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

Digital payments in my view is a great step toward the development of our country but there some problems which must be solved prior to implementing complete digitalization.

1. As we have the large rural population and in that population, there is a high percentage of illiteracy due to this many fraud cases have been seen.

2. Due to past less secured online transaction method, there is less faith in digitalization in India.

As every coin has two phase one is positive and other is negative so digital phase also has two phase. Digital payments save users precious time. As we know that into days lifetime is so precious in everyone's life. It also makes our country economically advanced. Through digital payments, we take money everywhere and make payments easily. And digital payments play an important role in making the India digital.

As I tell you that every thing has some positive points as well as negative points so digital payments also have some drawback. Cash less payments increase the number of online crime. And digital payments have not used in cruel area and the uneducated people are not able to use the digital payments. Because of digital payments, some important information are hacked by the hackers so digital payments are not safe as Compare to physical cash.

Yes, I definitely do believe that the Indian economy should go cashless for its own good that it had faced after the economic crunch of demonetisation, and talking about the safety of digital payments, well they are very much secure as there is an end to end encryption which automatically makes all your credits and debits safe without being hacked into by anyone for eg say we have Paytm and ahead of that is Tex which much faster and more secure as it keeps you linked to your bank account until and unless you are on this app and using it but also you receive direct message from your bank regarding your transaction so you never lose a track of it. Talking about the problems that people in rural areas might face can be resolved if the government provides proper means and resources so that they are not only made aware about this mode of payment but also it's pros and cons and how to deal if something goes wrong and whom to contact in such cases.

There is no doubt that India is moving towards digitization. It is also an opportunity for us to make contribution into this wave. Our govt is making tremendous efforts to make this wave successful. If it happens, we can save our time and efforts. But if we think towards the other side there are some loopholes too. Aadhar data leak has been in news for many months. There are also many cases of balance theft or phishing. So, to check this, first govt should aware the common people toward digitization. Govt should check the availability of smartphones etc.

In my opinion, since many developing countries have adopted the digital payments so India is also ready to accept the challenges and encourage the digital payments to go cashless. Digital payments are being done by many people in urban areas in India. Also in rural areas people are learning the ways of digital payment. Government has taken many initiative to encourage the digital payment and make the digital payment easy for everyone. Of course there are some security issues through digital payment like account hacking, phishing and cyber threats etc. But when we use hard cash there are also risk in that like robbery or we lost somewhere in market and etc, so it all depends on us how carefully we use the ways of digital payment. Also, there are some authorities which can help us if any problem happens so we should use digital payments carefully to make Indian economy cashless.

No doubt, Digita payments are one of the good technological advancements but in such a big country like India, going cashless the whole country is a point to be focused on more because the majority of the population is in the rural side where still getting electricity is too difficult. Although our government is taking initiative regarding this like DIGITAL INDIA by helping people and providing them knowledge regarding this. Now the question arises here is whether the digital payments are secure or not. Then these are definitely secure. There are online transactions which are completely secure giving you the complete details. Also, it will decrease fraud cases like Aadhar card is linked to all bank accounts. The only thing to be taken into consideration is a technical glitch. India is still a developing country so it is gonna to take some time but if it happens then yes it is going to be a perfect move for the country.

India being a developing country has achieved so much since independence.

It has advanced in every field technology, medicine and what not.
But being the country with largest population in the world.
There are so many hindrances.
The illiteracy rate and poverty rate is still very high.
Going cashless means each and every person has to depend on digital payments.
The people on whom we are dependent so much. The sabziwalas, the kamwalis, guards, koodawalas, thela walas, rickshawalas and so many people. Who receive so little amount and number Of times will never be comfortable to switch to digital payments.

Even people in rural areas have no or very less knowledge about banking, internet and digital platforms.

India in 2018 has achieved 100% supply all over the country.

Such areas which have received electricity now will take few years to achieve full awareness and.

Such remote areas where we even don't have network connectivity.

Have impossibility to go digital.

Seeing this lack of awareness.

Such people can be easily manipulated and exploited.

The security of digital payments can be easily breached.

Although India has been successful in implementing secured payment gateways which protects us from malicious activities.

But out there are more knowledgeable hackers and fraudsters.

Who are doing the business of fraud.

By stealing the Pin numbers, credit/debit card details, Online password, one time passwords (OTPs).

By tracking and keeping log of your activities.

Through various malwares, viruses and cookies.

India has achieved what not, maybe in future it will be able to achieve 100% secured digital payments.

But at this moment it cannot switch completely to digital payments and go cashless.

The need of the hour is to spread more awareness and knowledge about technology and avoid scams and frauds.

Digital Payments are introduced in India Long time before as it was mostly used by the Urban population of India but after demonetization, it comes into picture when our government decided to go for the Cashless economy. Digital payments are beneficial as it requires the little cost to do the transaction, it is time-saving, no need to stand in queue for very long time, Services like IMPS, RTGS are provided real-time transaction facility. From the government point of view, it will help to reduce corruption, can fight against black money, counterfeit currency. As all transaction can track so tax avoidance can reduce. Digital payment have some limitation in India as in rural areas net connectivity is rare, most of the people do not have the mobile phone which supports the digital payments. Most of the people don't have bank accounts. Digital payments can play a major role in Digital India Campaign and into Grow our Economy.

At present, I don't feel India is ready to go cashless completely.

The reasons for my this statement are.

Still, Indian cyber security system is not fully effective to prevent any kind of hacking or tampering with the online transaction system.

A considerable part of our country is illiterate and so it will ruin their lives (as during note ban) as they are unaware and hence not completely armed for the cashless economy.

But at the same time, I feel that Indian govt should steadily and slowly work on making people aware of benefits of the cashless economy by bringing up various organisations and should become more strict in its policies, with time. As we will move forward several problems will unfold but that should not be a reason to stop instead solutions to such problems would have to be worked out and finally maybe after a decade people with becoming as much familiar with this system as they became with the mobile phones during the last one and a half decade.

I stand against the motion.

In my opinion, Digital Payments are albeit much feasible and flexible measure to replace cash, but since we are talking about the Indian economy, one of the major factor is 'EDUCATION'.

Even if we improve the security measures, we could not ensure security of an individual's account due to the lack of education, and knowledge regarding the technology.

India is a country where a mass of population is still suffering from the lack of proper education and knowledge; so going cashless is a big step rather it is firstly important to make the people aware regarding what is this and how does this system work.

It is still a long journey to make India cashless.