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

Digital payments are a good option for quick and time saving but there is a security issue raise because the number of hackers and another miss conduct authorities take the benefit and miss use the account number or any digital payment. When Jio SIM is free then people use their smartphones and they learn about the payments and other benefits digitally. Cryptocurrency also used in other countries but in our country, it's become very much difficult as there is no such system that we track the record So recently Indian government decided not to allow these type of currency legal. Some good aspects is also there for digital payments. We have not to queue in banks and the payments from one place to another becomes very much easier.

If we consider the economic point of view then definitely a big yes.

But, if we consider the cybersecurity issues as well as illiteracy rate of India then definitely it's not the perfect time to implement it blindly.

Coming to the economy of India, surely digital payments will help to reduce the black marketers many fold. Also GDP will increases due to the reduction of black money in infrastructure as well as import and export industry.

On the other side cybersecurity is a major issue for the under developing countries like India, it will take a lot of time to strengthen the security issues.

So as a conclusion we can say, every bold move faces a lots of problem before its get implemented successfully. Same in the case of digital payment. We can give our well wishes and full cooperation with the government to make that dream a reality.

Thank you.

Digital payment is the platform for online transaction, as in today's world every one is busy and don't have time. Digital payment has more prominent after demonetisation. As people understand the importance of cashless transaction. It is very safe and can transfer any amount within second with proper security by OTP. It's very easy to use and record all the transaction properly, save time. Reduces corruption, RBI does not require to publish new notes, less robbery, During demonetisation we have to understand on long queue and many times we returned without money. But after demonetisation government has launched many apps such as BHIM, PAYTM, PHONE pe through which we can send any time. But is our country is ready for digital payment? Because 50%population is illiterate, no electricity in the remote area, many cases of pushing stop the way of the common man for digital payment. So, I can conclude here by saying its a very important, safe and easy platform but required more technical knowledge to the people to implement.

Hello everybody.

As each and every coin has two faces so as this topic.

This "Go Cashless" scheme t is really an appreciable step taken by our Indian government.

-> Because it's making people digitized.
-> They are learning on the apps.
-> It's time-saving.
-> It's also maintaining the transparency between the government and the citizens, and working as a helping hand in reducing corruption.

On the other hand, apps which is most widely used for transactions " Paytm" is a Chinese company and we have a blind faith on it. Logging in means giving all your details to the Chinese shareholders. Now, if we talk about the future, maybe at the time of financial calamity like world war 3 they can withdraw all the money from accounts and may leave India helpless.

So, making India cashless by promoting Indian transaction apps is an immense need in today's world scenario.

I think that in India 40% are illetrate. So if the government suddenly make our India to use digital payments thn it may be their biggest failure. So before starting that they should first illterate the people and firstly they should guide them.

Hello everyone!

I would like to raise some points in the favour of digital payments rather than to go cashless because in the country like India it is more favourable. We know India is the second most populated country following China, most of the time we face cash problems in ATMs and even in Banks. If we would have such facilities than we can fulfil our needs going with this. We can't deny that for making such payments we need good internet connectivity but on the other side many mobile applications like; Paytm, Mobikwik etc. Have been developed which can work on normal speed internet. We know very well that people from rural areas can have also access of this as they are very active on social media but here the point of concern is to make aware of this to them.

Digital payments are more secure and worthwhile in our country because here many corruptions issues are occurring day to day works that may be in Government or Private sector, it will help to reduce this in large extent and another vital issue like; theft and robberies also occur in our society, digital payments will surely help to reduce these malpractices.

Thanks.

From point of view, going cashless is surely a step towards transperant India. But, like rest of issues it has its own pros and cons.

Pros.
I don't want to bore you with the points that others repeat.

Cons.
1) Village peoples have restriction in network services.
2) rural population has higher percentage of illiteracy, so it's tough for them.

Solution:.
There should be a minimum transaction limit like say 2000 or 1000 above that cashless digital transaction should be carried out.

Rest should be continue the way they were.

So it can't affect illiterate rural people unless literacy rate increased above 90percent.

Then we can go completely cashles to where ever we like.

Hello everyone,

In my opinion, digital India is a good idea which make our transactions quicker and easier within fractions of seconds and it is the modern technology which can have better control over administrative and finance. But as we know for every thing there are pros and cons by using online transactions there arises security problems and recently we came out from cyber crime.

If we observe in our Indian population many are comfortable with non digital transactions as they are unaware of advantages of online transactions, so suddenly a complete change cannot be expected but educated youth should explore this technology atleast within thier houses so that we can expect modernised transactions in every house.

Hi everyone.

I am Malatesh Daddikoppa.

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

It's have few advantages and few disadvantages also.

Advantages:

1. Time saving.

Digital payments are helps save lot of time how means without digital payments we need to go particular place which we want ie banks, purchasing activities etc for doing transaction or making payments. But digital payments are help doing transaction in our phone only with the help of Internet.

2. Less costs.

Here we can save transportation charges and other kind of any charges so it's very helpful save our money.

3. We can save our energy.

Here we save our energy also,

We don't have any kind of physical work here just we need do transaction in our phone also.

Any kind of technology.

4. It is safety.

It is more safe compared to cash, when we have cash with us in such case there is chances of trouble from pick pocketers so it's very safe.

Disadvantages:.

1. It is very hard to understand for illiterate peoples.

Currently India have 75 percent literate peoples remaining are illiterate people, they can't understand these kinds of payments systems.

2. Chances of hacked.

Digital payments not secure enough there is chances of hacking also.

Yes, digital payments are secure enough for the Indian economy to go cashless because every payment and every transaction that we are doing is by a online process so there will be proof of our every payment and there will be no matter of cheating. While paying as everything is directly linked with our account obviously we feel it as secure. Many apps are emerging making the payment easy so if we think practically we use time to benefit ourselves but we won't benefit others by wasting our time. We use our time to earn money and again wasting our time for spending that money is useless. So my every view account to consumption of our valuable time.

And if we worry about the rural people everything will be okay as time passes, if this digital payments seem to be successful in some areas obviously every one will learn how to do it as we are seeing the usage of phones now a days in every area.

So we can say that digital payments are safe and secure by following.

1. They are our account (bank) related operations so very secure.
2. Less consumption of our time.
3. Easy payment and;
4. Trustworthy.