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

Hello, I think digital payment is the best way to secure the economy and when the all transactions are digital so there is no stealing problem of money and it is easy to carry the cash card like debit, credit and smart card. And. It's beneficial for all people for payments against purchasing. One of the most important things is that the cashless transactions take some second for paying anytime. Our government trying to improve the condition of liquidity of cash. It's is away to achieve the modernity. Yes I m not saying that it's good for anywhere because there are so many people who didn't know about the cashless transactions and they all get the problem due to this type of environment and I also say that there are so many vendors they don't accept the digital money and yes there are so many problems arisen against the digital payment but I fully support to digital payment because it's fully secured because the whole system is working on SSL layer that is known as secure socket layer which provides the unbreakable security to the consumer and vendors to make digital payment. SSL layer makes a bridge between the gateway and user details that are so much secured.

Digital payments are secure enough for the boost up of cashless Indian economy reason being India is the 5th largest economy by nominal GDP in the world and have had progressed a lot in IT sector. Keeping in view the large educated population it is the best way for getting hassle free banking services at yours finger tips. It is also helpful in controlling physical movement of money and can save you from theft of hardly earned money. It could be a best way for curtailing corruption from the society. The country like India is not progressing due to large spread of corruption, but due to digital payment transparency will increase. Although security is the major concern in digital payments but now the banks and other digital payment gateways are providing latest updated software under the supervision of RBI and also guiding the public through various modes like newspapers, TV etc. General public is also getting aware of it and using digital payment with precautions. I think its a habit and once you habitual of it, it becomes so easy to handle digital payments. Fast with 24 hrs availability is the beauty of digital payment which the public are cherishing.

Digital mode of payments are not only time saving but it also reduces corruption and many more crimes eg: theft, loots etc. As an example I would like to mention that earlier scholarship to students were being given to the student by cash to which many times the student could not assessed as it was getting finished in the middle of the journey. But now a days due to digital payment all the student are getting their scholarship. So we can say that it reduces corruption. On the other hand, it has encouraged cybercrime. Nowadays it is very common for getting a call and being asked for atm card no. And atm pin no. To which people who are not aware of such frauds become a victim.

So, I would like to say that the digital economy is good for those who are educated and aware enough and follow precautions. They can go for digital payments as there is no such good time to go cashless. But for the people who are not aware and educated enough should go through cash. So instead of cashless, I would like to suggest less cash society. In fact, all the people should have a little cash in their hand since network cannot remain good in all the area for all the time.

As digital payment have lots of advantages like it reduces corruption, saves time etc but in present scenario Indian economy can't go cashless completely, it can go partially.

According to my opinion, digitization to be made more secure for practical use of it right today there are only 56% of people who mostly using cashless transaction and should be increased for sure by making people aware of comforts and my programming securities should be laid to avoid technical errors anyway our country is new era I am expecting that after 5 years there will be 85% cashless others will be small transactions.

There is no doubt that India is moving towards digitization. It is also an opportunity for us to make contribution into this wave. Our govt is making tremendous efforts to make this wave successful. If it happens, we can save our time and efforts. But if we think towards the other side there are some loopholes too. Aadhar data leak has been in news for many months. There are also many cases of balance theft or phishing. So, to check this, first govt should aware the common people toward digitization. Govt should check the availability of smartphones etc.

The transition from being totally relied on cash to going complete cashless economy is a revolution in itself. But I believe there are some advantages of using cash which digital world can't fulfil.

When you visit your relative's place and when you leave, elders generally give some money to children as a token of love. That "drama of denial" of money is in itself a unique feeling every time it happens. If we start sending that Shagun through a digital gateway, those moments can't be lived.

Moreover, the internet connectivity is not completely available in all regions of India. If a person has to go to remote areas where the network is not proper, he can be stuck without cash.

Hence in order for India to become a cashless economy, it needs to do a number of things like;

1. Improve internet connectivity and also decrease the price to make it affordable for everyone.

2. Open help centres in rural areas to teach the poor people how to use the digital network.

I would conclude by saying that India can be a cashless economy but it has a long way to go. It needs to first build proper infrastructure for that and change people's perspective towards it.

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.

Hello everyone, as my other friends has already demonstrated the topic, in my opinion, digital payment is the best way to improve the economic condition of our country. As digital payments are recorded and no one can done illigal transaction due to the fear of being caught. Also digital payment is reducing the risk of stealing of money as due to digital method of payment one can easily go to any place without having a big amount of money and there is a good security provided on these methods so that no one can misuse them. Like paytm and other payment apps needs your password, thumbprint, cvv, otp and upi number to transact. Which is making payment more secured. If your atm is stolen then also it will need your password and your mobile will also need passwords and other information to access your money. So we can say digital payment is secured enough for the Indian economy to go cashless.

And as we know there are a lot of illiterate people who don't know how to use these methods so for them we can ourself organize a digital payment awareness programme in our locality. This will be a good initiate to make our country digitally stable.

Thank you.

According to my view, digital payment is good for any economy. Everything has certain advantage and disadvantage firstly if we discuss its benefit it carries many benefits people can easily make payment within minutes they will not have to carry cash anywhere. It makes transparency in the economy because the govt will keep a record of every digital payment of every people. Transparency is helpful in stopping corruption in the economy. Apart from this it has some disadvantage in India most of the people are not aware of digital payments they do not know how to make digital payment and we do not have any availability of digital payment in every place. Other than there are some hackers who hack the account of individual and doing fraud it makes digital payment is not secure, that's why people do not go for digital payment they feel that there might be some fraud during digital payment. But to control this type of activities the government has arranged cyber sale who takes care of all these activities. On the basis of above discussion we can say now our Indian economy is not fully ready to go for cashless we will take more time to adopt this system.

Hi, everyone!

I partially agree to this.

As according to me, it will be helpful only for the urban people's Nd not for the people living in villages.

For ensuring Indian economy to go cashless first of all proper knowledge must be provided to everyone as all are not aware of the technology and even the urban people's are facing the problem.

And when we talk about the old ones or the age group above 45+, all these digital payments are unacceptable to them. They don't even know about the basic apps and how to implement them.

The basic problem is to make them understand about all these applications use.

And I disagree with this.

"digital payments are secure as they are protected with the 128bit encryption key. Due to which it is difficult to hack the password" as it is difficult to hack but not impossible to hack. There are brilliant hackers in India.

Digital payments can be secure for the Indian economy to go cashless only ""when the rate of cyber crimes can be reduced.

""The rate of illiterate people is less.

""The internet speed is up to the mark as many a times during digital payments server usually goes down and can cause a problem.

From my point of view, I think India is presently not ready to deal with digital payment and make the country cashless. Still, most of the people have strongly believed in a cash transaction. For example, if we want to pay any amount in metropolitan and cosmopolitan cities like Delhi, Chennai etc in India through digital payment that is acceptable I mean we can easily pay through digital mode. But on the other hand, if we go to the rural area in north and south states than we will face the problem. Especially if I am taking the example of a rural area in Bihar, Jharkhand and Uttar Pradesh. There are no changes in their thinking towards digital payment it may be because of lack of awareness, lack of infrastructure, digital communication and other digitalization. If we are talking with respect to economy dan the main reason is -most of the people depend upon primary economy i.e. Agriculture and they have strong faith upon cash payment because lack of education they don't know how to operate the digital mode.

And technology is still developing to make it more secure that's why I think digital payments are secure to go Indian economy cashless.