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

Hi guys,

Yes, digital payments are very much secure for the Indian economy to go cashless. In fact there are numerous benefits of using digital payment, we can't hide a digital transaction so every transaction will be a tax paid one, which increases the revenue of the government leading to increase in the economy. Developed countries all around the world are using digital payments because of its vast benefits. The only thing that should be taken care is of is its security and to bring awareness among people about how to use digital transactions and its benefits.

It might be difficult at the beginning but in the long run it will be very helpful for the country.

Hello everyone,

According to me, the digital payments are secure enough for the Indian company to go cashless because India is one of the few countries which is not affected by Ransomware - a virus used for doing cyber crimes! Secondly, digital transaction reduces currency notes production hence less number of trees would be cut for the currency notes production. At last, though digital payments are more transparent people always find a way, in India network penetration is one of the poorest in the world so the government must provide the network services, educate and protect them using cyber crime in order to maximise the utility of digital transaction so that Indian economy go cashless.

Hello, friends. In my opinion, digital transactions are very beneficial to a developing country like India because these types of transactions have been successful in many developed countries. Some of the advantages are time saving. Fast, safe and secure transactions. To achieve this thing to a very great extent we should be carful while transacting because of increasing level of cyber crimes. To make it successful we should improve our technology level. We also should determine to make education level higher to make our country a cashless or digital economy.

In my opinion, current digital payment systems are secure enough for daily transaction. Currently we have two factor authentication system in place, which includes one time password that is sent to mobile when someone tries to make a transaction. The system can also be made more secure using latest tech like blockchain technology.

However, as the question is here about the transaction of Indian economy to transact from cash economy to cashless, the Indian economy is in a nascent phase for that. Still in the villages or tribal areas, the population has little to no financial inclusion. Additionally, not many people are technologically educated.

Thus, the best solution for the Indian economy would be to build an economy which features both cash and digital transaction methods. We need to become a Less-Cash economy before Cash-Less.

Hello everyone,

According to me, the digital payments are going to bring one of the most revolutionary changes in Indian economy. An Increase in digital payments will not only help in reducing corruption but it will also increase the GDP of our country thus improving the Indian economy.

The implementation of digital payments on a larger scale in a country like India will only be possible if our government takes the initiative of educating common people on how to make use of these. Though there are some disadvantages also like cyber crimes, hacking of net banking passwords, etc. But still due to the increasing security measures like sending one-time password for every transaction these frauds can be avoided.

Thus I would like to conclude by saying that Yes, the digital payments are secure and these will help in improving the Indian economy to a great extent.

The first thing when we hear about digital payment or rather digital India is whether we are educated enough to handle this or not? India has still not reached 100% literacy in every city. Talking about cities we forget about villages which are still uneducated. So do wee need ti digitalised India when only half of its population know what exactly it is and what's not. Certainly, it is a great step and I am at its side but what about its disadvantages? Digital payment has its very advantages, the first and the foremost thing is it saves time. And the thing which saves time wins the race every time. The second most important thing about digital payment is its transparency! The Government will get to know all your transactions, which means a decrease in corruption.

But seeing the other side of the coin. Corruption still resides here and that is by cyber crime. We all know about cyber crime if our machines are advancing theirs also. That's what we need to think about. The second most disadvantage is about illiteracy. The Government should first give education to every people so that they come to know what exactly the digital payment is. The step taken has many advantages but we cannot ignore the disadvantages. But every coin has two sides. It's our duty to prevent cyber crime if we want to digitalise India. Surely its a great step taken. But before adopting it in every place people must be aware of it. That's where we are lagging.

Hi, myself Vamsi Krishna. Yes, it is secured. We should be more careful. Because of cyber crimes increasing our company so that we have to receive a lot of wrong messages and emails, but we can avoid that thing. So keep aside that negative thing. But we have many advantages due to digital payments. It is fast and safe. There are no illegal transactions. So that we have to increase our economy. But it is possible and easy for city people's only, so we can take awareness of the rural people.

In my opinion, I would say yes digital payments are secure enough for the Indian economy to go cashless because in this 21st century if we talk about something really modern definitely we mean to our technology. And digital payment is nothing but a great technology to do money related transactions. This is safe as it provides you with OTP i.e. one-time password that you are told to not to share with anyone. So this makes transaction very safe for use.

Hello everyone I think digital payment is important for progress of developing country like India but if we think practically then we will find that most population in India belongs to semi urban and rural area where people in today's are far away from technology use so for Indian economy to go cashless need more time so that necessary education regarding digital. Payment should be given to people who don't know how to use online services and even many people are still not in touch with the bank they don't have any bank account and if we see today than there are many hackers attack in India and European countries which are a topic to worry about.

Hello, everyone.

Yes, it is secured but the only thing is we need to be sincere. There can be cyber crimes but we can avoid that by following some of the warning messages every time we are receiving on our phones and mails that are never share your password, otp and other such credentials.

But keeping this single negative point aside there are many benefits of using digital transactions. It is fast and safe. There will be no illegal transactions. There will be tax transparency as every transaction will be recorded via Aadhar no and pan no. We must aware and educate rural people for using digital transactions. For this government is launching many schemes like Pradhan Mantri Gramin Saksharta Abhiyan which says to make over 6000 rural households digitalised.

Thanks.