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

So yes what you actually think is digital payment secure enough to be used?

What I feel is like India is the only country where the flow of cash in thy economy is most. Due to which people try to save more instead of investing or using it. The perception is simply like save more not invest more. We should try to look from every perspective. People in India fear to use their ATM cards they feel like what if something went wrong. So there is a need to make awareness about the online payment and other possible opportunities so people would try to spend more in the cashless transaction. At last, I would like to conclude that this will also encourage in less corruption there is a limit as well and if you are doing any thing wrong then data is there which can also be used as a proof too.

Hello Everyone,

According to me, at current scenario going fully cashless in India is not possible because not everyone in India is literate. Many people even doesn't know how to transact from ATM.

It is beneficial for large transaction and money transfer because for them it is much more secure. But for smaller transaction like groccery shopping or street food swiping a card to pay doesn't seem to be much beneficial.

Hi, friends.

Going cashless and starting transactions through digital is a good choice but till now I don't think so its a better option because in Indian there is 74% people are literate and 36% of populations are still facing curse of illiteracy. So, first government Should aware them about that kind of scheme because not literate but illiterate person will reluctant for this even if they'll start to use this. It's may creat havoc in society because of hackers and many criminal mind. So not only to aware people but also make a strong security system as people can do it without kind of fare and doubt.

Digital payment is going to help India progress in every field. There is no doubt about that. Initially, illiterate people may be had faced many problems due to demonetization. But there is a proverb that if there is no pain then there is no gain. So to develop our country at faster rates, Indian governments should take right decisions like digital payments so that India can match up with other countries at all levels.

Hello friends,

I think it is not a good idea to go completely cashless depending on digital payment as our Indian population in the rural area is 68.84% and in an urban area is 31.16%, this shows that ratio of rural area people is more and as there is less awareness about the technologies among the people in rural areas this may lead to wrong or improper transaction and this cause problem to them.

I think that in India 40% are illetrate. So if the government suddenly make our India to use digital payments thn it may be their biggest failure. So before starting that they should first illterate the people and firstly they should guide them.

As India has more young population than any other country in the world it should be easy for atleast the urban population to make digital payments and take an intiative towards cashles transactions. As digital transactions have a lot of advantages like, saving paper, reduction in cost of printing currency, it keeps the transaction details properly, it will save time of the consumer.

As India has more young population than any other country in the world it should be easy for at least the urban population to make digital payments and take an initiative towards cashless transactions. As digital transactions have a lot of advantages like saving paper, reduction in the cost of printing currency, it keeps the transaction details properly, it will save the time of the consumer.

According to me. Digital system in India is secure. To go cashless although it is not extremely secure. Only some of the banks like SBI have 128-bit encryption security while many don't. This makes them vulnerable to hackers. So in process of encouraging digital payment banks and other financial institutions have to also upgrade so that people can trust them blindly so as not to lose their hard earned money.

After financial institutions what has to be done is increased awareness. A Large population of our country is illiterate. First, they will be reluctant to go for digital payment. Even if they start. There will be cases of security concern so. I can not think of a fully cashless society in India as of now untill 2025. Unless something extraordinary revolutionary changes come in the system and ideology of people.

At last talking about the security. Digital payment can be double edged sword. At one time it can result in ease as. Transactions are fast and easy but at the same time, it can create a total havoc in society if there are frequent security breaches or frauds or cyber attacks.

Hello, friends.

In my opinion, digital payment is secure for the Indian economy to go cashless at a larger transaction. At the level where robbery and fraud are possible so to get rid of these problems, digital payment is an important step.

But in a smaller scale like children run towards ice cream seller and buy an ice cream of 2or 5rupees. Is this fair that guy swipe the card enter the pin and then taste ice cream.

At last, after reading the above view I also came to a point that user should be aware of the terms and conditions of use that card and it's a security measure and this can only achieve if we raise our standard of education in our society.

Thanks.