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

Hello everyone,

Going cashless is a big step towards completing Modiji's mission "DIGITAL INDIA" as it can save our time from standing in endless line before ATM's & bank for withdrawing money but as you know "every full moon has its dark shadow" & same goes with this cashless transaction.

1) illiterate peoples are not much aware of the cyber crime going nowadays.
2) there is not good network facility in rural areas due to which they people are not able to do any online transactions.
3) the population in rural areas is much larger than in urban areas.

Solution to this problem could be:

1) The government should aware people about the cyber crimes through social medias, TVs, seminars etc.
2) There should be a limit like 2000 or 1000 after which you can do cashless transaction else not.
3) Operators should improve their network facility by increasing coverage, optimization.

Digital payment is the new trend that is being followed by the country, it is the best way for transactions as it saves time, one doesn't have to wait in line, no need to go to banks such transaction can be done from home. But sometimes it is better not to forget conventional ways, what if the state of emergency takes place, the state of bankruptcy or cyber attack, one cannot completely rely on digital transaction. Also people in India are not much aware about the threats that digital payment involves, people with plastic money are being fooled everyday given that they easily provide their cvv and pin to anyone who claims to be a clerk of their bank. Digital is a secure way but it should not be made the only way for transactions.

According to me, PM Modi's dream "Digital India" will become true by this digital payment. It is is a big headache for every person to carry lots of cash with them. It is difficult to carry because of robbed or stolen chances. It is good to make payments using cards in urban areas rather to carry cash. But it is not possible for illiterate peoples, as they are not aware of mobile phones, internet services, banking facilities etc. At last, I just want to say that this is good for everyone to make payment using digitalization.

Hello everyone,

As You Know, "Every Full moon has a dark sight" like that cashless transaction has some cons too. But one more thing that should be gain emphasize here that Cashless transactions surely change the Indian economy. But each and every one should know safety measures like.

1. One shouldn't share Credential data like User Id, OTP, Password.
2. Fraud awareness topics should be carried out in Public.

As we know Indian Economy is a fastest growing economy in the world so I believe the balance between Cashless and printed Currency will be stepping stone to become developed country. Digital Transaction are secure enough to do transaction as we haven't heard any hacking in Indian Banking System till now. We have 2-factor Authentication which makes it more secure. But I believe anything on the internet can be hacked like we have seen in apple cloud case which was assumed more secure. But If we keep Updating ourselves to security threat around the world then surely our payment will be secure.

According to my point, India is going to cashless its good thinking but not only applicable for rural area it's also applicable for urban area. There are many types of problems and causes including it. My first point is urban people are more educated than of rural people. They are not using mobile properly and there is no network facility also it's the big problem to face all rural areas people. When urban people are not literate it's never possible.

India is a developing country so, digital payment is very important to the economic growth of the country. But In India now a digital security system is comparatively low in secure. Digital payment saves the cost of printing of the money. So, digital payment is secure for the Indian economy to go cashless.

What I think about going cashless in India is,

As the literacy rate is more in cities, this system of going cashless should be initiated and enabled in cities only, this will leads to accumulation of more money in banks which will help people in villages, use this money and not going cashless. Along with this various programs of educating people about online cashless transactions should be enforced.

Hello, friends.

When we discuss digital payments in India, basically two things come in front of us.

So in my point of view, there is urban area people or rural area people. First of all, discuss our urban area people. In that case they people are totally aware of it by the seminar, conference or news etc. It's just like a mouth market. Then people should aware about it digital payments. But there is most of the difficulty about our rural area people, there are illiteracy for there people. Because they not use mobiles phone properly and also no there banking facility or their internet facility. So in my point of view, only rural area be half of digital payment is not secure.

Thanks.

From point of view, going cashless is surely a step towards transperant India. But, like rest of issues it has its own pros and cons.

Pros.
I don't want to bore you with the points that others repeat.

Cons.
1) Village peoples have restriction in network services.
2) rural population has higher percentage of illiteracy, so it's tough for them.

Solution:.
There should be a minimum transaction limit like say 2000 or 1000 above that cashless digital transaction should be carried out.

Rest should be continue the way they were.

So it can't affect illiterate rural people unless literacy rate increased above 90percent.

Then we can go completely cashles to where ever we like.