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

Digitalisation is governments main aim to transform India into new digital world in which everyone will access through internet for payments and other activities, this cashless economy has broader advantages like fast payment, high security, no theft unless and until each and every person of India is literate enough to access internet and able to afford it, for this gov should focus more on education at low rate. After every person can access the internet there also a threat of stealing data and money by cyber attacks for this gov must improve cybersecurity cell to defend safe and secure online transfers. Every person in can't use digital payments in daily routine so initially, gov must focus on "less cash" rather than "cashless".

Yes, we can go with the cashless economy or to make our country cashless because the foremost advantage of the cashless economy is that there is no need of carrying money which reduces the inconvenience due to carrying cash or theft by someone. It is easier to track black money and illegal transactions.

But there are some problems, not everyone has the knowledge of doing digital transaction because in rural area peoples are not so educated. They don't know how to do and no internet facilities are provided to them. Some people having half knowledge of digital transaction are exposed to cyber frauds and losing their money to online scams and their accounts are hacked.

As the whole world is going to be changed, new applications and technologies are coming. It is necessary to aware peoples about digital transaction through education, newspaper, advertisements and magazines.

Yes, digital payment is secure for the Indian economy to go cashless by the help of (otp) one-time password. Like paytm, bhim these are very easy to send & received money by other. There are many advantages of digital payment but at this time India is not ready for digital payment. Rural area people are not that educated no Internet connectivity in rural area. And firstly Indian government should improve the cybersecurity system. And carrying a cash know a day is full of risk. So for the development of the country we should take these step necessary.

Hello friends,

As we know every target start from a single step. So as a citizen of India it is our duty to support all the progressive step of our government for the welfare of our country. Although it is difficult for a common Man to have 30 days internet connection. So it is our duty to promote cashless in order to make transparency in tax policy (directly or indirectly) and to try include our country as a developed country.

Hello everyone,

I would like to say in favor of digital payments. It would be a great initiative if our govt successfully implement it all over India. People in urban areas are ready for it, I know they will not hesitate to make digital payments but the problem arises in Rural areas due to their lack of education but we can resolve this by giving them proper awareness and education.

Advantages:
I) you can make money transactions with little effort or difficulty.
II) it will give various discounts for various money transactions.
III) it has lower risk etc.

Thank you.

First of all, we have to accept the fact, that India is a developing country, not a developed one, so this period of demonitization is a tough time to all categories of people whether he\she is rich, poor, middle class, upper class, begger or billionaire. So according to me our country going cashless is a very very good idea it may take time but once its well organized and channelized the results will be beneficial.

The advantages of cashless India are:

1) It will put an end on black money transfer. Example colleges (specially medical colleges) demand a high donation. The one who are rich pay the donation even though their grades are low, but for the poor people with higher grades suffer due to this. As country will go cashless this owner can't take the money because transferring huge amount of money from bank is not possible and cash will not be available (as new currency is used).

2). People don't have to carry their money with them. They can have their money in mobile, iPad, tablets.

3) India will develop more because new techniques will be equipped by people to modify the whole system of money exchange.

4) People can know where their money is been transferred along with all required details.

5) We can transfer money without even going to bank or meeting the money receiver.

6) Government can directly receive the tax from bank transactions, which people don't pay offently as people were using more of cash then bank transactions.

Disadvantages.

1) Hackers is a big threat to cashless India.

2) Some people don't know how to use electronics and have to face many problems to run their day to day life.

Though it is tough time for our country but in coming years India will develop three times faster than previously and all the credits go to our Prime minister (Narendra Modi sir).

Yes, I think it would be the right time for the Indian economy to go cashless. With demonetization decision taken few months before, digital payments will help to reduce corruption to a large extent, will reduce tax theft and it will also help to boost our economy.

Few problems that government have to tackle are that of illiteracy in rural areas, lack of technologies and most important concern is about its credibility. For this, Government should organise workshop, awareness camp that could enable the citizens to develop confidence in the online transaction so that they start paying digitally on a regular basis.

Yes, digital payments are good for our country, first we don't need to carry more cash that is good for security purpose banks are secure your transaction when you pay anywhere in the world, it is directly connected to technology.

Here is some cons also, as people are facing so many problems due to fewer ATMs especially highways and rural areas and the transaction failed when the network connectivity issue so most requirement of signal tower or strength, banks are charged to the people for out of limit payment so this idea would be better when the taxes will stop by the bank.

According to my opinion, stepping ahead towards cashless economy is one of the biggest step taken by our Prime Minister Narendra Modi. Here a cashless economy does not mean "a economy without cash", but it simply means an economy where the transaction of cash via physical means (hand to hand) is less and it is mostly carried out by digital means (e- banking, mobile wallet, cards etc). One of the major reason for adopting cashless economy by our government is to curb the black money of our country and thereby making every transaction visible in the eyes of the government. This will not only help the individuals in saving money but also it will help the government to increase their revenue by tax collection. India, being a developing country, it is easier for the youth to understand the ways of going cashless and to some extent the senior citizens also. Our government should make several campaigns specially for the rural sectors to make them understand the benefit of going cashless and thereby taking adequate steps to implement the less cash economy to the rural sectors. There are several disadvantages too, it`s more than impossible for the people of below poverty level to go cashless because the most important device to go cashless is a " smart phone" which is not affordable for this category of people, moreover there are several hackers all around the world to take advantage of this digital environment. People can`t use such technology for transaction of smaller amounts such as 1, 2, 5 rupees, these are some crucial points on which the government should look upon and take initiative, but in our country where 50% of the people are urbanized, its always preferred to have a cashless transaction. Thank you.

Hi guys.

I think we need this kind of system if we want to develop our country it will help us to reduce BLACK money. I agree this system is not useful for rural areas but we have to tech them how to use. They should know about this system. And, nowadays nothing is impossible for anyone because rural area people know how to use latest mobiles.

I hope people learn this latest technology which can help us to reduce the Black Money.