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

Hello, everyone.

It's a great topic to discuss. My point of view on India going cashless by adopting digital payment is somewhat little different. Now we have many online payment apps. These apps are on mobile phones. Which I don't think in a country like India today. Which is under developed and have lots a poverty, all the citizens cannot afford these facilities of online payment. Even the rate of literacy is not so high in India. First of all, these issues need to be solved. As India becomes developed in more ways we can adopt it.

Yes, it is very secure today. The govt was taken a very good decision it will be helpful for the development of our country.

Not only development the corruption will be reduced.

It is possible to transfer the money from one place to another place with out cash by using paytm app. This is also an advantage to save the money from thefts. But some illiterate people's are not knowing idea about digital payments. This is the one disadvantage.

I give one example it occurs in our daily life ie for eg: you go to any shop to purchase any thing. The cost price of a thing is approximately 34.33p but you pay the money to seller 35 Rs. But the seller cannot give remaining 67 pauses. That money loss. But the seller gets a profit from you. By using digital payment you save you are money.

But there is an another disadvantage is hackers hack your bank account.

Finally, from my point of view, digital payments are more secure compared to cash. But govt before introduce govt should create awareness about the digital payments in villages. Then after it will be a success.

Yes, digital payments are secure enough for the Indian economy. There are a lot of benefits of digital payments. We save paper and time by digital payments. And we do not need to carry cash with us for purchasing anything. And if we lost our card then that can be blocked and we can get a new card by the bank. But there is need of awareness about digital payments so that each and every person can use it securely. Because there are so many people who do not know how to use atm card and if some know then they do not know what preventive steps should be taken for the payments securely.

Yes, going with digital payments is a very good thought. Take an account of paytm like apps where you can make the bill payments, recharges from wherever places we are in. It saves our time of going manually into particular places and we can make the payments irrespective of what the time is. However, the main problem is how to create awareness among illiterate peoples. In my point of view, It is not fully possible from Government only to make them understand however it can be made easily by explaining to them by the literate peoples at least among their own families.

Hi guys.

In my view, Indian economy is not secure enough for stepping towards a wholly digitalised one because more than 70percent of our ATM's now functioning is based on the older software version and not have been updated till now. Secondly, I would like to point out the fact that post demonetisation measures of introducing cashless system all around is good but it shows a lack of an advanced preparation when we suddenly jump towards a cashless economy. Our citizens, first of all, must be educated about the needs and all facts concerning the privacy of the digital economy then only we step forward to a secure cashless economy.

I would basically support this initiative and also digital payments are very much secure as we know today but for an individual who doesn't know how to actually use that security for his or her own benefit then all the security will be of no use,

Now consider the scenario, Where I live people have atm cards but they don't what is the basic things about the security of the atm card to state they already use it to withdraw cash from bank ATMs.

One fine day some one calls and says I am the manager of the bank calling and your atm card is blocked to unblock please verify your card to verify they will ask card no, cvv no, otp no and a normal people who don't know about any security say it all.

So now you see, Does the security matters here? absolutely NO.

So what matters is the awareness about the digital payments and not how many people use it or not.

So everything should be done but after creating awareness among people then only it will have the benefit otherwise it will be a complete failure.

The second thing is cash has its own importance you can minimize the cash transaction but you cannot rule out cash transactions for a country like India.

From above discussion, we can say that the digital transaction is beneficial if all the people of the country know the use of it, otherwise, it is like speaking bhagvat gita in front of buffalo.

Hi everyone,

Pleasent to meet you all,

I'm not opposing this but what my point is, before this first govt should give the education and to the poor people and raise the living standard. Without enriching the knowledge of people the digitalization won't give the great impact.

Yes, I support digitalization because it would reduce the labour of carrying money from place to place, it would reduce cutting trees from which paper money is made.

In my opinion, that digital payments are NOT secure enough for the Indian economy to go cashless. I say this because though there is a government implemented digital payment app, not much people actually use it. There are various reasons for this. But the point I want to speak about is that most people use private company owned digital wallets or digital money. This poses a lot of problems. First is obviously that it is prone to hacking. Though this happens at Government owned companies too there is another point with private companies. Private companies may sell the user data to people. This has been the allegation on many companies too. Hence, I am of the opinion that some amount of cash transaction should remain.