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

Hello everyone.

According to my point of view, Digital payment is very good idea for our nation. And yeah in the starting uneducated people will face problems in understanding but for ex when we were children we all have a difficulty in reading words because at the time we learnt the alphabets and now we can read and write same like that people can learn and adapt themselves to the new technology and payment methods and if our government take care of those guidelines that everyone should follow to secure their account then in future we can see great change in our India.

Like a coin has 2 sides in the same way. India going cashless has its both prons n cons. India being a developing country, going cashless would increase our development. Not only this theft, corruption, tax thefts all are going to be reduce drastically. All payments could be done in a single flash allowing instantaneous transfer of money. Your all transfer will be recorded and hence no chance of theft or any corruption.

But yes on the other side a question arise is it possible to make a country like India where 37 percent people are illiterate? Answer is no, its not possible in a single stroke, we need to put some efforts for it. First of all, govt should launch campaign which teaches rural old and uneducated people that how going cashless will help all. Once they will understand the benefit, they will surely learn it. And moreover earlier it was thought that atm will not be suitable for labourer but now we can see that all use it. Similarly, if we will try to blend it in our system it will be accepted by all. People will learn it and our country will reach heights of success. Thankyou.

Hello Friends,

Yes, according to me, Digital Transaction is good, it has a lot of benefits but sometimes signal problems takes place in the remote places. Also, illiterate people don't understand how to operate the system, so they should be given knowledge regarding the Digital transaction, so it will help to improve the cashless economy.

Hello everyone,

I am Arjita Srivastava.

As we all know that India is a developing country. I do agree with this that digital payment is secure enough for the Indian economy to go cashless. It doesn't need any middle man for the payments. You can easily share your payment to anyone anytime at anyplace. This is secure as it contains OTP on the registered mobile no. It's safer and easy to use. This has reduced in thieving, losing wallets with no worry as money is safe. Yet, it's little bit difficult for the people who are uneducated though we can solve it out by educating people about the digitalization and help Indian economy to go cashless.

As India has more young population than any other country in the world it should be easy for atleast the urban population to make digital payments and take an intiative towards cashles transactions. As digital transactions have a lot of advantages like, saving paper, reduction in cost of printing currency, it keeps the transaction details properly, it will save time of the consumer.

I think digital payments and transactions are good up to some extent but using this way of transactions furthermore may increase to so many problems like hacking. In order to overcome this problem, anti-hacking projects and safety measurements should be taken. According to a recent survey, there are so many professional hacking opportunities in the world to overcome these anti-hacking things, but people are not having any interest in unofficial hacking rather than becoming official hackers. Bad can easily inculcate to any individual rather than good ones. So to increase online transactions furthermore, we need to take some extra preventive steps to make it more effective.

Hello, friends, the e-payment is had many disadvantages, they are given below,

1. Limitations on amount and time.
2. Password threats.
3. Risk of being hacked.
4. False identity.
5. Anonymity and privacy concern.
6. Additional cost and efforts.
7. Loss of smart cards.

Good day to all, I read most of the comments, but one point is missing, i.e by forming a cashless economy, our Bank reserve will increase, we can get bank loans with a very low interest.

To go cashless, there is only one way "Digital payment" obviously, but if we talk about the security, ofcourse it is secure. Most of the digital payments are protected by atleast two way security protocol, eg. Card number, password, otp etc are used for providing secured payment gateway. But in case of cash the only security is our alertness and physical strength which can be breached by anyone.

And if the question about hacking or unsuccessful transaction arises, these are mere accidents that happens with cash also like snatching or looting or pick pocketing. But digital payment really helps in narrowing the domain of thief.

Why? Because cash can be stolen by anyone but if it is digital cash then the thief is unfortunately required to have a wide range of knowledge about computer, firewall, breaching of digital security etc. Thank you.

Hii everyone.

The digital payment system is very helpful in many ways. People don't need to carry cash and queue up in atm. It is very easy to carry cards. If your card is stolen you can block it in a phone call but if your cash is stolen then there is no way to get it back so it is very safe and you can use your card at any place anytime. It is very useful in an emergency condition like in hospitals and because of it's transparency, it is a very helpful solution in corruption.