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

Good evening everyone.

According to me, because of digital payments government can easily track the black money transaction but I think digital payments is not enough to secure for Indian economic to go cashless because many small shopkeepers are not much educated so they will face many problems because of the cashless transaction. I also felt unsecured when there is a huge money transaction through online, So think how much they fell insecure.

And one more think the government is also not promising people for compensation if any type of fraud happens.

Good Morning Everyone.

I think it is not more secure to go to cashless for the Indian economy. But it will definitely become such. Because it is our first step to go a step forward on this way. And we all know, in staring we face a lot of difficulties in every work but after a lot of practices and hard work we get the success and an easy going way also. So we can definitely say that it will be better for ourselves and our economy.

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.

As we know the digital payment is more important nowadays. Digital payment system helps as saving time and we don't need to stand in a queue. If as we talk about security there are a lot of hackers are there to solve problems as payment security.

I agree that demonetization and promoting cashless economy was a bold initiative taken by the Modi government in November previous year to curb black money. But to some extent it was not planned well. First, it was not possible to curb the black money at international level because the money is in Euros and dollars. It is estimated that there is around 1.06 trillion dollars in the swiss bank alone. That is a huge sum of money, that still hasn't been recovered by the government. Second point is that the majority of population still relies on agriculture for their basic income. Everyone knows how much patience, time and effort including fertilizers, to buy equipment for agriculture. All of this is required to grow good quality of crops which farmers can only buy using cash as most of them are illiterate and they don't even know what is digital payment or cashless transaction. They are paid in the cash which they also use directly to buy the basic commodities. So, you can imagine what they would have faced during the period of demonetization leaving their farms behind and standing in large queues to withdraw money from the ATM. I would like to add up my personal experience it was like this: I was in an urgent need of money to 2, 000 rupees as my college is far from sector (and even going to sector requires money) and close to a village and I was not alone who was facing ill effects of demonetization, so I kept standing and waiting in the long queue for 4 hours and when I was on the verge of reaching the ATM the ATM went out of cash because of limited cash. So, it was like I wasted 4 hours for nothing. I was very exhausted that day. So it could have been better planned if our government have provided surplus amount of new currency and focused more on opening training centers to help farmers to learn about digital payment.

In that digital payment govt first tell or give assure and precautions also advantages of online payment to the people govt also appoint some officer particular rural side for that work to tell how it works, if some times transaction fails due to network or any problem also give assurance it's help to connect people.

It's take time but definitely I must say Indian economy to go cashless with highly secure.

In my opinion, cashless online transaction not applicable for the India. Because more than 30% of people living in India are uneducated. Then the peoples are easily get cheated from others like online theft.

Hello everyone,

According to me, step taken by the Indian government for go cashless created some revolution which tends to lot of time saving and easy and quick payments but it is not so secure so govt should take preventive measures to make digital payments securable and government or bankers or educated people should educate the people in rural areas not only in rural areas. Less number of urban people had insecure feel in digital payments mostly they feel insecure in huge amount transactions for that govt should fell responsibility and should provide some assurance which make people comfortable in digital payments according to my conclusion digital payments should secure with enough assurance and awareness.

Thank you.

Definitely, it's a gross step towards Indian economical improvement. Though we have several problems in it, but definitely it helps in various ways. Govt gets his right to access what we need and cashless is a huge step towards it.

But we must be aware and must have security,

Otherwise it will lead to a big issue.

If I would have to answer this, I would definitely say that it a very good and positive step towards the growth of Indian economy.

Not only Digital payments can be a common thing soon, but abreast making the rural people aware of it abreast will make 25% rural people curious as well. They can develope a thought about necessity of education, which is ultimately beneficial to the coming generation.