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

Hello.

In my point of view, digital payment is the best move by Indian government. Through digital payment, they can keep track record of all the transactions nd it will help to fight against corruption. We know that in India some people don't know how to use technology but it's our duty to educate them for a better future. Nowadays, I had seen that rikshaw wala is also using paytm. We can see the change that govt has bring.

I think digital payment is a great idea for developing our country economy. It is:

1) Time-saving.

2) User-friendly.

3) Convenience.

4) All the transaction can be performed at any time at anywhere.

5) Our money is more secure we need not worry about the robbery.

6) It takes more time those people are lived in rural areas.

7) Digital transactions can't be suitable for uneducated people, old age people etc.

8) Control expenses.

According to my point of view, every transaction method has some advantages and disadvantages. In case of cashless or digital transaction, the advantages are, firstly it brings every sector under taxation, secondly it is much more secure than carrying cash all the time, and most importantly it helps govt to keep an eye on every citizen's bank account to create a more transparent tax structure which is very important for growth of a country.

But it has some disadvantages also, like security concerns, the rate of digital literacy of rural people of India and the mind set up for accepting this huge change from cash-based economy to cashless one. We are still in doubt whether this digital transaction is wholly secure or not. Recent Ransomware attack throws a big question towards the security of digital payment. Fintech companies should assure people about the safety of digital payment and Banks have to guarante their customers about safekeeping their money in digital payments. OTP is the best solution in this regard. UPI apps created by banks in India is a major step for secure digital payment. Now, this is not enough because 55% of the Indan population live in rural areas and they are not used to with modern technological advancement. Digital literacy programmes are very useful for this purpose. DISHA, NDLM schemes are very important here which trains non-IT literate people to become IT literate. To educate rural people about digital payment SHG 's can play a vital role. The Language problem is another major drawback toward implementing digital payments. People who are uneducated or less educated have a problem with language because digital payment solutions do not include regional language. So they should think about this problem. Most important are digital literacy and creating awareness about the benefit of the digital economy among urban and rural people of India. We need to change the mind set towards this transition and accept the new one. It is just the primary level and we have miles to go to achieve our dream of total cashless economy.

Hello everybody,

Irrespective of what we have to say, the reality is that digital payments in India have shot up 90% in the last two years, we have left China behind with respective to the number of digital transactions taking place in our country. We are expected to reach 1 trillion USD worth payments by 2026. All this has been made possible by increased awareness of general public through consistent governmental schemes, cheap internet connections along with easy access to mobile phones.

However, we have to keep in mind that we are dealing with 1. 3 billion people here and every good reform needs to come with certain precautions. Privacy concerns have become very prevalent these days along with numerous other Cyber crimes. It is important to educate masses about the various threats they might face and steps they have to take to in order to ensure they can safely utilise online mode of transactions.

Digital payments are secure enough for the Indian economy to go cashless, this statement is favorable for 70% people only. For rest of the people, who lives in rural areas it is difficult to pay money in digital formats, or to use online services. If we can educate them to know how to use online payments, then only our Indian economy will go cashless and our country will become a digital country.

Yes, the India is moving towards being cashless, but yet it is not safe to go truly cashless. Since being cashless means all the payment transactions are going to happen via online, and that is a worry. Online transactions in India are not 100 percent safe, India cyber security is yet in developing phase. Every now or then we are heard of hacking, even Google Facebook & government sites are hackable. How can be our online transactions thought to be 100 percent safe? Online frauds are bit easier and faster and safer for the criminals. A criminal if robs a person only that person is going to be affected, but if a cybercriminal hacks someone' bank account, it would have great chances he can attack much more accounts in a less time. Yes, the traceable, what if the crime is done from some other countries. Also, the India is a country where the literacy rate is not up to where it should be and moreover cyber literacy is very low. Often the educated people become the cyber victims. Therefore We need to re-think and strengthen our cyber security before going fully cashless country.

Dear All,

Digital payments is good for the Indian economy to go cashless and it will help to curb the black money.

But in my recent experience, I feel helpless without money while I was travelling from Saharanpur to Delhi. It was midnight, I feel to fill the petrol in my Car and the petrol pump boy said he is not getting a signal for the card transaction. I paid him 1000 Rupees cash, then I stop for dinner in a reputed restaurant, just out of curiosity I asked them before order anything do you accept the card, you know what they say no. Then I tried 2 or 3 restaurants the answer was same. On that time I feel so helpless without cash because on Highways you can\'t expect card transaction on Dhabas but the reputed restaurant is also not accepting the digital payment this is Ridiculous.

So, I request to the Government kindly make It mandatory to accept the digital payment on Highway, because a person who is travelling Is way too far from his home, where he/she can go for help midnight.

Because it's not easy to find an ATM on the highway in Midnight.

Hello to everyone.

Since the question is related only to the security of digital payments I can confidently say that they are secured enough for the Indian economy. The government is responsible enough to develop technology capable of preventing any mishaps be it any cyber-related crime. And even the private companies to hire good software engineers for developing high-security software and websites. The only thing that remains is for us to learn them and then trust these methods. Yes, there might be problems but there are solutions too and in time this would get better and better. No country in this world can guarantee a 100% secured digital transaction even if it is the most developed nation. Everyone is in the learning process and when they haven't stopped then why should we?

That's all. Thank you.

Digital payment is an initiative taken by our prime minister to make digital India or cashless India. For me it is very good decision because as we known India is an developing country and it has been 72 years of our independence still most of the population of India is illiterate and poor. So if still we think our country's people are not able to make digital payment and they are not able to use smart phones or normal phones. All these bullish thoughts are not putting anything towards development of people of India. But as digital payment as come in India as a weapon to make India a cashless illiterate peoples are also coming forward to learn how to use smart phones and how to make payments. And asking there childrens and friends to teach them also. All these things are developing them doesn't matter how old they are or how much literate they are. As Indian government cannot serve food in plates of people to eat.

Hello everyone.

Digital payments are good enough, I agree ! but for what percentage of the Indian population, very little. Have you ever notice that most of the Indian population don't have their own bank accounts, most of them are daily wage workers and their income is much less if they put that money in their bank account money will automatically get deducted because they can't maintain minimum saving account condition.

India will automatically be digitalised when our literary level increases i:e when our Indian people gets the opportunity to explore themselves. Though our government is always trying to uplift the education system, so it's people responded to take the advantage and make India fully developed and digitalised nation.