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

Proper implementation of anything in the world is a difficult task for the management. If we talk about the Indian economic system, the first thing comes in our mind that the approximately 65 percent of the population dependent on the primary sector (agriculture) of our economic system which of the most are not able to use digital payment system due to the lack of awareness and knowledge. And another problem related to the digital payment is security which can be secured by implementing the proper data algorithm system because today India is growing in the field of computer science. Another side we have many benefits of it like convenience, time-saving (fast payment), more flexible, no tension of carrying cash etc. Finally, I want to say that digital payment would be better if we bring this system in front of people with more secure and aware.

Hi everyone,

I would like to bring some of the facts which Qualcomm has recently reported: "Not even single digital payment application in India is secure enough. India lacks hardware security. " So what is my point of view, We are not completely ready to go for a cashless economy. There are still security challenges which must be addressed.

Hi.

This is a time of go for cashless. Because in India corruption is more boosted. Because of more corruption, India is developing very slowly. If want corruption put in place then cashlessly is very important.

Hello, everyone. I am Biplow Kumar and in my opinion, definitely digital payments are secure enough as the mediating apps or software provide bit encryption and even an OTP is sent on the registered mobile number to complete the payment or transaction. There is no fear in our minds which used to be while carrying cash or note packs. A lot of chaos and cold quarrels used to take place at shops which denied to return change and in return gave us chocolates. This hustle has also been overcome.

Hello, friends, I am Ayushi Suryawanshi, according to me, for a developing country like India digital payment is not a very good idea to overcome corruption. There is a lot of people who live at streets are not able to buy even a smartphone, they earn daily and spend daily, and also they are not educated. The digitalization is obviously not possible. Before digitalization, India has to work on some other areas like education of that people. I'm not saying that digital payment is a bad idea but before it there is a lot of things to do.

India is a developing country for making this developed country this is important to go for cashless transactions. But in India digital system is not much secure this time due to illiteracy in India. There is many cyber crime which takes place every day. People is not aware of use of user id, password, OTP. To make India digitalized and secure digital payment system govt requires overcoming the problem of illiteracy. This will be surely an important step for Indian economic growth.

Well, I think digital payments is secure enough. Today in this hurried world everyone has a knowledge of how to make payment through online. It is quite happy. It is not possible to carry the big amount where ever we go and it is a security problem also. If we make a habit of using digital payments it doesn't cause any insecure problem.

Yes digital payments is more secure than going with the cash. There are many digital payment mode like Paytm ,Payapp, phone pe and Google also launching and new pay app.
Digital payment can solve the problem of change. Today people are more familiar with this digital payment mode. As compared to October 2016 cashless payment mode increased by 22% , when compared to the October 2015.

In my point of view, Digital payments are good in some of the areas and bad in some of the areas. In rural areas people don't know much about this so it is not beneficial for them whereas in urban areas it is good as government can track the transaction.

I think so, that change is necessary to step towards the progress and prosperity. So going cashless though will brought digitization and modernization in our country still complete cashless service is not possible. I think so that India should step forward slowly towards the digitization.

Cashless will definitely having advantages like time saving, money saving, promotes growth of economy as the transactions will be done faster without standing in bank line. Bank also get benefited so that they can work with accuracy witout any error. Also, 24*7facility will be available. Etc.

But the problems we have to face for good awareness about this system, hackers problem, availability of good speed internet. This digitization will save trees but unemployment will also increase and e-waste also.

Thank you.