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

Hello friends,

I think the technology is the trademark of modern era. It has made us efficient but as well as lazy I some way. I don't think its completely secure as it can be hacked or be prey of phishing. But people should make themselves aware about these type mode of e-payment systems inorder to avoid discomfort during making various payments. It also reduces people tensions and frustrations because they don't have to keep their respective money in their hands and taking care of it. It has become easier to book various tickets via online. So in summary, I would like to see people depend on online payment methods but also be careful while visiting various websites and to make their informations confidential.

Hello good evening friends.

I think it is one of the best topics for group discussion In my opinion, everything comes with advantages and disadvantages, digital transactions are no doubt helps you go hassle-free as it would help you save your time to stand in queues at the bank. The problem can happen even if you are doing a cash transaction, for instance there have been people who have encountered snatching of there belongings. It's just that you need to be vigilant and careful enough. Although it has many this advantages still it may help lots of people to do banking transactions without the problem of day and night or even in public holidays.

In my opinion, digital payment is not secure because lots of mis-chives take places when digitalization works.

Hello everyone,

It's not secure until everyone has the proper knowledge about it, it will take time but it is a good initiative I think.

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!

The transition from being totally relied on cash to going complete cashless economy is a revolution in itself. But I believe there are some advantages of using cash which digital world can't fulfil.

When you visit your relative's place and when you leave, elders generally give some money to children as a token of love. That "drama of denial" of money is in itself a unique feeling every time it happens. If we start sending that Shagun through a digital gateway, those moments can't be lived.

Moreover, the internet connectivity is not completely available in all regions of India. If a person has to go to remote areas where the network is not proper, he can be stuck without cash.

Hence in order for India to become a cashless economy, it needs to do a number of things like;

1. Improve internet connectivity and also decrease the price to make it affordable for everyone.

2. Open help centres in rural areas to teach the poor people how to use the digital network.

I would conclude by saying that India can be a cashless economy but it has a long way to go. It needs to first build proper infrastructure for that and change people's perspective towards it.

Yes they are secure but on limited sites for example paytm, Payu money etc. Nowadays people can move carrying an ATM full of money from one place to another instead of carrying money full bag. Though digital payment helps a lot but on the otherhand people still suffers with fraud ue to limited knowledge. To make the economy cashless some secure and punishable steps should be taken against the frauders, for the better future.

The advantages and disadvantages of cashless economy are a topic for another discussion. Since the goal is to go cashless, I believe the shortcoming of the digital payments is its underlying strength which is Internet. The moment the internet goes off there is no scope for digital payments. But this is the problem faced by any centralised digital system. Apart from the above problems, another two major downsides of digital payments are its security and literacy. Everything is hackable from the most advanced system to a brick game. And that is why, people do not rely on digital payments for a large sum. While physical cash can be thieved, but even a 10 year old kid knows how to protect his money. But the same 10 year old kid does not know that a dictionary attack on a common password will take just 2 minutes to hack his account. That brings me to it's second problem which is literacy. By literacy, I mean the knowledge required to operate the system effectively. Not everyone has a smart phone in our country, nor everyone has the knowledge required to operate one. Also, by using digital payments, we are relying on a third party platform such as paytm or tez. We sure trust a lot on MNCs given the recent facebook data scandal. All in all, if the cyber security police becomes capable enough to track down the hackers and everyone is given the knowledge of the system with its pros and cons and how to use it and we are relying on Indian mediators, I think we can see a cashless system. But that is easier said than done. It is going to take some time I guess.

Before questioning the security I would like to focus on whether India is capable of going cashless or not. In my opinion, the answer is no. India still lacks behind as far as education is concerned. And hence digital payments are not user-friendly at all for poor, old or uneducated people. They will have to depend on someone for transactions to take place. And in a country like India where equality is given too much of importance, this seems little unfair to them. Now as well as security is concerned, yes I believe these modes of payment are secure enough provided these take place through trusted sources. Digital payment has made its way into the urban lifestyle and there are many who use this facility. Hence it is the best proof to support my point that digital payments are secure, else they won't become so common in our day to day life. But then again I repeat. I don't think 100% dependence on these modes can be achieved. These have be offline classical payment options.

Yes, digital payments can be made in India but there is no necessary to go cash less. India being a developing country is included with different sectors of people. As we know that India is Farmers Country there are people who have only limited knowledge of the digital payments and they end up in choas. In addition to that being dependent on Internet of every transaction is not good. There are place where the signal strenght is low. If their is failure in the transaction then we need to be wait for recredit of the money to the account. Generally blind people used to calculate the amount of money by the touch of currency notes which is not possible in digital payments. Even to that there are many people who hack the sites and steal the money during transaction. In my opinion digitalization in India is good but I didn't mean that we should go cashless.