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

Going cashless is definitely a laudable step by Indian govt Let us just take it as a means of educating our "so called yokel" population which you feel is not sophisticated enough to grasp the know hows of cashless economy. You tell if not today then when are you going to suggest it? In 2050 by then rest of the world will be way ahead of us to catch upto them. We along with remote area people will be able to transact cash in a flash isn't it so convenient. We can just take it like ATMs there must have been a time when ATMs were introduced at that time it was not that appreciable but now even labour workers use it. It will blend in the routine once we accept it. Alright if its credibility is a question you feel it's not credible enough then is cash payment secure? does it not face the heat of corruption? it definitely does, so instead of reverting back its better to adopt a newer system which gives so many benefits like technological advancement, record of all money transfer, reduction in tax theft, no more money laundering through illegal ways, more money in our economy, higher GDP, diminished poverty. Cashless should be welcomed by all for the greater good of our country and its citizens. Its granted that not many have smart phones but cashless will speed up the approach of internet and smart phones In Indian villages. Which otherwise will remain a sluggish process. I don't say it declare it today only but take it step by step and start laying groundwork from today to propel it.

Yes, the digital payment must be encouraged.

As we know that almost 60 million consumers in this country that are underbanked. They wait in lines to cash checks and to pay bills, it's highly inconvenient. A product like prepaid cards saves them a lot of time and inconvenience.

In this digital age we have an opportunity to transform lives of people in the ways that was hard to imagine a couple of decades ago.

The status now is not whether you are awake or asleep, it is whether you are online or offline.

As literacy rate in India is only about 74.04% a huge crowd is illiterate and doesn't know how to make a cashless transaction and how sensitive these payments are?

Many people have been directly hit by some frauds asking their debit card details.

So, in a developing nation like India, digital payments are not that secure.

Yes, India is ready to go cashless because the software used for the online transaction is very secured. India using BHIM software which is developed by NPCI which uses Unified payment user interface that makes the online transaction very much secured until and unless your OTP or mobile numbered is not kept safe.

It's a good topic.

India is having good economy since 2 years because in this year crores of bank accounts have been open and people started money saving. Digitalisation of payment will help to the strong Indian economy. Digital payment makes people educated in this modern era. People will keep their money in bank beside of home or any safe custody, it will help to the strong economy. People will also save their time. Get Commission through online transaction. Away from the risk of theft and loss of money.

Govt is also making a plan to educate the people of the country by awareness program. Advertising. Shops and malls have also given dirn to educate the people to make India digital. It will keep your account statement in the finger tip. It will also help to reduce black money.

Thanks

Yes,

It is secure as well as it beneficial for all the people, it is helping to move on the cashless side, Digital payments helps us to do work in very less time, no need to move to the bank side, obviously, it will help to enhance our Indian economy, Help to reduce the corruption.

Thank you.

Hello, Everyone.

I think this is very important and interesting topic also for us. In my opinion cashless digital payments is very good technique for save to time in busy life but we knows it is difficult also understand those people who is living in rural areas so that they are not well educated so government should aware to citizens for take this benefits.

Thank you.

Although mobile connections in India rates at a mammoth 87/100 people, yet just 26% of them enjoy internet access, thus to ensure cashless economy, one must pay heed to the current internet access across the nation which is a primary step towards cashless payments & as far as security matters are concerned cash payments aren't safe to counter fake currency. Every vital step has its pros & cons. It's our choice whether to track pros & overlook cons or not.

Government take various steps just like link your Aadhar number to e-payment apps like (BHIM). It will help in transparent view of every transaction detail to government. And it also in Indian economy to know the money detail to the government.

Yes, digital payments are secure enough to use. Nowadays fastest growing technologies, businesses need fast and reliable data access. Electronic devices have become ubiquitous, offer easy connection to everyone people get all type of information on their smartphones, computers then why they should not use these electronic devices for payments. Yeah these electronic devices are connected to open a web which increases its vulnerability and data exfiltration but many companies are moving towards cloud services providers (csp) , in this case, one may not know the security measures being implemented for protecting the data so no one can hack the data. For authentication while accessing the data data it is not enough to put username and password only but also it requires mobile or email OTP verification which make payments secure. But in India most of the people are illiterate they even do not trust on themselve that whether they could use these type of digital payment modes so we need to educate them by campaigning village to village and make them learn how to apply security measures for digital payments.