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

Hi, friends,

My name is Ashish.

According to me digital payments have been more secured continuously.

I hope, it will be totally secured In further 5 to 6 years and we will do our online or digital transaction more securely.

I think nowadays our online transaction is more secure than previous 10 years.

For ex:
On each and every transaction they (bank, online portals etc) will provide us one OTP (one time password) on our registered mobile number. And only we can access this OTP at the time of transaction. So we will be confident about our transaction that our money goes to authorized person. It wasn't happend 10 years back. So we have continuously secured day by day. It will also reduce our cost of paper currency and we will do our transaction in a minute. And in the country like India, to go cashless is very essential because India is top at corruption level among other 207 country.

For the Indian economy to go fully cashless, the problem of security is secondary compared to the extent of digital illiteracy among the lower strata of Indian society, and the difficult access to banking services.

The government of India is taking phenomenal initiatives to promote Digital India, which had 3 primary objectives:.

1) Improve the digital infrastructure in India and provide high-speed internet to rural areas.

2) Improve the digital literacy among Indians.

3) Provide government services electronically.

The government has launched UPI (Unified Payments Interface), the BHIM app, we have access to e-wallets like Paytm and Freecharge, and also the newly launched Google Tez, which supports 7 regional languages. All of these apps have 1 requirement - bank account.

The government should lower the barriers to having a bank account. India can only go cashless if 100% Indians have a bank account, otherwise, they would be dependant on currency notes for their day to day needs.

Yes, I agree nowadays India goes to digital marketing. The need for the cashless economy is that every shady transaction that is left unrecorded will now come into the picture making India one of the fastest-growing economies in the world.

Cashless economy is needed to reduce the taxes that are charged by the government due to the lack of funds in the government bodies.

Hiii.

My name is Ganesh.

According to me Digital payment is day by day becoming more secure and one day will came when we can freely do our payments or transaction without any hesitation.

Also we have seen that according to year 2016 there is 22% increase in digital payment it shows that peopleare try to use digital payments methods instaed of cash. Google is lounging the secure app known as tze which will help us to do payment more easily and safely.

Because of this the persons who didn't know anything about the todays generation they will also start learning and will try to use digital system of India.

Hai friends it is good to go for economy to be cashless. Because it saves a time while standing in queue the people can faid thier bill in smart phone only, and once you say to illeteral peoples they can also understand easily and start with cashless without drawing money from bank. And it is safe also. By this India will be grown.

Digital payments is secure method to easy payment without hard money. This process is very good for our economy system. Because it help to govt taxiation matter are also easy managed. And easy we pay to each other.

Hi all, Digitalization in country like India is a worth pondering concern. Everybody is aware what mr Arun Jaitely said that the primary motive of demonetization was to inhance digital use of money instead of paper monet, to some extent the motive was fulfilled. Digitalization has increased by 20-25% as per the statistics, however the changes have been only seen in the urban or richer segment of population. The motive of highlighting this point is that we all know the literacy rate of India, in a country where 26.96% of total population is illiterate and where 21.9% of population is living below poverty line, how can we assume that going g totally cashless can help the economy. Inspite, of being a developed country every year more than $10 million fraud occurs in US. There are know skeptic thoughts that Digitalization is a great way to increase economy but first we need to educate our people and we highly require a system to educate remote areas on Digitalization.

Hello, everyone! I agree with my friend Ali,

I can say some thing problem has created in every steps which goes to best field. I know we are not devlop as much as like china, us. But initallisation of good thing is not bad, I know it is not easy but does it means that we leave it. Our 25% population is arrogent who is not believe in this type system. There are major problem in front of us whose should be try to over come it. India is not completely ready to became cashless. But if users use this type system very smartly then problem will be short out.

Yes, digital payment is very good for today's growing population. By sitting at home people can pay their electricity bills and various types of bills. But some people do not know the use of this system because of I'll literary, it becomes difficult to operate this digital system. So the main thing is to educate them about this system, most people who stay in the rural area.

Everyone knows that the secondary motive of demonetisation to establish digital system and make India a digital India. The purpose got serve to the certain extent. Some of the report said that there is 22% increase in the digital transaction. There are different apps available for payment and Google is also launching an app called tez for the online payment. They are secure to the certain extent but there are hacker who can hack your account or digital system like ransom virus did. The main precaution is that the individual should avoided sharing there pin number and another confidential detail which can be used by hacker. So the digital payment are secure if an individual use it smartly and safely.