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

Yes, In the prior days days, it is difficult and time consuming action to perform a transaction as one has go bank and do the transaction but now performing a transaction is just a matter a few minutes. It is because of the development of many applications which are user friendly. When we consider security it is good because when ever we are doing a transaction an One time password is sent to the registered mobile number. But only this is not sufficient to be more secure because now a days hacking and social engineering has been considering as the major problem. So all must be educated well enough that important details regarding to transaction must not be shared with anyone.

Digital payments in India has achieved lot of popularity. It happened because people using these methods have realised that making payment through these methods is secure and they can keep track of all the transactions, even the small ones which are usually escaped from our because of our fast moving lives.

One of major factor which promotes digital payments is a smart phone. There are still a lot of people who aren't using smart phones because they think it will be difficult for them to adapt it. They resist themselves to change. So, Smart phone companies are building cheap smart phones so that they could reach out to maximum number of people and Software developers are also creating apps for educating people about smart phones through their apps.

Fear of losing money is also one of the main reasons why some of them have still not adopted it. This fear is because of lack of knowledge and awareness. Government is providing information to these people so that they could quickly adapt to this new mode of payment.

BHIM App is a great example of Digital Payments introduced by Government This app links your bank account and provides user a unique identification id. Using this id people can make transactions. They will be notified on app and then they can enter their password and boom! *transaction complete*.

If the transactions are failed, they are rolled back. So, these kind of information can build trust among people.

Coming to security. Yes, no one can say that these payments are 100% secure but carrying money in pockets isn't secure as well, one has to stay aware of their surroundings and environment.

Some points one must notice before making an online payments are:.

1. Always confirm that the website is secure and payment gateway is trusted and has "https" in it's web address (URL).

2. It will be better if you'll use a password containing special characters, numbers and alphabets.

3. Never share your CVV number or ATM password with anyone.

4. If you're making a purchase for the first time on a website you're not aware before then first google it. Read reviews then make a purchase.

And remember Prevention is better than cure.

Right now, it's not the perfect time to go cashless. Digital payment is usually done using redirected website. But if a website is vulnerable, it can easily be hackable or it is insecure. Digital payments are secured but not up to mark.

Hello guys,

I would like to put my views on this topic as we know that sooner or later we will have to go cashless as the world around us going this way only. So, yeah the thing is not like we should go cashless or not but we should stay focused on how to secure the digital payments. The second thing is that it has its advantages as well as disadvantages like any other things. It helps us to save our time, the usage of paper will be reduced by doing so environment concern will somehow get ease. Tax issues will get resolved as many of shopkeepers earlier don't want to make bill of any payment so they can save their taxes, then again some if them sell the products at more than the original rate as we are not having any idea about the price of the products we are going to purchase. Disadvantages are there like the people who belongs to village area are not likely aware about this method even if they are they don't find it suitable as they are not used to it. But this is the problem we can solve by campaign, advertising which are now in process throughout the nation. So this is the only main concern besides the security and privacy of the method. Eventually we are going to be cashless but yeah we certainly need to find the modes which are secure enough to do digital transaction and it can be done with little concern.

Evolution of transferring in Indian economy. In ancient days, People used to exchange the materials as per their need and later on the introduction of coins make the economy easier. Then precede by cash as a medium for buying and selling a product. Now a days there is a issue of securing lot of money and it's a big challenge in our day to day life and also to over come the black money and corruption, we supposed to use digital payments. It's a nice thing and good initiative done by our government As of my aspect, it is very secure enough for the Indian economy to go cashless.

Digital payments is good things, it consume less time but in India it is not for everyone bcs urban people know very well how to deal with digital payments but for rural areas people it is not suitable.

Sometimes due to some ethical issue transaction is not secured.

The efforts made by the Indian government to make India a cashless economy and curb the black money under circulation is appreciable. This also promotes faster payments, better transparency and removes the need to carry physical money. The major threat to this process is "cybersecurity". The recent theft of 32 million Rupay credit cards online is a live example to show that Indian cyber world is not soo safe. So I agree that even though it is a very good move to make India a cashless economy, this should be done gradually by also improving other infrastructure like cybersecurity and also education poor people to use digital modes of banking.

Yes, It is true at the level of the youth generation, but when we talk about backward areas or consider old age people then they are not suitable for digital payments. In new generation know how to use it and what we can do for our own security but old people can't handle it.

If we want to India will make digital then first consider on our older citizen and must be improved everyone at a child level when a new one comes on earth.

After going through each of the answers and the topic only thing that kept striking me in my mind was that security is not what we should worry about whether it's enough or not. Talking of Indian economy going in a digital way, the most important thing we should worry for is that whether the outskirts of the cities or the villages where electricity is still not available, can they be digitalised? then comes the question of security.

Yes, I do agree that digital payments are secure enough but only for the people who are tech savvy and have access to the internet and also knows how to use it. Previously, there were only few regions in India where people had access to the internet, but as we all know that India is growing towards digitalisation and now almost everyone has access to the internet so if the digital payment is promoted now it can be very helpful in making Indian economy cashless.