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

Hello, everyone. In my opinion, the 100% cashless society is not possible, the thing we should realize about digital India is that we can go less cash but not cashless. Still, there are more people don't have much knowledge about online banking systems. Like everything, in this kind of scheme also we are not fully secured initially. It will strongly take few years to go less cash society but not cashless.

According to my point of view, now India has a cashless country. But according to digital payments. Is not easy for all to do all transactions. Everyone you know in India 70-75% area covered with rural. So first we all we aware about the digital payments who don't know. We go all rural areas give ideas and aware about digital payments. In this way poor people get aware. Acc. To my point of view there is many benefits like cashback after the transaction and so on.

Hello friends, In my opinion, there are various under which digital payments are secure enough for the Indian economy to go cashless.

The first thing is that everyone should be enough known to operate digital payments.

The second thing is that those people who are illiterate should be trained and taught enough about the digital payments.

For a secure Digital transaction, every one must follow the payment protocol so that the transaction would be secure.

For any system to be secure and successful there is a need for basically two things. First to have knowledge of it and second the process involved in making the system should be advanced and dignified enough. The process can be anything like in case of digital payment, the process is the "payment through online" And having the knowledge means being familiar with the ways of using the system. And in present scenario we are completely struggling in achieving the target. We are 70% population living in the village among that 40 percent don't have smartphones and the people in rural areas are still illiterate, they don't have the basic education, and if the are lacking behind the basic education then how could the know something about the technology and digital payment. Also, we have a week infrastructure. Using the digital options for payment through the payment app if goes unsuccessful then we have to wait for minimum 3 hours to 7 days to get our money back.

Digital payment is essential to boost the GDP but to achieve 100% cashless is not possible with this condition.

Hello dear.

My opinion of this topic is completely cashless is not possible in the country, because many people have not aware about Online banking or Transection through ATM. It is necessary to developing country using digital payment, but fully it never becomes cashless.

I think digital payment is a great idea for developing our country economy. It is:

1) Time-saving.

2) User-friendly.

3) Convenience.

4) All the transaction can be performed at any time at anywhere.

5) Our money is more secure we need not worry about the robbery.

6) It takes more time those people are lived in rural areas.

7) Digital transactions can't be suitable for uneducated people, old age people etc.

8) Control expenses.

In my opinion, cashless means less cash and not no cash it is not possible to go completely cashless. Digital advancement has paved way for digital money. Now even Indian PM emphasizing more on educating people about using digital payments by various means because using digital payment method has many advantages for the person using as well as for the nation. BUT with advantages, there are disadvantages as well. Talking about advantages it is convenient, fast, 24x7 available, no need of carrying cash everywhere since digital payment are accepted mostly everywhere and the most important thing it is safe. Now it has its own disadvantage for using digital payment fast internet connection is required and India still lacks in terms of internet connectivity. Sometimes the transactions get failed so many of the companies usually takes 4-7 business days to refund your money. There is also threat of your important data getting misused. So yes digital payment is very good and convenient for the people but with some improvements, it will be accepted by more number of people.

The question is are payments secure enough. The plain answer is Yes. They are secured enough and they are at par when compared with international standards. It's the people who are less aware.

For example, the government has made it mandatory that you will receive a text message if any transactions happen through your account. If we receive an unwanted message, it's out duty to take action against it asap, but we tend to ignore it man a times. We should not tell the OTP to anyone but still, people fall for the trap of scammers. The government has updated most of the debit and credit cards which are now having European-style chips which are safest type of cards available.

Government says that we should keep two accounts, one for keeping money and other with less balance for doing the transactions, so that if our card details are compromised, we don't lose all our money. People don't think like that, they maintain multiple accounts just to stay away from radar of tax department.

Also, credit cards are always considered less secure. It's a myth. Credit cards have all the safety features of that of a debit card. If we notice a fraud transaction using our card, we can tell the banks to stop the payment from settlement, which usually happens after 2 days. In case of debit cards, no one will care to listen once the transaction has taken place.

Now talking about hacks and online thefts. A person highly educated can only hack into the systems. I wonder why so much educated person will even bother doing so. Even if he does, in a cashless society, there is no use of stealing as he will be traced very fast. It will be very hard to dispose of the hacked money.

I believe that carrying a card is far more secure than carrying a bag of cash.

Dear friends in my opinion. Yes there are a lot of advantages associated with e-payments if the system is robust enough. But before taking it in use. It is necessary for our government to aware people especially in rural India about how to exactly use this feature. What should they take care of? But the problem is majority of old people and uneducated people in our rural India still don't even know how to use Internet. How to get an Internet connection. Many of them even don't have good Internet facility. So government has to do a lot to make it successful. Like.

(1) The government should arrange campaigns to help people know about how to use Internet. How to make E-transactions safely.

(2) Yes, of course, the government should make provisions for good Internet connectivity throughout our country as it is well-known problem and because of this problem sometimes money is deduced from our accounts but transaction is not successful.

Hello friends,

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 population are illiterate and even don't have smart phones. 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.