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

Hello, friends.

As per my view, going cashless was a very important step taken by honorable PM Narendra Modi to uproot the corruption which was prevailing in Indian economy from so long. It is beneficial for the literate people as they don't have to carry hard cash with them. But with regards to the illiterate it is a tedious job for them because first of all they don't have a smart phone and secondly, they don't have the knowledge about how to use the internet. So it is obvious for them to feel insecure by paying online. In regards to the security issue, I feel it is not totally secured. The uprising number of hackers can misuse anyone s account by getting access to it.

Our country shouldn't be fully depends on digital payment system because there isn't available fully secure system to secure from threat. If some threat or failure may occur. It will give very bad effect on Indian economy.

Yes, in My opinion, it is secure but India is. Not fully prepared for a cashless economy. And security is not only about how strong our cyber network security is about awareness among people. First we have to take steps to make people how can they use internet banking Card transactions other cashless transactions safely.

For an example, People share their passwords and OTPs to others without knowing what happened with that.

Every day we read news about cyber frauds.

I ll give an example how it happens people share their phone numbers in shops other offices. From their fraudsters get their no and call them saying I am calling from bank your card is blocked give us your card no we ll reactivate it. Again they call for OTP unaware people give all information and become the victim.

So people need awareness first.

People here have pondered much on economy and illiteracy and have linked many other aspects to it.

But what if We develop an option where people are not forced to pay digitally but are attracted toward it like, for example exempting digital payments of few taxes. Providing incentives to people who go towards it.

And simultaneously work toward making the digital platform a safe place for such economic operations.

Digital payment is a good mode of payment and better to have a cashless economy. But friends before generalizing this digital mode of payment proper education at the rural sites are must, we have to make ensure that each one of us are able to use this mode for our basic transactions.

Now the next talk is about the security, is our cyber security system that much strong and capable at present to control all the cyber crimes that would be taking place after going cashless.

Thank you.

Yes, However we have come to cashless economy, to empower our economy and to stand equal to rest of world for both national and international interests. But one side if we see, in going cashless we need secured systems and network, that we don't have. We always hear the number of cases of fraudulent happening around the world stealing money digitally. So, obviously, digital economy is not secured even coming so far in the stage of development.

And we all know there are some benefit of keeping cash that might over come some of the cons of digital cash like- distance between rural people and internet/atm.

Therefore, we have to rely upon both cash and cashless economy.

But I would like to make one more point that before going cashless, as we are new to it, we should have developed a through out architecture or flow to implement it in a better way.

Hello.

Yes, digital payments are secure enough for the country to go cashless. Since digital payments are fast n safe. It also helps the economy to overcome the corruption problem. There is a need for call of special training program to make aware how digital payments system works, benefits regarding digital payments etc.

Hi I am priyanka,

As per my opinion, we are processed towards, how India become a developed country? And it is one step towards it. Digital payments are very easy and it will save much of the time. If India to go cashless then it will stop growth of black money. But as we all see it is not yet completely started in urban areas also.

And it is very difficult to see in rural areas, it takes much more time to do India cashless. But nowadays hackers are also very intelligent so we can't say that digitalization is much more secure than cash system.

Hello, Friends, from my point of view, digital payments are a good step for a better economic system.

India is a developing country and by the cashless transaction, we transfer money from one place to another place in a fraction of the time.

Also, no system, device, and process are fully secure then the point of security is around everywhere our responsibility for safe our money.

Many villagers have no idea about How to use of digital payment Or internet solution is that in older time these people are also not understood to use of bank but in time they use it.

As like that these people also understand how to use cashless transaction.

Thank you.

Hi, everyone, to my thoughts, going digital for transactions like shopping, money transfer is truly a great idea. It will lessen the black monetary ordeals for the government which is seen to be caused to fund terrorism and hawala business'. Hacking is a concern but we can overlook it against state's safety. And for the awareness of the rural area can be made through government-held programmes to help educate the novice minds unaware of benefits offered by going cashless.