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

As per below points digital payment are secure.
1. No need to carry notes along with us.
2. chances of loot is zero percent.
3. It takes few-time at the time of making payment.
4. Takes less time to Transfer amount to other accounts without meeting with anyone.
5. No need of counting currency at the time of payment.

The need of the hour for the Indian economy is to go cashless. But 100% cashless Indian economy still remains a dream because India has a lot of population which is living below the poverty line. They struggle every day to make their ends meet and to sleep with the filled stomach. For them, smart phones and internet, a must for digitisation, remains an out-of-pocket dream. Even if everyone gets access to smartphones and internet, they are not properly educated and enlightened enough to make transactions by the digital mode. This will rather make them more prone to the digital frauds answer once subjected to fraud the faith in the digital payment system is breached forever. Money to them, even us, is the dearest thing. They can't afford to let go of their money in these digital frauds. Despite so many digital payment apps and services available, the security of transaction to the customer is not hundred percent assured.

Let's not go far. My housekeeper cannot even afford to recharge her bar phone. Smartphone and internet is a luxury to her. For her even one rupee is precious. She neither knows how to make payment digitally; nor she wants to shift to a cashless economy. A cashless economy is one of her worst nightmares.

On the contrary, educated and the well-off population can contribute to the success of the digital payments. They are less prone to digital frauds. They prefer digital payments over cash transactions because of the inherent benefits of the digital mode. Still, the picture is not so cheesy for the educated class as well. Even some of the well to do population prefers cash over the digital transaction.

To be honest, I do not prefer to make online payments of bills or do online shopping. Rather, I prefer to physically go to the shop and make payments via cash. I refrain from digital transactions as far as possible.

In a nutshell, I would like to conclude that despite the need for the Indian economy to go completely cashless, our country is only partially ready for the same.

As per my knowledge, India is a still developing country, in villages, people are very poor now and they even don't know how to use bank accounts. This is the main drawback for the Indian economy. Literacy has to be developed in our country. With out having proper knowledge we can't move with that. For that our govt has to take the action on developing literacy and next to move towards the digitalization, coming to my conclusion digital payments not yet secured we get proper knowledge about it. Thank you.

Yes, digital payments are secure enough for the Indian economy to go cashless but it is not 100% secure. There are some security threats like cybercrime, different attacking viruses like wanna cry Ransome, so somehow drawbacks are there in the digital payment system and in going cashless. But we don't need to worry because Government is doing its duty by establishing cyber crime control centre with the help of Microsoft in New Delhi, these cons. By time will be removed. So till that we have to do digital payments with some securities, we have to aware about spam emails, viruses, fake websites etc. For India, there is a great need to become cashless because of corruption, theft, fake currency etc. To make a New India. SO we all should support our honourable PM's initiative of " DIGITAL INDIA -CASHLESS INDIA".

First of all, workshops should be organised in rural areas to make people aware of the techniques to handle digital transactions, they should be taught the do's and don't like they should not share their pin, user id or any confidential essentials to unknown, they should be assisted by their children that how to use things digitally, and most importantly, they should be given the basic concept of that why cashless transactions are necessary, what is their need, so that they develop an interest and by indulging interest in them, they would be more willing to understand the process, they should know how digitalised transactions can contribute to the economy, less cash leads to development of the economy.

So in my opinion, working on grass root level will definitely contribute towards the improvement of the learning techniques of digital transactions, then it will definitely work.

Hello mates,

Going cashless is a good step towards country's development, we all know that. But, there might be two major problems in front of this step. One is "Not enough cyber security", to which I think that today India has enough advance technologies through which we can overcome this problem. The second is" Lack of knowledge among people ". For this problem, I think it's a positive step. It' like killing two birds with one stone. You might b thinking how it can be so advantageous? I'll tell you.

On one side our people would get a chance to learn and explore something new and at the same time on another side they'll understand about the cashless scheme.

Hello,

Digital Payments have done our work more easy, secure as well as fast as compared to previous times. When we have to stand in banks long queue for transferring money by cheque or draft.

But I don't want to ignore the point that now also there are many villages and backward regions where percentage of literacy is very high and even they can not earn enough to complete there basics needs i.e. food, clothes, and house. Bringing awareness of digital payments in these such regions will take long time until proper support and services are not provided for them from the government.

Going cashless is the biggest barrier for corruption in India. Government can easily get track the purchasing budget of the customer. Digital payments are secure enough for the Indian economy to go cashless because it will be action against corruption but implementing it in rural areas will take lot time for bringing awareness of this to them.

Thank you.

Hello everyone!

Digital payment means there is no money in our hands and everything is online. And I think the digital payment is very secure and useful for us. And it also saves our time. As you all know that it is very helpful for us in this pandemic time because of it there is very less contact of people's for money transaction. And it is also very useful when you have no cash or credit, debit card for any payment then digital payment is very useful. There are many apps for an online transaction like phonepay, Paytm, googlepay, Imobile etc. And some peoples are not aware of online payments. And there are many advantages of digital payments so I think everyone should know online payments because it is very useful.

Thank you.

Hello everyone,

Digital payment is the most important factor these days for money security purpose. By digital transactions, people have no need to go in the bank and stand in queue for a long time, so here I would like to share some pros and cons of digital payments.

Pros:

1) Digital payments is the method to pay money to any person or vendor via different apps with the help of the internet.

2) Cashless economy is a dream project of the current govt, by cashless economy govt, has a record of every transaction of every citizen of India so it will be fewer chances of corruption.

4) With the help of cashless transaction no need to carry lots of money in the pocket. No worry about lots of cash no worries about looting.

5) It seems beneficial for bank workers to do work in a more proper manner.

Cons:

1) India education system is improving day by day but right now there is also lots of loop holes in education because without knowing about the cashless economy we can't aware of people about these things.

2) However there is always some fear in the mind of many persons about the security of a cashless economy.

3) In backward areas there is a proper facility of electricity, water facility so how we can imagine a beneficial cashless economy.

4) Eventually govt has to improve internet connectivity in every small village and city and also spread awareness of a cashless economy.

5) Via digital payments lots of frauds doing fraud with innocent people and poor people.

In my point of view, digital payments are more secure for educated peoples, they make their transactions in less time without facing the crowd in front of banks and ATM. It is highly secure for them.

But in India, when traffic on online site become worst, they must be hang and many times payment also struck in the process.

First of all, these type of E-commerce company needs a strong server which is capable of handling the huge crowd of traffic.

Then they need to inform knowledge persons about it.

The Process can be simple and secure by using bar codes, finger print scanner, eye scanner etc.

If both government and peoples try their own efforts, it is possible that India becomes cashless in few years.