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

Of course it reduces the risk of human to be afriad of carrying huge money with them.

The payments done via VISA or MASTERCARD is secured but that are not India based companies that means we are sharing the details with the international countries. Thus if people use services from Indian authorization system such as RUPAYcards we can have our data secured from foreign countries.

As pert my opinion, still INDIA is not developed to impose cashless economy. We jest thinking about city, but still more then 60% don't know how to use debit card (even some peoples in city) and many village not even provided electricity connection till date. Without considering rural peoples speaking about cashless economy is wast.

Well, digital payments are really working in India since past 1 year. It has own merits and demerits that are as follows.

1. Most important is that India is moving to the cashless scheme.
2. Its saving our time rather going to ATM and make payments to others.
3. It also secures our details and information and password too.
4. Increases India economy.
5. People are easily transferring their money through there phones and gadgets.

DEMERITS:

1. Lack of awareness among the peoples.
2. Lack of knowledge that how to send money.
3. Data can be a hack if we not use secure payments and share their information.

According to my opinion, digital payments are much more secure than the cash because of the following reason.

1. It is easy to carry. In India, before digital payment, people feel unsafe when they have to carry a large amount of money with them.

2. It is easy to transfer. Before this, if any people want to transfer money to other then it necessary to go to the bank for transferring money. Now in the present days, we use mobiles & various electronics gadgets to do this.

3. It is highly secure. It uses various security checks like OTP, password, biometrics etc.

But there are so many demerits, as we all know in India there are 65% of the total population are dependent on agriculture. And they don't know how to use mobile phone & gadgets. They are easily cheated by the people. So firstly, the Indian government should have to start an awareness among the people related to digital payment.

So we conclude that digital payment is not much secure in India because of lack of knowledge among people related to this. But it will take at least 5 years to the completely secure Indian economy.

Going cashless is a good idea for a people who are well versed with the smartphone users when it comes to illiterates are formers it is very difficult to make a payment and now we are facing a lot of cybersecurity problems. So, it has to be done in the safer way.

I think yes, if we have used in a proper way read out all the instructions. But in India , uneducated people first of all, give the idea about how to use like don't share otp number, your id password, mobile resisters numbers then we have used.

There is a huge amount of benefits time saving, don't fear theft. Reduced correction and don't a problem of taxes.

There are many applications are used for the transitions the money don't use the local app. Used net banking.

What I feel is that digital payments are fast and saves a lot of time, can be said secure for some part as its not totally secure, a breach or a hack can be done anytime but lets just say its secure and its a great advantage to the economy of a country and its people as it takes the country towards modernization and globalization. But like one should not have total faith in anything ever, they should not be relied upon totally. They have their bane as well on the society. There are many factors at hand. Digital payment and cash payment plays a vital part in their own ways and they should be the best rest the way they are. One can not erase the other. Digital payment can not be afforded by everyone in the country but cash can be there with everyone. Some of the reasons for it can be illiteracy and poor. So, according to me, a digital payment and cash payment should go hand in hand.

Although one might say that, 'we Indians have got a digital literacy rate of around 75%, the rest of the 25 don't even know to type on a digital platform. But over past few years with the advent of Government's latest projects to boost digitization, the common man is getting wiser and wiser towards the crimes against the cashless economy. With rising wisdom, we are getting towards secure digital transactions.

In my opinion, digital payments are more secure than cashless system if used wisely.

But, to make digital payments secure it's very important to be aware about crimes related to it and to get educated about these.

There security depends on the digital awareness of a person.

And, for this govt has taken several initiatives like awareness programs, and easy to use payment methods like tezz, paypal etc.