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

Yes digital payments are secure. The threats to digital transaction is because of lack of knowledge in people using digital payment methods. Because in most of the cases we see that the user give the card details and OTP to non authorised person assuming that they are from bank. Most of the online digital transactions are secured by 128 bit encryption key which makes the hacking of card details very difficult. So, the digital payments are secure. The users need to be aware.

Hello, everyone.
According to my point of view digital payment is safe for those who are literate.. as we all know India literacy rate is at 74.04%.. they can easily handle or use it, but what about others 25.96% persons, a person who literate can easily get things but others can't..so if we want to increase growth rate of India so firstly we have to remove illiteracy from India because there are lots disadvantages:

1- Rural peoples do not have knowledge of doing digital transaction.
2- it is very risky as compared to transaction with cash.
3- it will increase cyber crime also.
4- And the most important thing is that we always have to pay transaction fees .
Being a student how much fees we would pay?

Hi, everyone.

In my point of view, India is going to cashless is very good thing. Its increase our economic growth (GDP) but an issue is that in India 50% people have not a knowledge of the online transaction and it is caused by cybercrime. So firstly the government should aware to the public for digital payments and improve the cybersecurity for online transaction and give more knowledge.

Hai everyone, I think for every situation there are some benefits and as well as drawbacks. Fro this.

Advantages :- By digital payments time will save more, we no need to go anywhere, we can transfer money in minutes of time, if we forgot the wallet it will be no problem, if we remember our card details we can reach home from anyplace by using this particular payment type, no need to go to banks and no need of waiting hours and hours of time. And mainly it will done under gov control so there is a better chance to vanish the black money also. More advantages are there.

Disadvantages : in our country there are lot of uneducated people, lot of people even don't know how to use ATM cards and cash deposit machines at least, so if we introduced digital payment and card transaction, it will be so confusing to the people to understand even for the educated persons also, then what will be the people who are uneducated and villagers, so for this gov should conduct campaigns and educate the people, they have to aware of all this and know then facts and benefits of digital payments, and so many people don't know how to utilize the internet in a specific manner, even though not every one can effort a smart phone to do payments.

If villagers also know the payment process and gov providing internet and computers/smartphones for every person it may works better.

Hello Everyone!

Demonetisation has played a very crucial role in upbringing the idea of "digital transactions. " well, in my opinion, there are both pros and cons similar to that of the coin which has two faces. People don't need to carry liquid cash along with them. Some advantages of digital transactions are:

1) easy to access: only one touch through phone via the internet and anything of desired quantity can be purchased.

2) no worries to carry lots of money to buy the expensive commodity.

3) it protects us from the pick-pocketers.

Now some demerits are:

1) with the advancement in the Globalisation, there has been an advancement in the field of technology and so many hackers and fraud may misuse the online transaction system so the customer need not to share private contact and OTP or password to anyone.

2) India is developing with the slow pace and villagers are unaware about the digital transaction as most of them are illiterate so, the education system must be strengthened.

In my opinion, going cashless is a much better option as there is no worries to carry a wallet. But the customer needs to keep in mind of not sharing a password or OTP with anyone just to have safe and secure transactions.

Thank you.

Everyone knows that the secondary motive of demonetisation to establish digital system and make India a digital India. The purpose got serve to the certain extent. Some of the report said that there is 22% increase in the digital transaction. There are different apps available for payment and Google is also launching an app called tez for the online payment. They are secure to the certain extent but there are hacker who can hack your account or digital system like ransom virus did. The main precaution is that the individual should avoided sharing there pin number and another confidential detail which can be used by hacker. So the digital payment are secure if an individual use it smartly and safely.

This topic is very relevant nowadays as this as both the advantages and disadvantages are there.

Advantage:

If India became cashless first and foremost help will be for the banks as the transactions system which was done by any bank system that can be forbidden from there next vital is unnecessary wastage of paper. If India go cashless than Indian will definitely save their times and would not have to stand in lines for depositing a large amount of money and lastly they would also be safe from robbery itself.

Disadvantage:

Definitely, a disadvantage as our honorable minister has announced but he didn't teach the people of rural areas how to use it secondly the persons who are incoming 100 or 200 per day for them being cashless is difficult. It is not very safe also because the internet connection should be utmost strong as if the transaction is not done confirmed then it might create a panic situation at the same time unemployment as day by day cashless will be done unemployment will increase and lastly these cashless are more prone for increasing cybercrime as well.

Hello, I would like to state against the argument by stating that more than 35%of the Indian population lacks the access to the internet and thus lacks the ability to pay by means of e-wallets and credit cards.

While e-payment can be less time consuming there has been an uproar among the rural areas about the unavailability of cash and people having to wait day and night to get their cash due to demonetisation.

Thus availability and proper education about the cashless economy should be given first and then the actions should follow.

Hi I'm Sreekanth,

As per my point of view digital payments and cashless transactions are more secure and safe, it even helps to control corruption to a great extent. The digital payments can be made very secure by invention of anti-theft firewalls or technology.

Coming to rural areas it will be very difficult to implementing digital payments due to literacy, improper knowledge of security and don't have a proper infrastructure to developing online payment.

Finally, India will go cashless but it takes time to adopt that system and it requires infrastructure with complete awareness along with a fully fledged security of online transactions.

No, digital payment made our work easily we can even pay at midnight and we can recharge a distance relative phone from our palm device. Its having few negative sides that it.

1. Less Security.
2. No Awareness for an uneducated people.

Even though there is SSL certified site which blind hackers eyes but still there is a possibility to hack our details. There is no 100% guarantee for the secure online transaction!

Secondly, there is no awareness for using this online transaction. Hacker cheats people by saying they are talking from particular bank as manager and ask their ATM card number by saying its lock like that and also cheating by sending OTP as their security code and stolen more than thousands of rupees from poor people in one day. So for the secure cashless nation, we need to bring awareness to all people and then implement new technology which avoids money loss.