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

Digitization of the Indian economy, an achievable dream of the G. O. I but presently understanding the Indian Literacy level and Awareness scenario, getting adapted to this change will take time, years maybe.

With a literacy rate of 74.04%, Indians are tagged literate if they are able to speak, read and write (the basics) in their mother tongue. Is this enough to get people handle those sophisticated pin codes, username IDs and scan the required codes?

Understanding the next thing is, Security factors of the Economy. Is the entire digital economy of India secure enough to value the earnings of people, especially the ones who find it hard to make their ends meet, go in for digital payments? Here arises the Doubt of "What- If. ?".

India: A country with talented tech savvy brains (who use their knowledge to hack the security systems of their own country) pose the greatest risk to the economy on this arena.

If such brains are used for the betterment of the system, and for the greater welfare of humanity, may our country achieve its Dream?

When the government announced about digital India and Cashless payments, many digital wallets and apps were developed and published to users by banks and other financial organisations to make payments. What do we do in those applications? we actually give our card details and do all payments and close them. Have we ever tried to check their authenticity ? its encryption codes? or safety?

Digital & the cashless transaction is the only intention of government but they are not aware or worried about the cyber crimes which is the major treat to the world after terrorism.

The Government should form a team to secure the countries and individual digital details just like securing the country with the defense forces.

According to me, the big step that our govt has taken to go cashless and implement digital transactions has both positive and negative sides.

Let me first elaborate the positive side, being a developing country digitalisation adds to development. People need not carry money in their wallets just a mobile will do the job. Its saves times and reduces the use of black currency. Govt will be benefited in terms of obtaining taxes from the services acquired.

Negative side mainly points the cyber hackers, lack of education among few section's of our country also is an issue.

No, it's not secure currently. But it does not mean that we neglect digitization. Its era of digital economy. Indirectly its helping to create such a environment which does not need protection!. So we also have to see other part of coin. Cashless economy is demand of time. But issue related to big data handling and protection form various wares is matter of concern so we have to oversee it. Its good news for us is that as a developing nation we are not in that danger zone as much many developed nations are facing nowadays. Still our govt is taking strong early measures in this direction. We have to look forward to sorting it out. Jai hind.

I agree @Md Zafar Iqbal.

Digital payments is not suit for the big transaction because the technology moves towards in bad way also where the hackers can hack our accounts and stole our money in accounts as we had seen that "ramsonware malware" the hackers are hacked our systems and demands some money for that to release the lock so this is the situation is going on so what I am saying is it is fit for small transaction only.

Many newspapers stated that due to demonetization people affected a lot and govt has taken many initiative steps to flourish digitalisation launched LGY, BHIM, UPI.

But actually only 0.2% people had participated.

In digitisation. So India first needs to develop in the education sector and motivate and create awareness on digital payments.

As per my view, I am strongly opposed digitisation.

I think digital payment is good for our country but there are 74.04% literacy in India. So there are 25. 94% ignorant people live in India. So they will not be able to accept the digital payment. Although it's good for India because we don't respect our currency and we write anything on currency notes. So by accepting digital payment I think we can solve this problem.

And also corruption will have full stop if we accept the digital payment throughout the country.

Being an Indian, I love to except digital payment system why because we want our country to be developed and want best facilities. How will it come true? By not depositing our incomes in banks and not paying proper tax to the government. NO, digital payments system is more transparent as compared to paper currency. By accepting it by us, the government can receive proper tax on each transaction. Then the shopkeeper cannot put tax income in their pockets. They have to give that to the government. I know we have to handle difficult situations if this comes in a rule. And the youth of India is ready for this change And we want to give the developed country to our coming generation. So it's important to take hard decisions now to change and develop our country.

Of course, with the advancement in technology around us, we can make payments better through digital approach but at the same time if we can assure the security for our payments then the transactions can be done securely, smoothly and intelligently.

Digital payment in the changed tech savvy environment is the order of the day. We need to find out a convincing reason why we can't go for digital payment and what hinders the transition from cash payment. We have already an upward swing in the digital payment immediately after demonetisation where there has been the upsurge of digital payment by 75% around which gradually coming down with increased circulation of cash in the economy. It's basically the mindset which is the main hindrance. The transaction where the sender does not want to keep any trail of receipt of cash and or payment, they are averse of the digital payment. As the economy is gradually maturing, even the small vendors prefer to have the swap machine to comfort the customers who opt for it. Now, the question is how much it is secure. My submission is, it is as secure as your wallet is. There is no need to transact through one debit/credit card. One can create a digital wallet, transfer whatever fund one requires for a day or two and go head with transactions. There cannot be any cyber threat.