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

In my opinion, digitisation is making humans more lazy day by day and in some aspects, digital payments are not secure because of the hackers. A brain can't compete with another brain I mean that all over the world there many professional hackers which are able to hack our bank accounts and something else and may create. Nowadays hacking is becoming a curtail.

No, because digital scandals are being more popular nowadays than theft. It is easy for a person to look for another person's bank details than to look at the locker details. Digital payments can highly reduce the space and paper work but making the man lazy enough for this generation. Also digital payment has its own advantages such as making the transaction more easy but there is a high risk to lose the details to the intermediary persons.

On the other hand if we take the case of NFC payments then anyone could touch their payment card to your phone and a theft could be done.

I believe digital payments are not secure enough.

The advantages and disadvantages of cashless economy are a topic for another discussion. Since the goal is to go cashless, I believe the shortcoming of the digital payments is its underlying strength which is Internet. The moment the internet goes off there is no scope for digital payments. But this is the problem faced by any centralised digital system. Apart from the above problems, another two major downsides of digital payments are its security and literacy. Everything is hackable from the most advanced system to a brick game. And that is why, people do not rely on digital payments for a large sum. While physical cash can be thieved, but even a 10 year old kid knows how to protect his money. But the same 10 year old kid does not know that a dictionary attack on a common password will take just 2 minutes to hack his account. That brings me to it's second problem which is literacy. By literacy, I mean the knowledge required to operate the system effectively. Not everyone has a smart phone in our country, nor everyone has the knowledge required to operate one. Also, by using digital payments, we are relying on a third party platform such as paytm or tez. We sure trust a lot on MNCs given the recent facebook data scandal. All in all, if the cyber security police becomes capable enough to track down the hackers and everyone is given the knowledge of the system with its pros and cons and how to use it and we are relying on Indian mediators, I think we can see a cashless system. But that is easier said than done. It is going to take some time I guess.

Good Morning,

India is a poor and less developed country. Digitalization is only partially possible. Poor people in rural areas do not have access to computers.

Thank You.

Hello friends,

I think the technology is the trademark of modern era. It has made us efficient but as well as lazy I some way. I don't think its completely secure as it can be hacked or be prey of phishing. But people should make themselves aware about these type mode of e-payment systems inorder to avoid discomfort during making various payments. It also reduces people tensions and frustrations because they don't have to keep their respective money in their hands and taking care of it. It has become easier to book various tickets via online. So, in summary, I would like to see people depend on online payment methods but also be careful while visiting various websites and to make their information confidential.

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.

Hello friends,

In my opinion, digital payment helps to faster our transactions. But all the technology has its own pros and cons, modern digital technology helps to faster the transactions. But it cannot be sure that it is secure to enough. Another major disadvantage of this digital payment is it cannot be applicable in rural areas and villages. Online transactions are risky threat to not educated peoples, they will face the major problem as they unaware of smartphones and the modern technology. Most important advantage of the this sector fastest online payment system and we can save time. The government should take suitable steps to secure the online transaction. It is a suitable for the Indian economy to go for cashless. But we are aware about the threats and take steps to avoid them.

Hi everyone,

In my opinion, everything has its own pros and cons. A cashless economy is a very effective initiative in a developing country like India. Digital payment systems are more accurate, time-saving and gives security for our transactions. It is easy to do transactions at any time from any parts of the world.

As we all say a coin has two sides, digital payments hold some problems like illiteracy among the citizens, due to this lack of literacy many of them may not be able to access to the present e-payments systems. Many of our citizens are not aware of our digital service.

Good Afternoon friends,

In my view point, for each and every development there is prons as well as cons. As we know INDIA is developing country, thus we need to adopt new technologies and developments. Therefore in my view point in this present stage digital payment is not secure enough for our country due to lack of technology as well as lack of education.

But I'm sure that in future if our country give education as well as improvement in technology it will be secure enough for the Indian Economy to go cashless.