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

Hello everyone,

I am Gargi, in my opinion, In India, it is not the right time to go for a cashless economy. There is some strong reason behind this.

First of all, there are many online websites where they save personal information about the customer like location, contact info, card details. And most of its customer is not aware of that. There is always a data breaches news in media. Recently, that happen with Bigbasket, an online grocery shop. Secondly, In Indian, Aged people and are not that much friendly with digital interference, most of the time they need support from other family members to use a smartphone or make a call. In a case like, if an aged person lives alone in the house, it will be difficult for him/her. In a low-income group, their life depends on daily wages, so, it will be a problem to pay a small amount of money to someone.

Most of the rural areas have an uneven internet connection, so, there is a possibility of being failed in a money transaction. Also, in tribal areas, most of the family have no bank account. And, in the COVID pandemic, there is too much cybercrime related to digital payment or others.

So, in my conclusion, I want to say that there is a need of proper infrastructure and security for implementing the economy cashless.

And Thank you to all of you to drop my opinion. Thank you.

According to Amercian Chipmaker, no digital payment app in India is completely secure. Right now, if someone says this statement, I would not agree. No doubt it has made life more comfortable. We don't have to stay in the queue for getting a cash. All records of the transaction are maintained which help to keep an eye on fake currency. It helps people to keep a track of their expenditure. We get discounts while purchasing goods through digital payments like 0.75% discount on the digital purchase of fuels through debit cards or mobile wallets.

Seriously it makes life easier! But with pros, there are cons. When it comes to security, it is not to much save.

A lot of fraud happens. Many people especially who are senior citizens and children are not properly aware of how to use this technology, how someone can access their private data and use their digital payment application.

As what about the poor people who cannot afford the internet connection, how they are going to access this technology. We cannot ignore them. So firstly we have to make sure with the passage of time, we need to more people to engage in this and our engineers in IT field has to work to make it more secure. When this situation takes place, then it would be better to say that digital payments are secure enough for the Indian economy to go cashless.

Hello guys,

I would like to put my views on this topic as we know that sooner or later we will have to go cashless as the world around us going this way only. So, yeah the thing is not like we should go cashless or not but we should stay focused on how to secure the digital payments. The second thing is that it has its advantages as well as disadvantages like any other things. It helps us to save our time, the usage of paper will be reduced by doing so environment concern will somehow get ease. Tax issues will get resolved as many of shopkeepers earlier don't want to make bill of any payment so they can save their taxes, then again some if them sell the products at more than the original rate as we are not having any idea about the price of the products we are going to purchase. Disadvantages are there like the people who belongs to village area are not likely aware about this method even if they are they don't find it suitable as they are not used to it. But this is the problem we can solve by campaign, advertising which are now in process throughout the nation. So this is the only main concern besides the security and privacy of the method. Eventually we are going to be cashless but yeah we certainly need to find the modes which are secure enough to do digital transaction and it can be done with little concern.

As of what we see now, our future is going to be all digital. We all know the advantages, the convenience and the ease of using a mobile wallet for the things we had to stand in line for, be it the electricity bill or the movie tickets or even your mobile recharge. But as our topic of GD goes, do we have the infrastructure required for going completely digital? No, we don't for now and we all know that. Although it's progressing rapidly, we don't have the base required for going complete digital. And it's not secure too. The latest Aadhar leak can be an example. Personal details of millions of Indian leaked and what happened? It was not even reported properly. The one who reported, got an FIR. Here I want to point out that the system we have is not safe and worst part is it's not transparent even. Besides there are millions who don't have access to a proper means of anything, not a proper place to live and no proper food. Even if the digital paymenta were secure enough, this would still be a big issue. More than 90% of transactions in India are cash based. It can't be changed in a day. It's a welcome change definitely but as for now, I don't think India is ready to go cashless. For I believe that it should not something that is forced on the people to do instead it should be something that people want to.

Well, digital payments are of course one of the best ideas which adds more to our country's development. But at this moment, only urban cities can go complete cashless but not the rural villages yet.

Around 60 percent of people are well educated, so it's very beneficial for them to make online transactions, as it saves so much of time, no carrying vallets, you can simply make transactions from anywhere anytime, considering student example itself, we all know how students use to make exam payments but now we can simply pay jus having a cell or a laptop with internet connection but all this is because we have a knowledge about how to use it.

But rural people who are illiterate they do not know exactly about it. So before that, there should be some basic steps taken in order to make them aware of it, they must be given simple knowledge of how to use at least the basic apps like paytm now a days at least one person has smart phone at their home, but they must be provided with internet facilities, usually we students when we go to village, we find we don't get network to get connected to the internet, so they stay there all time, we need to think about all those problems. If steps could be taken in order to overcome the mentioned problems in rural areas then this idea will surely prove out to be the best.

Hello Guys,

Very good evening to all of you. This is Kunal Aryan. First of all, I would like to thank "Indiabix. Com". It's a platinum opportunity for me for Discussing this topic you with all my dear friends.

According to my point of view, I most welcome Digital payment system in our country But most of merchant/whole seller don't accept digital payments. Everyone knows that in the digital payments there is transparency of the transaction as per income they have to pay tax. They can't hide original income to the Government Those people who don't want to pay tax. They make excuses that I don't understand "How to use mode of digital payments Or For the security purpose".

Whereas, in reality, they don't want to pay tax according to their income. Our Government Has already launched a TV Chanel named "DIGISHALA" by the ministry of electronics and IT Ravi Shankar Prasad.

This channel provides a complete knowledge about "How to Use mode of digital payments" in Hindi, English & Reginal languages too.

According to a report in The U.S.A around 95% transaction happened in Cashless payment. So we should also promote this in our country. I think its a very safe mode of payments. No need to withdraw the cash and fear of loot on the road or anywhere.

That's all. Thank You Very Much To all Of You :).

Hello everyone,

In my opinion, digital payments are not enough secured why because they are two things we should consider in this topic.

1. How many percentages of people are educated?
2. Security.

Coming to first thing in India they are cities and villages in the case of cities we no need to bother but in case of villages, they can't be able to do these digital transactions so the government should bring more camps to bring awareness and educate the people in villages. Coming to the second topic some apps are secured and some apps are not secured for example Tez and so on, we should also take into point that when transactions are processing if they are any disturbances in net the money will be debited from our account but it won't get credited to whom we are sending, if in small situations ok but in an emergency case and also while sending the large amount definitely it can be hacked by some other person and assume if it is not hacked the money will be returned after 6 or 7 days these days who will fulfill the persons need. In the case of educated people they can manage but in case of village people, they may face difficulties so in my opinion, India is not ready for these type of schemes to amend this still India need to increase the security level and more awareness camps.

Yes, we can say it is safe to do online transactions for Indian economy but not fully because till now our Indian cyber cell security is not strong enough. And also in India, peoples are not so much aware of online transactions. Because of increasing population of India day by day unemployment is also being increased and this is also a big increasing problem in India. Peoples with high qualifications like engineering, graduation are becoming unemployed, they do not get a job because of high competition and less opportunity. So, to earn money they use their mind in negative ways, they fraud people, they make peoples idoit to get their passwords and necessary information related to their ATM card. And in India till now peoples are not so much smart to understand these fraud activities. It is also very necessary for a country to do cashless transactions and also motivate their country people to go cashless because it will lead to the development of the nation.

Finally, I would like to say that at some level India is developed enough to go for cashless but till now we are not so much strong enough means our cybersecurity to stop all such fraud activities and it will take some to become smart enough for us to understand and save ourselves from fraud activities.

THANKYOU.

India is one of the fast-growing nation in the world. Are digital payments secure for the Indian economy to go cashless? Absolutely no why because nowadays internet is ruling the world. The usage of internet is increasing day by day. Now, present days itself there are a lot of hackers around the world. Nowadays we are not having much secure algorithms. So hackers can easily loot the money. Because of that type of cyber crimes lot of nations like USA, Russia, Britain couldn't implement the fully cashless economy. As my concern, it is not good to India to go fully cashless. Our prime minister Narendra Modi Ji took the decision that demonitization is good even though a lot of people faced problems for certain period of time. The main reason behind the demonitization is a lot of illegal cash which is printed by some countries is entering the India. So to eradicate that problem our prime minister took that decision. Because of that some amount of black money also come to the light. But to say only common people faced lot of problems than rich As we seen that recently a group of hackers hacked one of the reputed banks in India. In future, there will be a lot of new techniques for hacking. So it is not good to make our Indian economy to go fully cashless. Bharat Mata ki jay.

According to my point of view, Yes, the digital payments are secured enough for the Indian economy to go cashless. I have these views because if we compare going with cash or cashless methods, there is more security with cashless methods. Everyone has their own passwords or pins which they have to keep confidential and secure to make payments. But there is still lack of planning in the implementation of this digital India concept. Because many people don't know how to make cashless payments and advertising on T. V or in posters won't teach them. Some people don't know the security policies or they don't trust the cashless online payments. Also, there could be the cases of forgery and robbery by hacking, and there are many such cases but they are very less in numbers as compared with cash involved cases. Digital payments make it very easy for many people to do payment while making a blunder for some other people. The government should plan more effectively to make India digital by providing proper guidance to people about the use of digital methods for payments.

I also think that digital payments have nothing to do with black money. Those who are involved with black money can do anything to secure their money until the government took some Strict action against them.