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

First, we have to understand the difference between the cashless or without cash transaction. Yes, we need cashless that means we should use digital transaction as much as possible. We can eliminate cash currency completely from the market because it will not be practical.

Now coming to security, yes we don't have a perfect system for cash transaction but we have to take initiative for change.

All that is necessary for the secure transaction can be done in future but first, we have to start this initiative.

For security reasons, we should do few things.

1. First, we should start awareness program as we know there was 25 crore family who did not their bank account.
The ground reality is the people of villages which contains almost 65% of our population is not used to the banking system.
We have to educate them. We have to give them trust that their money will be safe because people still afraid for deposit their money in bank account.

2. Now cyber security came for making a secure transaction.

3. People's participation is necessary. Those who are educated should teach their known one.

4. It will become more practical if Service charge will be less because no body wants to give extra money if they can use it by less money.

Yes, From My point of view, India is improving day by day if we can see any fields which required improvement. From literacy to Economy India is becoming strong. Digital India is one of the Biggest step taken to put India to the next level. Being cashless and having balance in digital accounts is not only helped India to stop corruption but also it helped people to know how they can have the best use of their money. Where security is concerned govt is starting their own payment wallets which are also a helpful hand in the new scenario of going cashless.

As per my knowledge, India is a still developing country, in villages, people are very poor now and they even don't know how to use bank accounts. This is the main drawback for the Indian economy. Literacy has to be developed in our country. With out having proper knowledge we can't move with that. For that our govt has to take the action on developing literacy and next to move towards the digitalization, coming to my conclusion digital payments not yet secured we get proper knowledge about it. Thank you.

Digitalisation is the big step towards development. It improves Indian economy and more convenient to use. It helps to reduce corruption and avoided black money. But every system has a good ar bad side of the coin. Problem is that India is still developing the country and 80% people are illiterate and not so much aware about digitalisation. Most of the village are below BPL that's why they are not even able to buy a smartphone. And the smartphone is a most important thing used in digitalisation. Another main problem towards digitalisation is hacking. It is not long back when atm fraudulence disturbed a lot of people who lost money and quite wait for a long time to get it refunded from the bank. Soo more security is needed. Therefore India is not now totally ready to become cashless.

Digitalisation is the big step towards development. This helps to improve Indian economy. Digital payment is more convenient. Because it requires no time, no need to go the bank and this can help to irradicate corruption, scams. But as we know every system has a good and bad side of a coin. That means we can not go totally cashless. Because Indian is still a developing country and most of the people live in villages so they are not aware of such things. They even can't think to pay through mobile or by card because of security fear. So totally digital system will be the milestone for India. But yes we can improve this slowly.

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.

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.

Yes, digital payments are secure enough in one way but along with the positive they are negative consequences too, being a developing country where the literacy rate is not up to mark digital payments can make people learn but beforehand a proper pathway is needed as many rural areas are still lack of electricity how can a digitalization possible. In other way, digital can reduce fraudulent money making, but the chances of increase in hackers cyber crimes are more. So the digitalization should not be a just a word but it has to be highly secured than only it can create a change.

I think digitization in India will create economic and social divide among poors and riches. Here everybody is being pressurized for going cashless. Nobody cares about people wokers, farmers and below poverty line families who are facing immense pressure of cashlessness.

Yes, there is no contradicting the fact that digital payments are a safe and a secure method of transaction, recently PM Narendra Modi launched the app BHIM which is an online money transfer application. Speaking for the security reasons this app has a three-tier security system.

Firstly, it syncs to your bank account so that only you have access to it.

Secondly, it is registered through your mobile phone so you can manage app on your device if in any case the sim card is duplicated by someone fraud acquiring your documents for that the third and final tier is the 4 digit passcode so eventually the passcode is entered in order to access the application.

The major benefit of the app over other apps like paytm and mobikwik are, it doesn't require any device to the device transaction. The money can easily be transferred to a UPI linked bank account if not that, the sender can transfer money through IFSC Indian financial system code by just knowing VPN of the payee's bank account which adds one more benefit that is no long bank account numbers are to be remembered, just remember VPN and you can transfer money on the go.

Thankyou.

I don't think so because most of the people from the rural area are not able to go for cashless & if they try, they might get fooled because there are lots of cheaters in the market. Digital payments are secure but only for tech savvy people.