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

Hello, everyone. In my opinion, the 100% cashless society is not possible, the thing we should realize about digital India is that we can go less cash but not cashless. Still, there are more people don't have much knowledge about online banking systems. Like everything, in this kind of scheme also we are not fully secured initially. It will strongly take few years to go less cash society but not cashless.

Last year in middle of October it was reported that a huge data security breach took place on debit cards. Nearly 3.2 million debit cards were affected. The worst affected was SBI, HDFC, ICICI and YES bank.

We can't just shun this incident as an aberration and won't happen again. India still lags far behind providing its citizens cyber securities. So I do not think with the current digital infrastructure India is.

Ready to go completely cashless, not yet.

But with more tight cyber laws and monitoring system it might. We also have to consider that literacy rate.

In India is 75%. And almost 70% people still lives in rural India. So in order to implement cashless transactions first we need to apprise the rural population about digital payment methods, current UPI and BHIM payment system. Huge campaign on digital literacy from Government is imperative to achieve.

The goal of Cash less economy and implement digital payment system in sections of society.

Yes, in my point of view, India must go digital, but at same time country like India, people of rural areas are still not aware of using ATM cards & with less knowledge they are unable to do, so before going digital we must take care about these things & educate them regarding this, then it will shows the positive growth.

Good evening everyone, yes it's good to go cashless to India but at present and on an instant it's not a fair of option to go 100% cashless. As India has a mixed economy and still there are number of people who are not well verged with technologies. India is that country where people easily start trusting others and even gets dependent on others. As we normally see in many of our family only that the old generation people if need money from ATM or even a mobile recharge they depend on us new generation people. But being every new generation people to be fair with other people is hypothetical condition only and same is with learning technology by old or backward generation people.

Even we have heard lots and lots of cyber crime. Going cashless can motivate to such crimes too.

Thus I would say that according to the present scenario cashless is not a secure option.

In my perspective, no digital payments are 100% secure, but they can be made such one under higher scrutiny.

The above is the problem for going digital, but their is a bigger problem in a developing country like India where only digitization takes an effective step not with the support of educated but with the whole India as one nation.

To be one such their much be an enough awareness with the illiterate class of our society for the usefulness and positive impact that creates for the one nation India.

This should be taken not as a method for development but as a movement by the people of great country India.

Hey, friends, according to my opinion, digital payments are not secure not only in India but in all over the world but they do many goods to our court system as no one can hide money or ask for extra income and most importantly the pupil has the proof of their transitions. So lastly I want to say that it is not so secure but beneficial.

Thanks.

I agree with all your comments. But, it's not ease to possible to made cashless India. However the Indian government was tried to cashless India by conducting several programmes and etc. Min it takes 3-5 years just understand what is online that's it. An illiteracy rate is higher in Bihar. It is a very very typical process. The main use of this process is internet surfing charges and bankers transaction cost extras. Later I came to know there is no need to maintain an income tax department when no corruption in India.

In my point of view, cashless is necessary for increment of our GDP. If India will cashless then all the information related to money will be in calcultive manner at the government and then they will have easily control over corruption. Then India will have come first over the development. & thanks, guys.

Good morning. According to my opinion, digital payments are secure enough for Indian economy but before that, the necessary step should be the ending of unemployment and illiteracy because many of the places in India are far away from literacy and employment. So if they become literate and employed the dream of cashless India would be fulfilled easily and fastly.

Yes, I agree with this. Day by day we can see that corruption in our country increases rapidly. This is the major problem for development of our country because corrupted people are not paying tax.

Every year government has to take money from world Bank as a borrow, this will down our country position in GDP growth.

If digital payment will implement in our country then it will reduce corruption as well as robbery.

Carrying large amount of money is a difficult task so digital payment is secure enough.

There is no need of paper for note printing so this will saves tree in future.