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

In my point of view, Nowadays digital payments are a most likely way to make payments. But due to lack of security and awareness digital payments are not safe and easy way to most of the people. Therefore now a days go with cashless is not as secure as payments is made up directly with cash.

According to me, digital payments in India are not secured yet. The recent ransom cyber attack which hacked many bank accounts is one of the questionable reason for digital India. Steps must be taken by our government for making the cashless transactions more secure.

Going cashless will be one of the biggest stepping stone towards the economical and financial growth of the country with decrement in corruption.

As 55% of the population still lives in rural area, making India 100% digitally cashless is a great challenge.

Nowadays everyone has a smartphone from a businessman to a vendor.

Steps must be taken by government to educate people in rural areas and making them aware about the advantages of going cashless. Free internet facilities must be provided to these areas.

Another problem faced is that of language. So the regional language facility must be included in the transactions.

In my point view, The digital payments are secure enough to cashless but not 100% secure enough, Our government will recover few pitfalls in this payment mode after that we can easily reach our goal (Cashless) , Once we will reached our goal, our country convert from Developing to Developed nation.

1) The main problem regarding digital payment is Digital Literacy and lack of Awareness about digital technology and Cyber threat.

2) Still now our Indian security system follow our old security protocols, This will create on 1991.

So our government and common people put a lot of effort to rectify these pitfalls, After that only our Cashless goal is achieved.

Yes, the cashless economy is considered as the most secured economy. But countries like India has so many challenges to make a mode of payment completely digital. One of the big challenges is a cyber security threat, as Indian cyber security system is not very secure therefore there is a threat like hacking. Financial literacy needs to promote via different modes. To become cashless, it's necessary to promote digital payment. The Government should itself become a role model to promote it. The Government needs to give incentives on digital payment mode, therefore people get attracted to this. If India faces these challenges successfully, it can definitely become cashless.

Right now we don't have that infrastructure of IT expertise in the field of cyber security, which is very essential for the smooth operation and acceptance of digital payment countrywide. No doubt digital payment is very much fast, easy to operate and time-saving, but to achieve these we all must have the knowledge of digital literacy especially for the urban population.

Recent malware attacks are the example of cyber threats so to avoid this in future government should have a better road map to tackle this as well people should have proper knowledge also to avoid and overcome.

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.

From my point of view, the process is very helpful to make digital India. We know that 55% people are living in rural area. But they also are now using a smartphone. Then steadily they will have the potential to cope up with digital payments. As we know 8 or 10 years ago from now the did not know what is the smartphone and how to use it. But today they are familiar with the smartphone. They have accepted the change. Like this, they will accept the process of digital payments too. But yes, a strong effort will be necessary for them to accept it and slowly n steadily they will accept it.

From my point of view, digital payment and banking is secure and Indian economy go cashless but Indian government have to increase security and make them easy because India is a very big country so it is very difficult for handling this amount of data and save all data from hackers so they have to make sure that the level of the security of data was being higher and his process was being easier for everyone.

According to my point of view, every transaction method has some advantages and disadvantages. In case of cashless or digital transaction, the advantages are, firstly it brings every sector under taxation, secondly it is much more secure than carrying cash all the time, and most importantly it helps govt to keep an eye on every citizen's bank account to create a more transparent tax structure which is very important for growth of a country.

But it has some disadvantages also, like security concerns, the rate of digital literacy of rural people of India and the mind set up for accepting this huge change from cash-based economy to cashless one. We are still in doubt whether this digital transaction is wholly secure or not. Recent Ransomware attack throws a big question towards the security of digital payment. Fintech companies should assure people about the safety of digital payment and Banks have to guarante their customers about safekeeping their money in digital payments. OTP is the best solution in this regard. UPI apps created by banks in India is a major step for secure digital payment. Now, this is not enough because 55% of the Indan population live in rural areas and they are not used to with modern technological advancement. Digital literacy programmes are very useful for this purpose. DISHA, NDLM schemes are very important here which trains non-IT literate people to become IT literate. To educate rural people about digital payment SHG 's can play a vital role. The Language problem is another major drawback toward implementing digital payments. People who are uneducated or less educated have a problem with language because digital payment solutions do not include regional language. So they should think about this problem. Most important are digital literacy and creating awareness about the benefit of the digital economy among urban and rural people of India. We need to change the mind set towards this transition and accept the new one. It is just the primary level and we have miles to go to achieve our dream of total cashless economy.

In my point of view, digital payment is somewhat secure enough for the Indian economy to go cashless because many people who are exempt from paying the tax would definitely start paying all the taxes in time and therefore black money can also be reduced at some extent. All the transaction will be done in a short interval of time if digital payment would become cashless. In some extent, it also helps to improve our economy development.

There are some drawback if the payment would become cashless because in our India, those people who are uneducated will suffer the most if they didn't get proper education to use cashless transaction because anyone can make them fool and can cheat them, but if there would be a genuine or a truthful person who will teach them, then definitely the digital payment is secured one.