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

Hello everyone.

I think this topic is very much relevant to the current scenario as currently our Prime Minister promoting digital India campaign.

Digital payments are good option for quick and time saving but there is a security issue raise because the number of hackers and another miss conduct authorities take the benefit and miss use the account number or any digital payment. When Jio SIM is free then people use their smartphones and they learn about the payments and other benefits digitally. Cryptocurrency also used in other countries but in our country it's become very much difficult as there is no such system that we track the record So recently Indian government decided not to allow these type of currency legal. Some good aspects is also there of digital payments. We have not to queue in banks and the payments from one place to another becomes very much easier.

One more benefit is that as the payments become digital then all the payments get recorded and a little bit corruption stops.

As the cybercrime much increased due to this they appealed to the ransomware and the common man of the nation get affected.

In the last, I concluded that our country needs Smart people and much educated that they invest their money smartly.

Current two-step authentication system is a basic security provided for digital payments (or Online Transactions). As, the data is not secure anymore due to the increased use of smartphones and technology. Especially the two-factor authentication the OTP which is generated can be read using some third-party apps from the person's phone to hack his/her account. Also, the data is not so secure in the online world and payment wallets as well. This is where the need for security arise; the digital identity solution would be helpful in these cases. The Digital identity Solution (similar to the Digital Signature Certificate) for transactions is the next level security for online as well as offline transactions. Digital Identity solution uses cryptographic encryption technology for making the payments secure through digital signatures for each and every transactions. It helps in securing the transactions as well as the channels used for transaction making it more secure and an only authorized person can complete the transaction.

Indian government should implement the digital identity solution, at least with some banks on a trial basis to check the feasibility of the solution and implement it eventually to make the payments more secure.

Hello everyone.

According to my point of view, digital payments is good approach for the Indian economy. I would like to quote my point with an eg. That is if we look few years back where is no concept of digital payment, people need to carry large amount in hand which has its own disadvantage like threat of money stolen even some time risk of life also. So by the help of digital payment we can use our money easily, securely and risk free.

Yeah, I also agree with cyber crime point of view. No doubt chance of cyber crime increases because of this but when we compare cyber crime with crime of stolen bags and life treating the ratio is still low. So it overall reduces the crime scene in pictures of the India.

Well my next point of argument is" its use". No doubt if we say it is hard to implement because we are not aware with this kind of system. But believe me nothing is hard to learn & use. Once everything is hard but when we Learn it properly it become easier for us. Think about our first step when we fall Down lots of time but we didn't stop there, we learnt it and make everything possible same in this case. Proper training and guidance make its use simpler whether people are from urban area or rural area does not matter.

First, we have to understand the difference between the cashless or without cash transaction. Yes, we need cashless that means we should use digital transaction as much as possible. We can eliminate cash currency completely from the market because it will not be practical.

Now coming to security, yes we don't have a perfect system for cash transaction but we have to take initiative for change.

All that is necessary for the secure transaction can be done in future but first, we have to start this initiative.

For security reasons, we should do few things.

1. First, we should start awareness program as we know there was 25 crore family who did not their bank account.
The ground reality is the people of villages which contains almost 65% of our population is not used to the banking system.
We have to educate them. We have to give them trust that their money will be safe because people still afraid for deposit their money in bank account.

2. Now cyber security came for making a secure transaction.

3. People's participation is necessary. Those who are educated should teach their known one.

4. It will become more practical if Service charge will be less because no body wants to give extra money if they can use it by less money.

Hi friends,

Digital payment is the most revolutionary change, that is being implemented just after demonetisation.

In my point of view, its a great idea of making India go cashless. Just think over the circulation of paper money all over the world. Can we think that this paper money circulation is secure enough? I don't think so. Corruptions, usage of money in wrong deeds, by so called politicians of our country. Recently a huge black money being washed away and caught red-handed behind the mysterious walls of corruption. So now the newer idea is going cashless. Digital money is the easiest way for shopping, making small or big purchases, or monetary work. No paer money, no corruption, hence growth of economy will extend day after day. After the whole calculation, we can say that, going cashless is directly proportional to incresed economy and reduced corruption.

No doubts everything in this world has an exeptions, as nothing is ideal. And similarly, here the system have disadvantages, like online threats to digital money, hacking, loot, etc. So do you think that money is still secure in form of paper money. No, Therefore the fruitful decision for the Indian economy is, making Indian money cashless and digital.

Thanks.

Hello Everyone!

Demonetisation has played a very crucial role in upbringing the idea of "digital transactions. " well, in my opinion, there are both pros and cons similar to that of the coin which has two faces. People don't need to carry liquid cash along with them. Some advantages of digital transactions are:

1) easy to access: only one touch through phone via the internet and anything of desired quantity can be purchased.

2) no worries to carry lots of money to buy the expensive commodity.

3) it protects us from the pick-pocketers.

Now some demerits are:

1) with the advancement in the Globalisation, there has been an advancement in the field of technology and so many hackers and fraud may misuse the online transaction system so the customer need not to share private contact and OTP or password to anyone.

2) India is developing with the slow pace and villagers are unaware about the digital transaction as most of them are illiterate so, the education system must be strengthened.

In my opinion, going cashless is a much better option as there is no worries to carry a wallet. But the customer needs to keep in mind of not sharing a password or OTP with anyone just to have safe and secure transactions.

Thank you.

Here we are discussing about cashless transaction is secure enough or not, in my opinion it is secure enough and it is true that immediate after demonetisation cashless transaction was increased by 300 fold due to lack of cash although it is now deceased much less. But from that point of time people move toward cashless transaction, still large number of cashless transaction happening in India than the prior demonetisation time. If we talk about security then we all doing cashless transaction daily and we are not facing any kind of problem regarding security. Now a days UPI gives you OTP, UPI PIN, like security feature and all is going in a write way. All people gets every notification on mobile regarding transaction so no need to worry about stealing, although there are some unawareness and illiteracy about cashless system but increasing interaction with smartphone, and attraction toward ease in cashless and some government awareness programme definitely will make the people used to it. Also there are customer support and is ready to help us regarding security and cyber security of India is always have their eye on suspected transaction so undoubtedly I can say we are secure in terms of cashless system. Thank you.

Hello friends.

As for my point of view, digital payments are very much helpful to the people, because we may not have the hand cash sometimes because most of them will think in such a way that. If we carry money with us. We may lost due to the pickpocketers in the society. And many of us also think that. If we had money with us, we might buy something.

If we use digital payments. We can use our debit or credit cards. However, most of them nowadays are using the banks for security purpose. This almost all helps in digital transactions. We can use ATM for digital transactions.

However most of the people nowadays are using digital transactions. But main problem is with illeterates. They don't no how to use. Our government should try to educate the people regarding the benefits of digital transactions. Our govt should conduct training classes to educate them, and also we the educated people should also take initiative to educate the people and also make our country one among the great country.

Our main aim is to eradicate the corruption and make our country corruption free. This digitalization that is digital payments is helpfull for this.

Thank you friends for spending time by readings. All the best friends.

Hello everyone.

Firstly, digital payment is a way of payment in which all the transactions are done online. There are many different types of digital payments like transactions through credit cards, debit cards, upi apps, e-wallets etc.

In this modern fast-growing world digital payments are very useful.

1. As the payments are made easy and convenient.

2. You can pay from anywhere anytime using e-wallets.

3. Govt has also announced many discounts on digital payments.

4. They are having less risk if we use them wisely.

Every coin has 2 sides so as digital payments. Despite advantages, it also has few drawbacks.

1. Lack of security standards. There is a big risk of data theft. Hackers can hack our info and steal money from our accounts.

2. As these digital payment modes are based on mobile phone, internet, cards- using which will be difficult for farmers, workers etc.

Apart from all, these adv and disadvantages, we aren't completely ready to go cashless but we are on the way.

By improving the security standards, by making ppl aware of the proper usage and precautions to be taken we can definitely hope for a better world where no hacking and phishing would be a glitch for India to go completely digital.

Hi everyone,

Digitalization has its own benefits and drawbacks especially in a developing country like India.

First the main drawbacks Indian population consists most from rural areas and many of them are uneducated even if we provide the internet services, smartphones they are unable to use the systems and make digital transactions and most of them don't even try to save the money as they will have to spend the money they earned in next few days so why would they bother to save the money in banks just for few days. So the first foremost thing Govt should do is improve the literacy rate provide good and free education facilities across rural areas then it will automatically promote the digitalization across the country. Of course, digitalization wouldn't happen in a year it will take a generation of time if we do the things in correct way.

Regarding the safety issues, I think most of the banking systems safe.

Now the benefits are there will be more transparency in the economy fewer possibilities for fraud and also less time to consume as well as fewer resources required in the banking sector to operate.

Easy of doing business and we would be able to do business across the country inefficient manner.