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

I'm dev.

Yes, digital payments are secure and definitely will help to our country to be a cashless country. For example, if you are making an online order or paying to somebody through your net banking or with your debit card before completing a transaction you have to insert otp which has sent by your bank. So the only unsecure thing here is your phone, not you are online transaction you always receive a confirmation text or email after making an online transaction. Also each and every time you receive a unique transaction Id which makes these transactions more secure so there is no chances of any fraud. What you only make to sure is always be careful while putting your user ID\'s and password. So if we can learn that how to make a secure transaction from our end it will be definitely secure enough and we would be a cashless country soon. Apart from this we have to work on rural areas where due to lack of education and technology villagers still don't know how to make digital payments they are still using cash in their routine life, so it's our duty to educate them about these things.

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.

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.

Yes digital payments are secure for Indian economy to go cashless. Nowadays all payments are via 256bit encryption which provides high security. And even if transactions failed at one money is refunded to source account again.

Yeah!

The digital transaction is secure enough in India and the major factor behind is a huge IT sector developing and flourishing in India (Banglore and Hyderabad). However, It is true that there is nothing absolute secure in Cyberworld but we can be ensured that "walls are high enough".

Beside this one more difficulty in putting India cashless is that still, a majority of Indian population live in rural areas where people are either illiterate or not aware of the security of digital money. So one can easily still money from their accounts so Government should first try to make aware them about how to make digital transactions, its benefits and security methods so they could also protect their valuable money.

Meanwhile, illiterate people can continue with hard currency transactions there should not be any force on them.

Hello everyone!

Digital payments were best because you need not carry cash wherever you go and of course, carrying cash everywhere you go is not so safe too. As well many people still Don't have an idea on these digital payment methods, govt must take an initiative on conducting camps and educating people on the benefits of going cashless.

Yes, it is a good step but its time to go because there is not much educated.

I think digital payments is suitable because India is not single country that uses digital Payments there are lots of countries who uses that so I think digital payments is safe and secure and make an very much impact in India to go cashless.

The transition from being totally relied on cash to going complete cashless economy is a revolution in itself. But I believe there are some advantages of using cash which digital world can't fulfil.

When you visit your relative's place and when you leave, elders generally give some money to children as a token of love. That "drama of denial" of money is in itself a unique feeling every time it happens. If we start sending that Shagun through a digital gateway, those moments can't be lived.

Moreover, the internet connectivity is not completely available in all regions of India. If a person has to go to remote areas where the network is not proper, he can be stuck without cash.

Hence in order for India to become a cashless economy, it needs to do a number of things like;

1. Improve internet connectivity and also decrease the price to make it affordable for everyone.

2. Open help centres in rural areas to teach the poor people how to use the digital network.

I would conclude by saying that India can be a cashless economy but it has a long way to go. It needs to first build proper infrastructure for that and change people's perspective towards it.

Hi Friends,

To discuss upon the matter of digital payment, it is the process of carrying out payments in an elecronic manner.

Digital payment is a high requirement in the present world. It facilitate us to make our transaction with a gentle tap on your device. It help us make our payment, recharges, shopping, etc done in a quicker manner. It saves a lot of time. We will no more require to stand in long queues. Apart from that, one will be able to transfer funds irrespective of location. Debit card, mobile banking, Paytm wallets are some of the examples for digital paymnets. Inordrer to make digital payment more attractive popular e-wallets provide us with multiple number of offers such as cashback, coupons, first time free payment and so on. The digital payment is made secured with captcha code and otp.

Just like everything got it's own merits and demerits digital payment has got it cons too. Digital payment is not fully secure even though it has security provisions. Living in the world of hackers, it is highly dangerous. They can peep into our personal life. More than that India is only a developing nation. Not everyone has access to digital banking system.

To conclude I would like to say that with proper development in banking sector in all areas of nation and educating people about digital payment will help them make their work easy. Using of approved banking apps help reduce security breach to an extent.

Thank You.