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

Yes, I'm agree with the given topic that is *are digital payment secure enough for the Indian economy to go cashless*.

Nowadays we all uses smartphone and we are very well connected with various technologies. Such as Google pay, Paytm, bhim. Phone pay. One thing we all have to remember these all apps have very good security. If you don't share your password with anyone then there is no risk.

Thank you.

Good evening friends,

Now the given topic is: "Are the digital payments secure enough for the Indian economy to go cashless". These days every thing is going in digital form, we may get a situation to pay money. At once what we can do, nobody will help you, particularly in financial aspects. Hence there is no need of carrying money in all the situations like a smart phone. Nowadays every individual is having a smartphone so if you are carrying a smartphone, it could mean you are carrying all the belongings related to you. Where ever you are? Whatever you are doing is not necessary. You can comfortably pay the bill or transfer money easily with secure payment through online banking and net banking.

As this method is completely based upon our profile. We should not share our personals with anyone that is the main drawback for these online payments and net banking. Cashless payments provide high security for the users. If we follow the right way then we can make our India as a "Digital India" & also it is the time-saving process, we no need to count the money. Every coin is important because we are earning it so it is responsible to know how to spend the money. For suppose if we are paying the amount by cash, We may not have the chance of getting the remaining amount but if you go through the online payment method where we can get the remaining amount back.

Every form of payment systems has some form of risk associated with it.

Take for Eg. Payment by cash, it has a risk of theft, robbery, damage of currency notes, use of fraud currency but regardless of all of that we use it as a medium of exchange due to the huge benefit of money being easy to carry, widely acceptable and availability in different denominations.

Likewise, cashless payments have a huge risk like cloning of cards by fraud machines, hacking of bank accounts, stolen card details and OTP. However, all these risks though very grave can be avoided by awareness of cyber crimes and by being careful.

Therefore, in conclusion, I would say that though cashless transaction has some risks associated with it due to the huge benefits, we must work towards a cashless society as well as continuously work towards making cashless payments more secured to the growing skills of fraudsters and hackers.

Hello Everyone,

I think digital payment with trusted payment gateway is good for the Indian economy to go cashless because see to remove corruption from the country we have to take our steps towards cashless India. And for that we have to implement all possible resources that will help us in implementing cashless India and secure digital payment will play a key role in that.

No, digital payment made our work easily we can even pay at midnight and we can recharge a distance relative phone from our palm device. Its having few negative sides that it.

1. Less Security.
2. No Awareness for an uneducated people.

Even though there is SSL certified site which blind hackers eyes but still there is a possibility to hack our details. There is no 100% guarantee for the secure online transaction!

Secondly, there is no awareness for using this online transaction. Hacker cheats people by saying they are talking from particular bank as manager and ask their ATM card number by saying its lock like that and also cheating by sending OTP as their security code and stolen more than thousands of rupees from poor people in one day. So for the secure cashless nation, we need to bring awareness to all people and then implement new technology which avoids money loss.

Yes, Because in this country have a big population and we need a big economy, making digital payments is secure in India because very strict terms and conditions of Indian government on Banks which are member of RBI in some area fraud apps and local banks are miss generating public by cheating them so in this India everything is secure and banking also very secured and this is helpful to save the time of public and they are using their account by themselves only and each transaction will be recorded and auto-generated messages by banks I think digital payments have enough secure.

Digital mode of payments are not only time saving but it also reduces corruption and many more crimes eg: theft, loots etc. As an example I would like to mention that earlier scholarship to students were being given to the student by cash to which many times the student could not assessed as it was getting finished in the middle of the journey. But now a days due to digital payment all the student are getting their scholarship. So we can say that it reduces corruption. On the other hand, it has encouraged cybercrime. Nowadays it is very common for getting a call and being asked for atm card no. And atm pin no. To which people who are not aware of such frauds become a victim.

So, I would like to say that the digital economy is good for those who are educated and aware enough and follow precautions. They can go for digital payments as there is no such good time to go cashless. But for the people who are not aware and educated enough should go through cash. So instead of cashless, I would like to suggest less cash society. In fact, all the people should have a little cash in their hand since network cannot remain good in all the area for all the time.

If you are aware of the types online threat lurking in cyberspace, you can guard yourself against most financial frauds. Here, only awareness is the key. Follow all the safety norms and you are good to go. There's no such good time for going cashless. Threats are present today, they'll be present tomorrow. Need is to keep yourself updated and know what to expect. Here's a Pro-tip: Maintain a secondary account with just the amount you need to carry out online transactions. This way you keep your primary account beyond reach, in the event you're a victim of online fraud.

Digital payments save time, energy as well as paper. There is no need to carry liquid cash to everywhere which reduces the tension of theft. No need to waste our time in banks as we can do all transactions within a minute all by ourselves. There may be a problem of hacking which is to be overcome by providing advanced cybersecurity. Special departments and laws should be set up to reduce cyber crimes. As per current statistics, only 33. 2% of the population comes under Urban category what about the poor people they don't have the education or good network to get used to digital payments. Proper education should be provided and all fears and doubts on digital transactions are to be cleared in rural areas. The government, students, banks and, media all should come together to bring a change.

Yes. I agree that digital transactions are secure and there are so many benefits attached to it but instead of cashless economy, I would rather suggest for less cash economy. We can't ensure that everybody in the country will get used to digital payment. So small denomination currencies should always be in circulation so that people in the rural areas and older people can transact easily.