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

According to my opinion, digitization to be made more secure for practical use of it right today there are only 56% of people who mostly using cashless transaction and should be increased for sure by making people aware of comforts and my programming securities should be laid to avoid technical errors anyway our country is new era I am expecting that after 5 years there will be 85% cashless others will be small transactions.

There is no doubt that India is moving towards digitization. It is also an opportunity for us to make contribution into this wave. Our govt is making tremendous efforts to make this wave successful. If it happens, we can save our time and efforts. But if we think towards the other side there are some loopholes too. Aadhar data leak has been in news for many months. There are also many cases of balance theft or phishing. So, to check this, first govt should aware the common people toward digitization. Govt should check the availability of smartphones etc.

Here the topic is that are digital payments secure enough for the Indian economy to go cashless it has a lot of advantages which increases the security and reduce the corruption. Here cashless scheme makes India developed and improving security in public. Nowadays, when we have lots of option regarding digital India like OTP. Digital India makes payment easy.

Hello friends,

We agreed with our Friends and digital payment able to secure enough to get Indian economy cashless to some extent level. For cashless economy education and awareness is the most mandatory requirement for performing our work or task online and digital mode. Our Indian population is not enough literacy ratio to get 100% cashless economy but late on we will able to achieve it our government and Indian banking is doing continuous efforts to make our economy cashless. Sweden, Canada and UK is some examples of cashless economy. It benefited our economy and our people very much we can perform our financial work online anywhere any time. It also helps in preventing black money circulation, terror funding and money laundering etc.

In my view, digital payments are secure enough for the Indian economy to go cashless. Because after demonetisation many UPI platforms were developed to increase digital transactions. No other can do the transaction without the intervention of the user who owns the account. After each transaction, we will get a message of the transaction status. One disadvantage of the online interfaces is that it can be hacked which may lead to data loss.

Hello friends. There is no doubt to say that digital payments are secure enough for the Indian economy to go cashless. This is going to be so helpful in future. We can make any transaction at any time, and the account holder have all the updates about his account transaction. It also protects our nation from the corruption because all records get saved in database i.e. the information about the receiver and the sender is already verified. I want to say one thing that India's literacy rate is at 74.04%. So what about those who are not literate, they do not have any idea about Digitalization and even can't use the Smartphones. Then can ask for help but there is no security in that case. So if we want to make our country purely cashless just like Canada, US etc, we to remove illiteracy and poverty too from India. Thanks.

This is a new era where our economy is entering into a new phase of digitalization. Yes, digital payments secure the Indian economy to go cashless. But before this the government has to take immediate steps to aware all the people of digitalization. It should also provide the convenient means through which all people learn the use of digital payments for their online transactions.

Although the Indian government and the corresponding relevant agencies have taken a lot of steps ahead in the field of digital security, security is an issue which will always be present. When there was only cash (no digital payments), the major security issue was a direct loss of cash through physical theft and burglary which required only physical strength and skill. This could be done locally by thieves and by physically being present. But at present, in the case of online payments, it requires a great amount of knowledge and skill for a fraudster to carry out a false transaction. But this does not require physical presence and our economy could be vulnerable globally which makes it difficult to track back to the criminals. This has led to an increase in smart cybercriminals, which requires the security agencies to be smarter. The hackers always try to find out new ways to breach security, which require our agencies to be on alert always. Although OTPs and PINs provide a high level of security, there are still ways to reach them.

As far as our India is concerned, it is ranked 23rd in the global cyber-security index. And it also ranks 3rd in the number of cyber threats faced (according to Symantec). So first of all, our country needs to increase the number of cyber-security officers, and their skill and intelligence before going completely cashless.

And as mentioned by our friends, the literacy rate in our country is not very high, especially in the field of cybersecurity. So I don't believe that India is still ready to go completely cashless, in spite of the innumerable advantages, due to the complex nature of risks involved. But I believe that a large part of our economy will become cashless in the coming five years.

Digital payments have a lot of advantages but in India, the system is not quite equipped. Even though there are many agencies and security companies hackers are able to hack-in and retrieve data. It is a really good initiative by the government to go cashless as there is a lot of black money and the process of digital payments reduces the ill effect to none. In some cases liquid cash might get torn, might become a soil note, this is reduced by digital payments. Digital payments is way faster compares to convention method of transaction. Proper systems to ensure safe and secure transaction through internet must be ensured.

Digital payment is the platform for online transaction, as in today's world every one is busy and don't have time. Digital payment has more prominent after demonetisation. As people understand the importance of cashless transaction. It is very safe and can transfer any amount within second with proper security by OTP. It's very easy to use and record all the transaction properly, save time. Reduces corruption, RBI does not require to publish new notes, less robbery, During demonetisation we have to understand on long queue and many times we returned without money. But after demonetisation government has launched many apps such as BHIM, PAYTM, PHONE pe through which we can send any time. But is our country is ready for digital payment? Because 50%population is illiterate, no electricity in the remote area, many cases of pushing stop the way of the common man for digital payment. So, I can conclude here by saying its a very important, safe and easy platform but required more technical knowledge to the people to implement.

In India, people are not so aware of Digital payments. But nowadays digitalisation is growing slowly and people are going cashless. It requires more cybersecurity. Before digitalisation, the security problem was by thieves but now it's by the hackers. According to me, OTPs and PINs provide a great security but it isn't completely secured. But I think India should keep more cybersecurity officers to improve security.