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

Digital payment is good to make economy cashless. It will prevent money laundering, Tax evasion and black money going in Swiss banks which is a cash amount.

It prevents circulation of cash money and keeps an accounting of the nation income and total money.

It can abolish the bribery system when we use digital payment method. Tax revenue will increase and everyone has to give the reason for access to money.

Making cashless increase marketing and takes all market on a single platform to buy and sell everything.

If we talk about the drawbacks then there will be a great danger of bank accounts and UPI accounts hacking and money theft online.

In rural areas, it will take a lot of time to be totally digitised and opening if banks and account of the whole. Educating people for the cashless transaction and use of ATMs and online services is a great challenge.

There is also trust losing in people for banking system after money laundering by Mehul Chowksi and Vijay Mallya.

So they think that banks are also insecure.

First, by implementing all the measures to protect the accounts information and security we can dream of cashless Economy.

Read and give review and comments.

Thanks.

Yes, Digital payment is secure enough for the Indian economy. Digital payment is easy and secure. In Indian currency is protected from the illegal notes by using digital payments. Where ever the transactions are easy by using digital payment.

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.

This is not a right time to go digital payment. We are all know all about India illiterate people rate. In our country, there is so many rules area and even they don't know about the banking system and we are faxing the electricity problem.

In my opinion, India is not ready to become a cashless economy, this is less because of technology more because of a security threat.

Not because one has not come across theft incident in this digital money transfer it doesn't mean it is safe. It is easier for a thief to steal money in this digital money transfer, just sit in front of computer do some hacking and within some time you may have lakhs of money in your bank account it is that simple actually but fortunately, not everyone can do it. The one who can, it becomes very difficult to catch him.

Security is a big problem that one can face here.

Hi,

I think the digital payment system provides high-security levels than the cash mode and because of digital payments, the black money in the country will gradually decrease. Nowadays rural areas are also well aware of digital payments and also present govts are also providing awareness camps on digital payments system in rural areas to ensure the people.

Yes, digital payment methods are secure enough to make Indian economy cashless. Govt has taken some several steps to support digital payment methods like encourage apps like Paytm, Tezz, BHIM. This online wallet will help the consumers to send money fast and safe, it will also help the beaurucrats to keep an eye on every single penny which is being illegally used.

Although one might say that, 'we Indians have got a digital literacy rate of around 75%, the rest of the 25 don't even know to type on a digital platform. But over past few years with the advent of Government's latest projects to boost digitization, the common man is getting wiser and wiser towards the crimes against the cashless economy. With rising wisdom, we are getting towards secure digital transactions.

Hello friends.

According to me, digital payment is the best and very useful way of transferring cash globally somewhere one might think of cyber crimes but if we use it wisely we can avoid it.

Secondly somewhere it is not considered very useful in rural areas where digital knowledge is not very good among people but initiatives have started to reduce this problem.

Thank you.

Hello friends,

This is the very interesting topic today because of current government banned currency at any time so is it not safe to take hard cash and use. I think digital payment is good that reduces most of the time we are spending on banking disposition and credit some money.

By using digital payment we can easy to transfer money at 1 min all over global. For it's safety we can follow the bank's rules and policies like don't share your pin number, ATM card number to avoid cyber crimes and more thing guys it's helpful to reduce global warming by using digital payment no paperwork and we can save our nature.