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

Seeing the current circumstances and our economic situation, my answer would be NO. India is a developing country with approx 70% rural population. Although under current government, policies are well led for urbanisation and digitalisation. But still we need some time to execute these policies. As being a rural populated country, there comes two important aspects which are poverty and illiteracy. Without eradicating its effect digitalisation is impossible. We need to educate people and win their confidence in order to achieve this. Banking sector in India has still a long way to go to eliminate paper currency. There are so many small traders who have to maintain minimum cash balance to carry on their day to day expenses. We still cannot expect payments to labour class thorough digital medium. 100% literacy along with better job opportunities is the need of the hour. Digital payment is secure enough but it's not the right time to implement the same completely.

Good Morning friends:

Yeah, I support the digital payments are secure enough for the Indian economy. But currently, it's just a little bit.

We know that approx 70% of the people are living in the village, and most of them have no proper awareness of using the Internet and digital payments. Besides these, another thing such as false identity, hacking, no proper internet connection etc makes a fear on them. So I think first we should try to make aware to people with these.

And I am sure that, when these changes will complete, it will definitely be secure for the Indian economy.

Yes, I support Digital payment. Because we save our Time, Also we can save our Nation. We gave our part to build our Nation Digitally.

I am Tharagesh.

We are talking about digital payments and it's security. Yeah, of course, it is a secure method of payment. It's very quick and easy to transfer money through mobile. So taking cash with us is not necessary.

According to me, every coin has two faces if one is good then other need to be bad. If there are pros of digital payments then cons are also be needed so that it should be improved.

At present time there are many cases through which we say that digital payment are not secured but it takes some time for being improved.

It is not full proof plan for our economy, as we know everything has its own darkside. There is not only point of security of money there is always point of availability.

Assume a condition you're going for exploring and get stuck in rural area where is no range in your cell phone tower, village have aleredy problem of load shading and no atm far long. You donot have a single coin with you only have upi payment app and debit card and need to get a cup of tea on tea stall how should you get what you want there if you are cashless.

We don't pay attention about cyberthreat for cashless economy.

Economy with 60% cashless and 40% cash is best option.

In my point of view, the digital payments are secure enough as the speed of transaction is pretty good and post demonetization people are going cashless internet is very easily available for everyone and various apps like paytm, phone pay etc are instigating everyone to go cashless as UPI is provided to everybody there is no need to worry about the transactions as they are secure end to end and they are encrypted also. It is one of the best steps towards digital India the cost which is spent is building ATM's can be effectively utilized in any other social cause as the funds are directly transferred and it's easy the possibility of money being stored any authority also get abate.

But here are some of the cons like most of the population of India belong to village its difficult for such a vast population to accept this kind of changes besides hackers are also one of the most enormity threat to the digital transactions as ever-increasing cyber crimes the digital cash is also not the safest way to keep money.

Security of the money is the major issue for the digital transactions.

Generally, many facilities, many places are digitally signed with online payment acceptable and approximately all the peoples having a smartphone also. This is the best kind of line to developing our digital India.

According to me, if digital payments come then it will come with advantage hand in hand disadvantage. If I talk about advantage I found there is no black money which is a big problem in India and there is no problem during purchasing the material. By this method, Indian economy will grow up but here main disadvantage of that is internet problem lets suppose I am in the hospital and pay. To the bill of the hospital but the slow speed of net and any trouble in networking. Money has not transferred or I have to face the problem In hospital. In another hand, in India, about 70% people are not literate and there is no digital knowledge in many villages so this policy could be harmful to many illiterate people because money is everything for spending the life. Our all business depends on money so we are be all careful about it. Thank you.

Hello friends.

In my opinion, digital payment service have the POWER to change our INDIA or say to make Our nation Almost Corruption FREE.

But this can be possible only if the Indian government and the the PEOPLE of INDIA will come together. I had also seen that people who have smart phone but they are not even able to recharge balance of their phone themselves. They just go to recharge shop and give their phone to the owner to recharge it. So to get rid from this problem our Government should take some effective decision to educate people so that they could do such work themselves. Thankyou!