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

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.

Initially, I want to say that it is a prudent effort made by our government to go cashless.

It has many benefits as we all have considered before but what I want to convey are the hindrances that are creating a problem in such a well-intended effort.

Firstly we all know the level of literacy of our country, no need to talk much.

Secondaly, the crux is lack of awareness among people.

We are all living in a Global era of technology but we should not forget every coin has 2 faces.

I want to highlight the gray one.

I think many of us k ow how many days are taken by the hackers to hack Windows no matter how much security is being offered by Microsoft.

Coming back to topic, I want to draw your attention towards hidden charges that one has to give which paying through cards.

There is a service charge of 2% for sweeping the card ones that means if you pay 1000 you will be charged an additional amount of 20 rs.

The Most important point I want to raise is that if anyone is cheated while digital payment it is really difficult to recover the loss.

One of the reason is that there is a cyber tribunal in Delhi for addressing such cases but unfortunately that judges are not appointed to the court since 2007, many won't believe it.

So one can understand that how dreadful it will be for someone who met an unfortunate fraud.

So I want to say that before implementing cashless culture authorities should ensure proper resources to address the problems that are expected to come in the due course.

I want to conclude by saying that I am not a skeptic about the govt intention but efforts should be made to ensure justice first.

According to me, it's a safe mode to use credit card instead of using paper money but on the end of poor people we see they even don't have the knowledge to use it even though many of vegetables and fruit vendor have swipe machines with them but they have to pay tax for that to let us take an example of a fruit vendor if he is earning a rs 100 profit after sailing fruit then he has to pay 20 rs tax on it because he is using swipe machine then is it possible for that person to survive. In my views, its is good but only on the part of the rich person but on another hand its bad for lower level people.

Hi,

Digital payments are secure enough for the Indian economy to go cashless up to an extent. And this is the reason our PM supporting and engaging digital payments. Even though they are secure enough to an extent there is are some potential dangers like hacking our account and our digital systems like what the ransom viruses did. To prevent such hacking and all utmost care must be taken while doing digital transactions ie never passing our OTP, pin etc to anyone else. This is one kind of hindrance in making India digital but the major issue our govt is facing is that, making our local people aware of digital transactions. India is a country with a great population and a notable part of our population is ignorant about the digital world, even there were people who were still ignorant about demonetization. So I think it is better to teach and make aware of the need for the digital transaction and potential dangers to people, then only we could make our India digital.

Thank you.

Hello, everyone.

I think if you are not ready to be wrong then you cannot achieve what is right. Demonetisation is a very good initiative taken by our government But it was implemented with half preparation. And so digital payments are not secure enough because of increase in a number of fraudulent and lack of some policies. We can definitely make it secure by educating or making people aware of digital payments and how to do it in a correct way.

As we enter the cyber world nothing is safe enough. But proper precautions can let us stay safe from hackers.

My point of view is it is secure to an extent but we can make it much better by some preventive measures.

Hello Everyone!

Demonetisation has played a very crucial role in upbringing the idea of "digital transactions. " well, in my opinion, there are both pros and cons similar to that of the coin which has two faces. People don't need to carry liquid cash along with them. Some advantages of digital transactions are:

1) easy to access: only one touch through phone via the internet and anything of desired quantity can be purchased.

2) no worries to carry lots of money to buy the expensive commodity.

3) it protects us from the pick-pocketers.

Now some demerits are:

1) with the advancement in the Globalisation, there has been an advancement in the field of technology and so many hackers and fraud may misuse the online transaction system so the customer need not to share private contact and OTP or password to anyone.

2) India is developing with the slow pace and villagers are unaware about the digital transaction as most of them are illiterate so, the education system must be strengthened.

In my opinion, going cashless is a much better option as there is no worries to carry a wallet. But the customer needs to keep in mind of not sharing a password or OTP with anyone just to have safe and secure transactions.

Thank you.

Digital payments is well secure enough than paper currency because it is fast as well as paperless so no need to save paper money just open one application choose mobile number, bank account or what the information need for that and enter the amount and send to the another person in that one confirmation code is given by the application called it OTP i.e. one time password enter for confirmation so it is very easy.

Digital payments are one of the best payment modes for the country. The best thing about is that it allows cashless transactions and one can access their money anywhere without having cash in hands, They all need for it is an ATM card. Moreover, in a developing country like India, it is important to acknowledge people about such facilities so that they can also get benefit from these new technologies. Digital payments modes are secure as well as very easy to access. Nowadays, nearly all people do have smartphones so they can easily access digital payments. In fact more the digital payments will be used less the cash will be used, which in turn will also save the paper. At last, we can conclude that digital payments should be promoted more and more in our country.

In India while we are coming with an idea of digitalization we have to encourage digital payments. India is a growing country, it is our duty to practice and make use of it. Almost all the digital payments available in India are secured. The lack of awareness makes people not to use digital payments.

It is necessary to educate the people about the benefits of digitalization and encourage them. Indian economy will grow if we promote this since India can beat the other countries which are already digitalized.

I think digital payment is the starting of a new era of digital and smart India. It will play a major role in development of our country. It will play a vital role in fighting with corruption. Digital payments are secure and safe. We can pay for anything by sitting at home. It will make our life easy and fast. Seeing the benefits of it I fully support digital payments.