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

Yes, I agree to the statement as digital payments have made our life easy. Cashless Indian economy is a stepping stone towards development. People can access through internets and can avoid the problem of carrying cash with them. Transactions can be made immediately without any disruption. It will make our economy more advanced as people will get more secure ways to make payments. Digital payments are secure as payments can be made through debit or credit cards, money can be easily withdrawn through ATMs which are called small mans bank and are opened 24 hours in a day and are much secure as CCTV cameras are installed. Security lies on how much the person knows about digital payments and how to access it. Problem is that 80% of our economy is illiterate and not very much aware about these transactions through net ie digital payments. Only 20% people are well aware of the digital payments.

Humble view of mine is that cashless economy is a boon to our country. Because the transparency in transactions makes people's pay the taxes for their income and expenditure. But still, if there is a step moving upward there must be a clear view of positive and negative effects. Even in many villages, it's is hard to see a street light and how it is possible to make the cashless economy in such places. The internet is not accessible and it is not trustworthy as money. So the GOI should focus on developing the technical aspects and that leads us to use e-economy definitely, not by the advertisements of Bollywood heroes can make us use cashless economy.

Yes, I agree to the statement. Well according to me everything has two faces, If on one hand digital transaction is the best method to pay transactions then on the other side the country should be developed enough to implement the idea completely.

But the current scenario depicts that we first need to pay some attention towards the development of the country by increasing the literacy rates, providing the basic knowledge to the backwards people and then thinking about implementing the schemes such as digital transaction or e-transaction.

I believe in changes. We should change as per environment to fit in this world. Every coin has two sides same like digital payment also has advantages and disadvantages. But it helps to reduce corruption.

Because every transaction gets record somewhere.

I believe only change is constant. Digital payments are secure enough for the Indian economy. We know that many problems can arrive for example internet speed, illiteracy, online fraud. But I think Every initial change normally faces adoption and implementation problems. Indian government should take it as a challenge and take necessary steps for promoting cashless India.

In my views, the digital transaction is the best method to make payment. Before demonetisation people already use some digital payment apps and net banking for the transaction, but that was only limited to educated people. After demonetisation, every common man adopted a e-transaction for paytm. So, either it is forcefully or willingly, people going for digital payment.

There are some benefits and some drawbacks of digital transaction.

Benefits includes.

Transparency in the funds transfer, that will help to calculate individual income and to collect income tax.
Paperless.
Cashback offers.
Accessible from any part of the world through internet.
Curb on money hording.

Drawbacks includes:

Many people in India are not technosavy, so training should provide at the village level.
Many stores and hotel do not accept money in e-transaction.
If any person gets hacked for a digital transaction then a quick decision should be taken by police and provide compensation to the victim.

According to my point of view, go cashless is a smartwork. And it also helps to grow up our economy to a next level. But thing is that before we go cashless we must know how to actually it happen and in which procedure it's more secure and effective and privacy. So that digital payment is enough for next development of our country. Otherwise, it's riskier for us. According to me first, we have to secure it then use cashless payment.

Thank you.

According to my point of view, digital payment is secure enough in our economy, however we should attentive while using the e-payment mode for that we must follow the steps prescribed by the e-payment partner like encryption and OTP, so we can do our transaction effectively and efficiently.

Hello.

Yes, I also agree with digital payment. It is better for our country but before doing anything you should know what will be its positive effect and negative effect. The thought of digitalisation is good but for implementing it you should know that what's our illiterate ratio. Most our villages have no electricity connection because of corruption, undeveloped or so many reasons. Then how it possible to make whole India cashless. Systematic and step by step development is better for India otherwise half of our country become expert and half of illiterate.

Yes, But some drawbacks and it is very important to consider such as In our country only 74% people are literate (According to Google) then how could they payment whose illiterate and the most important thing i.e. it is literacy % not whose fluent with Internet. And second thing is Internet speed In rural areas not good Internet connection so how to use in rural areas and you all of know very well In India how much areas is urban.

So, I think first start a free campaign for how to use the Internet and build towers in rural areas and also try to aware people what is the advantage of Digital payment.