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

Yes:

1. If we follow the guidelines: There are a set of rules that need to be followed to keep your digital banking secure and free of phishing. If we take care of those little points which we usually ignore, it is not very difficult to stay secure with the digital payment system. People usually miss on the small but essential guidelines that maintain a secure payment system.

2. Being worked upon: Mobile banking apps, wallets, payment banks are working overtime to help improve the security level from time to time. It is essential that people upgrade their applications from time to time when a new update is available. Instead of panicking, we should try to be more alert on digital security and make other people aware too.

3. New measures: The good news is that Qualcomm is already approaching digital payment companies to help secure their payment system. Soon Qualcomm is said to be coming up with its new features in the mobile chipset that will verify user with payment gateway using unique features that will be hard to hack or bring glitch into.

No,

1. Qualcomm report: Qualcomm has reported that most banking applications in India don\'t run on hardware security. They run on Android mode and use password can be stolen. Fingerprints that some users use can also be captured and used to sneak into your account. Security is one of the biggest challenges with digital payments and wallets. If we cannot be provided with that, a cashless economy is a far dream.

2. Hackers everywhere: It is not long back when ATM fraudulence disturbed a lot of people who lost money and had to wait for quite a long time to get it refunded from banks. Over the last week, we saw that Twitter handles of prominent leaders were hacked and abusive posts were made from it. Email databases were accessed. The biggest issue in US at the moment is also on Russian hackers accessing the system of party members and their databases. This is a scary enough tale for a nation that plans on going cashless.

3. Falling into traps: If the latest reports of Norton Cyber Security Insights are to be believed Indians are the most prone to falling into tramps of phishing and hacking. We just don\'t know when to click and when to simply avoid. The ads are not always secure and we aren't supposed to clicking on things randomly but that is not known to most people who are either using digital payments or wallets for the first time or using Smartphone for the first time.

4. Helping isn't really helpful: Recently our PM asked digitally literates to help at least 10 others who are not used to the process of online transactions and digital payment system. The problem with this is that digital banking and e-wallets are actually things that should be personal to someone. You just don't want anyone else to peek into your stuff when it comes to money matters. It is getting more and easier for someone to take undue advantage of your innocence and the next moment one can be robbed of whatever little they saved up.

5. Lack of security standards: As of now there are no security standards prescribed by RBI for e-wallets in India. The circulars only require e-wallets to have 'adequate' data security infrastructure. There have to be prescribed minimum standards for security for the e-wallet providing firms to be registered before people start putting all their faith into it.

No, we aren't completely ready to go cashless but we are on the way. There are improvements being made and as Qualcomm suggested that it will be integrating with Indian companies to make digital payments more secure, we can definitely hope for a better world where no hacking and phishing would be a glitch for India to go completely digital.

Yes, in my view, digital payments are secure enough to go cashless when we follow the rules and regulations. We see that digital payments save time and during this pandemic world the digital payments help us to go contactless, also in this busy world, it helps in saving time thereby increasing of productivity in work. It is secure enough as the national payment corporation of India provides rules and regulations for these digital payment apps like phonepe, google play, Paytm etc. It also helps in the reduction of corruption and also increases of transparency in the economy. But when coming to rural areas where most are less educated fear using these apps, so it is time for educated people to create awareness about these digital payments. Thank you.

Obviously, India secured 1st position in digital payment all over the world. By doing many digital transactions we can have proper proof to every payment that we made. As a result, we won't have to blame mercenaries who misappropriate the money of our government. If anyone tries to theft the money we will have all the security with proof. So don't bother to make digital payments, they are safe because it depends upon the digital proof.

By doing so we have to educate the people about the digitilization. Hence we all know that therr are so many unware of digital payments. Only after educating peole towards the trend we can secure the Economy of our country.

Hello friends I am Narinder.

According to me, digital payment in India is secure enough for payments until we follow all guidelines and all rules and regulations.

But firstly, people should have proper knowledge about it. People should be aware of hackers and fraud. No one can hack until we share our password and OTP. But it is found from a report that in online payment India comes number one. If all people educate and are aware of this then it will help to increase our economy and GDP growth.

Hello.

I am Somesh Rai and I believe that digital payments are not secure enough for the Indian Economy to go cashless as I believe during an SSL secured payment transaction made through any Gateway irrespective of the mode of transaction and automation there arises a point of manual human authorization/verification which poses a huge risk as no matter how secure you make a network it all depends on the person using it and how educated or smart he is to understand the risk of disclosing any information regarding it as it happens in Jamtara a location in Jharkhand India where a group of people targets individual transactions by accessing the confidential details of the persons by fooling them and get away after scamming people easily without any trace.

Hello, I'm Jaya.

According to me, digital payments are secure for the Indian economy because nowadays we are using them enormously it's beneficial to us.

A person should have minimum knowledge to use this unless it is somewhat insecure. We are using many types of apps for digital payments like Google pay ph pay I think these are very useful and also time reducing and sometimes we are getting rewards through these apps. If we have any problem with the transaction the money will be debited within hours.

According to me, digital payments are not secure enough for the Indian economy as everyone has no proper knowledge about them. For digital payments, you need technology, better network connection, awareness. Not only in rural areas but also in urban citizens most people do has not to have enough knowledge of how to use it. So, we should give first them the proper knowledge for that. At initial the use of digital payment was very low as for hackers and don't have proper knowledge but after time many people think about it and using it as it reduces the time for payment and we can pay anywhere in India (needs a better connection for network).

India being a country where most of the people are not technologically advanced, is challenging to cashless. Moreover, there are incidents of vishing where fraudsters call and collect bank details. If the phone is stolen, then being cashless, the person will be quite helpless.

Hence, going completely digital is not a good option for the Indian Economy.

Hello.

I am Shravan.

According to me, digital payments online are secure in Indian economy. Became, technology not expanded allover India. Only metropolitan cities are have knowledge how to use the technology. I non metropolitan cities they don't have enough knowledge in digital payments. In just now Indian people are learning about the digital payments. People have to get more awareness how to use the digital payments. But digital payments are necessary for our country for the transaction to another country. People who are having enough knowledge of digital payments it's very secure and useful to.