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

Hello everyone,

From my point of view, the digital payment system in our country is secure. The transactions which are made are full encrypted. The details of the transaction is fully encrypted where there is less chance for the details to be hacked. The OTP which is sent to our mobile phones is valid only for a couple of minutes. Therefore it is safe to pay bills through online payments. However, if the payee is not aware of online transaction it might lead to many problems. Even if the transaction is not complete and the amount got debited from the account it will be credited within 3 working days.

Yes, the digital economy is secure enough for the Indians economy to go cashless because.

1- It reduces the taxpayer's fraud (they can't change or generate the different amount bill).
2 - It reduces the lost of people who are sitting at the roadside for selling the vegetables.

Reason - The people who are selling the vegetables at the roadside and a customer comes to them and buy around INR 52 vegetable (the actual cost is 52) and they paid INR 50 to the seller, so they have the lose of INR. But when the digital payments and wallet hit the market the lose was decreases rapidly and the seller is getting their actual amount of product. (The common / lower-middle-class benefits).

The digital wallet is highly secured because no one is going to take your money without your approval or until and unless you paid them. This is a good cause and we should appreciate this cause.

In my opinion, the context varies throughout the country. Nowadays people are abruptly shifting towards the smart mobile phones which is in itself a good sign to bring people to the digital platform thanks to the internet data giants. This enables all to use the digital modes for the transaction.

Regarding the safety as all the modes has 2-3 security levels like OTP, PIN, mPIn for UPI are safe enough. Sometimes, these modes fail which causes panic situation but there is no worry as per my experience the failed transaction amount is reversed back into the original account within 7 days. Also, anyone can say that I will not be able to use the money instantly in case of failure so this is truly a major drawback of payment modes like UPI.

Yes, I think its safe. Because nowadays there are lot of secure ways to cashless service. Before we go to the payment the Password, OTP are the steps through which our details are encrypted. But the most imp fact is that in India there is lack of awareness as well as lack of knowledge to use cashless service. Most of the people can't handle smartphones. So, before the implementation of this, we should make people able to use this service. Because it has many benefits. We can order or purchase the things we needed at home only. No need to go outside. It saves our 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.

This is not a right time to go digital payment. We are all know all about India illiterate people rate. In our country, there is so many rules area and even they don't know about the banking system and we are faxing the electricity problem.

Yes, Digital payment is secure enough for the Indian economy. Digital payment is easy and secure. In Indian currency is protected from the illegal notes by using digital payments. Where ever the transactions are easy by using digital payment.

No doubt, Digital payment made our life quite easier but we can use this facility everywhere. The reason behind this is that our country is not so developed & rich. In our country, many of the people are earning daily.

But in coming future digital payment will spread rapidly due to people awareness.