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

Hello good afternoon everyone.

I am in favour of the topic. Digital payment is very secure and easy for the transaction of money.

It saves ous time.

It is also a step of digitalization for our country.

We also can save our money from the theft.

And we are able to check the bank balance at any time and anywhere just with the help of our mobile phones it is really making our life easy because the transaction of money is important for everyone life.

We should accept the system of digitalization.

It also resolves the problem of change because when we are going to any shop there is a lack of changes should the shopkeeper forcefully give some other thing in the exchange of money.

As we all know that we have to change something in the system like awareness the people who are not educated how they got to know to use of digitalization. Supporting to us what are the main things should have to be changed.

There are some basic suggestion for me to changing the system of the things which make us easier to all the people for transaction money as digitalised.

First of all the app developers design the easiest pattern for the transaction also give the facility of language like in Hindi or maybe audio by which uneducated person also can understand how we can transaction the money with the help of our mobile phone.

My second opinion is that the government should do some door to door campaign and advertisement in the television audio advertisement in radio also by the help of newspaper articles drawings for how to transaction is easy. Because we all know that we the Indian people are very attracted to the things of television send you the product because of their advertisement in the television So, As the same process utilisation payment transaction should be used by the all people.

So, I conclude my points we should take the step of awareness by the help of television advertisement for the transaction and make our India economy to go cashless and one thing also I want to share everything has their pons and cons. I listen to someone says it is not secure because of the hackers so as the same if you take your money in the wallet also be not secure by the theft.

For a country where a wide range of diversifies exist and each set of people have a set of diversities most of the time having subsets and supersets in themselves will lead to greater chance of confusion and insecurities when they try to step out of conventional methods. We must safeguard their privacy concerns by making the digital platform 100% foolproof and there has to be a strict act made which fastens the redressal mechanism irrespective of set the individual belongs. Most important is the provision of accountability and responsibility of government to create simple and straightforward awareness of public platforms available and the security they provide for this transactions so that the real black money comes into digital transaction for a considerable time period and get caught through proper mechanism by issue of notice for proper justification of transaction, in case there is no proper justification provided in time, must be checked in with further complications. Once this mechanism comes into the notice of the people who create this money, there must be a time gap in between where they will surely have some other route, and that must be found out through intelligence agencies observation and the quick ordinance has to be passed to act on. If the process is so, then we must be proud of our government which in direct sense can increase its trust along with great show of integrity, timely decision-making and honourable sense of intrinsic responsibility and all the sections of society cannot adapt to this cashless economy and there must be proper sources of identified national banking institutions and non-government organisations in their reach to help them with their issues solved in no time.

But we must also remember that if we aim to reduce black money and corruption issue through digital transactions, we must have proper suppression mechanism for underground elements and proper mechanism and immediate process to tackle with this illegal mechanism and again ensure the same people that they may proceed with atmost trust. Ironically, one must remember that Change begins from within but not through online access and digital platforms.

Digital payments in India has achieved lot of popularity. It happened because people using these methods have realised that making payment through these methods is secure and they can keep track of all the transactions, even the small ones which are usually escaped from our because of our fast moving lives.

One of major factor which promotes digital payments is a smart phone. There are still a lot of people who aren't using smart phones because they think it will be difficult for them to adapt it. They resist themselves to change. So, Smart phone companies are building cheap smart phones so that they could reach out to maximum number of people and Software developers are also creating apps for educating people about smart phones through their apps.

Fear of losing money is also one of the main reasons why some of them have still not adopted it. This fear is because of lack of knowledge and awareness. Government is providing information to these people so that they could quickly adapt to this new mode of payment.

BHIM App is a great example of Digital Payments introduced by Government This app links your bank account and provides user a unique identification id. Using this id people can make transactions. They will be notified on app and then they can enter their password and boom! *transaction complete*.

If the transactions are failed, they are rolled back. So, these kind of information can build trust among people.

Coming to security. Yes, no one can say that these payments are 100% secure but carrying money in pockets isn't secure as well, one has to stay aware of their surroundings and environment.

Some points one must notice before making an online payments are:.

1. Always confirm that the website is secure and payment gateway is trusted and has "https" in it's web address (URL).

2. It will be better if you'll use a password containing special characters, numbers and alphabets.

3. Never share your CVV number or ATM password with anyone.

4. If you're making a purchase for the first time on a website you're not aware before then first google it. Read reviews then make a purchase.

And remember Prevention is better than cure.

Greetings Everyone !

Our topic is "Are digital payments secure enough for the Indian economy to go cashless".

Digital payments is widely prevailing all over India and in foreign countries. Because people find it easy, time saving, proper records of the transactions in no time. If we look back when Covid-19 Hit our country, hardly 10% of people were using Digital payments because they were not use to it and also very worried about banking frauds, but in Pandemic people were not having any option to any other option to transact of their purchases. Main reason behind this was no one was allowed outside so they find this very easy way and at that time only they got habituated of it. Digital payments not only safeguards our money but also it gives track record of day to day transactions. Proper idea about where exactly your money is going. It is Safe but it also have some drawbacks which one should be very alert while paying through UPI, before entering pin must verify your receiver who you are going to pay. This will safeguards your payments/transactions. Only problem will be faced by our illiterate people, still they hesitate to pay online. It will take more decades to cover this problem but soon India will be totally Cashless.

Digital payments shows its an secure transactions but not actually it is. The more the technology is enhancing, on the another side cybercrime is also increasing along with it, if Goverment is taking measures to frauds, like millions of amount get debited daily, if there is no solution for this how one will continue his digital payments, if one has suffered he will got to know more people and they will also reduce their transactions, one will only continue digital payments when they get proper solution of their issue.

We have to look in both the perspectives then only everyone will make an unanimous decision.

Now 90% of Indians use Digital payments and 10% are still not aware, this will automatically increase in coming decade with lot more benefits.

And soon whole India will use Digital payments, Now already our UPI is accepted Globally in many countries like Paris, sooner the counts will level up.

According to my point of view, every transaction method has some advantages and disadvantages. In case of cashless or digital transaction, the advantages are, firstly it brings every sector under taxation, secondly it is much more secure than carrying cash all the time, and most importantly it helps govt to keep an eye on every citizen's bank account to create a more transparent tax structure which is very important for growth of a country.

But it has some disadvantages also, like security concerns, the rate of digital literacy of rural people of India and the mind set up for accepting this huge change from cash-based economy to cashless one. We are still in doubt whether this digital transaction is wholly secure or not. Recent Ransomware attack throws a big question towards the security of digital payment. Fintech companies should assure people about the safety of digital payment and Banks have to guarante their customers about safekeeping their money in digital payments. OTP is the best solution in this regard. UPI apps created by banks in India is a major step for secure digital payment. Now, this is not enough because 55% of the Indan population live in rural areas and they are not used to with modern technological advancement. Digital literacy programmes are very useful for this purpose. DISHA, NDLM schemes are very important here which trains non-IT literate people to become IT literate. To educate rural people about digital payment SHG 's can play a vital role. The Language problem is another major drawback toward implementing digital payments. People who are uneducated or less educated have a problem with language because digital payment solutions do not include regional language. So they should think about this problem. Most important are digital literacy and creating awareness about the benefit of the digital economy among urban and rural people of India. We need to change the mind set towards this transition and accept the new one. It is just the primary level and we have miles to go to achieve our dream of total cashless economy.

Hello everyone, our topic is, are digital payment enough secure to go to cashless?

As we know that everything has two aspects. One aspects is good and other is bad. If we talk about good aspects means if we say that digital payment is right for India. Because in today's world, almost every person is getting education. Also in rural areas, children are getting education. And almost everyone know about paytm, debit card credit card netbanking. I think when jio sim is free. Most of the people have bought smartphone. They know how to use smart phone. If they use smart phone. They use paytm, airtel money, netbanking, etc. Suppose, we take example, we go to in market and buy something. But we forgot our purse. At that time if we have a smartphone. Then we can easily payment through phone. Now most of the shopkeeper use the paytm, airtel money, credit card. And one more benefit is that if anyone give money in any charity. Then we can also know about that charity is using the money in legal way or not. Because when we payment through credit card, paytm etc. Then we can take receipt with mention date and time. If we fund any charity through paytm. At that time paytm send text message and also mail where our money is going to receive. Means we can also know that charity is using money in right manner.

Other bad aspects is, sometime internet connection is not secured. Means if we transfer money to other account or we can say that we use paytm or other any app. Sometime happens that we want to send money to other account but money is not send. Means other person hack the account and take the money. So I want to say that internet connection is only secured. But internet connection should be more secure. Means anyone want to hack account. He can not hack the account. And if he want to hack the account then something should that his some information should be hack so that we can easily know about the hacker.

If internet connection will be more secure then we can say that digital payments are more secure to go to cashless.

The need of the hour for the Indian economy is to go cashless. But 100% cashless Indian economy still remains a dream because India has a lot of population which is living below the poverty line. They struggle every day to make their ends meet and to sleep with the filled stomach. For them, smart phones and internet, a must for digitisation, remains an out-of-pocket dream. Even if everyone gets access to smartphones and internet, they are not properly educated and enlightened enough to make transactions by the digital mode. This will rather make them more prone to the digital frauds answer once subjected to fraud the faith in the digital payment system is breached forever. Money to them, even us, is the dearest thing. They can't afford to let go of their money in these digital frauds. Despite so many digital payment apps and services available, the security of transaction to the customer is not hundred percent assured.

Let's not go far. My housekeeper cannot even afford to recharge her bar phone. Smartphone and internet is a luxury to her. For her even one rupee is precious. She neither knows how to make payment digitally; nor she wants to shift to a cashless economy. A cashless economy is one of her worst nightmares.

On the contrary, educated and the well-off population can contribute to the success of the digital payments. They are less prone to digital frauds. They prefer digital payments over cash transactions because of the inherent benefits of the digital mode. Still, the picture is not so cheesy for the educated class as well. Even some of the well to do population prefers cash over the digital transaction.

To be honest, I do not prefer to make online payments of bills or do online shopping. Rather, I prefer to physically go to the shop and make payments via cash. I refrain from digital transactions as far as possible.

In a nutshell, I would like to conclude that despite the need for the Indian economy to go completely cashless, our country is only partially ready for the same.

In my point of view, I always suggest upgrading the technology, in order to compete with other countries digitalization of India play a prominent role. According to me no thing is exist without advantages and disadvantages.

Advantages.

1. With digitalization all work can be done very easily. Because nowdays all are having the knowledge of smartphone usage so money transaction or any other work can be made by sitting in home itself.

2. The main reason why we prefer digitalization is TIME. All are trying to save their time because it is as equal as money nowadays.

3. Corruption is the major fact why our India is not grown still now as we expected so by digitalization corruption can be controlled as it contains the full electronic lists of money transaction in the database.

4. As various strong cryptography technics and algorithms like SHA-1 are applied they are secure and not that easy enough to crack.

5. Safety is also achieved by digitalization because all our data is stored in the database we can easily get any information from any part of the world and there is less chance of loosing the data as it not follows the traditional way of storing our data in files etc.

6. Trustworthy, because machines are involved in doing all the work we can believe it because it doesn't know any cast or something else.

8. 24*7 services are available.

Disadvantages.

1. As in India many people's are there who is still illiterate they don't understand various processes of digitalization.

2. Sometimes data may be hacked or loosed.

As there is a less disadvantages I always prefer digital India. Although there is a various advanced technology emerging such as machine learning and artificial Intelligence still I believe at the same time the technology is also advancing to provide security for our data as much as possible.

We youngsters should support digitalization as we all are the pillars of our country.

Go digital, Go cashless and made India as digital India.

Thank you.

The so called 'developing' India will soon be 'well developed' in each and every sector irrespective of region, economy, administration, education and so on if the government Introduce and implement new policies like complete digitalisation. It's a fact that the people especially ruralites will face genuine problems for the first few months like lack of knowledge of operating online payments, lack of gadgets, treat from hackers etc. But these problems can easily be removed by the authorities through awareness programs, distribution of electronic equipments, strengthening of technological sector etc.

Compared to the disadvantages, the programme has more advantages. The method is easy, quick, transparent, and not at all time consuming. There is no need to stand in long queues. We can have record of our transactions. In fact, the rate robbery can be reduced and will be an obstacle for corruption leading the country to more clean in every aspects. IT sector is the one field which is going to gain more benefits from this as employment opportunities will rise into huge number.

More employment opportunities will be created as govt needs more departments and professionals for giving awareness to illiterates regarding the process of online transactions. 24/7 availability of online deposits and transactions are the another feature of this programme. Trade and commerce will gain more profit leading to a revolution in the sector. The rural people will get to know about this modern techniques and this will make a complete transformation in these areas and literacy rate will go up though it takes little time. This 'transparent' system also helps us to track our transactions and queries can be made if there occur any delay or other difficulties.

So, the policy of introducing a cashless India is really a feather to the cap of govt as the country will be more developed in every spheres and will definitely a boon to the future citizens of the country.

Hello, friends.

As far as the cashless economy is concerned. Any country being the developing country having two major issues i.e. Illiteracy and technology. Taking initiative, pain and the cost for overcoming both the issues are very small in front of the fruitful results of being cashless economy.

There are many benefits of being cashless economy like:.

Technologies enhancements: once economy of one country is on the path of going cashless will lead to make more and more technologies enhancements. Country will be developing more security protocols to make the transactions more secured.

Increase in level of literacy. People once know that there is no other way of living except going cashless, will be forced to take the more education and to increase the education level of their families.

Circulation of the currency of the country being cashless economy: people are hoarding the money due to the cash based country and doing the large numbers and amounts cash based transactions, which is leading the cash hoarding and hawalas' being done. Full of the Indian currency is not being circulated in developments of the India. Which may be done in the cashless economy.

Increase in Tax Revenue: Cashless transactions will be having all the track of Income and expenditure of individuals and corporations which will be giving crystal clear picture on income tax to be paid by them. Will lead to increase in tax revenue which indeed be increasing the development in the country.

Eradication of corruptions: The Cashless economy will be eradicating the corruptions from the country.

As far as both the issues are concerned, It is very easy to tackle them for the country like India. We need to stronger our education system and technology. We need to spread the more and more information.

Necessity is the mother of inventions. We should note that none of country borne strong.