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

Yes, obviously this is a great step towards shining India. It can prevent tax evasion. Many businessmen hardly disclose their actual Income and don't pay accurate tax and this leads to a weak economy. Recent implication of GST will bring transparency in Indirect tax and digitisation will bring trustworthy in the Direct Tax system. If India becomes fully digitised the inflow and outflow of money of every individual will be easily tracked with the help of Adhar Card and Pan Card so every income will be tracked and taxed easily wich will improve government fund for development. We will never feel the need of foreign investment for India's growth.

Not only the tax transparency but also it will help the honest people to go on. Illegal transactions such as terror funding, underworld transaction, bribe, etc. Can't be done as all transaction will be monitored.

India will be one of the world most powerful country.

At the last but not the least I would like to state as per light of above-mentioned facts that digitisation is no doubt a considerable and important step which is appreciated by several international organisations and individuals including The World Bank, IMF, and ADB etc. This initiative has ignited a light of positivity in the heart of citizen in particular among the young stars which will create a positive neuropathy and will result in a rapid cycle of growth. The whole country will flow by the stream of prosperity, wealth and peace towards a bright and shining future.

Hello everyone, in my opinion, digital payment system in cashless economy is good but I think our country is not prepared for it. Being an under-developing country, digital payment medium crash sometimes and server related issues play vital role in failure. In some sectors, it also costs people more than cash-in-hand payment.

Digital payments require Internet which everyone don't have access to.

And India don't have high speed Internet access yet.

By digital system fast transactions are possible. Long queue system will be decrease. But India is not an educated country. Not all the people can access this system due to lack of knowledge. In rural areas even people don't know about how to operate ATM. So for them using smartphone for transactions is difficult.

I will never say India will become a cashless country but it can be possible if and only if people will be educated.

Hello everyone.

I think this topic is very much relevant to the current scenario as currently our Prime Minister promoting digital India campaign.

Digital payments are good option for quick and time saving but there is a security issue raise because the number of hackers and another miss conduct authorities take the benefit and miss use the account number or any digital payment. When Jio SIM is free then people use their smartphones and they learn about the payments and other benefits digitally. Cryptocurrency also used in other countries but in our country it's become very much difficult as there is no such system that we track the record So recently Indian government decided not to allow these type of currency legal. Some good aspects is also there of digital payments. We have not to queue in banks and the payments from one place to another becomes very much easier.

One more benefit is that as the payments become digital then all the payments get recorded and a little bit corruption stops.

As the cybercrime much increased due to this they appealed to the ransomware and the common man of the nation get affected.

In the last, I concluded that our country needs Smart people and much educated that they invest their money smartly.

Yes, I think digital payments secure enough for the Indian economy to go cashless. By doing digital payment one can save his time. And there is no need to handle cash, all records of your transaction will be maintained securely. This entire thing will put us in the list of developing country. This will take India at certainly high-level & will make India smart. In rural places, people are not aware of these things they are doing their things as usual by standing in a long queue for a long time n sometimes it happens that they return with empty hands. Awareness among this people should be done by each of us. Only small part of our country is using digital payment mode. For rest, Digital campaign will help them.

Digitisation is good in every way possible. As it helps us to save our valuable time and also everything is very transparent and clearly accessible by the customer under digitisation. But yes there is a need to expand this to rural areas where people are still facing a lot of problems. Also, the government should think to devise some cheap means to do online payments so that it can be affordable for everyone.

Digital payments are one of the means to complete financial transactions. For the growing economies digitization helps a lot in increasing efficiency and lessening time and efforts. Demonetization gave stimulus to this by making most of the people using these services. For a growing economy like India it is one of the important factors to use digital payments which can be increased by financial literacy. Still, 75 percent of the people in our country rely on physical transactions due to trust issues. It is important to educate by going into deep sectors of our country. Demonetization forces us to do digital payments but what the worth is we ourselves willing to do digital payments which can attain through financial literacy.

Yes, Digital payment are more secure than manual payment here are some valid points.

(1) when you will carry more hard cash, there is always higher chance of robbery or any theeat. So you cannnot carry large amount of hard cash.

(2) Now a days digital payment are safe and we can easily monitor our account. Payment gatway agencies provide proper security to their transaction website.

(3) we can use certified application for amounnt transfer like tez, freecharge, mobile or internet banking of any bank.

(4) Need not to carry large amount of hard cash in this aspect digital payment mode are much safer than manual transaction.

Yes, I agree that the digital payment mood will help India to be a developed country. But there is a chance of hacking to steal someone money. Nowadays we see that some payment transaction app was hacked anonymously. The effect of this hacking falls on the common people who did the transaction on that application.

So, I think to be a cashless country, we should see the security of that respective application.