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

For a country as populous as India this question is a debatable one. If we say yes it is secure enough for our economy to go cashless we might be forgetting about the numerous hacks pertaining to data, banks etc which have been happening because of technological advancements. On the other hand if we say no it isn't safe we might be hampering the main reasons behind such an initiative of the government. A cashless economy reduces the risk of theft, gives the government better understanding of the cash flow in a system which further strengthens its tax collections and can ultimately reduce corruption.

It can be enough for the Indian economy. Because our Indian country is a developing country not only in money, but also in education. Our Indian people can learn anything easily without the education. So if we teach, create or conduct one awareness program, guide them about the security level (to tell them don't share your One Time Password, PIN to anyone) in a clear manner means, then they easily understand the purpose of use it. When this process is proceeded means, then the Cashless Scheme of an Indian Economy is going to worked out. Awareness is main, security level with full confidence is the important thing to consider in this consideration/process. With full of Creating one Awareness Program and full of confidence with security level, proper guidelines is provided to the people means, they can easily use it and is going to be worked out properly.

I conclude that the Indian economy is more secure enough to go cashless world.

I feel digital payment is good because it makes a life very easy. We don't have to carry cash on our wallet. Anytime through digital technology, we can make payment. Also, it provides security as no one like to carry huge cash with them. It also safe time as we don't HV to go out to make a payment just sitting in our home we can do online payments at any time.

Maybe but when it comes to the rural area's there is no idea about the digitalisation of money? And when our digital payment is not useful to the villagers then it is no use and it has more danger than the snake because when the computer technology come to us it has advantages as well as a disadvantage in case of the hacking the normal income people will suffer from this type of digital.

I think digital payments are secure enough as the providers who are providing the service needs to take care of the security or else they won't find enough people for their service hence might not be able to grow. Also for the economy of country like India it can come. Into action as a person is eligible to transfer a big amount within no time and able to get its work done.

Hi everyone.

In my point of view, it is necessary to adopt modern technology only if it is beneficial to everyone, but if they are facing many problems from this then what is the use of implementing.

To make use of completely it is mandatory that at least minimum knowledge about the digital banking release, there are many possibilities of losing money may occur.

Going cashless is a good idea for a people who are well versed with the smartphone users when it comes to illiterates are formers it is very difficult to make a payment and now we are facing a lot of cybersecurity problems. So, it has to be done in the safer way.

I think yes, if we have used in a proper way read out all the instructions. But in India , uneducated people first of all, give the idea about how to use like don't share otp number, your id password, mobile resisters numbers then we have used.

There is a huge amount of benefits time saving, don't fear theft. Reduced correction and don't a problem of taxes.

There are many applications are used for the transitions the money don't use the local app. Used net banking.

Indian economy is expanding with a very good pace and had been ranked as 6th richest and biggest economy. By this going cashless can rocket boost its economy.

But looking at the other side of the coin shows a big threat of security, for this we need to educate our people about the internet banking and threats related to it.

In a nut shell digital payments are reliable but within the jurisdiction of common people that the can handle.

"Excess of anything is harmful".

What I feel is that digital payments are fast and saves a lot of time, can be said secure for some part as its not totally secure, a breach or a hack can be done anytime but lets just say its secure and its a great advantage to the economy of a country and its people as it takes the country towards modernization and globalization. But like one should not have total faith in anything ever, they should not be relied upon totally. They have their bane as well on the society. There are many factors at hand. Digital payment and cash payment plays a vital part in their own ways and they should be the best rest the way they are. One can not erase the other. Digital payment can not be afforded by everyone in the country but cash can be there with everyone. Some of the reasons for it can be illiteracy and poor. So, according to me, a digital payment and cash payment should go hand in hand.