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

Hello friends.

I agree that the digital payments help to improve the economy in many ways as we discussed above like corruption, terrorism, tax evasion, etc but my opinion in this is in a developing country like India. It is very difficult to go cashless because around more than 70% of the Indian people are farmers, labour and illiterate so in this situation they are not aware of the digital payment even the scared to think about the online payment most of them does not have bank account so it is not possible to such kind of people to use debit cards or paytm while making a transaction, they all are dealing with cash. Yes, it will be possible after educated the people to improve awareness among the uneducated people and for this govt should have to start awareness program and promote the cashless payment just like the programme promoted by Vidhyabalan in which she encourages people to use a toilet. After that, it will be possible but it can't possible instantly for now I disagree to go cashless.

We can't say all digital payments secure enough for the Indian economy to go caseless. As we know in India hacking is illegal because our online portal is that secure. One of the very good example of this is that last year Indian railway online portal has been hacked. Yes banking system, some e -payment portal like Flipkart, amazon etc. Are very much secure and the people can use it for digital payment. Also in this online shopping company if there any problem occur there is a special cell to tackle the problem and clarify our problem. Yes there is a postive outcome of digtal payment like it can reduce corruption, robbery threat, tax evasion etc. And more it brings transparency in the system. So to make digital payement much secure Goverment should have an eye on forgery online e payment site and should open large number of cyber cell to have a look on counterfiet site. At last I would like to say that before doing online transaction people should check the credibility of that e-payment site.

Hello everyone. The topic given to us are digital payments secure enough for the Indian economy to go cashless?'.

Digital payments mean making cashless transactions by different modes like internet banking, mobile banking, UPI, banking cards etc. In my point of view, Yes it is more secure to go cashless because it reduces corruption as transactions are recorded and also it eliminates the waiting time in queue for withdrawing and transferring money.

But the thing is to create the awareness about digital payments to the people who are in especially rural areas and illiterate people. So to create government should do awareness programs like sending team members for a campaign, broadcasting in television about digital payments, etc. And also should maintain internet security beware of hackers by sending One time password to the user registered ID while doing transactions.

It is possible in next few years India will transform into digitally empowered society and knowledge economy.

Thank you.

"DIGITAL INDIA" is one of the major initiative taken by the present government Definitely it is mandatory that for a developing country like India we need a digital and cashless economy to fight the menace of corruption and black money. If 30% of our population use cashless e-wallets or transaction our economy will be benefitted which doesn't seem to be a tough task as we have largest no of youths in the whole world. But the major problem here is security. We all know that e-payments are not much secure in our country. Every day we can see newspapers with such fraud cases. Due to which even educated people to take their steps back. If we want our country to b digitalised proper cyber security need to be maintained by the government As well as in rural areas proper training and guidance should be given to people not having the knowledge of how to do digital payments. People should start doing digital payments when the amount is low so that they can build their confidence in digital payments.

Hi Friends, According to me the digital transaction is one of the best and secure way to exchange or transfer the money because it's avoiding the human cheating. One of the best examples is students scholarship and former money which is passed by the government.

1) The Earlier government was transfer students scholarship amount /former money into the third party or their organisation accounts, after that students /Former required to give some part of their amount to that 3rd person to clear that scholarship amount or money, as it was illegal. But due to digitization now a day student/Former can get total amount in their own accounts. It is just an example.

I know it's some difficult for the uneducated people to operate digital transaction but if we see day by day including the uneducated people like former also using smart phones, WhatsApp, Facebook and YouTube etc. So I don't think so its difficult to learn digital transaction as its similar as ATM withdrawal machine.

Thank you friends.

I agree. But I have different opinions on the digital payment. India is developing the country and now India taking some steps toward the new technologies. And if you saying that digital payment in India has problems like the internet, security nd so more, I have to add some points that most of the available telecoms service provider now giving 4g now all over India nd jio plays big nd imp part in that area. So the internet is now not a big issue. Saying about security, latest India with Spain sanction MoU in the area of cyber security. That means India is taking more good steps toward cyber security. And about the case that India is not prepared for digital payment, I have to say something, swimming without touching water is not possible. We have to first adopt the technology and then evolution makes it more usable. India has literacy of around 73% thereby adopting new technologies in India is not a big deal. Hence I want to conclude that digital payment are enough secured to go cashless.

Hello, friends.

According to my point of view, MP Modi has taken a great step towards development of India these will help to recover black money.

Yes, digital payments very useful to overcome corruption rate and thefts and moreover people can easily do transactions within short time no transportation cost. To become cashless country it takes more time because of more illiterate people in India who even doesn't know how to deal with mobile phone and updated technology government should take initiative or do campaign about digital payments process government should give awareness how to make payments these will be a great step towards for the development of India and cashless country.

As many people said hacking will be a threat to digital payments my suggestion is to overcome hacking and robbery individual mindset should be changed unless a person with negative attitude development of country is not possible. Every person should have positive behaviour towards the development of nation.

Yes, it is secured. India has now become computer savvy where all generations are equally interested in working on computers. Even banks are now introducing most of the services online. This can only be possible when our country has sufficient know how's to tackle cyber threat. In a recent case of the ransomware attack in India, the country was least affected. Introducing digital payments will not only be beneficial for humans as it will reduce the hassle paperwork in banks but will also help the people to grow technically.

Nowadays, instead of carrying cash most people prefer to carry credit or debit cards and the latest addition to it is the Paytm. Even a tea vendor has a Paytm account and promotes the cashless economy. If there was a serious threat in working online then every day there would be some news about phishing. The KYC norms, OTP on registered mobile number are all evidence that government along with the banks is trying in a best way to keep the digital transactions secure.

Digital payments are good as nowadays everything getting digital and to make India stand globally we have to adopt technological methods. Earlier people come to the bank and now bank went to the people. But there are 2 hurdles in making India cashless.

1) The Cybersecurity like recent ransomware attack has made people think is India ready for cyber attacks? And last year approx 36 lakg debut card were breached and also some unauthorised transactions being reported. All these incindents made people to thinkh avout digital payemnts.

2) The lack of education and awareness-various banks offer significant discounts on digital payments but hardly 10 out of 100 get to know about them or if they know they don't want to use their cards because of fear or some other reasons.

So before making everything digital or moving towards cashless economy, GOI should increase awareness and people should be taught about digital payments either by hiring business correspodants aur by orgainisng the seminar.

For the Indian economy to go fully cashless, the problem of security is secondary compared to the extent of digital illiteracy among the lower strata of Indian society, and the difficult access to banking services.

The government of India is taking phenomenal initiatives to promote Digital India, which had 3 primary objectives:.

1) Improve the digital infrastructure in India and provide high-speed internet to rural areas.

2) Improve the digital literacy among Indians.

3) Provide government services electronically.

The government has launched UPI (Unified Payments Interface), the BHIM app, we have access to e-wallets like Paytm and Freecharge, and also the newly launched Google Tez, which supports 7 regional languages. All of these apps have 1 requirement - bank account.

The government should lower the barriers to having a bank account. India can only go cashless if 100% Indians have a bank account, otherwise, they would be dependant on currency notes for their day to day needs.