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

According to my opinion, digital payments are the most secure method for Indian economy to go cashless because, digital payments are mutually encrypted. If you are paying on trusted websites like most of the eCommerce company's website, or institution's website, or any government website so your account will be safe.

But there are some obstacle in this process like illiteracy, lack of technologies, penury and most important securities concern. For initial three above mentioned problems government should provide better facilities like education, employment etc. The main concern is the security issue, due to which even highly educated and professionals avoid paying online-they even hesitate to pay on government websites so, what we would expect from less educated people. First of al, the government should operate campaign, advertisement and provide a list of sites which you should pay or not, to promote the online banking.

We can't expect 100% cashless economy but we can expect less cash economy that would be better for the Indian economy. At least people who think that they are educated should start paying online and also should promote it as an Indian citizen, not as a job but as a responsibility.

Hellow everyone.

I think it's a good initiative by our government There are a lot of perks of cashless payment. We get of rid of loose money problem that we usually faced in taxies and at ration shops, robbery problem by theif, burden of carrying money with us and so on. For the success of any policy, the thing matters is that how many people take advantage of that. In our county, the people in rural areas are not aware of these things. And not only in rural any person who is not aware of the security terms can do a mistake. Then they feel cheated. So, to make this great step to its peak govt should provide camps and campaign for telling the people how to use this, telling them how they can secure their transaction, how they can use it wisely and most important if anything wrong happen to them then they should never ignore that. They should file complaint in cyber crime investigation departments. Because if cyber crime is easy to done then it is also easy to catch the culprit. You just need to aware of your rights and your power. This awareness should be spread in our country so most of the people can easily and unflinchingly do digital payment and contribute in making our Indian economy cashless.

Digital payments is one of the initiative taken by our prime minister, which could be the greatest achievement for Indian economy, if it is successful. Digital payments is nothing but performing all the transactions through onlinelogin portals of banks or through different mobile applications like paytm etc. In cities now a days the number of people doing digital payments is increasing but on the other hand the people of rural areas are far behind. This is because of lack of belief in this technology. One of the reason for this is the incidents of hacking. So, I think for India to go cashless first the technology that supports fast and secure transactions should be developed. This can be done, if the government encourages the young and knowledgeable students to give their ideas in this aspect and get them implemented by professionals. Then awareness should be spread among all the people about digital payments and all the necessary facilities should be made available in the rural areas.

So, for now complete digital payments are not secure enough. But it must be encouraged and on the otherhand safe technology should be developed such that in future definitely India will go feraless, cashless India.

Hello Guys,

Firstly, we are fortunate to say that our nation is in corruption-free now due to demonetisation. Our prime minister has taken a bold decision to accomplish highest growth in economy, employment, agriculture, and many more. Demonetisation is a long term benefitted decision there would be a gradual impact on our economy.

But now a days, the payments mode happening through online or digital, it would be helpful for Digital India movement also, due to this cashless payment no need to maintain cash physically or by hand. Buying and selling, exchanging cash everything safe and secure. Every individual can make their payments via online with their own privacy and secure.

Merits:
1. Majority banking services would become easier.
Such as Deposit, Cheques, Withdrawing and all.

2. Make their payments and exchanges easy and secure with a single click.
Ex: Paytm, Ola, Uber.

3. Can manage huge amounts and carry anywhere we want, without any fear frauds and thefts.

Demerits:

1. Sometimes there may be a chance of occurring hackings.

2. Lack of Technical awareness. (lay people, poor, laborers).

3. Unable to get back the money due to network failures which have been sent to the recipient.

Hi friends.

We all would agree that cashless economy is need of the hour, and the current government has taken many steps to promote the online banking, mobile banking etc to go cashless.

Banks are making a lot of progress in providing securities to the online banking system. There is already 3 layer security for online banking i.e. your id and password, adding beneficiary via profile password then OTP. In my opinion, more attention is required from the consumer side. People are not aware of how to keep the account secure. There are a lot of fake websites looking exactly like originals and would store your user id and password. People who don't understand might fall into hands of dishonest people and give them passwords.

Apart from this, most of the people don't have antivirus on their mobiles and computers.

So friends, in my opinion, there is need to improve cyber security as we have seen in the case of the ransome ware virus created a lot of highlights. But more attention needs to be given to consumer sides.

Another point I would like to add is banking is very very crucial to the economy. Even if consumers go for online or not the need of secure communication is very very high.

Hello everyone!

In my opinion, digital payments are good enough to make the big plan of our gov. "Digital India" successful because we know that nowadays gov. Is focusing on making the India digital or cashless.

Nowadays a very popular buzz word "cryptocurrency" is spreading in the market, which is providing a very feasible solution to make our India smart, as there is no central authority is needed in this type of transaction, and that is the thing what we were expecting from the government from many years. So I think that it would become a drastic change which has been implemented by gov. Named digital payments and it will lead our India so far so India can stand at the top of the list 'smart countries'.

The only problem with this sort of system is that "security", because might there be chances that somebody can hack our online data, and yes it is a big problem, but our engineers are doing really very hard work to solve this problem, and if the second major concern is illiteracy then I can say if gov. Will implement this digital payment system on the big scale then everyone will come to know the importance and advantage of this technology, and they will adapt it.

Thank you.

Digital payment is good to make economy cashless. It will prevent money laundering, Tax evasion and black money going in Swiss banks which is a cash amount.

It prevents circulation of cash money and keeps an accounting of the nation income and total money.

It can abolish the bribery system when we use digital payment method. Tax revenue will increase and everyone has to give the reason for access to money.

Making cashless increase marketing and takes all market on a single platform to buy and sell everything.

If we talk about the drawbacks then there will be a great danger of bank accounts and UPI accounts hacking and money theft online.

In rural areas, it will take a lot of time to be totally digitised and opening if banks and account of the whole. Educating people for the cashless transaction and use of ATMs and online services is a great challenge.

There is also trust losing in people for banking system after money laundering by Mehul Chowksi and Vijay Mallya.

So they think that banks are also insecure.

First, by implementing all the measures to protect the accounts information and security we can dream of cashless Economy.

Read and give review and comments.

Thanks.

Hi guys. I am Soubhagyamayee.

Thanks for finding this type of opportunity to express some point regarding this topic.

1st of all we know what is the digital payment? digital payment is based upon network system totally. Without a network connection, we can't do it easily. For digital payment, we must have an A/C with any bank.

Now we all are using digital payment through Google pay, phonepe and paytm also. In this process. People have no need to go bank n stand in a queue and wait for a long time. For a small transaction. And to waste valuable time.

In this process, people can easily transfer money from one A/C to others. From any place and at any time. There is no fraud because we have a proof of transaction. And our money is fully saved. In our A/C but every pros have positive & negative side also. Am not against. But it is difficult for old people. Because they have no idea about all this and for this, we must have a smartphone but it is not available among all. This is a big problem nothing else. So for digital payment. Govt should take responsibility to teach people about this. And also the use of it. Basically, who have no idea. Nothing else.

Thank you all.

India has the second largest population in the world i.e. if every single transaction here happens over the paper money, believe me, it will become so intangible to deal with it. Therefore to establish yourself towards a developed nations we have to go through various pains and going cashless will surely be one of them, but this pain ensures a great relief in future for sure. Now coming to the point is it secure enough?

Yes! of course, it is you have to go through various security level like you're card CVV no then a verification OTP msg following you're transaction message to your mobile no. Yeah, I do consider a bit of knowledge to the internet is a must but c'mon we have been crowned as the youngest nation for this decade and to be noted the no of smartphones, the buyer is toped by us again so we definitely know how to use the internet in our own benefit. So to sum up I will likely to add that digital money is similar to ordinary money it just you don't have to carry your hard earned money in a bag reducing your fear of getting robbed so it is a high time for every citizen of India to move towards digital payments and to believe the government strategies for now.

Good Afternoon friends,

I totally believe that country like India is still developing with its improved technology and other latest innovations, but some kind of a development that makes the digital payments secure to go cashless economy is somewhat convincing for everyone.

It has its own advantages and disadvantages. Its necessary for the Indian economy to make digital payments more easy and convincing. It makes a person to make digital transactions possible and is very less time consuming. A person doesn't have to go to physical place spending their precious time. At the same time, it is somewhat not a secure system for making payments as it can misuse a person through hacking and stealing money. People use others password number and they can reach through our account and makes a persons life miserable. We totally can't depend on this for carrying out our activities. This system is totally ineffective for a person who is uneducated and for those places where it is backward in almost all sectors. So this is latest technological development as technology has got its own benefits and harms, digital transaction to make India go cashless is a boon as well as bane.