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

I think digital payments is a very good initiative taken by our government, which somehow reduces, dependence on branches as well but at the same time some demerits are also there, many people whether it is rural or urban, still hesitates to share their card or bank, this is because the mechanisms that controls this whole networking system. So for this all our govt. Has to do is to make a safe securing networking system that cannot be decoded by anyone or else should insure the amount having in the bank account.

And government also need to take some measures by which rural people, weaker sections, senior citizens can easily use this digital payments. So for this govt should take some measures to help and educate them and right now, the situation of Indian economy is not so good, internet network is also suffering and also the accounts are not safe also. So right now it is not the right time to do so.

According to my opinion, digital payments are boon for the Indian economy. Because this is more reliable than normal payments and also it curbs black money.

As per my understanding.

It's a good start for Indian economy but lot of work still need to be done:

1 - Hardware-level security should be made mandatory for all providers.
2 - Usage know-how and training for end user.
3 - Balance between private service providers (Paytm, Free charge) and Govt backed digital platforms BHIM by NPCI. Initially startups will provide zero commission and other attractive offers to merchants but later on T&Cs are changed to turnaround the investments vs margins ratio :).

Overall yes, its a good start but lot more to be done for the Indian economy to go cashless.

Yes,

It's good decision took from our goverment of digital payment system from this payment system we can save our time and at the Persant the people don't have time so it's very useful for them and one of the advantages for digital payment system is we can pay our MOONEY at anywhere wherever we want and we don't need to carry cash with us but after many advantages there also many disadvantaged for that first you need to know how to use smartphone because this system can handle only on smartphone it can't use in simple mobile and in our country in India 60% people are uneducated this is main disadvantage for that and first of all in our India peoples should take higher study and what can gourmnent do for that topic they sould make study cheap because Many people's in India they don't take higher study reason is MOONEY and for this system people's should have smartphone then this can successfully decision.

Yes, digital payment secure enough for the Indian economy to go cashless it is a one the advantage for growth in Indian economy but people from rural still not have that much knowledge about this. So in my point of view it is not applicable for India especially for people in rural.

Hello everyone!

As per my assumption, in some places, the cashless transaction is good like if we have some urgent work or something else, and it is safe also, but sometimes it may be not secured as anyone can hack your account and do all your transactions!

So, my point is if we don't go cashless we will be much away from this technological world.

As we all know digitalization of Indian economy is the need of the hour but the question is that are we ready to take such a big step in the present scenario of the country. The country where a huge crowd is a steel below the poverty line, where illiteracy stills prevail on a mass scale. The fact is that digital economy is good up to a certain limit. It has its advantages and helps in a lot of situations but the complete digitalization is not possible at present time. Many people are still there who are not even aware of the cashless payment like things. So, it will take time to the other countries for implementation and will be possible only in the recent 5 to 7 years.

Yes,

According to my point of view, digital payments are secure enough. I would like to take an example of Akodara first cashless village of India that is located in India. Even though cashless payments are secured as they are encrypted and have OTP function that is connected with banks it is, however, important to notice that all people are not literate enough to use applications like Paytm to go cashless. In this case the government Can first convert the cities (Tier1) to cashless and then identify the gaps and implement the model in (Tier 2) cities and so on for villages they can use the model followed by Akodara and change it as required by villages in other states since the basic model would be same the transition would be easier.

Yeah, of course, digital payments is an easy way of paying money through phones at any time and everywhere so need to go to banks to deposit the money it is innovative we can easily understand the usage by paying digital we don't need to carry money to everywhere and infraction of seconds we can transfer it..Digital payments are more secured because while doing transaction it will not directly transfer but it sends otp with that we can transfer that means it is highly secured and technology is increasing day by day so we should become masters of technology. But country people don't know the usage of smartphones it might become a disadvantage to them because they are literally uneducated so keeping this point our government should encourage those people to use smartphones by keeping campaigns like teaching how to use the phone properly!

This is a new era where our economy is entering into a new phase of digitalization. Yes, digital payments secure the Indian economy to go cashless. But before this the government has to take immediate steps to aware all the people of digitalization. It should also provide the convenient means through which all people learn the use of digital payments for their online transactions.