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

Hi, friends.

As we all know that we are living in 21st century. And India is a developing country. And this century and further will depend on technology. So now our pm wanted to go digitalized our country like the western.

No doubt this is a very good and initiative step.

So for improving this step, our government should start this in urban and villages area's schools and colleges as an alternative subject.

Because more than 70% people in our country is depending over farming. So along with the cities, we should aware the people with this. That after be digitalized we can do our work very easily and without more hard work. In very less time.

And we should tell those who don't know about this.

And our govt should provide the smart phone in very fewer prices so that everyone should know about it.

I hope in the coming 2-3 years our country will be a digitalized country.

Thank you.

Yes, they are secure as in other countries. The only difference between us and the other countries is the rate of literacy. Obviously, we are less in literacy rate. First of all, we need to learn how to pay digitally. Someone of us would say that it is a big problem. So what, we do not wait for any problem so that we can solve it. What happens, the problems occur, after that, we find the solutions. Yes, it is a big challenge to make everyone in the country learn how to pay digitally, but not bigger than those challenges that we have on borders. Even the senior citizens are accepting that it is good to make payments online instead of making a queue somewhere.

I respect the views of all members and I want to add some points in this discussion.

According to me, the digital payments are not secured enough because when it came to online payments then there is a huge danger of HACKING, you can see the latest example of Ransomware attack in INDIA. So if we make our all payments online today then we will be dependent on it and unfortunately, if the online system would be hacked some day then INDIA could face a huge problem as all the data related to the bank accounts of every Indian would be handover to the hackers.

So it could be a problem and if our country is able to make such system that can't be hacked then it would be a drastic change in the Indian economy and the illiteracy of people also would be a small problem.

Hello, friends.

As far as the cashless economy is concerned. Any country being the developing country having two major issues i.e. Illiteracy and technology. Taking initiative, pain and the cost for overcoming both the issues are very small in front of the fruitful results of being cashless economy.

There are many benefits of being cashless economy like:.

Technologies enhancements: once economy of one country is on the path of going cashless will lead to make more and more technologies enhancements. Country will be developing more security protocols to make the transactions more secured.

Increase in level of literacy. People once know that there is no other way of living except going cashless, will be forced to take the more education and to increase the education level of their families.

Circulation of the currency of the country being cashless economy: people are hoarding the money due to the cash based country and doing the large numbers and amounts cash based transactions, which is leading the cash hoarding and hawalas' being done. Full of the Indian currency is not being circulated in developments of the India. Which may be done in the cashless economy.

Increase in Tax Revenue: Cashless transactions will be having all the track of Income and expenditure of individuals and corporations which will be giving crystal clear picture on income tax to be paid by them. Will lead to increase in tax revenue which indeed be increasing the development in the country.

Eradication of corruptions: The Cashless economy will be eradicating the corruptions from the country.

As far as both the issues are concerned, It is very easy to tackle them for the country like India. We need to stronger our education system and technology. We need to spread the more and more information.

Necessity is the mother of inventions. We should note that none of country borne strong.

In my opinion, digital payments have merits as well as demerits. India is not a fully developed country. If there are metro cities, then there are a lot of villages and backwards slum areas as well. If physical cash will not be accepted, many sections of society will face problems. Thus they should be trained first on how the market works digitally then there will be a clear pathway to launch digital payments.

Yes, they are secure enough as compared to cash. Taxes can be levied more easily in cashless society. Thus it is secure enough but we should train backwards sections too before making the whole India cashless.

According to my point of view, the digital payment is more secure than the to go cashless. And it's also helpfully to the Indian economy. But nowadays it's not possible to do in overall India because we know that India is a developing country in our country we have several people or category. For the reach person it's easier and good but just think about the poor people and the uneducated people who can't effort an electronic gadget to do the digital payment. So in India, it's too difficult to make the digital payment.

It's a great decision but in the villages, some people don't know all about this online transaction so it's only 50 or 60% effectively work.

In my perspective, a step towards the digital payments are quite good but actually, I think it is quite early because as you know literacy percentage in India is not 90%+. So we can't say that all people can do this payment or there are many banks in India who are using the old version software which can b hacked easily. So I think Modi government should literate people first, they should arrange camps in every village of states and make people literate or give knowledge regarding smartphones and their uses. You can also install much online cyber security in their Mobile and also they should tell Banks to update their software so that Cyber crime will be reduced. And after 2months of this camps, they can Go for Digitalisation as there will less chance of Errors. And we can get Accuracy rather than Precision. Tysm friends for reading this whole text. Best luck guys.

India is a developing country. If digitalization is introduced then transactions become cashless and it will secure the money and helps in making the economy more powerful. But, due to illiteracy in various areas of India, the idea of digitalization will not work there. Then can't able to fill the form or write, then how can they withdraw money from ATM or can do online transactions. As concerned to Security, most of the computers in Banks And the ATM are using outdated versions which have the chances of hacking. So first We have to Strengthen digital security and provide education and awareness to people about digital India. Then by implementing the idea of digitalization will help the country to become stronger in an economy in future.

Modi took great decision to make India to be greater economic country. Yes it's possible when we tell to our surrounding persons who are not known about this digitality and tell them who are illiterate should make their sons /daughters if they were child labour. Because why we should aware means there is large corruption going in India. Due to this, we are not having poor to become rich, at least to be a making their livelihood from which to feed their families. First we need to protect environment which has our surrounding, that lead to good environment to them, from which they can have food and earn happiness, from which gets great nation which gives good education to their families pupils, then which makes digital world. Before you should be aware about this to tell someone.