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

According to me, as people above are saying 55% people are living in a rural area so it is difficult for us to go cashless by now but my concern is. Today even a rickshwala can use a smartphone so it is not that impossible for the rural areas too to cope with this situation we just need to work hard on this issue and we just need to think to solve it by pushing in with different ideas.

Going digital is a positive step towards the development of an economy. But how far will it help everyone in the country is doubtful? When we analyse the environment around us do you think we have an inclusive growth? The transformation will be fruitful only when everyone accepts and welcome the change. But for that change to happen people should free their mind from conservative thoughts and realise the potential behind the change. This is not going to be that very easy unless the govt take exclusive steps to bring the entire rural people into the digital net. The next major drawback is the security concerns. India is not completely secure in its transactions. People might be using smartphones but how many digitally literate people are having it is again a question of debate. So to enjoy the boon of digital payments a massive transformation is needed by all the classes of the society.

In my point of view, In India, about 70 percent peoples arer educated and in which less no of mobile or internet users well aware about cassless transections so now it is not easy to make India caseless.

Let's not answer it impetuously, we should all put our opinion and come to a conclusion.

I would reply affirmatively to the question put in front of us, as I have efficient abutment for my argument.

If it wouldn't have been secure then why is government putting so many efforts in digitalizing and making smartphone and internet services cheaper and cheaper.

It helps the government of India to generate tax and keeps an easy check over individuals income and expenditure.

It reduces the concept of black money as the account is under government surveillance from a survey it was cleared that in India only 10-15 % of earning class pay taxes and as we know that taxes are the greatest source of capital for the government. It will definitely help in the uplifting of India's economy.

If anyone of you has any other opinion or want to support my thoughts that this is the best time to speak.

Yes, Digital payment system is secure enough for those who take precautions while doing transactions and do not share or save the confidential details on internet linked application. Digital security is dynamic. You should update your Digital payment applications whenever upgrades are launch. Application upgrades usually take care of the latest possible attacks of viruses which result in further improvement in security.

Apart from this, there are many other reasons that break the dream of India going digital.

1) Number of mobile users and Internet connections: In India, with a population of 1.311 billion, there are 684. 1 million of citizens use mobiles phone. Going further this number goes down till 300 million who uses smartphones. Almost 1 billion peoples don't even know what is this digital payment system. And if we talk about internet penetration, it is around 15% with less than 4% people owning a 4G handset. These statistics gives the broad picture about how far we are from the dream of cashless economy.

2) Merchant Acceptance: India is a hub of retailers and many of the retailers don't have that much allocation to install digital payment services. And there isn't any rebate or any profit associated with digital transactions.

3) Attack: latest WannaCry Ransomware attack still gives question mark on technology whether is it safe for monetary related services. Such attacks reclaim many of people to go on the digital platform.

4) Language compatibility: As most of the digital payment services operates in English. Most of the regional language people won't feel this system as user-friendly as lack of language barrier. It must be a wake call for government and private digital payment service provider that regional languages should be included so that the transaction becomes easy.

I am welcoming the initiatives taken by Government along with private payment service providers to improve the cashless transactions however I think that Government should also work on improving the internet connectivity in rural area, give subsidies on smartphones or may reduce tax which will fall down the prices of smartphones, provide digitals payment knowledge centers to educated people, regional languages would show up in the app.

Parity between cash and the cashless transaction is impossible to achieve in India but we can move closer to it. Good fruits are a result of time, let wait and watch, where this new era of digital transaction lead us to.

According to my point of view, it is somewhat difficult to go cashless by just doing digital payment because a large no of people are not much aware of Internet and the people are not operating smartphones. More than 55 percent of Indian population are living in rural areas. They people can't do online transaction even some people do not have a proper bank account so it is difficult.

If there is problem, there will be solutions. If there is cyber crime, other side have cyber security. The only need is of awareness. India is technologically developing. In todays fast life, Digital economy is performing crucial role. It is very time saving and security based if we follow secure system. For such reason awareness & education, trainings are necessary. Please go with official sites who guides the valid payment procedures and do not believe the information shared by social sites. Digital payment is smart technology which gives comfort life. We should follow the same. Going cashless and adopting digitalization is sign of success.

Yes

1. If we follow the guidelines: There are a set of rules that need to be followed to keep your digital banking secure and free of phishing. If we take care of those little points which we usually ignore, it is not very difficult to stay secure with the digital payment system. People usually miss on the small but essential guidelines that maintain secure payment system.

2. Being worked upon: Mobile banking apps, wallets, payment banks are working overtime to help improve the security level from time to time. It is essential that people upgrade their applications from time to time when a new update is available. Instead of panicking, we should try to be more alert on digital security and make other people aware too.

3. New measures: The good news is that Qualcomm is already approaching digital payment companies to help secure their payment system. Soon Qualcomm is said to be coming up with a its new features in mobile chipset that will verify user with payment gateway using unique features that will be hard to hack or bring glitch into.

No

1. Qualcomm report: Qualcomm has reported that most banking applications in India don't run on hardware security. They run on Android mode and use password can be stolen. Fingerprints that some users use can also be captured and used to sneak into your account. Security is one of the biggest challenges with digital payments and wallets. If we cannot be provided with that, cashless economy is a far dream.

2. Hackers everywhere: It is not long back when ATM fraudulence disturbed a lot of people who lost money and had to wait for quite a long time to get it refunded from banks. Over the last week, we saw that twitter handles of prominent leaders were hacked and abusive posts were made from it. Email databases were accessed. The biggest issue in US at the moment is also on Russian hackers accessing the system of party members and their databases. This is a scary enough tale for a nation that plans on going cashless.

3. Falling into traps: If latest reports of Norton Cyber Security Insights are to be believed Indians are the most prone to falling into tramps of phishing and hacking. We just don't know when to click and when to simply avoid. The ads are not always secure and we aren't supposed to clicking on things randomly but that is not known to most people who are either using digital payments or wallets for the first time or using Smartphone for the first time.

4. Helping isn't really help: Recently our PM asked digitally literates to help at least 10 others who are not used to the process of online transactions and digital payment system. The problem with this is that digital banking and e-wallets are actually things that should be personal to someone. You just don't want anyone else to peek into your stuff when it comes to money matters. It is getting more and easier for someone to take undue advantage of your innocence and the next moment one can be robbed of whatever little they saved up.

5. Lack of security st

It is evenly true that India is a growing country and it is also true that a growing country is not well equipped. So if we want to take advantages of cashless payment and other online transactions then we must grow our country to that point where it can fight with all wanted/unwanted online crimes. Besides that, all most 50-55% Indian lives in rural areas where they are unaware of online crimes and they are also not well educated, so before we go cashless transactions we should remind us that how to aware people about this.

Above all of this, I can say that it is a good step towards the future.

We all know that India is a developing country. Many initiatives are needed to make this country developed. In this way, DIGITAL PAYMENT is a better initiative idea because MANY DROPS MAKE THE OCEAN. So, my point of view Digital payment is better but it is not secure 100% by Cyber attacks. The probability of cyber attack is very few in our country because our country always trying to reduce these type of attacks and succeed largely. Apart from these sides Digital payment is not so much time consuming, nowadays a large number of the population have smartphones and every person has not enough time, they can save their time through digital payments. Actually, every child can also pay their bills at home through digital payments. Many companies already believe on digital payments.