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

Hi guys.

I think we need this kind of system if we want to develop our country it will help us to reduce BLACK money. I agree this system is not useful for rural areas but we have to tech them how to use. They should know about this system. And, nowadays nothing is impossible for anyone because rural area people know how to use latest mobiles.

I hope people learn this latest technology which can help us to reduce the Black Money.

I support digital payment, as in our country most of the wholesalers are not taking money by digital means because they have to pay taxes so in the cash-based transactions they hide their actual sale and pay a less taxes, digital payment will help in tax collection. But most of the population in our country lives in rural areas and they even don't know how to use ATM so by taking this into account before implementing digitisation we must aware people about the mode of payments how to use them. Security is also another concern. As recent ransomware attack put our interest towards security. How much secured is our payment systems?

So to conclude proper awareness programs should conduct in rural areas. It is mandatory for a wholesaler to take payments using POS and proper security measure should be taken.

Recent ransomware attack show that our banking system is not fully secure. Going digital is right way to go but at the same time strong effective measures must be put into place concerning the security of banking system. As these attack create a deep divide into mind of people about hte security of their hard earned money hindering them from adopting the technology.

After demonetization of 8th Nov 2017, the government pushed efforts to make Indian economy cashless and less dependent on cash. From past few months, Digital transactions have surged in the range of 400-1, 000 percent in different sections. According to the government data, the number of daily transactions through e-wallet services such as Oxygen, Paytm and MobiKwik has shot up from 17 lakh " recorded on November 8 when demonetization was announced " to 63 lakh as on December 7 (a growth of 271%). In terms of value, the surge has been 267%, from Rs 52 crore daily to Rs 191 crore now.

With a multitude of digital transactions happening via mobile phones, the chances of a security breach exist, particularly when many mobile wallets and banking applications are not deploying hardware-level security to make online transactions more secure. Virus released by hackers like ransomware are a global threat for digitalization. Without proper knowledge of online payment, we can easily become a victim of cybercrime. Most of the rural people are either unaware or beginner on internet world. So they become an easy prey for hackers. Security measures have been not standardised by RBI properly. Most online apps companies do have strong security on transactions. Even Indian railway and airways have been hacked before. In India, cyber crime branch is not active in many parts of the country.

So, I conclude that going cashless is very important for the country;s development as it increases tax collection and counters cash crisis. Digital payment is not secure enough in India. Government and RBI should first make laws and cyber crime branch more effective.

Yes, I am also appreciate that digitalisation is most important in now days but when we are talking about the urban area then it sounds good but in rural area they don't know that how to use smart phone and also afraid of to use atm in public places and we are talking about digitalisation of India, it will work properly when people of rural area will aware of using this. Also, the government should provide such type of platform for the rural people where they can aware of using this.

Digital payment is good for a small transaction. For big transaction it is not comfatable. Online payment is always not success, some problem is create due to internet, virus, and problem in mobile, laptop and many reason. Sometime transaction failed from following reason. So I agree for digital payment for small transaction not fit for big transaction. From digital payment many advantage.

Hello,

Repeating the topic :" Are digital payments secure enough for the Indian economy to go cashless?".

Yes, Absolutely digital payments are secure enough to do an online money transaction.

One need to be very sure before any online transaction or payment. Always double check the information about receiver and website.

Fraud can happen by : - Doing an online transaction on the unsecure webpage.

- Emails that redirecting to fraud website.

A simple check is the Padlock symbol before https:// and web address should start with https:// "s" stand for secure.

Indian government are having a tough cyber team that will protect the online transaction.

The digital payments are *secure* enough and not that is digitalisation is beneficial or not.

I totally agree that Indian economy needs to digital. It is present day demand but if you ask me are digital payments are secure enough then the point that need ti be taken in account is that as technology is improving cyber crimes are also improving and to make digital payments secure and trustworthy source of payment government should not only focus on implementing the *digital idea* logo but must also focus on how these payments can be made user friendly and secure.

In my point view, every coin has two side that is head and tail so in this way we can say digital payment secure enough for the Indian economy to go cashless or not we if think about digital payment we should aware about website and our website should be a more secure and now we heard about the ransomware viruses such type of marvellous could danger for our digital payment system so my point view we should go with digital payment but we should aware about the type of think we secure about stolen money.

Thanks.

Digital Payments are introduced in India Long time before as it was mostly used by the Urban population of India but after demonetization, it comes into picture when our government decided to go for the Cashless economy. Digital payments are beneficial as it requires the little cost to do the transaction, it is time-saving, no need to stand in queue for very long time, Services like IMPS, RTGS are provided real-time transaction facility. From the government point of view, it will help to reduce corruption, can fight against black money, counterfeit currency. As all transaction can track so tax avoidance can reduce. Digital payment have some limitation in India as in rural areas net connectivity is rare, most of the people do not have the mobile phone which supports the digital payments. Most of the people don't have bank accounts. Digital payments can play a major role in Digital India Campaign and into Grow our Economy.