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

Yes, but there must be a good security system.

Taking an example of developed countries they did all the transactions through online. That helps a lot transparency in their economy. But in India for digital payments, we have to ensure our security measures like China hacked most of the bank's debit card.

According to me, digital payments are good decision took by our government. Firstly government should take initial steps that all rural people has to know what is digital payments they have to do campaigns for rural people.

1. For example, now 500/1000 notes are banned all of them are started using paying money through Paytm, Freecharge only there are some companies they are trusted and certified.

2. India is developing country we have to use new technologies to develop our country, many developed countries are using all the transaction through online only.

Yes, it is secure but not in very large scale. It needs more advanced technique to implement in proper manner.

Thank you.

Hello Guys,

Firstly, we are fortunate to say that our nation is in corruption-free now due to demonetisation. Our prime minister has taken a bold decision to accomplish highest growth in economy, employment, agriculture, and many more. Demonetisation is a long term benefitted decision there would be a gradual impact on our economy.

But now a days, the payments mode happening through online or digital, it would be helpful for Digital India movement also, due to this cashless payment no need to maintain cash physically or by hand. Buying and selling, exchanging cash everything safe and secure. Every individual can make their payments via online with their own privacy and secure.

Merits:
1. Majority banking services would become easier.
Such as Deposit, Cheques, Withdrawing and all.

2. Make their payments and exchanges easy and secure with a single click.
Ex: Paytm, Ola, Uber.

3. Can manage huge amounts and carry anywhere we want, without any fear frauds and thefts.

Demerits:

1. Sometimes there may be a chance of occurring hackings.

2. Lack of Technical awareness. (lay people, poor, laborers).

3. Unable to get back the money due to network failures which have been sent to the recipient.

It's a very good decision taken by Shri Modi sir. I am a student and I am very in touch with digital tech payment so I think its a very good opinion nd decision for anyone to do digital transaction it is safe secure and fast only if you don't tell anyone about your account info this whole thing is in your hand and I think no government Interface no bank interference for your transaction you don't have to stand in big long lines to do your fund transfer nd etc. Words are less for the decision but ha bhut faadu decison ye dil se bolna pdega salute you sir. You are going to make your whole independent and a wealthy country.

Hello Everyone, According to me, It is a very good thing that India is going digital because as we know everyone has mobile in their hand whether the person is a rickshaw driver or car driver. Also, every family having kids developing in a new digital environment. Even for a child, they eat their food when we give smartphone to them. If the child is a poor person they also friends and they are also getting knowledge from other by going outings and all. I think if the payment would go digital then every person will learn the digital things either with children or with their friends. It also develops new skills in them.

And it would really be a great revolution in the country. It is a very good idea from my point of view. Go Digital!

No, I don't think that digital payment is secure enough. There are quite a number of reasons for this. I recently heard from a responsible person from cyber crime department on how data are being hacked every day from our PC and Mobile everyday which does include secure and encrypted websites. Everyday data taken from us is used to serve ads to us related to our browsing behavior. Every day we hear some or the other way to extract details from our mobiles and PC. Even common payment systems like PayTM use saved cards for payments which can be very dangerous. Anyone that gets hold of you phone can get money transferred instantly from your card or bank.

Yes, Digital India is ready to give the security in cashless payments. Because cashless IT (information technology) jobs are increase.

I think there are both pros and cons of this. The best part is that queues in bank will become shorter. Secondly, faster transactions are possible with the help of digital payments. It also prevents us of being robbed of our money by thieves but the main hindrance in this conversion from paper to digital currency will be the lack of awareness among people. This is due to lack of education especially in villages where people got to banks even for smaller transactions. Hacking is also a major hurdle in this conversion. If the confidential data is leaked it will lead to chaos in public.

So first right measures are to be taken to ensure cyber security and then conversion to digital-only can be done. This will not only help in developing Indian economy but would also make it transparent.