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

Hello guys.

Digital payments is good for a nation because in this method transactions are easily tracked by the government so it reduces the chance of black money. But if we take about the security of digital payments we are at the bottom. In the newspaper, we daily read fraud of atm, digital payment. We don't have experts in solving cybercrime. So if we wanna promote digital transactions, the government will have to ensure security and make aware of people for digital transactions.

Hello guys,

According to me, digital payments are good. We have lots of benefits from digitalisation. By doing online payments we can save time, we need not to be stand in line for hours like this there are so many benefits. But as per our topic is mainly concern with the security. Are they secure? Obviously not, they are not secure nowadays. All the people who make digital payments are not aware about the cyber crimes. Very few peoples knows about the cyber crimes, cyber security and all. So our government firsy need to be focus on awareness about cyber crimes. Cyber security should be increased then we can go with digital payments.

Well, the two basic necessities to go cashless could be -.

1. A smartphone.
2. Awareness or the knowledge to use it.

The first one has already been accomplished to a point by JIO. With the attractions that it gave for literally no cost, made many to upgrade from there "keypad phone" to a smartphone. In a country like India where we need huge celebrities like Mr Amitabh Bachchan and Mr Akshay Kumar to tell us to use proper sanitary facilities, I think this upgradation that Jio made us do was a milestone.

The second milestone left is now the knowledge to use that phone. !

As far as the topic is concerned, I'd say India has already begun its walk to go cashless one day. From every little to a massive vendor. 'Paytm' is a constant. This indicates that at least the new generation is already in a phase to go cashless. And why not, it's actually pretty convenient not to forget our phone than cash when heading out. It has obviously made things easier.

Online transactions are pretty secure but with some conditions applied*.

These payments are to a point very secure if used properly. Anyone with even 60% knowledge of how to use online transactions would never be robbed or hacked. It's the people with no or very less knowledge who falls into the trap.

The problem is not with the security of these payments but with the knowledge to perform them.

So what we need is. To impart knowledge to the elders and teach them the way to use it With this. Not today but soon India would go cashless.

India is a country of 1.2 billion people with around 40 crores of them live in rural areas. With the passing of time, India is making its under the umbrella of Digitisation. But this digitisation still has to travel a longer path in order to make India completely digital country.

Going cashless with transactions in India is still hard nut to crack because lack of PROPER CYBER SECURITY, LACK OF AWARENESS AMONG PEOPLE, LACK OF PROPER GOVT ASSISTANCE, LACK OF INTERNET ACCESSIBILITY IN REMOTE AREAS, AND ELECTRONIC GADGETS.

India is habitual of Doing most of its transactions through Cash whether buying vegetables to buying a car.

I think cashless Indian economy will only be achieved only if the people of rural areas are aware of WHAT AND HOW to go cashless ?

Talking about the security of digital payments in India, I think payments are secure enough that people can have trust. But for digitalised country we need to focus on other parameters like.

A significant percentage of people live in rural areas where the knowledge is assumed to be less for using digital payment modes.

Also many people in rural areas peoples are still not using smart phones as they cannot afford it.

Another hurdles which came towards the digitalisation is networks in India is not up to that level to go India for cashless.

So from my point of view, we should have an eye like in coming next 10 years we have to make India cashless but for that need to put focus and attention towards the activities, policies, laws etc required to implement it.

Government need to conduct several awareness programme specialy in rural areas, where to have to give them enough assurance regarding security of their money.

People must also support government efforts and show willingness and interest in understanding the digitalisation.

Yes:

1. If we follow the guidelines: There are a set of rules that need to be followed to keep your digital banking secure and free of phishing. If we take care of those little points which we usually ignore, it is not very difficult to stay secure with the digital payment system. People usually miss on the small but essential guidelines that maintain a secure payment system.

2. Being worked upon: Mobile banking apps, wallets, payment banks are working overtime to help improve the security level from time to time. It is essential that people upgrade their applications from time to time when a new update is available. Instead of panicking, we should try to be more alert on digital security and make other people aware too.

3. New measures: The good news is that Qualcomm is already approaching digital payment companies to help secure their payment system. Soon Qualcomm is said to be coming up with its new features in the mobile chipset that will verify user with payment gateway using unique features that will be hard to hack or bring glitch into.

No,

1. Qualcomm report: Qualcomm has reported that most banking applications in India don\'t run on hardware security. They run on Android mode and use password can be stolen. Fingerprints that some users use can also be captured and used to sneak into your account. Security is one of the biggest challenges with digital payments and wallets. If we cannot be provided with that, a cashless economy is a far dream.

2. Hackers everywhere: It is not long back when ATM fraudulence disturbed a lot of people who lost money and had to wait for quite a long time to get it refunded from banks. Over the last week, we saw that Twitter handles of prominent leaders were hacked and abusive posts were made from it. Email databases were accessed. The biggest issue in US at the moment is also on Russian hackers accessing the system of party members and their databases. This is a scary enough tale for a nation that plans on going cashless.

3. Falling into traps: If the latest reports of Norton Cyber Security Insights are to be believed Indians are the most prone to falling into tramps of phishing and hacking. We just don\'t know when to click and when to simply avoid. The ads are not always secure and we aren't supposed to clicking on things randomly but that is not known to most people who are either using digital payments or wallets for the first time or using Smartphone for the first time.

4. Helping isn't really helpful: Recently our PM asked digitally literates to help at least 10 others who are not used to the process of online transactions and digital payment system. The problem with this is that digital banking and e-wallets are actually things that should be personal to someone. You just don't want anyone else to peek into your stuff when it comes to money matters. It is getting more and easier for someone to take undue advantage of your innocence and the next moment one can be robbed of whatever little they saved up.

5. Lack of security standards: As of now there are no security standards prescribed by RBI for e-wallets in India. The circulars only require e-wallets to have 'adequate' data security infrastructure. There have to be prescribed minimum standards for security for the e-wallet providing firms to be registered before people start putting all their faith into it.

No, we aren't completely ready to go cashless but we are on the way. There are improvements being made and as Qualcomm suggested that it will be integrating with Indian companies to make digital payments more secure, we can definitely hope for a better world where no hacking and phishing would be a glitch for India to go completely digital.

In my opinion, it is not a good move to make India a cashless society. In India, around 600 million people don't have a bank account. Less than 20% Indians have a smartphone. Furthermore many people don't have the access and proper knowledge of how internet works and its features. We all are very well aware of the fact that India had no privacy laws. Every other day we hear new stories of hacking taking place.

India going cashless would be a disaster.

Yes, Digital payment system is secure enough for those who take precautions while doing transactions and do not share or save the confidential details on internet linked application. Digital security is dynamic. You should update your Digital payment applications whenever upgrades are launch. Application upgrades usually take care of the latest possible attacks of viruses which result in further improvement in security.

Apart from this, there are many other reasons that break the dream of India going digital.

1) Number of mobile users and Internet connections: In India, with a population of 1.311 billion, there are 684. 1 million of citizens use mobiles phone. Going further this number goes down till 300 million who uses smartphones. Almost 1 billion peoples don't even know what is this digital payment system. And if we talk about internet penetration, it is around 15% with less than 4% people owning a 4G handset. These statistics gives the broad picture about how far we are from the dream of cashless economy.

2) Merchant Acceptance: India is a hub of retailers and many of the retailers don't have that much allocation to install digital payment services. And there isn't any rebate or any profit associated with digital transactions.

3) Attack: latest WannaCry Ransomware attack still gives question mark on technology whether is it safe for monetary related services. Such attacks reclaim many of people to go on the digital platform.

4) Language compatibility: As most of the digital payment services operates in English. Most of the regional language people won't feel this system as user-friendly as lack of language barrier. It must be a wake call for government and private digital payment service provider that regional languages should be included so that the transaction becomes easy.

I am welcoming the initiatives taken by Government along with private payment service providers to improve the cashless transactions however I think that Government should also work on improving the internet connectivity in rural area, give subsidies on smartphones or may reduce tax which will fall down the prices of smartphones, provide digitals payment knowledge centers to educated people, regional languages would show up in the app.

Parity between cash and the cashless transaction is impossible to achieve in India but we can move closer to it. Good fruits are a result of time, let wait and watch, where this new era of digital transaction lead us to.

As, I want to mention some points on this topic:

A cashless transaction is very good for our country because it can help to reduce the corruption. I agree with that our country may take some to using this properly because in our country not everyone knows how to use a digital cashless transaction to purchase something. First, we have to tell everyone how to use these feature and after that, it will be a very helpful to our country. It helps to improve the revenue of the country and no one can't keep the black money. So, it will be a good to go cashless.

I want to mention some disadvantage of this feature:

1. If server became down then it is a big problem to us because that time we are not able to do transactions.
2. Hackers can hack our secure information if they found any clue.

HELLO.

As per as my knowledge, digital payments for India is more important no need of carrying cash while travelling.

Nowadays it is very easy to transfer money within a fraction of seconds. But the thing hackers are trying to hack the accounts at a time we are facing this type of problems nowadays for this cybersecurity should be improved.

We have to think about the rural people of India Uneducated persons like farmers and labour who are going work on daily basis in agriculture Government has to do special awareness programmes to those persons. There should special ways to the farmers.