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

As life has 2 phases, a coin has 2 faces similarly cashless economy in India has also pros and cons. It would greatly affect the poor people like street vendors who don't even have bank accounts. India is a rural country as well as a poor country where everything is not digital. No doubt cashless system will surely eradicate corruption and will increase the revenue but it will also effect the uneducated people of India who are a responsible citizen. So, first of all, we have to take everyone together to a certain level where applying cashless system would not cause any havoc.

Thank you.

Hello,

Yes, India is ready to go cashless payments. It is very useful for the Indian economy. As our government taken the decision of demonitization is also very useful for our Indian economy.

The digital payment makes you easy and time-saving for any kind of transaction related to banking.

But there is problem the digital payments are easy for educated and urban area people for the rural area and uneducated people it is not so easy.

For this purpose, its our responsibility of youngsters and educated peoples to teach them or to arrange the workshops in rural area related to how to handle the digital payments. This will gives the contribution towards the developing India to the developed India.

Yes, it is a good step if it is implemented.

Pros: Lot of employees in banks are released -they can be utilised some other areas, no paper wastage-environment is protected, no worries on the theft of money, everything is on our fingertips.

Cons: as the illiteracy is high it should not be implemented at a stretch, technology on security is a constraint, most of the people think weather their money is safe or not.

So the people must be educated in this concern, govt should take the initiative - a special wing has to be formed at every place for some years, they need to give awareness.

Thank you.

No, digital payments aren't secure enough to make payments online. Reasons are, importantly most of the people who use NEFT or RTGS or use of cards may save the data in the websites or in apps like paytm or flipkart, and if they not saved also they won't log off from their account. So the database processed during transfer will be saved may in users phone or app servers, so this makes loop holes for the hacker to grab information.

Recently one of the Indian institute IIM did research on this and the result was about 30%-35% of phones passwords and money transfer database are hacked that too in three months, from DEC 2k16 to FEB 2k17, that too at the time of demonetization.

So it's better to execute powerful encryption methods in India for money transfers. So that it helps to go Indians Cashless transfer without second thought making successful Go Cashless.

Thank you.

In my opinion, before going to implement this digital payment we should create awareness among rural areas. But this is not enough to go cashless. If we able to make strong education system automatically chances of job opportunity will be increase for the rural people which will be easier for them to understand this digital payment system.

Yes, I agree with this because central government introduce BHIM like apps and other way to secure payment, it is a easy way to transfer money to others and shopping.

But the only thing is that the cashless payments very difficult to un-educated people.

Digital payment mode are the mode to the transaction of money but the main thing about the mindset of common people, they fear about e-transaction, a misconception about these are if money gets bogged during the process they will loose it this may be due to lack of process knowledge or they don't want to change. But apart from all these go towards it virtue.

It seems that Digital payments mode makes Digital India in a successful way. But we have few advantages and limitations by using digital payment modes. Mostly common people don't understand the procedure of digital payment mode. And they always believes cash transactions. This is happens because of lack of knowledge. We can change their mind set by educating them towards digital payments. Moreover, If we using cash-less transactions, It is very easy to monitor every transaction by government. Also, our income also directly credits to our bank account as well as our expanses also debits from our bank account/valet. That means the money we are using it is completely legal (White) money. Hence there is no chances to escape from government regulations. Additionally we will get interest rates from banks according to bank interest rate P.A. I am requesting to all please guide/spread to all, To make digital transactions and develop India towards DIGITAL INDIA. Being as Indians it is our primary responsibilities.

Hello friends,

According to me, there is always to side of any thing, it has a advantages and dis-advantage also.

So by comparing both the sides we have to find the conclusion of it.

Well, according to mi the cashless transaction is good thing to improve the economic and progress of our country but it must be done under some guideline.

We have to think that if we apply this then which problems has to fetch the people.

And, also have to take the pre-planed action to resolve this problem. So that the people can made convenient and secured transaction.