Are digital payments secure enough for the Indian economy to go cashless?
Points to remember before you participate in this discussion:
- Assume you are one of the members of a real group discussion.
- Take the initiative to participate and contribute your thoughts.
- Contribute your positive thoughts towards providing the solution.
- Post your thoughts here.
Discussion:
2103 comments Page 1 of 211.
Suraj_FAMT said:
2 years ago
Yes:
1. If we follow the guidelines: There are a set of rules that need to be followed to keep your digital banking secure and free of phishing. If we take care of those little points which we usually ignore, it is not very difficult to stay secure with the digital payment system. People usually miss on the small but essential guidelines that maintain a secure payment system.
2. Being worked upon: Mobile banking apps, wallets, payment banks are working overtime to help improve the security level from time to time. It is essential that people upgrade their applications from time to time when a new update is available. Instead of panicking, we should try to be more alert on digital security and make other people aware too.
3. New measures: The good news is that Qualcomm is already approaching digital payment companies to help secure their payment system. Soon Qualcomm is said to be coming up with its new features in the mobile chipset that will verify user with payment gateway using unique features that will be hard to hack or bring glitch into.
No,
1. Qualcomm report: Qualcomm has reported that most banking applications in India don\'t run on hardware security. They run on Android mode and use password can be stolen. Fingerprints that some users use can also be captured and used to sneak into your account. Security is one of the biggest challenges with digital payments and wallets. If we cannot be provided with that, a cashless economy is a far dream.
2. Hackers everywhere: It is not long back when ATM fraudulence disturbed a lot of people who lost money and had to wait for quite a long time to get it refunded from banks. Over the last week, we saw that Twitter handles of prominent leaders were hacked and abusive posts were made from it. Email databases were accessed. The biggest issue in US at the moment is also on Russian hackers accessing the system of party members and their databases. This is a scary enough tale for a nation that plans on going cashless.
3. Falling into traps: If the latest reports of Norton Cyber Security Insights are to be believed Indians are the most prone to falling into tramps of phishing and hacking. We just don\'t know when to click and when to simply avoid. The ads are not always secure and we aren't supposed to clicking on things randomly but that is not known to most people who are either using digital payments or wallets for the first time or using Smartphone for the first time.
4. Helping isn't really helpful: Recently our PM asked digitally literates to help at least 10 others who are not used to the process of online transactions and digital payment system. The problem with this is that digital banking and e-wallets are actually things that should be personal to someone. You just don't want anyone else to peek into your stuff when it comes to money matters. It is getting more and easier for someone to take undue advantage of your innocence and the next moment one can be robbed of whatever little they saved up.
5. Lack of security standards: As of now there are no security standards prescribed by RBI for e-wallets in India. The circulars only require e-wallets to have 'adequate' data security infrastructure. There have to be prescribed minimum standards for security for the e-wallet providing firms to be registered before people start putting all their faith into it.
No, we aren't completely ready to go cashless but we are on the way. There are improvements being made and as Qualcomm suggested that it will be integrating with Indian companies to make digital payments more secure, we can definitely hope for a better world where no hacking and phishing would be a glitch for India to go completely digital.
1. If we follow the guidelines: There are a set of rules that need to be followed to keep your digital banking secure and free of phishing. If we take care of those little points which we usually ignore, it is not very difficult to stay secure with the digital payment system. People usually miss on the small but essential guidelines that maintain a secure payment system.
2. Being worked upon: Mobile banking apps, wallets, payment banks are working overtime to help improve the security level from time to time. It is essential that people upgrade their applications from time to time when a new update is available. Instead of panicking, we should try to be more alert on digital security and make other people aware too.
3. New measures: The good news is that Qualcomm is already approaching digital payment companies to help secure their payment system. Soon Qualcomm is said to be coming up with its new features in the mobile chipset that will verify user with payment gateway using unique features that will be hard to hack or bring glitch into.
No,
1. Qualcomm report: Qualcomm has reported that most banking applications in India don\'t run on hardware security. They run on Android mode and use password can be stolen. Fingerprints that some users use can also be captured and used to sneak into your account. Security is one of the biggest challenges with digital payments and wallets. If we cannot be provided with that, a cashless economy is a far dream.
2. Hackers everywhere: It is not long back when ATM fraudulence disturbed a lot of people who lost money and had to wait for quite a long time to get it refunded from banks. Over the last week, we saw that Twitter handles of prominent leaders were hacked and abusive posts were made from it. Email databases were accessed. The biggest issue in US at the moment is also on Russian hackers accessing the system of party members and their databases. This is a scary enough tale for a nation that plans on going cashless.
3. Falling into traps: If the latest reports of Norton Cyber Security Insights are to be believed Indians are the most prone to falling into tramps of phishing and hacking. We just don\'t know when to click and when to simply avoid. The ads are not always secure and we aren't supposed to clicking on things randomly but that is not known to most people who are either using digital payments or wallets for the first time or using Smartphone for the first time.
4. Helping isn't really helpful: Recently our PM asked digitally literates to help at least 10 others who are not used to the process of online transactions and digital payment system. The problem with this is that digital banking and e-wallets are actually things that should be personal to someone. You just don't want anyone else to peek into your stuff when it comes to money matters. It is getting more and easier for someone to take undue advantage of your innocence and the next moment one can be robbed of whatever little they saved up.
5. Lack of security standards: As of now there are no security standards prescribed by RBI for e-wallets in India. The circulars only require e-wallets to have 'adequate' data security infrastructure. There have to be prescribed minimum standards for security for the e-wallet providing firms to be registered before people start putting all their faith into it.
No, we aren't completely ready to go cashless but we are on the way. There are improvements being made and as Qualcomm suggested that it will be integrating with Indian companies to make digital payments more secure, we can definitely hope for a better world where no hacking and phishing would be a glitch for India to go completely digital.
(39)
Amol Acharya said:
5 years ago
In my point of view, digital payments are more convinent way to go cashless. And all banks provide us 3D security for transanction. They did theire best to give security for our transction. But we also have to aware about our all bank details and we have to handle this all work with responsility. If user uses those services with awareness and responsibly then I dn't think thank our money is in any danger. Afterall its also depends on us because if we use it carefully then no one can event touch our money without our permission.
If we are talking about hackers now a days bank make that security very tight so there very few chances of hacking our account.
And there are more benifits of digital transaction. If we see overall there are 90% transaction are cashless. Because the people don't have enough time go to bank and stand for long time to make theire transaction every one wants it as quick as possible. So if we taklking abuot digital transaction in my point of view these transaction are very safe and everyone using it. But we also neet to do every transaction securely if we took care of that then there is no problem to go cashless.
Now talking about rural area there are many problems like network problem and the lack of knowledge that people have. But if see these problmes are minor because now a days mobioe operators are trying to give better internets services in rural areas so in some network problem will be solved. So network problm is not the main problem in rural are might be some area facing it but it will be solved in someday. But the main problem that rural area is facing that is the knowledge the people don't have the knowledge and they feel unsecure about digital transaction because of there lack of knowledge. And this is the main problem in rural area. If youth take initative to educates people or at least edcates there family this problem can also slove. There are many student from rural area who are taking education from the city and they all know about digital transaction and they did every day every week every month. So they know all abuot digital transaction how it works how we can use it and all the things. If they take initative to teach theire family how to use digital transaction and how we can use it securely and all the things about digital transsaction. Then rural area people can use these services. And the main thing is that rural area peoples are very curious about these things they want to use it they want to know about it and they also curious about to learn these things but the problem is no one is giving the knowledge to them even bank also. And only because of lack of knowledge these people scared to make digital transaction or using this services. So if the student blongs from rural area take this initative to educates theire families then rural area people also can use these services. And if you ask me is digital transaction safe or not then my answer is yes these digital transaction is safe and more reliable way to live. Thank you.
If we are talking about hackers now a days bank make that security very tight so there very few chances of hacking our account.
And there are more benifits of digital transaction. If we see overall there are 90% transaction are cashless. Because the people don't have enough time go to bank and stand for long time to make theire transaction every one wants it as quick as possible. So if we taklking abuot digital transaction in my point of view these transaction are very safe and everyone using it. But we also neet to do every transaction securely if we took care of that then there is no problem to go cashless.
Now talking about rural area there are many problems like network problem and the lack of knowledge that people have. But if see these problmes are minor because now a days mobioe operators are trying to give better internets services in rural areas so in some network problem will be solved. So network problm is not the main problem in rural are might be some area facing it but it will be solved in someday. But the main problem that rural area is facing that is the knowledge the people don't have the knowledge and they feel unsecure about digital transaction because of there lack of knowledge. And this is the main problem in rural area. If youth take initative to educates people or at least edcates there family this problem can also slove. There are many student from rural area who are taking education from the city and they all know about digital transaction and they did every day every week every month. So they know all abuot digital transaction how it works how we can use it and all the things. If they take initative to teach theire family how to use digital transaction and how we can use it securely and all the things about digital transsaction. Then rural area people can use these services. And the main thing is that rural area peoples are very curious about these things they want to use it they want to know about it and they also curious about to learn these things but the problem is no one is giving the knowledge to them even bank also. And only because of lack of knowledge these people scared to make digital transaction or using this services. So if the student blongs from rural area take this initative to educates theire families then rural area people also can use these services. And if you ask me is digital transaction safe or not then my answer is yes these digital transaction is safe and more reliable way to live. Thank you.
(38)
Swaraj Patil said:
6 years ago
Yes
1. If we follow the guidelines: There are a set of rules that need to be followed to keep your digital banking secure and free of phishing. If we take care of those little points which we usually ignore, it is not very difficult to stay secure with the digital payment system. People usually miss on the small but essential guidelines that maintain secure payment system.
2. Being worked upon: Mobile banking apps, wallets, payment banks are working overtime to help improve the security level from time to time. It is essential that people upgrade their applications from time to time when a new update is available. Instead of panicking, we should try to be more alert on digital security and make other people aware too.
3. New measures: The good news is that Qualcomm is already approaching digital payment companies to help secure their payment system. Soon Qualcomm is said to be coming up with a its new features in mobile chipset that will verify user with payment gateway using unique features that will be hard to hack or bring glitch into.
No
1. Qualcomm report: Qualcomm has reported that most banking applications in India don't run on hardware security. They run on Android mode and use password can be stolen. Fingerprints that some users use can also be captured and used to sneak into your account. Security is one of the biggest challenges with digital payments and wallets. If we cannot be provided with that, cashless economy is a far dream.
2. Hackers everywhere: It is not long back when ATM fraudulence disturbed a lot of people who lost money and had to wait for quite a long time to get it refunded from banks. Over the last week, we saw that twitter handles of prominent leaders were hacked and abusive posts were made from it. Email databases were accessed. The biggest issue in US at the moment is also on Russian hackers accessing the system of party members and their databases. This is a scary enough tale for a nation that plans on going cashless.
3. Falling into traps: If latest reports of Norton Cyber Security Insights are to be believed Indians are the most prone to falling into tramps of phishing and hacking. We just don't know when to click and when to simply avoid. The ads are not always secure and we aren't supposed to clicking on things randomly but that is not known to most people who are either using digital payments or wallets for the first time or using Smartphone for the first time.
4. Helping isn't really help: Recently our PM asked digitally literates to help at least 10 others who are not used to the process of online transactions and digital payment system. The problem with this is that digital banking and e-wallets are actually things that should be personal to someone. You just don't want anyone else to peek into your stuff when it comes to money matters. It is getting more and easier for someone to take undue advantage of your innocence and the next moment one can be robbed of whatever little they saved up.
5. Lack of security st
1. If we follow the guidelines: There are a set of rules that need to be followed to keep your digital banking secure and free of phishing. If we take care of those little points which we usually ignore, it is not very difficult to stay secure with the digital payment system. People usually miss on the small but essential guidelines that maintain secure payment system.
2. Being worked upon: Mobile banking apps, wallets, payment banks are working overtime to help improve the security level from time to time. It is essential that people upgrade their applications from time to time when a new update is available. Instead of panicking, we should try to be more alert on digital security and make other people aware too.
3. New measures: The good news is that Qualcomm is already approaching digital payment companies to help secure their payment system. Soon Qualcomm is said to be coming up with a its new features in mobile chipset that will verify user with payment gateway using unique features that will be hard to hack or bring glitch into.
No
1. Qualcomm report: Qualcomm has reported that most banking applications in India don't run on hardware security. They run on Android mode and use password can be stolen. Fingerprints that some users use can also be captured and used to sneak into your account. Security is one of the biggest challenges with digital payments and wallets. If we cannot be provided with that, cashless economy is a far dream.
2. Hackers everywhere: It is not long back when ATM fraudulence disturbed a lot of people who lost money and had to wait for quite a long time to get it refunded from banks. Over the last week, we saw that twitter handles of prominent leaders were hacked and abusive posts were made from it. Email databases were accessed. The biggest issue in US at the moment is also on Russian hackers accessing the system of party members and their databases. This is a scary enough tale for a nation that plans on going cashless.
3. Falling into traps: If latest reports of Norton Cyber Security Insights are to be believed Indians are the most prone to falling into tramps of phishing and hacking. We just don't know when to click and when to simply avoid. The ads are not always secure and we aren't supposed to clicking on things randomly but that is not known to most people who are either using digital payments or wallets for the first time or using Smartphone for the first time.
4. Helping isn't really help: Recently our PM asked digitally literates to help at least 10 others who are not used to the process of online transactions and digital payment system. The problem with this is that digital banking and e-wallets are actually things that should be personal to someone. You just don't want anyone else to peek into your stuff when it comes to money matters. It is getting more and easier for someone to take undue advantage of your innocence and the next moment one can be robbed of whatever little they saved up.
5. Lack of security st
(19)
Babu Arav said:
6 years ago
Hello everyone,
Digital payment and demonetization are good initiatives those have been taken by the Indian government which is highly enough for the Indian economy to go for cashless up to an extent. But this initiation has both advantages and disadvantages.
Coming to advantages:
If we have any urgent payments, we can go for digital payments which are highly secured. People don't need to stay in long question for a long time and they will feel that they are safe from robberies. Some people are thinking that if these digital payments are implemented unemployment will increase to the great extent. But in my opinion, this is absolutely incorrect why because if the Indian govt makes this digital payment is mandatory, it has to make more facilities for implementing, in the form technology which needs employees for making transactions. , make our payments secure and fast. In our country most of 80% population is in village areas only. Most of them are uneducated and they don, t how to make digital payments. To make them comfortable with digital payments govt has to recruit more people to teach them about uses, securities, benefits which will take huge time. By this, people will get an idea about the use of education and they make their people educated which will also increase the employment. See every aspect is interlinking and developing our country and employment. Coming to security, nowadays IT industry is increasing and various software technologies are coming to use. Some people are using hacking software to make money and govt is trying to control these hackers by tracing transaction paths. Govt has implemented more technologies like taking thumb impression and sending OTP to the registered phone numbers. Like this we can make our transactions more secure. Time will be also saved which is a valuable thing.
Disadvantages:
If the govt failed in implementing right steps, it is the absolutely unnecessary thing to make digital payments. Our transactions will not secure. Rural people will fail to make the transactions by digitally, unemployment will definitely arise. People will feel insecure. Rural people getting 100rs, 200rs as their wages in the form of cash only and they spend for their daily expenses in cash form only. So digital payment method is not used in villages.
If have to conclude this, for example, in long days back, people were sending money, posts by post offices. It was taking a long time to reach there. But after some years email has come in place of the post to make quick sending, banks have been invented for money transactions. All these take some time to become easy with proper training and by the use of well-defined software technologies. Like this, the digital payments will be implemented by providing proper resources and technologies which intends to demonetization in India.
Digital payment and demonetization are good initiatives those have been taken by the Indian government which is highly enough for the Indian economy to go for cashless up to an extent. But this initiation has both advantages and disadvantages.
Coming to advantages:
If we have any urgent payments, we can go for digital payments which are highly secured. People don't need to stay in long question for a long time and they will feel that they are safe from robberies. Some people are thinking that if these digital payments are implemented unemployment will increase to the great extent. But in my opinion, this is absolutely incorrect why because if the Indian govt makes this digital payment is mandatory, it has to make more facilities for implementing, in the form technology which needs employees for making transactions. , make our payments secure and fast. In our country most of 80% population is in village areas only. Most of them are uneducated and they don, t how to make digital payments. To make them comfortable with digital payments govt has to recruit more people to teach them about uses, securities, benefits which will take huge time. By this, people will get an idea about the use of education and they make their people educated which will also increase the employment. See every aspect is interlinking and developing our country and employment. Coming to security, nowadays IT industry is increasing and various software technologies are coming to use. Some people are using hacking software to make money and govt is trying to control these hackers by tracing transaction paths. Govt has implemented more technologies like taking thumb impression and sending OTP to the registered phone numbers. Like this we can make our transactions more secure. Time will be also saved which is a valuable thing.
Disadvantages:
If the govt failed in implementing right steps, it is the absolutely unnecessary thing to make digital payments. Our transactions will not secure. Rural people will fail to make the transactions by digitally, unemployment will definitely arise. People will feel insecure. Rural people getting 100rs, 200rs as their wages in the form of cash only and they spend for their daily expenses in cash form only. So digital payment method is not used in villages.
If have to conclude this, for example, in long days back, people were sending money, posts by post offices. It was taking a long time to reach there. But after some years email has come in place of the post to make quick sending, banks have been invented for money transactions. All these take some time to become easy with proper training and by the use of well-defined software technologies. Like this, the digital payments will be implemented by providing proper resources and technologies which intends to demonetization in India.
(50)
Parth Sharma said:
5 years ago
Good Evening all of you.
I personally feel that the next big revolution coming in our country is Digitalisation and its benefits. Keeping your hard earned money safe is one of the most challenging thing in today's world. There are so many loopholes through which our moeny isn't secure and to make it secure digitalsation needs to take place. Keeping transactions digital is not only our need but it is the backbone of our government to make the economy stronger day by day. Earlier governments used to launch so many schemes for people below poverty line, for senior citizens and for other backward classes but the whole amount kept for these communities never used to reach them completely and there corruption came into picture. With the current government we have realised that a very big amount of our Indian economy was going in vain and because of which there was one parallel economy came into picture which was run by fraudulants and corrupted bureaucrats. To elimniate this Demonitisation took place and we all saw how much corruption rooted out. At the same time present government also introduced Aadhar identifcation which helped poor people to create their bank accounts for 0 balance. This just didn't help in making the banking system stronger but it is also helping our government to keep track of all the money being used for specific purposes. Now all the money released by government is directly transfered to the accounts of needy people and help it keeps the whole process away from corruption. This one change has benifitted a lot to poor people. Also with demonitisation we have understood that doing digital transactions is very easy and secure rather than carry physical money. Event like demonitisan has resulted in cashless villages and cashless townships across India which is a positive sign towards change. Also not leaving behind technology and smartphone, our current generation and previous generations are learning faster to secure their money. With time we definitely need to make our whole system secure and I believe that is where IT companies "the backbone of Indian economy" are working day and night to build the digital transations safe and secure. I would like to that say the change is taking place in every corner of the country but it will take some more time for a nation like India where lots of parameters like Poverty, Illliteracy and Old traditions are rooted deep well within our veins. We are the world's fastest developing economy and we have always welcomed Revolutions. This shift will bring lots of change in the life of an ordinary man having his hard earned money safe and secure.
I personally feel that the next big revolution coming in our country is Digitalisation and its benefits. Keeping your hard earned money safe is one of the most challenging thing in today's world. There are so many loopholes through which our moeny isn't secure and to make it secure digitalsation needs to take place. Keeping transactions digital is not only our need but it is the backbone of our government to make the economy stronger day by day. Earlier governments used to launch so many schemes for people below poverty line, for senior citizens and for other backward classes but the whole amount kept for these communities never used to reach them completely and there corruption came into picture. With the current government we have realised that a very big amount of our Indian economy was going in vain and because of which there was one parallel economy came into picture which was run by fraudulants and corrupted bureaucrats. To elimniate this Demonitisation took place and we all saw how much corruption rooted out. At the same time present government also introduced Aadhar identifcation which helped poor people to create their bank accounts for 0 balance. This just didn't help in making the banking system stronger but it is also helping our government to keep track of all the money being used for specific purposes. Now all the money released by government is directly transfered to the accounts of needy people and help it keeps the whole process away from corruption. This one change has benifitted a lot to poor people. Also with demonitisation we have understood that doing digital transactions is very easy and secure rather than carry physical money. Event like demonitisan has resulted in cashless villages and cashless townships across India which is a positive sign towards change. Also not leaving behind technology and smartphone, our current generation and previous generations are learning faster to secure their money. With time we definitely need to make our whole system secure and I believe that is where IT companies "the backbone of Indian economy" are working day and night to build the digital transations safe and secure. I would like to that say the change is taking place in every corner of the country but it will take some more time for a nation like India where lots of parameters like Poverty, Illliteracy and Old traditions are rooted deep well within our veins. We are the world's fastest developing economy and we have always welcomed Revolutions. This shift will bring lots of change in the life of an ordinary man having his hard earned money safe and secure.
(27)
Rohan said:
6 years ago
The problem in online transaction, as it always have been, is nothing but the inadequacy of usage in the areas where technical deficit and social behaviour comes hand in hand. Almost in all the rural areas and in some urban towns etc. People are not habituated of online payments, reasons being manifold like absence of a bank account or ATM card or even the lack of knowledge that such an online method exits and can be applied, leaving behind the technical reasons like server down, or bugs etc.
However, for semi-urban n urban, where these practices cannot be seen, the one reason is the reluctance to shift to a new way, leaving aside the so old inherited way. Now the solution for the rural regions, though being very elaborate ones, are on the other hand logistically simpler. For example, giving a bank account or ATM card to every known citizen and individually campaigning it by providing the facilities, thus making it practically mandatory. Secondly, installing some e-counters like e-ticket counters in stations, at various locations of a selected village and providing the facilities there, where along with those a "Haat" or a bazaar area can be linked with, even these locations can be at schools and at hospitals. Now, then after, there will be thousands of villages remaining where the primary facilities are not provided by government. So it must be taken up fast and first.
The solution for the semi-urban areas involve complex analysis, since a semi-urban region inherits some characters of the nearest city according to its migratory residential and original inhabitants, which takes in accounts varied diversity. Thus judging the social portfolio and its political inclination becomes very important. Since these semi-urban regions, in max cases are the 'hub of transaction of unaccounted money', online transaction here fails for a particular commodity n becomes successful for another.
In urban areas, the problem boils down to server fixes, and whether an individual is truly comfortable with online payments or not. In most cases, urban people, want it or not, have to bear online transaction, like college fees or admission fees etc. Thus, sometimes practice makes reluctance fade away.
Thus at the end of the day, online transaction should only be there if it had been preceded by primary need fulfillment and technical development. This online transaction is one of the facilities of a developed and uncorrupted environment, but not the way to make a developed ambient. Thank you.
However, for semi-urban n urban, where these practices cannot be seen, the one reason is the reluctance to shift to a new way, leaving aside the so old inherited way. Now the solution for the rural regions, though being very elaborate ones, are on the other hand logistically simpler. For example, giving a bank account or ATM card to every known citizen and individually campaigning it by providing the facilities, thus making it practically mandatory. Secondly, installing some e-counters like e-ticket counters in stations, at various locations of a selected village and providing the facilities there, where along with those a "Haat" or a bazaar area can be linked with, even these locations can be at schools and at hospitals. Now, then after, there will be thousands of villages remaining where the primary facilities are not provided by government. So it must be taken up fast and first.
The solution for the semi-urban areas involve complex analysis, since a semi-urban region inherits some characters of the nearest city according to its migratory residential and original inhabitants, which takes in accounts varied diversity. Thus judging the social portfolio and its political inclination becomes very important. Since these semi-urban regions, in max cases are the 'hub of transaction of unaccounted money', online transaction here fails for a particular commodity n becomes successful for another.
In urban areas, the problem boils down to server fixes, and whether an individual is truly comfortable with online payments or not. In most cases, urban people, want it or not, have to bear online transaction, like college fees or admission fees etc. Thus, sometimes practice makes reluctance fade away.
Thus at the end of the day, online transaction should only be there if it had been preceded by primary need fulfillment and technical development. This online transaction is one of the facilities of a developed and uncorrupted environment, but not the way to make a developed ambient. Thank you.
(10)
Anup Chougule said:
6 years ago
Yes, Digital payment system is secure enough for those who take precautions while doing transactions and do not share or save the confidential details on internet linked application. Digital security is dynamic. You should update your Digital payment applications whenever upgrades are launch. Application upgrades usually take care of the latest possible attacks of viruses which result in further improvement in security.
Apart from this, there are many other reasons that break the dream of India going digital.
1) Number of mobile users and Internet connections: In India, with a population of 1.311 billion, there are 684. 1 million of citizens use mobiles phone. Going further this number goes down till 300 million who uses smartphones. Almost 1 billion peoples don't even know what is this digital payment system. And if we talk about internet penetration, it is around 15% with less than 4% people owning a 4G handset. These statistics gives the broad picture about how far we are from the dream of cashless economy.
2) Merchant Acceptance: India is a hub of retailers and many of the retailers don't have that much allocation to install digital payment services. And there isn't any rebate or any profit associated with digital transactions.
3) Attack: latest WannaCry Ransomware attack still gives question mark on technology whether is it safe for monetary related services. Such attacks reclaim many of people to go on the digital platform.
4) Language compatibility: As most of the digital payment services operates in English. Most of the regional language people won't feel this system as user-friendly as lack of language barrier. It must be a wake call for government and private digital payment service provider that regional languages should be included so that the transaction becomes easy.
I am welcoming the initiatives taken by Government along with private payment service providers to improve the cashless transactions however I think that Government should also work on improving the internet connectivity in rural area, give subsidies on smartphones or may reduce tax which will fall down the prices of smartphones, provide digitals payment knowledge centers to educated people, regional languages would show up in the app.
Parity between cash and the cashless transaction is impossible to achieve in India but we can move closer to it. Good fruits are a result of time, let wait and watch, where this new era of digital transaction lead us to.
Apart from this, there are many other reasons that break the dream of India going digital.
1) Number of mobile users and Internet connections: In India, with a population of 1.311 billion, there are 684. 1 million of citizens use mobiles phone. Going further this number goes down till 300 million who uses smartphones. Almost 1 billion peoples don't even know what is this digital payment system. And if we talk about internet penetration, it is around 15% with less than 4% people owning a 4G handset. These statistics gives the broad picture about how far we are from the dream of cashless economy.
2) Merchant Acceptance: India is a hub of retailers and many of the retailers don't have that much allocation to install digital payment services. And there isn't any rebate or any profit associated with digital transactions.
3) Attack: latest WannaCry Ransomware attack still gives question mark on technology whether is it safe for monetary related services. Such attacks reclaim many of people to go on the digital platform.
4) Language compatibility: As most of the digital payment services operates in English. Most of the regional language people won't feel this system as user-friendly as lack of language barrier. It must be a wake call for government and private digital payment service provider that regional languages should be included so that the transaction becomes easy.
I am welcoming the initiatives taken by Government along with private payment service providers to improve the cashless transactions however I think that Government should also work on improving the internet connectivity in rural area, give subsidies on smartphones or may reduce tax which will fall down the prices of smartphones, provide digitals payment knowledge centers to educated people, regional languages would show up in the app.
Parity between cash and the cashless transaction is impossible to achieve in India but we can move closer to it. Good fruits are a result of time, let wait and watch, where this new era of digital transaction lead us to.
(39)
Abhishek anand said:
6 years ago
Hello everyone.
Digital payments, as can be deduced from its literal meaning, is payment through any digital medium be it smartphones, apps, internet, mobile banking, e-wallets, anything in the virtual world. The current government is trying everything possible for making this digital payment a phenomena in every Indian household, completely overlooking the fact that still more than 60% of the population don't have access to the most basic requirement for digital payments, "the internetc". Internet penetration in India ranges between 30-40%, which makes it even more limited to implement such a change nationwide. On the security front, some will say that it is more secure than traditional payments, because there will be less robberies. But mind you, we are living in the 21st century. Here robberies are being done on the internet itself. 21st century is a digital book. If you are going for digital payments, you are giving everything online, just on the assumption that the party (bank) concerned will do everything possible to keep your data safe. But still, loopholes remain. There's no doubt about the willingness of the banks to ho the extra mile for making our transactions safe but still they also need the basic infrastructure (physical, technological and legal) to back them. They can't do it on their own. Coming to the physical infrastructure, you need to have a dedicated high speed internet facility, which is a dream anyway, with teh assurance that it will not be down in the middle of the transaction, which none can guarantee. Now, on the technological front you need to have the latest security systems up and running across the network as well as your devices, be it security patches for operating systems or antuvurus antimalware programs, etc. Now the legal front, we don't have any legal act that deals with cyber safety, or the safety of personal data online. So if anything goes wrong, we can't fix the responsibility. Recently, I guess 5 million debit and credit cards of various banks were hacked and the data stolen, forcing the banks to withdraw those cards.
Given all this, it's a good thing if you are going for digital payments. It shows that you have the trust on the system to ensure your privacy and safety. The onus is on the parties concerned to take it on themselves to di everything possible to ensure that the idea of digital payment spreads across the country, not by force, but by motivation.
Thanks.
Digital payments, as can be deduced from its literal meaning, is payment through any digital medium be it smartphones, apps, internet, mobile banking, e-wallets, anything in the virtual world. The current government is trying everything possible for making this digital payment a phenomena in every Indian household, completely overlooking the fact that still more than 60% of the population don't have access to the most basic requirement for digital payments, "the internetc". Internet penetration in India ranges between 30-40%, which makes it even more limited to implement such a change nationwide. On the security front, some will say that it is more secure than traditional payments, because there will be less robberies. But mind you, we are living in the 21st century. Here robberies are being done on the internet itself. 21st century is a digital book. If you are going for digital payments, you are giving everything online, just on the assumption that the party (bank) concerned will do everything possible to keep your data safe. But still, loopholes remain. There's no doubt about the willingness of the banks to ho the extra mile for making our transactions safe but still they also need the basic infrastructure (physical, technological and legal) to back them. They can't do it on their own. Coming to the physical infrastructure, you need to have a dedicated high speed internet facility, which is a dream anyway, with teh assurance that it will not be down in the middle of the transaction, which none can guarantee. Now, on the technological front you need to have the latest security systems up and running across the network as well as your devices, be it security patches for operating systems or antuvurus antimalware programs, etc. Now the legal front, we don't have any legal act that deals with cyber safety, or the safety of personal data online. So if anything goes wrong, we can't fix the responsibility. Recently, I guess 5 million debit and credit cards of various banks were hacked and the data stolen, forcing the banks to withdraw those cards.
Given all this, it's a good thing if you are going for digital payments. It shows that you have the trust on the system to ensure your privacy and safety. The onus is on the parties concerned to take it on themselves to di everything possible to ensure that the idea of digital payment spreads across the country, not by force, but by motivation.
Thanks.
(18)
Roshan Bagul said:
5 years ago
Yes, I say it is fully secured. If you can use proper way then you will never be facing a problem in. Before using it you should read all the Instructions. Nowadays according to previous experiences system has more improved and secured like as one-time password you always get on your register mobile number while transecting Or any other practices with a bank account. OTP will get on your register mobile after OTP matching they allow to proceed next. So, you don't share your personal data like as OTP.
Nowadays you no need to go in bank physically you can access your bank account at home by digital banking. In this case, you save your time Also access any time no time restrictions as banking hours. Also, you have to no need to carry cash anywhere.
Yes, I say it is fully secured. If you can use proper way then you will never be facing a problem in. Before using it you should read all the Instructions. Nowadays according to previous experiences system has more improved and secured like as one-time password you always get on your register mobile number while transecting Or any other practices with a bank account. OTP will get on your register mobile after OTP matching they allow to proceed next. So, you don't share your personal data like as OTP.
Nowadays you no need to go in bank physically you can access your bank account at home by digital banking. In this case, you save your time Also access any time no time restrictions as banking hours. Also, you have to no need to carry cash anywhere.
Digital payments is more beneficial for online shopping, you can choose a single product from many products by comparing cost and discount on it. If you pay online by digital payment then you get good discount to compare to cash on delivery. You can easily buy anything or ordered from your home by digital payment.
Also, digital payments have some drawbacks hackers steal your information from social sides as facebook, linkendin, orkut etc. The informations are date of birth, mobile number, pan card number, Aadhar card number etc. All bank account holders are linked their mobile number with a bank account. By using stolen document's they get another sim card of your number then they get OTP on your sim and steal money from your bank account. Therefore don't share your personal information to others and aware about fake and illegal sides.
Also digital payments have some drawbacks.
Nowadays you no need to go in bank physically you can access your bank account at home by digital banking. In this case, you save your time Also access any time no time restrictions as banking hours. Also, you have to no need to carry cash anywhere.
Yes, I say it is fully secured. If you can use proper way then you will never be facing a problem in. Before using it you should read all the Instructions. Nowadays according to previous experiences system has more improved and secured like as one-time password you always get on your register mobile number while transecting Or any other practices with a bank account. OTP will get on your register mobile after OTP matching they allow to proceed next. So, you don't share your personal data like as OTP.
Nowadays you no need to go in bank physically you can access your bank account at home by digital banking. In this case, you save your time Also access any time no time restrictions as banking hours. Also, you have to no need to carry cash anywhere.
Digital payments is more beneficial for online shopping, you can choose a single product from many products by comparing cost and discount on it. If you pay online by digital payment then you get good discount to compare to cash on delivery. You can easily buy anything or ordered from your home by digital payment.
Also, digital payments have some drawbacks hackers steal your information from social sides as facebook, linkendin, orkut etc. The informations are date of birth, mobile number, pan card number, Aadhar card number etc. All bank account holders are linked their mobile number with a bank account. By using stolen document's they get another sim card of your number then they get OTP on your sim and steal money from your bank account. Therefore don't share your personal information to others and aware about fake and illegal sides.
Also digital payments have some drawbacks.
(4)
Vibhav Mishra said:
6 years ago
Are digital payments secure or not, understand before we discuss understands what is digital payment.
Breakdown:
Digital Payment: MerchantIt is a type of payment made by a consumer/buyer who consume/buy any service or product from any merchant and paid him the amount digitally (not involving any physical cash cheque or demandThe merchant may be an online store or a local shop.
In Digital Payment we have two parties. One is service provider/Merchant and other is a customer. Security of digital payments depends on this two party. Each has its own role.
Customer: customer has to use its mind and basic intelligence while doing digital transactions. Some tips are:.
Never share confidential information with anyone over the phone not even to bank personally.
Bank personal never ask for any information over the phone.
Never share OTP.
Change transaction/login password regularly.
Keep update mobile no. In a bank account to receive transaction related alerts.
Never keep the debit card and PIN together.
Check the genuinely of the merchant also by observing the URL of merchant website (use common sense).
Update antivirus regularly.
Merchant: All renowned merchant use better security at their servers and protect customer data by using high-level encryption. They never share customer\'s mobile no with the third party and never save customer\'s confidential information.
So shop from renowned and trusted online stores.
There is one more party who works in background i.e. your BANK.
The possibility of leaking information from the bank is zero. Bank uses a high level of security to keep your money safe.
In recent days a lot of channels are available for digital payments like Mobile banking, Internet Banking, Debit/Credit card, Virtual cards, Wallets, USSD, Unified Payment Interface (UPI), Bharat Interface for Money (BHIM).
BHIM is an initiative to enable fast, secure, reliable cashless payments through a mobile phone. BHIM is interoperable with other Unified Payment Interface (UPI) applications, and bank accounts for quick money transfers. UPI which is highly secured payment channel and most of the banks in India offering their services through it.
CONCLUSION: Digital payments in INDIA are secured and the user has to be little attentive while doing digital transactions to keep hard earned money safe.
Breakdown:
Digital Payment: MerchantIt is a type of payment made by a consumer/buyer who consume/buy any service or product from any merchant and paid him the amount digitally (not involving any physical cash cheque or demandThe merchant may be an online store or a local shop.
In Digital Payment we have two parties. One is service provider/Merchant and other is a customer. Security of digital payments depends on this two party. Each has its own role.
Customer: customer has to use its mind and basic intelligence while doing digital transactions. Some tips are:.
Never share confidential information with anyone over the phone not even to bank personally.
Bank personal never ask for any information over the phone.
Never share OTP.
Change transaction/login password regularly.
Keep update mobile no. In a bank account to receive transaction related alerts.
Never keep the debit card and PIN together.
Check the genuinely of the merchant also by observing the URL of merchant website (use common sense).
Update antivirus regularly.
Merchant: All renowned merchant use better security at their servers and protect customer data by using high-level encryption. They never share customer\'s mobile no with the third party and never save customer\'s confidential information.
So shop from renowned and trusted online stores.
There is one more party who works in background i.e. your BANK.
The possibility of leaking information from the bank is zero. Bank uses a high level of security to keep your money safe.
In recent days a lot of channels are available for digital payments like Mobile banking, Internet Banking, Debit/Credit card, Virtual cards, Wallets, USSD, Unified Payment Interface (UPI), Bharat Interface for Money (BHIM).
BHIM is an initiative to enable fast, secure, reliable cashless payments through a mobile phone. BHIM is interoperable with other Unified Payment Interface (UPI) applications, and bank accounts for quick money transfers. UPI which is highly secured payment channel and most of the banks in India offering their services through it.
CONCLUSION: Digital payments in INDIA are secured and the user has to be little attentive while doing digital transactions to keep hard earned money safe.
(16)
Post your thoughts here:
Quick links
Quantitative Aptitude
Verbal (English)
Reasoning
Programming
Interview
Placement Papers