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

Hello everyone,

According to me, the cashless transition is quite safe there are zero % chances that your bank will relieve the transition details to anyone. Banks never ask for your debit card number or internet banking id or password so it's our duty to keep it safe although we have to change our password frequently and never share our otp with anyone at any cost. Govt of India has made Unified payment interface (UPI), Bharat Interface for Money (BHIM) etc for better and faster transition. But it is true that we are lacking behind as more than 50% of your country population belongs to the rural area where they don't know about the cashless transition although govt of India has taken the Jan Dan Yojana, but most of the banks don't have money in their account so it will not be possible for them to do the transition. Unlike cashless transition there are chances that you may be robbed with your cash or the cash may be misplaced or even can be damaged to avoid such things its good to go for the cashless transition!

Yes, It is good.

Practically speaking, digital transactions are already in line for the middle-class people, before when it has been announced. We should have money in bank account to do the digital transactions in any way either it can be Paytm, Tez, Mobiquick, PhonePe, etc. Only the middle-class and the high-class people are only to take this without any difficulties. Talking about the low-level people, he/she earns money in cash, keeps the cash in pocket and spend it tomorrow without any worries. For digital transactions, we should have knowledge of the things how it works. People should have a salaried account and every month some cash to be credited to the person's account. Also, he/she need internet to connect (again expensive).

Frankly talking, whatever the technology adaptation we initiate some group of people cannot use/adapt it.

Conclusion: There is no way that all the people will adapt to everything, we have to impose the digital payment on India to improve the economy indirectly or indirectly.

It seems that Digital payments mode makes Digital India in a successful way. But we have few advantages and limitations by using digital payment modes. Mostly common people don't understand the procedure of digital payment mode. And they always believes cash transactions. This is happens because of lack of knowledge. We can change their mind set by educating them towards digital payments. Moreover, If we using cash-less transactions, It is very easy to monitor every transaction by government. Also, our income also directly credits to our bank account as well as our expanses also debits from our bank account/valet. That means the money we are using it is completely legal (White) money. Hence there is no chances to escape from government regulations. Additionally we will get interest rates from banks according to bank interest rate P.A. I am requesting to all please guide/spread to all, To make digital transactions and develop India towards DIGITAL INDIA. Being as Indians it is our primary responsibilities.

Hello everyone,

So, here is the topic are digital payments secure enough for the Indian economy to go cashless.

In my opinion, I think digital payments are a good idea for the growth of our country. As it saves time and easily and fastly we can do the transaction online. It is helpful for every educated people who use smartphones and worried about travelling with a huge cash.

Digital payments made us cashless but it is somehow not secured. As there are many hackers who can hack the passwords and pin and takes all money towards them and hack the account which is somehow one of the demerits of it.

Another demerit of digital payments is that rural areas people don't have any idea about how to operate smartphone even though they didn't have so much money to buy it there were mostly uneducated people so, they didn't make an online transaction they may face problems towards it.

So, firstly government should provide education or classes to poor rural people before making the Indian economy to go cashless.

Hello friends, in my point of view, digital payments are secure enough for our Indian economy to go cashless. As we know, when Modi announced demonitisation, all social networks flooded with messages. Actually, it was a good step to make a change of our country. Due to demonitisation, people face al lot of difficulties. But we need to make a change of our country. We should suffer.

Coming to the topic, digital payments are very secure. We know that these digital payments are encrypted. If all India could go cashless transactions, then we can easily find out the big transactions. Govt got a chance to take an action on such big transaction.

But these digitals payments were only known to urban people.

Govt should bring an awareness to the rural people, then it will be great success to us, to our country.

As we know, 50% ppl of our country go for digital payments. We can bring a change to remaining 50% ppl by bringing an awareness.

Problem of hackers is very rare cases. To common people, it's nothing.

Here, we are talking about digital payments are secure enough for the Indian economy to go cashless. According to my opinion, yes, digital payments are completely secure enough for this because in every transaction we get online recipient also as we get in offline mode also but there is no need to store all data manually, we can store it completely in a digital way which is more secure than manual data. On another side, digital payments save our time which is very important for everyone. And ya digital payments also make easy to all transaction services. So I completely agree with this point but it's also true that this time is not correct for making our Indian economy to go cashless because there are almost 60% people who are aware of digital payments methods. So, firstly, we have to make our country completely developed then we have to make Indian economy to go cashless and when it will be done then we can say that digital payments are perfectly secure enough for the Indian economy to go cashless.

Hello, In my opinion cashless economy and digital payments are very much needed for our country to take our country to a next level. Yes, there are some arguments that India is not so developed to carry this process, the infrastructure is not good to serve a whole country digital payments. But As a person if you take the initiative to go along with this thought that you have to use cashless transaction, digital payment and you know the key advantages of this simple process then you are ready to make India digital. However.

If a uneducated person can have a facebook account or whatsapp account and he/she uses it very well then the cause is he/she is interested on that, so if we developed the interest on them for digital payment and parallel things and introduced them the simplicity and advantages then nothing is impossible.

Lastly the problem of hacking and all kind of security problems can be stopped by government also by the person, if he/she thinks it's a good initiative to go forward.

Thanks.

Agree to the topic and the people who gave their contribution! But if govt wants then India can go cashless in one year also, even then it will be an achievement for our nation too. When Paytm was launch in one village the team went and taught them so well that today that village is a totally digital village. Now coming to our contribution towards digitalization, one of the friend in comment section said that we can make the group of some 4-5 "EDUCATED " people and can help the rural people to learn new things, but really do you think so the so cold "well Educated" people have time in their life out of their personal work ?

Even in India from so long people had that mentality that cash transaction is the best so that we can just have to do a cash transaction, online payment is not secure and all so it is really very difficult to change that mindset, and in the oldage people, it is really difficult.

Though this is good diversification and obviously somewhere it will be beneficial to our national.

Considering the current scenario, neither the digital payments are 100% secure nor 100% Indian population can go for the cashless system. There is a lot more to do before making India completely cashless.

IT industry is booming in India undoubtedly. Security is making progress every minute, but the cashless system will also be that secure, when the whole country turns cashless, has no guarantee.

Another complication here is only 2.3 billion people out of 7 billion (the population of India) uses smartphones. It becomes too difficult for the rest of the people to use smartphones and we just can't say them to do their daily transactions in a cashless manner.

What solution I can draw is, initiating cashless system progressively can help to solve both the problems.

By the time, we start doing cashless transactions we will be able to find the how secure they are, simultaneously we have to first make India an Smart India.

India, where it's maximum population, can take the benefits of the technology.

Hello everyone, personally satisfied with every point put up here. To be honest this is a very good initiative by government of India altogether. But taking this initiative to the common people is required to make up its mark. I would say people who are educated and people who know how this actually work would get benefitted. I have been to a slum to promote this idea. I would say people are very much interested when they were educated about this initiative BT they weren't confident enough to put this into practice. They were happy with the conventional methods of practices. Why do people who live up in these places are not ready to take up this idea? It's because they have lost hope. People hardly have little things to survive on. For government, they don't seem to be in existence. People who promised them has backfired. And many such issues my argument is without making up their status. Without being ensured of survival they feel hard to adapt new methods rather following the conventional ones.