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

No, I don't think India is ready to go cashless at this moment digital payment. Indian cyber security is too deteriorated to put such sudden terrible step towards complete cashless medium because everyday we listen to unethical hacking, data breaching, government sites hacking. Even FB google are hackable through spam phishing and many methods. Even if we confirm that digital payments are safe enough right now but who gonna guarantee that it would remain safe in future too? a thief can attack an individual person and the loss would be to the individual but what if a modern intelligent thief gets target where whole population saving money would be at risk. He could attack number of peoples account at once by just sitting at home. I agree the thief is traceable but what if the attackers are from enemy countries. We are safe right now. Right now we should apply the cashless trial on small sector wise, department wise and gradually spreading it once we get enough belief in it.

Hello, everyone. Myself Anita. First of all, this is very Interesting and Useful Topic. The Topic is "Are Digital Payments secure enough for the Indian Economy to go cashless?" Yes! Nowaday's Digital payments are one of the vital role in India. People can no need to go bank to deposit the cash or pay the amount ; By using digital payments is quite easy and also secure. People can also buy their appropriate things (while shopping) they can easily pay the Money through credit cards or debit cards. If we forgot to bring or If we need to pay some more amount we can easily pay through credit cards from our account. So, In my point of view digital payments are well process Method. But I don't know it is enough for Indian Economy. It is benefit to go cashless, but it is not enough to Indian Economy. I hope that Government will focus and proceed the correct action to develop our Indian Economy. Thanks for reading my post!

Well according to me, we should look after both the faces of a coin. I completely agree that digitalization is good but everything has its own pros and cons and we could not neglect it. THERE are many benefits of going cashless as we are directing towards becoming a smart India. We will face no problem of change. We will be able to complete or work just by sitting at home via our smartphones but from here the problem starts in a country like India it is not easy for everyone to afford smartphones. One cannot say to rickshaw pullers bro listen I am doing paytm to uh. So digitalisation is good but it matters at what stage it is being established. So after keeping everything in mind, I think we should jump to conclusion.

Considering the current scenario, neither the digital payments are 100% secure nor 100% Indian population can go for the cashless system. There is a lot more to do before making India completely cashless.

IT industry is booming in India undoubtedly. Security is making progress every minute, but the cashless system will also be that secure, when the whole country turns cashless, has no guarantee.

Another complication here is only 2.3 billion people out of 7 billion (the population of India) uses smartphones. It becomes too difficult for the rest of the people to use smartphones and we just can't say them to do their daily transactions in a cashless manner.

What solution I can draw is, initiating cashless system progressively can help to solve both the problems.

By the time, we start doing cashless transactions we will be able to find the how secure they are, simultaneously we have to first make India an Smart India.

India, where it's maximum population, can take the benefits of the technology.

Digital payments are secured enough or not is depend on hands of users.

There are two type of users:

1. Customer.
2. Merchant/Service provider.

If both of the users are aware then, in general, we can say it is safe but when we talk about the Indian economy, it is not safe because we don't have our own data servers on which we can store all the digital payments details and whatever payment details data we store in server those are mostly located in Europian countries or the US. So, if someone from somewhere attacks our data it will be very difficult to manage it because servers are located outside India.

Online transactions are always prone to cybercrime. Also, the digital payments are not universally accepted everywhere. The digital payments have a transaction fee associated with every transaction that you make, if you take paytm as an example, it will charge you some transaction fee plus you need to have the connectivity and infrastructure and technology to use and transaction with digital payment methods. India can become a "Less cash" economy but it cannot be a cashless economy.

The cash to GDP ratio of India is smaller than that of the developed nations such as Japan.

We now rely less on cash but the advantages of transacting with cash are still not inculcated in the digital payments platform.

That was my opinion, thank you.

Hello everyone.

Digital payment means making payments in digital mode.

It is very necessary for the country's economic growth. Cash payment is time-consuming & insecure.

Whereas digital payment eliminates the risk.

If we consider today's situation digital payments are vulnerable to attack.

Through digital payment we can transfer money anywhere, anytime & it is very secure.

Everything will have its own advantages as well as disadvantages so even digital payment has disadvantages.

Digital payment is difficult for illiterates because they often don't know how to make use of digital payments.

Obviously, digital payment is secure enough to led India towards the cashless economy and demonetisation was a very effective step to promote it. Before demonetisation, digital payments was not very much in use but post demonetisation use of digital payments in India has been gradually increased not only in urban areas also in rural areas excluding exceptions.

But our government Needs to invest more on cybersecurity department because as much as the level money transaction increase hackers too will increase their level. So it is necessary for the govt to take India's cybersecurity to the next level.

Moreover to develop awareness programs regarding cashless mobile payments systems in areas in where the cashless system is not in trend.

In my point of view, is it secure or not is based on the person using it. If the person is good enough in technology then no problem arises. But the problem is with the uneducated people. Government and banks have to educate the people by conducting awareness programs. Even educated people also fall into the trap by the hackers. Digital payments reduce the corruption and it eradicates the problem with the pickpocketers. But in rural areas, there are network problems. If the internet is reaching to rural areas and people are educated then digital payment will be secured in India.

I think the idea of go cashless and digital payment are good but it only useful for that kind of people who can afford the gadgets and who they are educated and aware of using but about poor or illiterate people who they can't afford gadgets to use digital banking so first of all government should educate the people through sum awareness campaign and also teach them for how to aware with hackers and also distribute sum gadgets to poor people.