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

Digital payments are building our lives more convenient with better standard experiences before naming India many nations are completely or almost partially cashless as those all are well versed with technological advancements but after a long of period of independence and democracy still we are rising in right manner still we have huge of loopholes in our system and unable to make adequate growth as required. Due to hackers we have implemented many cyber crime courses as well as professions cause of country like India has every Resourcefulness (jugaad) of everything which is decaying us from growth.

Government, criminal links to parties, resourcefulness and rigid attitude creates pitfall where nothing is secure, linking Aadhar card will definitely lead to crimes. E-banking and unauthorised sites & hacking goes hand and hand, Indian system won't ever secure itself just we have to be extra-smart for curbing and confining these thefts of all types, otherwise system won't be that strong ever. I am not against my motherland but we compare at global level we have certain bad traits in our bureaucracy and nations which are not letting us strengthen, so our system can't assure our digital security at current scenario its not completely 100% secure like other nations.

Hello friends,

I agree with most of you.

Digital payment truly is the next big step towards our economic development. The demonetization has already made digital transactions common among the masses. It is fast, reliable and yes you don't have to worry for a change! No need to carry bags full of money. All you need is a mobile and data (which is also cheap nowadays).

Now coming to the main point, whether it is secure enough to make the entire economy to go cashless?

As of the current scenario, no it inst. A large majority of people living in the villages are still miles away from the word internet (the backbone of the digital transaction). Also, you have those rigid "why should I use digital transaction, if I have cash" people, who can be easily exploited.

While some of you have mentioned about the recent ransomware attacks and issues regarding cyber securities, indeed it is a matter of concern but digital transaction websites are nowadays are investing both their time and money to improve this.

I would like to end by saying that, to truly make our economy go cashless, it is necessary to educate people about it and then encourage them to practice the same. While it might take some time, cashless India can actually become a reality within the next decade.

The existence of any physical object is better than the virtual one. A virtual object is created when there is no access to a physical object. The same with "Going Cashless". A lot of efforts required for complete transformation to the cashless transaction. Though a small initiative of going cashless can be taken in the urban areas where it is feasible. Whereas it raises the concern in rural areas. To achieve the same in a rural area a proper organisation has to be setup to help the people in villages. So, that the transaction is handled by the organisation and its shouldn't be troublesome for the people in rural area. This could be the first step to digitalization. Apart from this, a secure digitalization can be achieved by better cyber security. Digitalization is a step towards anti-corruption, which occurs during large money transaction. Hence, keeping a definite limit of minimum & maximum amount for digitalization transaction could make it easier for the end users. Like, to buy something which cost a rupee, cashless transaction is tedious. The application of "Going Cashless" has to be defined with few terms & conditions. As a citizen, it's our duty to support and encourage such steps which are for the benefits of our nation and for the people.

Digital payment is a useful and handy tool in this fast generation, where people don't have much time to stand in the queue. It does save time and energy, getting online tickets bookings, online shopping and much more. But there are security issues related to it as well if not used sincerely. There are few technical defects as well which come in this type of transaction.

The security is limited to OTP and card numbers. The transaction details are sent to the registered mobile number and bank statements. If a person knows other persons debit card number then it becomes a bit easy for that person make online payments. No authentication or cross check is there as who is using that card number which might belong to someone else. The mobile phones also play a crucial role, if a person comes to know other person's mobile unlock password, then also it becomes quite easy. Mobile unlock password is something that is generally known to many of the close individuals. Technical issues are also there, some time payment is held, money is debited but tickets not booked.

At last, I whould conclude saying that digital payment are handy and time-saving, but it must be used sincerely and smartly. Some more security should be present so that it can have wider applications.

It is a fact, that digital payments are very easy and we can buy anything we want in online without any difficulties associated with buying the same thing from the market. But we cannot shift the whole economy from currency to cashless in a single day. You must have heard the saying that "Rom is not built in a day". It will take at least 50 years to shift majority of our economy from cash to cashless considering the facilities we have and the percentage of illiteracy in India. Coming to the point of security of online transaction, I don't think it is one hundred percent secure. Recently I have read news about incidents where hackers stole crores of money from banks. I have a personal experience of losing my money when I was depositing it to my account through a cash depositing machine. Even the bit coin which was claimed to be very secure was stolen, I know a news about a man who lost his bit coins when he was checking his bit coin balance by connecting to the wifi of a restaurant. It is true that the people who developed those technologies are intelligent, but we should not ignore the reality that the hackers are also equally brilliant. So we have rethink before jumping to this cashless economy, otherwise there is a chance of literally becoming cashless.

Yes, according to my point of view, digital payments are more secure than our casual payment.

We all are well aware that each and everything has two faces first are an advantage and the second one is a disadvantage. Show in case of digital payment there is there are also advantage and disadvantage.

Advantages:

Digital payments save our time and are an effective way for our transaction.

We need not to carry heavy cash pockets and move here and there for buying or shopping.

By using digital payments that transaction is transparent and there are fewer chances of corruption.

We need not to stand in line for our payment for electric bills water supply bills or any other things. We can transfer money by just a single click.

Disadvantages:

India is a developing country and most of our population is rural based so people are not aware of the use of digital payments.

Secondly, they do not have means to do digital payment like they do not have an internet connection or any smartphone.

Digital payments are good but there are some treats involving in IT such as our account can be hacked which leads to Cybercrime.

All in all, we can see that a digital payment is having more advantages than disadvantages so we should go for Digital payment and go cashless.

Hello everyone, as per the topic, I can say that digital payments made our life more comfortable and hustle free. Now we are moving towards digital era, where everything is digital, then why not digital payment. It simply takes few seconds to pay to someone anywhere in the world. It also connects people throughout the world. Taking the image of Indian society, it has people from high class, middle class as well as lower class. Taking the steps towards digitalisation, might helps major people but it may be harmful for those who don't know anything about digitalisation. Before implementation of fully cashless, we make each and everyone to understand what digital payment is. When people really know what they are doing, they will take more interest in doing and it leads to more integrated by involvement of everyone. If we talk about security, many big IT giants for solving the problems of cyber attacks. Soo my conclusion about this topic is, Indian economy is not fully ready for going cashless as it has less involvement of people till now. People afraid to use digital payment, so first change the mindset of our people towards digitalisation that will bring the new age of society where everyone will be digital and payments will be cashless too. Thanks.

Hi friends,

In my opinion, digital payments are beneficial to our country. Also carrying of huge amounts of real cash are not a secure way. If we use plastic money with the secret codes, that will be the easier way. We know the less awareness of digital cash by people in rural areas is a little bit problem while establishing this project. There should need to bring out the pros of this new ideas. That must do through medias like TV, radio etc.

I think that are more familiar medias that using people in rural areas. There already had some steps by our government. That are good way that need to appreciate. While bring the illiterate people to the real world there should have lots of changes. I expect the urban people will accept the cash less transactions because they are literate. They should initiate steps to make aware on illiterate people.

We know there should have some initial problems while make some new ideas to practical. This is one kind of such idea. Gold is melted through fire to get beautiful ornaments. Such a way there should have some negative impacts also positive aspects. When making the negatives to positive thoughts there should have positive results. By taking these positive thoughts digital India will give you a bright future.

Hi everyone.

I am Malatesh Daddikoppa.

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

It's have few advantages and few disadvantages also.

Advantages:

1. Time saving.

Digital payments are helps save lot of time how means without digital payments we need to go particular place which we want ie banks, purchasing activities etc for doing transaction or making payments. But digital payments are help doing transaction in our phone only with the help of Internet.

2. Less costs.

Here we can save transportation charges and other kind of any charges so it's very helpful save our money.

3. We can save our energy.

Here we save our energy also,

We don't have any kind of physical work here just we need do transaction in our phone also.

Any kind of technology.

4. It is safety.

It is more safe compared to cash, when we have cash with us in such case there is chances of trouble from pick pocketers so it's very safe.

Disadvantages:.

1. It is very hard to understand for illiterate peoples.

Currently India have 75 percent literate peoples remaining are illiterate people, they can't understand these kinds of payments systems.

2. Chances of hacked.

Digital payments not secure enough there is chances of hacking also.

After reading different opinions of people I must say they all are right somewhere partially or completely. Our country is a developing country we all know that and has various literacy percentages some of them is low and in some places it is good. Going cashless will be a disaster for our country because of the reason that not many of us now what is the internet or how to use it. But also without digital transactions, many of us who can understand the digital system will have to suffer because it will be much easier and time-saving with digital transactions. So one thing that our government can do right now is to enable both mediums of transactions soon people will become friendly with the system when they know which one is better. In that duration, those people who can understand the digital system will automatically use that process which will lessen the burden of cash handling and time-saving. In this way, we will not remain in our old state and will have a kind growth from no digital to at least half digital. Also, this duration will help government In establishing some important safety measures concerning the digital transactions. So, in my opinion, it will be better if govt establishes both medium for a time period.

Thank you.