Are digital payments secure enough for the Indian economy to go cashless?

The problem with digital payments is that everyone doesn't have any change nowadays. It is like if I don't have my phone, then I cannot do my transactions. It is making us dependent on technology.

In my point of view, digital payment is a good thing it makes our payment system easier.

No need to carry money in your pocket less chance of losing money, also saves time, no need to go bank to help with the digital payment option any time anywhere we can pay.

It's also difficult in rural areas because there lack of a network, without a network we can't use it if the Indian govt works hard and expands the network in rural areas so they can use this digital payment system.

Hello, my name is Sandeep,

From my point of view, digital payments are good and bad for some reasons, so I am explaining that in such way as the advantages of digital payments are:

1. We don't have to go to banks and stand in line for hours to get our money or to do any transaction etc. we can save time and send anyone money any time.
2. By using digital payments we don't care about pick pocketers as they don't have any chance of pickpocketing digital money.
3. Transfer money within seconds who use digital transactions.
4. We have proof of transaction.
5. We can do transactions without meeting face to face.

And so disadvantages are:

1. Online fraud is increasing day by day so losing money digitally doesn't have a chance to recover it.
2. UPI apps deducting money which is not done in cash transactions.
3. It's very difficult to adopt by illiterate people as they don't know what is this digital transaction.
4. When the server is busy we cannot do the transaction digitally.
5. If we lose the mobile then it's difficult to recover even the mobile so no chance of doing the transaction digitally in this case.

So, the topic concludes that if the government want to do cashless India then they should focus on illiterate people as well because the ratio of illiterate people is 60%.

So, if the government want to adopt digital transactions then they must educate illiterate people through sessions so that they cannot lose their money by using digital transactions.

Digital payment is a transaction done using a digital method instead of a traditional transfer of physical cash.

It has both pros and cons pros are increased opportunities of business as well as no need to carry huge amounts in pocket hence zero risk of pickpocketing, no chance of getting notes mutilated,

In digital payment, we enter PIN and OTP & the transaction is completed.

We should not share OTP with anyone.

Although the chances of fraud by hackers has increased but being alert we can defeat the fraud.

Nowadays approx 90 percent of transactions are digital.

In my opinion, Nowadays payment is used everywhere and carrying cash with us is risky as well as handling it is difficult. Instead of this if we use cashless payment we can easily make payments but coins have two sides in online payment some frauds occur but we can improve security and move towards digitalization.

Greetings Everyone !

Our topic is "Are digital payments secure enough for the Indian economy to go cashless".

Digital payments is widely prevailing all over India and in foreign countries. Because people find it easy, time saving, proper records of the transactions in no time. If we look back when Covid-19 Hit our country, hardly 10% of people were using Digital payments because they were not use to it and also very worried about banking frauds, but in Pandemic people were not having any option to any other option to transact of their purchases. Main reason behind this was no one was allowed outside so they find this very easy way and at that time only they got habituated of it. Digital payments not only safeguards our money but also it gives track record of day to day transactions. Proper idea about where exactly your money is going. It is Safe but it also have some drawbacks which one should be very alert while paying through UPI, before entering pin must verify your receiver who you are going to pay. This will safeguards your payments/transactions. Only problem will be faced by our illiterate people, still they hesitate to pay online. It will take more decades to cover this problem but soon India will be totally Cashless.

Digital payments shows its an secure transactions but not actually it is. The more the technology is enhancing, on the another side cybercrime is also increasing along with it, if Goverment is taking measures to frauds, like millions of amount get debited daily, if there is no solution for this how one will continue his digital payments, if one has suffered he will got to know more people and they will also reduce their transactions, one will only continue digital payments when they get proper solution of their issue.

We have to look in both the perspectives then only everyone will make an unanimous decision.

Now 90% of Indians use Digital payments and 10% are still not aware, this will automatically increase in coming decade with lot more benefits.

And soon whole India will use Digital payments, Now already our UPI is accepted Globally in many countries like Paris, sooner the counts will level up.

Good Morning.
Today's topic is very different "Are digital payments secure enough for the Indian economy to go cashless?".

In my view, digital payment is a very good option because it saves time to think that every person go to the bank for each and every work related to bank, cash and spends much time on bank whenever if we use digital payment then we can do much work through our mobile and internet banking like transfer the money, view statement, apply for cheque book and many more.

And due to digital payment, there is no chance of money loss from the pocket.

We know that each and everything have some advantages and disadvantages.

The advantages of digital payment is as follows:

1: Saves time.
2: No need to carry money with us.
3: Transfer money to anyone who uses digital payment.

And digital payment has disadvantages which is as follows.

1 : Non-literate person face difficulty to use digital payment.
2: Online fraud is increasing.

Yes, the digital payment system is a very good thing to keep money safer. Till the information is not there in the hands of the cyber hacker person.

The cashless payment is not good for the illiterate person who has no idea about phone or the technology.

Digital money made life easier by not going to banks and waiting for hours and not carrying cash around, but digital money also becomes problematic when the bank server is busy where the payment doesn't process. Difficult to understand for illiterate people. In some areas, still, a lot of people use cash. I think both digital money and cash should be in use.

We've all used currency notes and coins for generations. We are all completely familiar with cash transactions. All of a sudden to bring in a new form of financial transaction is not correct. It wasn't correct even during the lockdown. The digital transaction, digital currency, digital rupee, etc should not be made compulsory. If at all, it can be made optional but definitely not compulsory. Not everybody is digitally literate or inclined. Nobody should be forced to be digitally inclined or digitally literate.