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

Hello everyone,

See Technology is something which should help us in a way but these online transactions are risky as all people are not educated and mainly the people from villages would face a lot of problems as they are unaware of these smartphones and secondly the threat of hacking. As today, in this world the cybercrime rate is more than normal crimes, so there is always high rate of threat for the uneducated and thirdly in online transactions we lack man to man interface but we have it in the banks, and when we are on a transaction and suddenly the powers go of the boon. The whole transaction is gone and again we should type all the details. You can say that it instantly transfers money but we do have other techniques like speed post and etc. I don't say that these online transactions are completely useless but they are useful only up to a limit.

Thank you.

We know that every coin has two face like that digital payment has pro and cons. But digital payment is good because it reduce black money and so it helps to increase economy of the country. If you use digital payment then anytime you can know current status of account.

Hello everyone.

We are here on a topic that digital payment secure enough for the Indian economy to go through cashless.

We all know the what is the population of India and besides that how much people are literate or we can say aware of these digital payments.

In India, we can't say that it won't be working it's actually working. We are having such a great IT sector for it's security. Now a days every person wants to move cashless without any fear. Many people faces the problem of lost money. Through this digital payment they will be free from carry money from one place to another.

We can't say that only a person having a smartphone can go through digital payment but also a person who is not having a smartphone can go through digital payment by their ATM cards, debit cards and many more. Through this we can also make cash India.

I think any payment has a risk some has less and some have high risk. If we talk about the digital payments then India is a developing country so it should try these type of things that would create more awareness about the technology to the other countries. It is not enough to secure but that was the starting if people work on this as a whole than only it will succeed to the country.

Hello everyone,

From my point of view, the digital payment system in our country is secure. The transactions which are made are fully encrypted. The details of the transaction is fully encrypted where there is less chance for the details to be hacked. The OTP which is sent to our mobile phones is valid only for couple of minutes. Therefore it is safe to pay bills through online payments. However if the payee is not aware of online transaction it might lead to many problems. Even if the transaction is not complete and the amount got debited from the account it will be credited within 3 working days.

Hello everyone,

I hereby want to mention that till now India isn't ready for a cashless economy, i.e. digitalisation. As because we all know about the software market now, which is being increased incredibly. If one can create history, he can destroy it also, likewise hacking of digital payment application is not so far. On the other point of view, due to unawareness of digital system in all over India, it is impossible to step towards a digital economy.

The Internet is not spread throughout India, so it might cause difficulties in this step. One barrier or fluctuation of the Internet may make a person wait a few days to get back his money back in the digital system.

Consider the case of physical handicrafts, means blind people, they usually make their transaction by touching and recognizing money. So if India will be digitalized, it will be difficult for them to survive.

When someone goes to any relative's house or they come to you, usually one thing normally happen in India that is elders usually give some penny to the children, which makes them blissful. If India will select the digital economy then there appears some missing of that situation.

Finally, I want to say the things that it is not impossible to make India digitalized in the case of economy. But before thinking about this, the curriculum should be made like that in order to avoid the difficulties in the future. Or else lots of problems will appear due to a small wrong step.

Thank you.

It has been a privilege for us to know more about digital payments yet people of our previous generations are sceptical to use it. They do know about all kinds of proceedings to make digital payments yet they prefer to go for cash payments. They fear the glitches of the system which can be very minute and can be rectified. Again with the campaigns going across India to make people understand the importance of digitalisation they are trying hard but the fact that illiteracy and poverty exist it becomes a great barrier for people to grasp all the new advancements.

In my opinion, they are secure and should be an integral part of the Indian economy yet going totally cashless it is going to take a long time. People should use more of Paytm TEZ BHIM etc apps to get to know more about these.

In my opinion, digital payments are the safest way of the transaction as all our transactions are encrypted and are secured with an OTP which makes us threat-proof. The only requirement is that the consumer should be aware enough to not leak his personal details of his account to any 3rd party via phone call or mail. Otherwise digital transactions are the best.

As digital money transfer is very secure system only for educated people because there are directly money transfer to the receiver account and no esue about money thef or fall from pockets. Also no worry about carrying of money in pockets. But other hand lessawear people about digital system are unsecured for the digital transfer. At any instant place or any time we can transfer money to anyone account or also for shopping etc. But sometimes because of incorrect information there will be chance to transfer cash on unknown acount.

I think digital payment have both negative as well positive effect If we talk about the metropolitan city where people are so busy that going in ATM's, banks they have 2 think twice whether to go to the bank and stand in a queue or go to the office where they are paid 4 giving their time. That'swhy People without taking another thought prefer digital payment. As we all are aware all positive thing bring with them its side effects this is same with digital payment also but according to me, the government are trying their best to make people aware about fake cl regarding payments even banks specifically notify about it that bank never ask for our atm pin any info regarding an account. Now. coming to the rural areas illiteracy rate is though high but now everyone is using smartphone if given demonstration ad Trail with government initiative to make them aware about its benefits ad what things to remember during its use ad also making them aware about fake cl, how to respond to it, to how to give info about it, it can become boom to both societies ad in whole our nation.