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

This is actually a very good question for GD.

Digital payments in India has both advantages and disadvantages. Many of them say that the online transactions are not secure enough. But they are very much protected unless people share their private details. The recent incident was that a woman shared her OTP, passwords and everything to a person. And he robbed her money from her account. So the people who are not aware of these kind of payments are better not to use them. Coming to other situation, if we want to transfer money to a person who lives in other town, where he needs money for an emergency operation. If the day you were going to transfer is a holiday for banks or you need to stand in queues to get your turn. You can't keep a persons life in danger. So in these cases the digital payments play a very crucial role. We can instantly transfer money to his account.

So, from my point of view, India is still a developing country. Now in the present situation, we can't depend entirely on digital payments. But in future, I am pretty sure that we will see our country using only digital payments.

Digital payment secure for the economy to go cashless ! No, It does not more secure because Today fake bank Manager call to the many people to make him fool and they can easily make payment from their atm card.

Digital payment are secure but without awareness it is not secure Ex Adhar card payment, phishing site, and hacking also public wifi network. Cashless are good for making transparency to our economy but it has some area limitation, we can not spared it all over area like village. Exception are everywhere So we can take only exception area and make advertisement that our villagers go to cashless.

Anybody tell me when we make online payment through atm card or swapping of card then why 1 or 2 % charges are apply on transaction. Why I pay 1-2 %charge. So cashless does not fit everywhere.

What is the guarantee that application server does not share information as like phone Pe, paytm etc.

So first of all make very strict rule in our constitutions and apply it and, most important things that cyber security are very strong then digital payments secure for the Indian economy to go cashless.

Yes, digital payments are secure enough for the Indian economy to go cashless because every payment and every transaction that we are doing is by a online process so there will be proof of our every payment and there will be no matter of cheating. While paying as everything is directly linked with our account obviously we feel it as secure. Many apps are emerging making the payment easy so if we think practically we use time to benefit ourselves but we won't benefit others by wasting our time. We use our time to earn money and again wasting our time for spending that money is useless. So my every view account to consumption of our valuable time.

And if we worry about the rural people everything will be okay as time passes, if this digital payments seem to be successful in some areas obviously every one will learn how to do it as we are seeing the usage of phones now a days in every area.

So we can say that digital payments are safe and secure by following.

1. They are our account (bank) related operations so very secure.
2. Less consumption of our time.
3. Easy payment and;
4. Trustworthy.

Hello, everyone.

In today's world, digital payments are safe, secure and convenient for the Indian economy but only if our literacy rate is increased. However, this is not possible instantaneously all of a sudden to meet the present day scenario of digital economy.

So govt should take measures to educate and create awareness among people atleast for the basic transaction. Online purchases, etc. In addition to this, people must be made aware of the discrepancies if they are not cautious. For example like disclosing their passwords, account info, giving fingerprints unknowingly in apps like Bhim, will arise security concerns.

We (the students) must also support the "young India campaign" to make digital payments secure. Every person must take there stand.

Govt should also introduce digital portals in local languages like Assam govt did. So common man can understand how to go cashless easily.

Govt should also take stringent action against cyber crimes, cheating of illiterate person.

By taking proper measures for illiterate people, digital payments are mostly secure for the Indian economy.

According to my opinion, digital payments are much more secure than the cash because of the following reason.

1. It is easy to carry. In India, before digital payment, people feel unsafe when they have to carry a large amount of money with them.

2. It is easy to transfer. Before this, if any people want to transfer money to other then it necessary to go to the bank for transferring money. Now in the present days, we use mobiles & various electronics gadgets to do this.

3. It is highly secure. It uses various security checks like OTP, password, biometrics etc.

But there are so many demerits, as we all know in India there are 65% of the total population are dependent on agriculture. And they don't know how to use mobile phone & gadgets. They are easily cheated by the people. So firstly, the Indian government should have to start an awareness among the people related to digital payment.

So we conclude that digital payment is not much secure in India because of lack of knowledge among people related to this. But it will take at least 5 years to the completely secure Indian economy.

Hello everyone.

In my opinion, digital payments is secure enough rather than to go cashless for the Indian economy because it reduces the crimes happened and the black money problem. As said by Narendra Modi to make India digital and also said its benefits how it is essential. Everyone wants that their work should be done immediately and they don't have to stand in a long queue and for this digital payments will be more beneficial. Through this, there will be a faster response in the transfer of money.

As some of my friends said, that digital payments are not secure enough as there is a hacking problem and also that in rural areas everyone in not aware of this digital payments. So for this governments has to put some security and in the computer, there should be a tight security so that hacking problems should be finished. And in rural areas government Sent some people who can make them aware of this digital mode of payment.

If all these types of actions are taken then one day there will be the happy life of people which will help in securing our Indian economy.

That's all.

Thank you.

According to me. Digital system in India is secure. To go cashless although it is not extremely secure. Only some of the banks like SBI have 128-bit encryption security while many don't. This makes them vulnerable to hackers. So in process of encouraging digital payment banks and other financial institutions have to also upgrade so that people can trust them blindly so as not to lose their hard earned money.

After financial institutions what has to be done is increased awareness. A Large population of our country is illiterate. First, they will be reluctant to go for digital payment. Even if they start. There will be cases of security concern so. I can not think of a fully cashless society in India as of now untill 2025. Unless something extraordinary revolutionary changes come in the system and ideology of people.

At last talking about the security. Digital payment can be double edged sword. At one time it can result in ease as. Transactions are fast and easy but at the same time, it can create a total havoc in society if there are frequent security breaches or frauds or cyber attacks.

Like a coin has 2 sides in the same way. India going cashless has its both prons n cons. India being a developing country, going cashless would increase our development. Not only this theft, corruption, tax thefts all are going to be reduce drastically. All payments could be done in a single flash allowing instantaneous transfer of money. Your all transfer will be recorded and hence no chance of theft or any corruption.

But yes on the other side a question arise is it possible to make a country like India where 37 percent people are illiterate? Answer is no, its not possible in a single stroke, we need to put some efforts for it. First of all, govt should launch campaign which teaches rural old and uneducated people that how going cashless will help all. Once they will understand the benefit, they will surely learn it. And moreover earlier it was thought that atm will not be suitable for labourer but now we can see that all use it. Similarly, if we will try to blend it in our system it will be accepted by all. People will learn it and our country will reach heights of success. Thankyou.

Good afternoon everyone.

My name is Granthana Dutta,

I want to highlight some points, on this topic.

Is digital payment is secure enough for the Indian economy to go cashless ?

Yes, digital payment is secure, reliable, easy and fast.

If I relate with the presence condition of Indian economy I would like to say online payments are so more time saving, so that by using apps we can send our money to bank account. In shopping malls, we don't need to carry a huge amount of money because if it gt stolen somehow and also as well if we are carry our debit or credit cards if cards get stolen we can immediately gve a can to bank and can it easly. For school or college fees we can also do the transaction easliy via online apps.

Also In rural areas I should mentioned that govt so give the people some time and help them to knew how it's beneficial and time saving, because in rural areas, they get scared to use it for there money shortage in the bank bank so they repudiated it easily.

All over these digital payment, is something which is very much help and it should solemmized well day by day.

I'm dev.

Yes, digital payments are secure and definitely will help to our country to be a cashless country. For example, if you are making an online order or paying to somebody through your net banking or with your debit card before completing a transaction you have to insert otp which has sent by your bank. So the only unsecure thing here is your phone, not you are online transaction you always receive a confirmation text or email after making an online transaction. Also each and every time you receive a unique transaction Id which makes these transactions more secure so there is no chances of any fraud. What you only make to sure is always be careful while putting your user ID\'s and password. So if we can learn that how to make a secure transaction from our end it will be definitely secure enough and we would be a cashless country soon. Apart from this we have to work on rural areas where due to lack of education and technology villagers still don't know how to make digital payments they are still using cash in their routine life, so it's our duty to educate them about these things.