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

Well, I totally agree that India has a lack of infrastructure, but some or the other way it was to happen it's good that it has happened at this stage as most of the population of India is young and vibrant they can be easily taught about the digital payment mode than the elder people and this can be easily carried to next gen. I think most of you didn't understand the meaning of cashless economy with cashless economy government means less cash and more digital but not no cash and only digital. Around 50% of the population lives in urban and this number is still increasing. We can make an excuse of infrastructure in Rural India but what about in the Urban area, if say at least 35-45% population started doing cashless transition, our economy will boost to a new height. So, it a responsibility of urban people to make use of less cash and make it more available rural people. Beside that government has started a scheme to connect 2 lakh villages with optical fibre. On the top of that many NGO and government organisation are working towards educating people, benifits of Digital payment.

Introduction:.

Indian government has started digital India Mission in 2015. In which pillars like Digital Literacy, Cashless Economy, E-kranti are focussed. This mission is helping a country in almost every industry like telemedicine, e-banking, e-governance, e- commerce which include cashless payment. So it is important to discuss the security of this kind of payments.

Points:
1. There are very few payment system that are secure and most of have some and other problem like cash payment has problem of duplicacy, damaged notes etc.

2. World is moving towards digital, superintellgent era. So India should have cope up with it as we have comparatively smaller economy than developed country it will cost less to convert our market into digital and our flaws can be seen here at nourishing stage only. This will useful in future to ourselves only.

3. India has institution like NPCI, cyber cell which are working effectively and we should believe on them.

So it is always better to do something than nothing.

Only cashless practice will make away our fear of cashless economy.

Thank you.

Hello friends.

India is a developing country and digital payments or cashless economy is a demand of time. So our goi takes some steps to implement digital payments in our country. The idea of implementing digital payment is very good but it should be implemented in a phased manner so that it doesn't create any problem for all people of our country.

In our a lot of people is not aware about the digital payment so we have to give them some education about the digital2 payment1 and transactions. But our population is so big and due to that we cannot give knowledge about the digital payment in 1yr or 2yr. We have arrange this also in a phased manner so that all people become digitally literate.

The most important thing in India is the security. Because in digit economy security plays a very important role. To make digital payment secure we have to protect the data from hackers. Nowdays hacking and cyber crime is a very big problem so for implementing digital payment our government should first focussed on security without which we cannot implement digital economy in a proper way.

Hello one and all, this is Soumya.

In my opinion, the digital payments are the most secure and faster payments system. Digital payments not only reduces the need to carry cash every Tym we go out but also give us the option to do our online banking staying at home, no need to go to the bank for every transaction. We can check our balance and moreover also our passbook if the need arises. Nevertheless, there is a threat due to the hackers but that can be taken care of by stringent laws and security policies of banks and digital India campaigns should start from the root level that is from our villages. They should be first taught how to use a smartphone. Then the merits and demerits of using a phone n how to use it effectively then they should be taught thoroughly how to use their online bank services. How much it is to use along with that the things about the secrecy of OTP. These campaigns should be sponsored both by the government, socially and digitally aware people and banks themselves so that digital India campaigns become a success. Thank you. Suggest if I said any wrong.

In my point of view, the digital payments are secure enough as the speed of transaction is pretty good and post demonetization people are going cashless internet is very easily available for everyone and various apps like paytm, phone pay etc are instigating everyone to go cashless as UPI is provided to everybody there is no need to worry about the transactions as they are secure end to end and they are encrypted also. It is one of the best steps towards digital India the cost which is spent is building ATM's can be effectively utilized in any other social cause as the funds are directly transferred and it's easy the possibility of money being stored any authority also get abate.

But here are some of the cons like most of the population of India belong to village its difficult for such a vast population to accept this kind of changes besides hackers are also one of the most enormity threat to the digital transactions as ever-increasing cyber crimes the digital cash is also not the safest way to keep money.

Security of the money is the major issue for the digital transactions.

Yes, the India is moving towards being cashless, but yet it is not safe to go truly cashless. Since being cashless means all the payment transactions are going to happen via online, and that is a worry. Online transactions in India are not 100 percent safe, India cyber security is yet in developing phase. Every now or then we are heard of hacking, even Google Facebook & government sites are hackable. How can be our online transactions thought to be 100 percent safe? Online frauds are bit easier and faster and safer for the criminals. A criminal if robs a person only that person is going to be affected, but if a cybercriminal hacks someone' bank account, it would have great chances he can attack much more accounts in a less time. Yes, the traceable, what if the crime is done from some other countries. Also, the India is a country where the literacy rate is not up to where it should be and moreover cyber literacy is very low. Often the educated people become the cyber victims. Therefore We need to re-think and strengthen our cyber security before going fully cashless country.

This topic is very relevant nowadays as this as both the advantages and disadvantages are there.

Advantage:

If India became cashless first and foremost help will be for the banks as the transactions system which was done by any bank system that can be forbidden from there next vital is unnecessary wastage of paper. If India go cashless than Indian will definitely save their times and would not have to stand in lines for depositing a large amount of money and lastly they would also be safe from robbery itself.

Disadvantage:

Definitely, a disadvantage as our honorable minister has announced but he didn't teach the people of rural areas how to use it secondly the persons who are incoming 100 or 200 per day for them being cashless is difficult. It is not very safe also because the internet connection should be utmost strong as if the transaction is not done confirmed then it might create a panic situation at the same time unemployment as day by day cashless will be done unemployment will increase and lastly these cashless are more prone for increasing cybercrime as well.

In my opinion, I think that India going cashless is a good decision taken by our government. It might be an odd decision for some people because whenever the new things comes it looks strange for some time period. Like a coin has two sides head and tail every situation or every decision has its two sides which are its pros and cons.

The pros are that one donot have to carry the huge amount of money and worrying about getting the money stolen by the theft and the other advantage of digital payments are that when things get digitialised, the things can be accessed from anywhere at any time moreover the things can be get done by sitting at home.

The cons are that hacking. The transcations can be hacked by the hackers making for the people to think again as they may get their money in trouble in some way. Secondly, the people from rural areas who donot know how to use computers may find it difficult. But I think people should be made aware and they should be educated so that they can also participate in making India digital. Its a good step to put the corruption to an end.

Hello friends,

In India the technology upgradation is moving fast, every year we are witnessing a new type of technology and hence I would say that, yes the digital payments are secure enough for the Indian economy as the technology is getting better and better. Now to what extent it will be secure will depend upon the awareness of the user of digital payment technology. There are ways through which the digital payments will be secure enough such as 1. Password consisting of both and Aphanumeric and Symbols combination, 2. Checking statement regularly. 3. To use trusted website. 4. If using more than one digital wallet, never keep same password. 5. Changing password regularly.

There are few cons which are there is, 1. Chances of hacking (even more if using public WI-FI). 2. People from rural areas are not competent enough to use this digital payments.

In the end I will say that there are more Pros than Cons, there are risks however it can be eliminated if we take proper care while using this technololgy which will lead India to cashless in a safely manner.

Thank You.

Hello everyone.

In my opinion, digital payments is secure enough rather than to go cashless for the Indian economy because it reduces the crimes happened and the black money problem. As said by Narendra Modi to make India digital and also said its benefits how it is essential. Every one want that there work should be done immediately and they don't have to stand in a long que and for this digital payments will be more beneficial. Through this there will be faster response in transfer of money.

As some of my friends said, that digital payments are not secure enough as there is a hacking problems and also that in rural areas everyone in not aware of this digital payments. So for this governments has to put some security and in computer there should be a tight security so that hacking problems should be finished. And in rural areas government Sent some people who can make them aware of this digital mode of payment.

If all these type of actions are taken then one day there will be happy life of people which will help in securing our Indian economy.

That's all.

Thanku.