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

Well as the technology is increasing day by day the number of hackers are increasing, latest being the ransom virus which affected many computers and most of the data is stolen, so first of all if we want to implement the digital payment system we must ensure that we are having a strong security. Later coming to India we are having nearly 37% of illiterate adults in the world so it would take some time for these people to understand and implement the digital payment system. Well if we take country like Sweden where cash reserve is just 3% of national economy and for public transport, donating money to church and for simple things they are adjusted with cashless system but India being a diversified country with different classes it will take more time to settle in cashless transaction and up to that time I am sure the security system in the world be more advanced and India can implement the technology to have safe digital payment and will be beginning of irreversible cashless system.

Hi everyone.

When we talk of security then digital payments are the most secure form of transaction till the interface that is being used by you is not fraudulent. So the hurdle here is knowledge of the interface through which the transaction is being done. This can be done only when the cybersecurity wing that is the CERT-in keep a very strict eye check on the fraudulent website who betray their costumers and thus leading them to a false payment.

Another aspect is that through digitization there will be a full stop for the fake currency which are in regulations.

Another benefit of going cashless is that the party funding (or the donation) that are given to the parties for their campaigning can be checked. This will have a great impact on the growth of our economy as when a party funding is done then it is a huge amount which the firm or an organization tries to compensate by increasing the cost of the community or by someway putting the burden on the general public.

Thank you.

Hi,

Digital payments are secure enough for the Indian economy to go cashless up to an extent. And this is the reason our PM supporting and engaging digital payments. Even though they are secure enough to an extent there is are some potential dangers like hacking our account and our digital systems like what the ransom viruses did. To prevent such hacking and all utmost care must be taken while doing digital transactions ie never passing our OTP, pin etc to anyone else. This is one kind of hindrance in making India digital but the major issue our govt is facing is that, making our local people aware of digital transactions. India is a country with a great population and a notable part of our population is ignorant about the digital world, even there were people who were still ignorant about demonetization. So I think it is better to teach and make aware of the need for the digital transaction and potential dangers to people, then only we could make our India digital.

Thank you.

In my opinion,

Yes, the digital payments are secure enough for Indian economy to go cashless because nowadays bank provides 3 d security systems so that there is no chance of any fraud but yes one main thing is that we need to be more careful and aware while doing any sort of digital payment because it may possible that some of the hackers are waiting for your small mistake, awareness must be there people must not share there any personal account details with anyone. And try to use more reputed sites not use any of the unofficial sites for payments.

The problem with Indians is that they know how to use digital systems and pay by digital means but they think that in digital payments their money might get lose and they stuck in some fraud but I ensure you to all these things are not going to take place if we are aware at the time of payments.

And as far as the time is concerned digital payments saves a lot of time and for this present era, time is a most important constraint.

According to my opinion, digitization to be made more secure for practical use of it right today there are only 56% of people who mostly using cashless transaction and should be increased for sure by making people aware of comforts and my programming securities should be laid to avoid technical errors anyway our country is new era I am expecting that after 5 years there will be 85% cashless others will be small transactions.

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 views, the digital transaction is the best method to make payment. Before demonetisation people already use some digital payment apps and net banking for the transaction, but that was only limited to educated people. After demonetisation, every common man adopted a e-transaction for paytm. So, either it is forcefully or willingly, people going for digital payment.

There are some benefits and some drawbacks of digital transaction.

Benefits includes.

Transparency in the funds transfer, that will help to calculate individual income and to collect income tax.
Paperless.
Cashback offers.
Accessible from any part of the world through internet.
Curb on money hording.

Drawbacks includes:

Many people in India are not technosavy, so training should provide at the village level.
Many stores and hotel do not accept money in e-transaction.
If any person gets hacked for a digital transaction then a quick decision should be taken by police and provide compensation to the victim.

In my opinion, the digital payments is good for our nation because India is a developing country. It is a fast and easy transactions to pay our payment. And this help for our GDP growth. It will be beneficial for our future. The digital payments are like net banking, paytm, NEFT, UPI, etc. But in rural areas it is difficult to understand about digital transactions because they are not aware and illiteracy. So it is a innovative idea to go for cashless economy. Because nowdays no person can carry cash in every time, every where. So persons & government Go to cashless economy and increase our online transaction & payments. But it is not digital payment secure enough for Indian economy to go cashless because our technology is not good and safe, hacker is hacking our system. With this help people are aware this payments, digital marketing, make in India.

Atleast, it is a good for us and banks also provide digitally payments, and system is upgraded as new technology come.

According to me, it's very good idea to implementing digital payments because there are lots of benefits from the digital payment system. First, we don't need to carry money in a physical way. It also decreases the chances of stolen money. And second is we can easily send their money anywhere in the world with a fraction of seconds and anytime we can send. Nowadays many people using this scheme and many other also are interacting with this system. It's will move the scintillating changes of our life. But the main overarching things are how we can implement in whole India because now this scheme in nascent stage we can't implement this scheme in the whole country because 65%of our population is leaving in rural area and many more middle age persons don't know how to use mobile, laptop and computers, so we are in nascent stage we will need much more time to implement this scheme in whole country and confer knowledge to people how to use this scheme in more systematically way.

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.

No, I don't think India is ready to go cashless at this moment digital payment. Indian cyber security is too deteriorated to put such sudden terrible step towards complete cashless medium because everyday we listen to unethical hacking, data breaching, government sites hacking. Even FB google are hackable through spam phishing and many methods. Even if we confirm that digital payments are safe enough right now but who gonna guarantee that it would remain safe in future too? a thief can attack an individual person and the loss would be to the individual but what if a modern intelligent thief gets target where whole population saving money would be at risk. He could attack number of peoples account at once by just sitting at home. I agree the thief is traceable but what if the attackers are from enemy countries. We are safe right now. Right now we should apply the cashless trial on small sector wise, department wise and gradually spreading it once we get enough belief in it.