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

Hello everyone.

As we know everything has some pron and con's but in case of digital payment or making India cashless is mind blowing idea but problem is this that we know that by using card we secure ourself from theft, but we secure ourself from the theft those we can see if you know then every day we heard that 1 lakh rs amount withdrawal from his/her account without his/her knowledge that kind of problem arises day by day in digital India.

If we talk about goa then that is also not a fully cashless.

If we talk about India then we should take care of rural areas also where many of people due to illiteracy face many problems, even many of them are not able to interact with smartphone, in that case the digital India concept fails.

We are Indians we should first take care about the people who are facing problem because of their decision because everyone is not perfect in our India 50% people not able to do digital transactions.

Rather than act or plan first we should try to provide a trainer or put some security on transactions process so that each of you completely knows the better and best way of use of digital India act.

Thank you.

Hi!

As per my opinion, one person can not tackle 1.34 billion person. If a system is launched then it's our responsibility to support that system. Digital transaction is for all so we to spread it as soon as possible.

There is lots of application for online transaction which give better Cashback also,

So peoples which go through online payment should make learn to illiterate people's.

For example:-

One to pay online charge for mobile, bill, shopping etc. By one's account for them and tell them about system security.

One man can not teach all so we to deal with them.

I surely saying that the India's economy growth will be UpTo 8% in end of 2017.

It is good to under stand that it's very difficult to take decision but very easy to go against the system.

I knew that people have tendency to search holes but we to be human* and fill those holes.

I m requesting to all please to support the cashless system, surely the next 2-generation will beneficial by our decision.

I think it ought to be linked with the social sites like Hike, Facebook, what's up etc. B/c people spend lots of time on these.

Please support cashless transaction.

Hey, everyone, this is Swati Jha.

According to my opinion, digital India launched with a vision of digitally empower each and every citizen of our country. The foremost challenge is to increase digital literacy in the country. I just want to say that India has already progressed enough digitally but we can't say this is 100% secure because every thing comes with some pros & cons.

Cons are it's difficult to access everything online for those persons who are not aware of internet and technology that much n also for those who live in rural areas and thought that these are totally insured. But if we follow the set of rules & guidelines that need to be followed to stay secure with online transaction then I must say this is not that much difficult to tackle, and also awareness plays an important role when it comes to the online transaction it's our responsibility to being more alert n also aware others. It is also essential dt people upgrade their application from time to time when a new update is available it also help to improve security level. If we do this then I think the Indian economy is ready to go cashless.

Thank you so much.

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.

Well, whenever any revolutionary sort of things happen, it does come with some shortcomings, some hurdles and way is never easy. For a country as big and as diverse as India, implementation of Digitization will not be easy. But that fear should not deter us from doing something that must be done. Govt should start putting schemes, technologies, organisations, advisories, upgradations, in places. Slowly and steadily when the troubles are encountered, things can be dealt at that instant and deterrence capability should be brought into the system. The World over people are facing problem due to cyber threats and malware attack, cyber thefts, attacks, but that should be taken as a challenge to make it more robust, more safe and secure, more customer friendly and more compatible. I think as of now, if we take proper security measures like not sharing our pins, passwords, our OTPs, it is far away from getting compromised. Yes, there may be instances where despite observing all sorts of securities, we become a victim. Govt and private companies, developers should take it seriously and ensure to make the cashless economy effort a success.

Yes, there is no contradicting the fact that digital payments are a safe and a secure method of transaction, recently PM Narendra Modi launched the app BHIM which is an online money transfer application. Speaking for the security reasons this app has a three-tier security system.

Firstly, it syncs to your bank account so that only you have access to it.

Secondly, it is registered through your mobile phone so you can manage app on your device if in any case the sim card is duplicated by someone fraud acquiring your documents for that the third and final tier is the 4 digit passcode so eventually the passcode is entered in order to access the application.

The major benefit of the app over other apps like paytm and mobikwik are, it doesn't require any device to the device transaction. The money can easily be transferred to a UPI linked bank account if not that, the sender can transfer money through IFSC Indian financial system code by just knowing VPN of the payee's bank account which adds one more benefit that is no long bank account numbers are to be remembered, just remember VPN and you can transfer money on the go.

Thankyou.

Yes, there is no contradicting the fact that digital payments are a safe and a secure method of transaction, recently PM Narendra Modi launched the app BHIM which is an online money transfer application. Speaking for the security reasons this app has a three-tier security system.

Firstly, it syncs to your bank account so that only you have access to it.

Secondly, it is registered through your mobile phone so you can manage app on your device if in any case the sim card is duplicated by someone fraud acquiring your documents for that the third and final tier is the 4 digit passcode so eventually the passcode is entered in order to access the application.

The major benefit of the app over other apps like paytm and mobikwik are, it doesn't require any device to the device transaction. The money can easily be transferred to a UPI linked bank account if not that, the sender can transfer money through IFSC Indian financial system code by just knowing VPN of the payee's bank account which adds one more benefit that is no long bank account numbers are to be remembered, just remember VPN and you can transfer money on the go.

Thankyou.

Hello everyone!

I would like to raise some points in the favour of digital payments rather than to go cashless because in the country like India it is more favourable. We know India is the second most populated country following China, most of the time we face cash problems in ATMs and even in Banks. If we would have such facilities than we can fulfil our needs going with this. We can't deny that for making such payments we need good internet connectivity but on the other side many mobile applications like; Paytm, Mobikwik etc. Have been developed which can work on normal speed internet. We know very well that people from rural areas can have also access of this as they are very active on social media but here the point of concern is to make aware of this to them.

Digital payments are more secure and worthwhile in our country because here many corruptions issues are occurring day to day works that may be in Government or Private sector, it will help to reduce this in large extent and another vital issue like; theft and robberies also occur in our society, digital payments will surely help to reduce these malpractices.

Thanks.

As an Indian Citizen, I go with digital payments may be it had created some people difficult in our country and also some of them may be not familiar with the digitalization may be it will be a factor for them to not to use it. But our government has introduced many awareness advertisements of using digital payment and also conducted some digital payment awareness programs in many part of villages, cities, colleges, government offices to make the peoples a part of this process and also makes them aware of it. It is necessary to develop our country in technology as well as to introduce those new technologies to our citizens.

There are certain apps are established for digital payments from the government side but it's our responsibility to check our using app information of security before using it, at least we have to check the app's feedback before using it and if we are using government apps the security is provided by the government only. In any case, we find some difficulties of using it or in its service, we can complain about it on certain authorities.

But it's our duty to make sure Is we are using the right app.

Hello everyone.

According to me, the digital payment system is not yet completely secure to undergo a hassle-free digital transaction. The increasing number of financial scams and cyber crimes are enough to prove this statement. There are still certain digital payment platforms where adequate steps have not been taken to ensure the security of transactions. While some online payment apps may be secure enough, some others are lagging behind with regards security of transactions.

Coming to the consumers of digital payments, there are different categories of people. One category includes people who are educated enough and have a good amount of knowledge about digital payments including the security measures to be taken beforehand. Another group of people are those who are uneducated and hence lack financial literacy. And the third group includes people who are educated but show negligence or reluctance in adopting security measures while transacting digitally. Therefore, govt organised campaigns, seminars and advertisements should ensure knowledge of ways to adhere to digital security in transactions among these people.