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

Digitization of the Indian economy, an achievable dream of the G. O. I but presently understanding the Indian Literacy level and Awareness scenario, getting adapted to this change will take time, years maybe.

With a literacy rate of 74.04%, Indians are tagged literate if they are able to speak, read and write (the basics) in their mother tongue. Is this enough to get people handle those sophisticated pin codes, username IDs and scan the required codes?

Understanding the next thing is, Security factors of the Economy. Is the entire digital economy of India secure enough to value the earnings of people, especially the ones who find it hard to make their ends meet, go in for digital payments? Here arises the Doubt of "What- If. ?".

India: A country with talented tech savvy brains (who use their knowledge to hack the security systems of their own country) pose the greatest risk to the economy on this arena.

If such brains are used for the betterment of the system, and for the greater welfare of humanity, may our country achieve its Dream?

In my opinion, digital payments are secure enough for the Indian economy to go cashless. In order to become one of the developed nation, India should adopt digitization in almost all the fields. Digital payment methods are secure enough to make the payments and it provides safety to the money that is being kept in the accounts. With the advent of these technologies, there is no need for carrying money in large bags. This itself reduces robbery and thefts to a great extent. Moreover, the digital payment methods are convenient to use, 24/7 availability, user-friendly, and also it saves time and money.

Yes, that's right my friends a meager percentage of the population are illiterate and even don't have smartphones. We can find a solution to this problem by introducing various schemes that are beneficial for poor people in India. And If we go cashless it will definitely save our environment from a big crisis, that currencies are made using the pulp of the trees. If we opt digital payment methods we can save our earth by preserving trees.

First of all, as all things, everything has two aspects there is some advantages as well as some disadvantages. So I would start with some advantages yes it is true that the digital payment is secure and safe, as day by day increment in technology we have to go with it to make better and fast life schedule. Digital payment makse fast access to own money like online transaction, paytm, debit and credit card by online, etc by which we don't have a problem of change money or even fake note or rough note. The digital payment also gives paying detail or transaction to the seller or consumer by which money corruption will we stop.

By Digital payment we are secure from snatching, robbery, thiefting, black marketing, long queues.

Some disadvantages are digital payment is not possible in everyplace specially in Rural Areas. Some problems hacking of accounts and some time stucking of money during online transaction.

Overall digital payment really changes money access in India. Now we have Bank in our pocket not only limited notes.

Thank you.

The Digital India program is a flagship program of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. "Faceless, Paperless, Cashless" is one of professed role of Digital India. When we compare to conventional way to carry our cash, the mobile wallets which are being provided in different apps are handy and convenient. Many different discounts are being provided right from movie tickets to railways tickets. For quick and small payment I think digital payments are secure enough, under cashless India program government have provided many digital payment methods (USSD, AEPS, UPI, etc).

So far as rural India is concern village name "akodara" turns out to be India's first cashless village, where you don't need cash to buy a packet of salt or other groceries. A place where you don't need to stand in long lines to exchange your old currency notes at a bank, or queue outside an ATM to withdraw your own cash. Such examples make me feel that yes! we are all set to go for cashless.

Hello, friends!

I disagree with the complete digitalization of payment. There are several reasons of my disagreement. Remember I'm telling complete digitalization. Our major population lives in village and as we all know that most of the villagers are illiterate. Even, many people don't know about banks, computer. It is hard to believe but it's truth. So what government can do is that they can drive awareness programe across all over the country specially in villages. They can show videos to the people by which people will come to know about technology. So my point is before complete digitalization of transections there is utmost need of awareness programme. Secondly, our it infrastructurr is not so much robust in comparison to other developed countries. There is prominent chances of fraudulent, hacking etc. So first of all what we need is to robust our it sector. But, I agree with partial digitallization right now because it saves lot of time, get rid of corruption like black money throuh using online mode, no need of third person.

Hello friends,

Ln my view, India can become a cashless economy only if lower income class participation on account of digital transactions are being made. Looking at the wider spectrum it is only the rich who are enjoying the comforts of digitalization. For bringing in equality in digitalization, the poor must be provided with awareness as to their relative advantages by extending them internet facilities without fault. Proper allocation of funds should be exercised. But on the other hand, there are dangers lurking in digital platform. Hacking, fraudulent activities and the likes are hampering it's prospects. Therefore enhanced security features must be installed so as to curb the problems. Authorities should acknowledge their customers not to list out their credentials to others in any circumstances. There should be clear cut instructions regarding not to respond to messages seeking passwords and other details. I suggest that there be balanced approach to make digital transactions a great platform for digital society. Thank you.

Talking about the security of digital payments in India, I think payments are secure enough that people can have trust. But for digitalised country we need to focus on other parameters like.

A significant percentage of people live in rural areas where the knowledge is assumed to be less for using digital payment modes.

Also many people in rural areas peoples are still not using smart phones as they cannot afford it.

Another hurdles which came towards the digitalisation is networks in India is not up to that level to go India for cashless.

So from my point of view, we should have an eye like in coming next 10 years we have to make India cashless but for that need to put focus and attention towards the activities, policies, laws etc required to implement it.

Government need to conduct several awareness programme specialy in rural areas, where to have to give them enough assurance regarding security of their money.

People must also support government efforts and show willingness and interest in understanding the digitalisation.

Digital payment is one of the best technological advancement which we have seen in this era. It allows us to pay through our phone and we do not need to carry cash all the time. Paytm, tez, phonepay, etc are some of the digital payment app. This app allows us to pay money online. Having these apps in our phones gives us the benefit to pay cash from our bank account to others account in seconds. Earlier we had to visit banks and stand in a queue to deposit money but now having this gives us the benefit to depositing in seconds. Digital payment is also safe as it has a security procedure which is followed every time a transaction is made. When initiating a transaction we have to enter a pin, then we would receive an OTP in our phone and after entering the OTP the transaction would be initiated and a tnx no would be sent to us. My opposing view to this would be, that everybody wouldn't know how to handle these apps as they are not exposed enough, for them it might be some suspicious thing and scheme which would take their money away.

According to me, going cashless is a good idea as it helps to reduce corruption and there will more transparency in digital payment. But we can't neglect that more than 40% of people are illiterate in INDIA due to which making all INDIA digital will be not so good idea. For getting the effective result of making INDIA digital we have improved the illiteracy first i.e. we have to help the poor people in enhancing their knowledge, aware them what is happening and what will happen in future because there are many parts of India where the people haven't seen light, water, the internet, mobile phone too, so it will be difficult for poor people to opt for digital payment. SO it will be a wise decision to make INDIA educated first and then improve the security process on the digital transaction as many fraud calls are running (taking your ATM PIN by saying that I am speaking from this bank etc).

So, FIRST, we have to improve the internal parts of INDIA then only we shall be going far better than China, Japan etc in term of development.

Hi guys,

The Country like India, It is very useful. For example: If anyone wants to buy the things, they can buy from the online shopping and they can make payments from online banking, debit card, etc. Along with these, they should know about the hackers. For example: If anyone hacker called to an illiterate person, the hacker said that your ATM has blocked would you tell me your card number? so that I can unblock your card. Obliviously, the person can provide the card number. Not only this ATM matter. The hackers can send the messages to the personal email.

In India, most of the people are using digital payments. Some people may not use it. For example: Village people they are low-class family and them don't how to borrow money from the ATM. For borrowing and spending the money they will expense more time.

Finally, the government should provide advt. About digital payments and it should appoint some people for visit to village places to make awareness about digital payment so that our country will become digital India.