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

Hallo friends, as I am a banker, I prefer for digitalization. Because there will be a less cash transaction hassle free for theft or fraud. Though older generations are little bit feeling awkward, still they are trying their best to adopt it. But younger generation are easily accepting. But the only thing is network problem in India. No network service provider is providing as stipulated in their manifesto. Still, we are far behind the developing country. So Government has to take strong initiation to provide a network to the customer. Due to digital payment, the firm, company, and individuals are bound to show their income and for this, they will pay the tax to Govt. And Govt. Will get revenue and development work in the country will run fast. But the only thing is company, firms they are using the profit portion for their personal use. Govt. Has to make a rule for them to check this and get more revenue from them verifying digital payments. It is a good opportunity for Govt. To close look at the people who are not paying tax or less tax payer. There is a certain problem with digital payment i.e. transaction failure and money will be credited to a/c after a certain period. An Illiterate person will not accept this. Still, hope that digital payment will be more effective now and in future. When digital payment in India touch at 80% then we will get the new India having a beautiful infrastructure and smart people. Thank you.

Yes, but it needs to be spread through whole country. All villagers should be encouraged for cashless society. They should be aware of cyber crimes and in case of it without hesitating to Indian police department of cyber crimes. Everyone should know about the online cash payments. After implementing this India is finally ready for cashless society.

Hello friends.

In my opinion, yea, E-transactions are secure enough to go India cashless.

We can Uproot corruption as every coin is deposited in bank.

We can increase our revenue.

The only problem is India is developing country but still if we provide awareness for rural people or else for every area there are banks provided if they interact and explain about the need of the E-transactions, they will definitely show interest and encourage it.

Thank you.

Hellow friends, it's a good decision by government they have taken this step for convenience of people and also for their safety as plastic money is more safer than paper money. It will reduce the crime cases.

It is also eco-friendly.

Yes, but this initiative needs to be promulgated to every part of the country especially into the rural parts of the country. We need to buy things every now and then so why not make such kind of payment which is evident.

If we start doing all kind of payments ranging from daily needs to bulk purchase of course this country will move towards achieving its cashless goal. One great example of cashless economy is Sweden. It is completely cashless and the corruption rate is less than 0.2%.

Well, In my point of view, in was a greatest decision by the government by this idea we can improve our country economically all the peoples of the country will pay the tax correctly without fail and cheating our government but this method the middle-class and the lower middle-class people will develop, by starting period of this method is some what seems to be tough but later but continuing this process it result well be well for example Sweden, Denmark, UK n more countries following this method.

Then all this safety is the main advantage of this Method according to the servant of 2016 40% of crime is because of case transfer so by this the crime rate can be minimized.

In my opinion, it is not a good move to make India a cashless society. In India, around 600 million people don't have a bank account. Less than 20% Indians have a smartphone. Furthermore many people don't have the access and proper knowledge of how internet works and its features. We all are very well aware of the fact that India had no privacy laws. Every other day we hear new stories of hacking taking place.

India going cashless would be a disaster.

In my point of view, digital payments are more secure for educated peoples, they make their transactions in less time without facing the crowd in front of banks and ATM. It is highly secure for them.

But in India, when traffic on online site become worst, they must be hang and many times payment also struck in the process.

First of all, these type of E-commerce company needs a strong server which is capable of handling the huge crowd of traffic.

Then they need to inform knowledge persons about it.

The Process can be simple and secure by using bar codes, finger print scanner, eye scanner etc.

If both government and peoples try their own efforts, it is possible that India becomes cashless in few years.

Hello, Everyone.

This is a right decision of our Government to recover the black money and also black money use or country transaction it is secure because all transactions are tracking. I also request all youths please to help our parents and farmer how to use internet and transaction.

In my point of view, this step is taken by the government is good for all. Because all the transactions are done through the network, by the way, eliminate ransom money. Assets and other things are kept in a network. Look like a openminded, not any one hidden any bribes and other things. Another important on is income taxes are properly paid by all the people.