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

From my point of view, it is high time for our country to go cashless and promote digital payment. Anything is not 100% secure but today we have 20-25% people using digital payment in cities. We may rectify problem any try to solve it so that when majority goes with the cashless we have to not face enough problem. And the last thing is that everything has a start and I think it should start now so that major problem (corruption) should vanish.

From my point of view, Cashless Transactions very much important for Today's India to Control Corruption. But other side Security of online transaction should be most strong and be frequent. Today's security is not enough because no online transaction company giving any confidence or Refund policy on the transaction in case the money stolen or etc. So in this case of the digital payment transaction. And increase the security of online payment.

Hello.

In my opinion, making Indian economy cashless could prove to be most efficient and accountable step. But directly going for it could be the worst step. As we all know our country has a wide population and different classes of people. And the majority of them are rural and backwards communities, who don't even know what is digital payments. So I think first we must make people aware of it by spreading more awareness among through campaigns and advertisements. Should make them aware about various advantages of digital payments Also, the government must opt the multi-layered security system and should set up more anti cyber crime forums which will trace any type of cyber malpractices 24x7. By this people feel more secured and will come into the online habit and ultimately will go cashless more easily and more securely.

Thank you.

I don't think this is a good step if you consider the whole country. If we consider only a state like Delhi where around 25-30% of the population don't even have permanent residence proof (living in unauthorised colonies) so most of the people don't have bank accounts. And people are not properly educated to handle the online transaction. Consider if you want to pay online through credit/debit card you have to pay tax. In order to save tax, you use a vendor like Paytm, meaning people will rely more on these sites which may not be the safest mode.

It is a good thing. Encouraging digital transaction we are reducing the black money. IT is not able to stop the corruption and we have to reduce it. Educated people more benefit to the digital transaction. Village people they do not know how to use digital transaction and how to use the internet.

Every transaction is online it will not better because some of the members are hacking the account numbers.

In my point of view, digital payment is very secure because one thing we all come to know that even after people unaware of digital payment they are trying to do so and in that span they come across the different system.

And there they do learn something about Digital world. After launching the BHIM app many middle-class people became aware of it and they used it even a fruit vendors, vegetable shop and many more they all came across it. About the security nowadays app have many security systems so its quit impossible to do any thing wrong to the digital transaction.

According to me, Digital payments are much secure than cash payments in terms of thievery. May be there could be a sense of fear of internet theft. By using digital payments we can avoid black money and corruption because all the sales purchase transactions will go through the banks. We have less probability of counterfeit money. It is fast and reliable and easy to use. Now a days all people are using smartphones so they do not find any difficulties to make digital payments. There are numerous benefits of digital payments.

Hello,

Yes, according to me, digital payments are secure enough because as we all know our country India is a developing country, so now a days most of the people are aware about the technologies and our government works on cashless scheme in very efficient manner thus security risks are avoided and normal people are capable to do their payments caseless.

So, cashless scheme is very efficient for Indian economy.

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.

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.