The UPI and digitalization of payment have seen massive spending across the nation and this is true especially with Youth and College students. Did you experience the same at some point in your life? Is it a masterstroke of the ...
Imagine you want to send a secret message to your friend. There are two main ways to lock it with encryption: Symmetric Encryption (like a secret handshake) Single Key: This is like a secret handshake you both made up. Only you two know the handshake to unlock the message (the key). Fast and Easy: SRead more
Imagine you want to send a secret message to your friend. There are two main ways to lock it with encryption:
Symmetric Encryption (like a secret handshake)
- Single Key: This is like a secret handshake you both made up. Only you two know the handshake to unlock the message (the key).
- Fast and Easy: Sharing secrets with a single handshake is quick and works well for large messages.
- Sharing the Secret: The challenge is getting the secret handshake (key) to your friend securely. If someone else sees it, they can unlock the message!
Use this when:
- Sending large files like videos or photos.
- Encrypting data on your hard drive.
Asymmetric Encryption (like a special lock and key)
- Key Pair: Imagine a special lock with two keys. One key (public key) is like your house key – anyone can have it. The other key (private key) is super secret, like your only spare house key.
- Public for Sending, Private for Opening: Anyone with the public key can lock a message in the special lock (encrypt), but only you with the private key can unlock it (decrypt).
- Slower but Secure: It’s a bit slower than the handshake, but you don’t need to share a secret key directly, making it more secure for some things.
Use this when:
- Sending a secret message to someone you don’t know well (they use your public key to lock the message).
- Digitally signing documents to prove they’re from you (like a wax seal).
Sometimes you can even use both together! Imagine giving your friend a regular lock (public key) to put the message in, then using your secret handshake (symmetric key) to lock it extra securely inside.
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After the pandemic, the shift to non-cash transactions has increased rapidly. Perfectly easy to use wherever and whenever needed, UPI lowers barriers and promotes unintended and spontaneous purchases. Spending money through digital means, such as UPI, can feel less tangible than handling cash. ThisRead more
After the pandemic, the shift to non-cash transactions has increased rapidly. Perfectly easy to use wherever and whenever needed, UPI lowers barriers and promotes unintended and spontaneous purchases. Spending money through digital means, such as UPI, can feel less tangible than handling cash. This can lead to a diminished perception of expenditure and easier justification for spending.
The integration of UPI with BNPL services and other forms of short-term credit can lead to increased consumption, with the actual payment deferred to a later date. Easy access to loans and overdrafts through UPI-linked accounts can result in more spending, often on non-essential items.
To dilute these effects, users should utilize budgeting apps, set spending limits, and regularly review transactions. Financial education is also crucial for understanding the importance of saving and money management.
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