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

Helo everyone!

According to my point of view, digital payments are secure enough this days if it's a recognised organisation and trusted too. We should not trust any organisation. As we all know India wants too be developed country at an instant urge, so to have a developed country we should be now technology seeker inspite of any excuse. Literating about digital payment is tough but not an imposible task, it can be organised in every sector for rular areas. And we should show eveybody that digital payment is safe and a posible issue which can be done and even executed in right and positive ways.

Hello, people. Digital payments have some good Advantages and disadvantages both are in need to be Balanced by the Indian government. Digital payments are just now to people mind late 2010 onwards. This way if payments help lots of people to save time for paying bills for the electricity bill, phone bills, etc. Without stands hours together in queue. Now it has made simple. On other hand, people have some difficulties in go cashless because they need amounts for emergency purpose, for paying roadside vendors. Moreover, illiterate ppl are facing very hard to come into this digital life. They are not actually exposed to it.

Thus I conclude that this type of technology improvement may be benefited for only upper-level people, not the lower lever ppl.

Yes. Digital payments are secure enough for the Indian economy to go cashless.

Keeping in mind the competition between banks to proliferate its customer, they provide many banking facilities. One of them is digital banking which includes internet banking, Debit/Credit card, wallet or banking apps, USSD and Aadhar payment system (upcoming). These all are very secure.

For online transaction using internet banking, it has to go through various steps verification like security questions' answer, transaction password and OTP (sent to RMN With bank Account). This makes the digital payments resoundingly secure.

For payments using Debit/credit card also one has to produce 16 digit card number, expiry date of the card, name of the card holder, CVV (3 digit card verification value) number and One-time password or ATM pin.

But Debit/Credit card payments are not much secure when one lose the card and if the founder knows the pin he can make purchases by swapping with merchants. To fend off this problem banks provide blocking of the card at a phone call distance.

Mobile apps and wallets are also secure because one has to provide login pin and UPI/transaction pin to complete digital payments. Such apps also provide QR code to get the details of the payee at the ease of scanning to assuage the input of wrong details while filling the details of the payee.

Digital payments are secure also because it sends you the transaction details immediately on the mobile through texts and to emails preventing the misconceptions between two parties.

Yes, this is a time to make India cashless. Nowadays there are so many digital platforms like bhim, paytm, payu etc will save our time in banking transactions. In earlier days we have to stand in long que to perform banking operation and it has to take long time to proceed. But through this digitalization one can enjoy the banking operatios within a fraction of seconds. Even though there are some threats like hacking its good way to make India cashless.

Thank you.

I think the digital transactions s necessary for our country. it reduces the time and also we can do transactions at any place and time, all those UPI banking apps are encouraging by providing cashback offers through OTP so that we can have extreme protection for our transactions. but this is only suitable for educated people. some anti-Indians are made use of this illiterate peoples and get their bank details and cheat them. so the government and banks should give proper awareness to peoples on online transactions.

Digital payment is a type of payment in which cash is transferred to another account digitally. It has its own advantages and disadvantages. It saves people time and it is quick and easy in nature. In India, internet connection is not available everywhere and without it digital payment is not possible. In rural areas, people are still aware of this payment process. In digital or online payment, there are cases of fraud and hacking which makes people scared to use this mode of payment but this happens in very rare cases. People should be aware of the digital payment like they should never share their OTP, pin or password with anyone. Security issues by online payments applications should be increased. In my view, the cashless economy is a big challenge for the country.

But in A country like India, many complications would make this task a bit more difficult. In India, a large part of the population has been living in rural areas. Some of them are illiterate, Who haven't a single idea of Digital transactions. They strongly believe in liquor currency along with this they are not fully aware of Digital payments. This knowledge lack ness causes them in trouble. They might never accept this digital transition. They need to be aware by govt towards Digital Transitions. Because they would easily be trapped by Frauds.

It's very easy for hackers or Frauds to get Bank details of these illiterate people. So, govt and concerned authorities should arrange some educational programs in Rural areas in order to spread more awareness or knowledge to people about Online transactions.

Yes, as our finance minister MRS Sita Raman said that India will have the centralize digital rupee which is now in pilot mode so digital payment become more secure due to this.

Yes, I support you all guys.

In my opinion digital payment is so easy, simple and secured method of payment.

1. It consume less time.

2. It is too effective.

3. It makes us tension free.

4. Lt also attract us to be a digital person.

For villages our current government organise classes to make understand digital paymentand also launched many simpler apps that can be used by anyone using simple keypad mobile.

Therefore I think that in coming days INDIA totally change to digital payment transaction.

Jai Hind.

Digital payments are trending in the digital marketing which is definitely a good initiative taken by the government as we all know it made our life easier by providing so many features like transparency, fast transactions, removal of queue outside the bank, time saving, 24 hr support no need to wait for bank to open. All the bank related stuff like fund transfer and other basic need like shopping of grocery, electricity bill payment, fee payment etc can be done very easily from home with the help of digital payments.

Although in rural areas people are not very used to it, some of them don't even know how to operate smart phones so there are higher chances that they can be fooled by spam or fraud dealers/company. So, it's the responsibility of youth to teach and aware them about procedure of digital payments and related threats and it's not a big deal it can be easily accomplished by organizing awareness program even it can be a good marketing strategy many telecom companies can organize this kind of campaign and can promote their brand. In it sector lots of opportunities will be available in coming days so employment will also increase as well as economy.

At the end of discussion I want to say that good and bad are complementary of each other and both comes in pair. So, 100% security is no where it's individual responsibility up to what extent he can be secure from threat. We have been seeing lots of situation in our daily life like in travelling someones luggage get stolen, even banks are getting robbed. So, in spite of living in insecurities we should adopt digital payments at least it reduces overhead from bank and makes individuals life easier.