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

According to me, yes digital payment is enough for our economy to go for a cashless economy as we know that every company is devoting their most of the time on increasing their security level and mishappening can be done anywhere, it does not mean we will not move forward so this is the time for us to go for cashless economy.

Yes, of course, it is. Now a days we have moved very far away regarding digital payment, I still remember that day when we have to go bank and stand in que to send money to someone and bank staff used to tell that it will be processed after 2-3 hour.

Now you can imagine we have paytm, Google pay, phone pay they all use UPI method of payment it takes only seconds to transfer money. And it is transparent, you can track transition history, it just not saved our time, No tension of getting theft, you can keep lakh of rupees in your pocket and Saved tree as there is no cash involved.

Digital payment is the easiest way and less time-consuming way to do our payments. Digital is the best thing of today scenario. There is a little bit problem with security but nowadays we have our phone security. As we know that this phone OTP is the best secure and no one hack. So in my point of view, the digital payment is the best way for the development of the country as well as people.

Hello friends,

Digital payment is one of the method where we can easily do the payments through internet using mobile.

Nowadays everybody is using mobile for the payments like we use Tez, phonepe, paytm. We can easily do the payments without standing in line in the bank. But is this secure? We can easily do the payments without standing in line in the bank.

But we know there are so many hackers around us anytime they can hack our account. Within a second whatever we worked hardly and earned money can go.

In my point of view, digital payments are secure to Indiana economy, it is very easy to translate or receive. But if there is some amount of money with us then it is easy to buy anything where there is no facilities.

I would like to differentiate both the scenarios in order to showcase my point of view. Cash in hand make it easier for all to know what we are spending how much we are spending and to whom we are sending and to verify instantly that the person is receiving the same.

Whereas, If Indian economy go cashless with the help digital payments method it can't be 100% secure. First of all one should have the the knowledge and technology as well as proper equipment in order to opt this method.

I would like to tell all of a story in brief. My school opt this method of digital payments and all the parents's are told about this transaction method and many opt it. After a few days the news came out from the school that they are not receiving the money that parents have already paid for there pupils. Some hackers have hacked the schools transaction process and have robbed. In this case, what do you think can be questioned? Security right? but, the schools says it was secure.

Digital payments undoubtedly made it easy to carry your bank with you any where and everywhere. But, it is not 100% secure and can be gibberish for many citizen of India.

In my point of view, I always suggest upgrading the technology, in order to compete with other countries digitalization of India play a prominent role. According to me no thing is exist without advantages and disadvantages.

Advantages.

1. With digitalization all work can be done very easily. Because nowdays all are having the knowledge of smartphone usage so money transaction or any other work can be made by sitting in home itself.

2. The main reason why we prefer digitalization is TIME. All are trying to save their time because it is as equal as money nowadays.

3. Corruption is the major fact why our India is not grown still now as we expected so by digitalization corruption can be controlled as it contains the full electronic lists of money transaction in the database.

4. As various strong cryptography technics and algorithms like SHA-1 are applied they are secure and not that easy enough to crack.

5. Safety is also achieved by digitalization because all our data is stored in the database we can easily get any information from any part of the world and there is less chance of loosing the data as it not follows the traditional way of storing our data in files etc.

6. Trustworthy, because machines are involved in doing all the work we can believe it because it doesn't know any cast or something else.

8. 24*7 services are available.

Disadvantages.

1. As in India many people's are there who is still illiterate they don't understand various processes of digitalization.

2. Sometimes data may be hacked or loosed.

As there is a less disadvantages I always prefer digital India. Although there is a various advanced technology emerging such as machine learning and artificial Intelligence still I believe at the same time the technology is also advancing to provide security for our data as much as possible.

We youngsters should support digitalization as we all are the pillars of our country.

Go digital, Go cashless and made India as digital India.

Thank you.

In my point of view,

It requires skills and technology to access all the digital transaction. India has taken a great initiative to adopt digital transaction. For the people who are from a village background and illiterate, it is nearly impossible for them to trust these methods of the transaction as one required knowledge of basic technology. It also requires to upgrade their smartphones which can be costlier for many people. So now India is not ready now. But maybe in the future.

As every coin has two faces, just like that it is associated with some drawbacks. But due to it's numerous advantages I strongly favour cashless economy. The only thing that is required is we should be alert enough while going cashless. Many fraudulent sites are there claiming to be fast and safe we should not believe such new popup alarm unless we are sure.

Advantages:

Digital payment makes the world cashless. As we cannot keep a huge amount of money with us all the time so.

It provides the means to keep a large amount of money.

Secondly, As we all know that the TIME IS MONEY, so it also saves our time and we make the payments in no time.

Thirdly, It is available 24*7 and globally.

Disadvantages:

Digital Payments are secure but the threats are more as compare to security.

As today world is full of technology and software that proves to be threat to the security. With the concept of Artificial Intelligence and Machine Learning the things are changing form impossible to possible. And this gives birth to the cybercrime.

And now a days when it comes to money I think nothing is more important than that. In India although the digital payments are made secure to very much extent still we listen to the cases of cybercrime that leads all of us to think once again on our security locks.

And we cannot go to completely cashless also because during emergency period we cannot trust on the technology.