
This is of particular importance to retail players for whom digital signature could be an ideal option to carry out financial interaction with clients or the payable authority, including banks. There is no need for the person to be present physically while carrying out the transaction, be it your documents or loan applications or even online payment.
These are the particular areas where digital signature has gained popularity and momentum. With the emergence of web as an indispensable necessity, almost all the services today are provided online - anything from ticket booking to buying items. But the issue of security is always a major concern. Digital signature is of particular importance as it addresses the issue of security. It is an online security system as such, and with cyber crime being on the incline, digital signature can provide an ideal solution to all online related transaction problems.
When a person keeps something in a locker with a bank and has the key, he feels secure that his belongings are secure. However, while transacting online, one has to be convinced about this kind of security, which is what a digital signature strives to offer. Digital signature encrypts the data provided by the customer and tries to make it secure. It helps in the process of safe keeping your money with the bank or any such authority. So that is where the importance of digital signature comes. Today it is not just between the company and the other authority at the other side who is involved in the process. It is something more than that.
With R&D based companies or organisations coming up with innovations, trying to make the entire transaction process online and an easier process, companies like eMudhra have come up with token solutions like ‘see what you sign, sign what you see’, which enables a consumer to make his own choice.  
Kalaivani Chittaranjan is the executive director & CEO of eMudhra

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