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

Well, digital payments are of course one of the best ideas which adds more to our country's development. But at this moment, only urban cities can go complete cashless but not the rural villages yet.

Around 60 percent of people are well educated, so it's very beneficial for them to make online transactions, as it saves so much of time, no carrying vallets, you can simply make transactions from anywhere anytime, considering student example itself, we all know how students use to make exam payments but now we can simply pay jus having a cell or a laptop with internet connection but all this is because we have a knowledge about how to use it.

But rural people who are illiterate they do not know exactly about it. So before that, there should be some basic steps taken in order to make them aware of it, they must be given simple knowledge of how to use at least the basic apps like paytm now a days at least one person has smart phone at their home, but they must be provided with internet facilities, usually we students when we go to village, we find we don't get network to get connected to the internet, so they stay there all time, we need to think about all those problems. If steps could be taken in order to overcome the mentioned problems in rural areas then this idea will surely prove out to be the best.

Well as the technology is increasing day by day the number of hackers are increasing, latest being the ransom virus which affected many computers and most of the data is stolen, so first of all if we want to implement the digital payment system we must ensure that we are having a strong security. Later coming to India we are having nearly 37% of illiterate adults in the world so it would take some time for these people to understand and implement the digital payment system. Well if we take country like Sweden where cash reserve is just 3% of national economy and for public transport, donating money to church and for simple things they are adjusted with cashless system but India being a diversified country with different classes it will take more time to settle in cashless transaction and up to that time I am sure the security system in the world be more advanced and India can implement the technology to have safe digital payment and will be beginning of irreversible cashless system.

According to me, this will be good. Because in India, around 60% people are young and educated so that it will be good to be cash less transaction. But here we have some problems like illiteracy. I mean if you go to village side everyone is not educated so it's not that easy to go with digital cash.

According to me, introducing a cashless system in an Indian economy is a great step taken by Indian government that is'digital India' scheme. Digital payment are quiet safe, secure, simplest and fastest way to transfer the money. Person do not have to carry money in his pocket which make the person relax while traveling. Just we have to carry one card. When application like paytm, freecharge, upi, mobiquick etc came into the market they have completely changed the era of payment transfer. Internet banking, debit card, credit card and wallet payment very easiest and safest way for payment. As each person have it's own user id and password for login and also otp password linked through mobile make it safest and secured.

People here have pondered much on economy and illiteracy and have linked many other aspects to it.

But what if We develop an option where people are not forced to pay digitally but are attracted toward it like, for example exempting digital payments of few taxes. Providing incentives to people who go towards it.

And simultaneously work toward making the digital platform a safe place for such economic operations.

As India is the world 2nd populated country and our 60% of the population are youngsters. So we have almost crossed 60% population are started using cashless transaction its remain 40% is what we have to educate. Down the line of next 10-15 years, we will be in a position close to 96% of the population will have a cashless transaction.

India is a developing country for making this developed country this is important to go for cashless transactions. But in India digital system is not much secure this time due to illiteracy in India. There is many cyber crime which takes place every day. People is not aware of use of user id, password, OTP. To make India digitalized and secure digital payment system govt requires overcoming the problem of illiteracy. This will be surely an important step for Indian economic growth.

India is undoubtedly developing. In recent few months digital payments in India has increased, especially after demonetization but still, digital payments are not secure enough to go cashless. Some or the other day news are heard that someone's money had been stolen or someone's account has been hacked. Though Indian government is trying its best to encourage digital payments and to go cashless unless and until govt is unable to stop this hacking, it's difficult for people to go completely for digital payments.

Digital payment is secure enough for the Indian economy to go cashless if we go cashless more transaction will take place digitally that helps the government to stop corruption & government will have all transactions records so that no one will able to take advantage of taking extra money. But in country like India it's difficult to go cashless because the literacy rate is not that much not all are educated so they will not able to do payment digitally. So that's the drawback of this.

Digital payment means transferring money as electronic money. It is a good idea to go for cashless transactions because it decreases corruption and black money. Otherside India's literacy rate is less so they cannot understand about digital payments and they cannot afford money to buy smartphones and the internet.