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

Dear friends,

As the topic demands a thorough discussion on ARE DIGITAL PAYMENTS SECURE rather AFFORDABLE and when it come down to line of online transaction security, we are still naive or gullible as comparing to USA, Japan etc. Today if we look at the condition of today's internet technology in India, it is too vulnerable which got halt many time due to the excessive user but surprising matter of fact is that not half of our population is actually using the internet. So now if we desire to go cashless we need to answer some question to yourself first -.

1. Is Indian current technology can facilitate good net facilities to every user of India.

2. Will after augmenting users for online payment, our transaction will be safe from any kind of thread like hacking, data lose (due to the excessive user).

After this I can say we need to firstly improve our technology, cyber security and cyber laws after then we must encourage people of India to go for online payments.

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.

Hi all, Digitalization in country like India is a worth pondering concern. Everybody is aware what mr Arun Jaitely said that the primary motive of demonetization was to inhance digital use of money instead of paper monet, to some extent the motive was fulfilled. Digitalization has increased by 20-25% as per the statistics, however the changes have been only seen in the urban or richer segment of population. The motive of highlighting this point is that we all know the literacy rate of India, in a country where 26.96% of total population is illiterate and where 21.9% of population is living below poverty line, how can we assume that going g totally cashless can help the economy. Inspite, of being a developed country every year more than $10 million fraud occurs in US. There are know skeptic thoughts that Digitalization is a great way to increase economy but first we need to educate our people and we highly require a system to educate remote areas on Digitalization.

According to me, nothing is fully secure here. If you carry hard cash, there is a problem of theft & if you are doing digital payments there is a problem of cybercrime. But if we see, we can control the problem of cybercrime as various laws are getting introduced to it. So there is a solution if people think that digital payments are not secure.

Now, if we talk about the initiative taken by PM about going cashless & encouraging digital payments, then I think it is one of the best initiative taken in order to make India Developed country. This will give a boost to our economy. It will increase the pace at which our economy is moving & most importantly it will control tax evasion problem. Also if we go digital, government's revenue generation will increase as the share of taxable population expands.

But for this, we have to work on some issues like infrastructure, educating rural population & ask them to use new technologies for their betterment.

Hello everyone! Technology is a field which has always kept on evolving at rapid pace and will keep on doing the same. We all, collectively need to embrace this change and learn about nitty gritties of digital technologies in general, and cashless transactions in particular as then only we can help government in curbing the menace of Black money regarding security features, it is really important for government to make people aware about the basics of digital transactions, especially to rural people. At the same time it's important for vendors in this business to keep up with the latest trends in security technology. We all saw how the ransomware attack threw open new challenges in security and hence it is really needed to keep up with the latest trends in this field.

And regarding the benefits of digital transactions we all are aware of. Hence digital transactions must be embraced and worked at continously to empower ourselves as well as economy of our nation.

I think its a good idea. But nowaday India is developing country. If we go cashless it help people to reduces there effert in banking and types of money tranfer. It is good for the people for cities or urban area.

But we all know we have large number of people we belongs to rular area and they don't know how to use technology. Our letracy ratio is quite low. Even most of people of villages don't hav bank ac.

So first of all if we want to go cashless then we hav to focus on improving litracy ration of people. We should also runs some kind of training programe and by means of social media or television we should go throught seminars on Cashless economy.

Along with that we should also focus on privacy and security of digital system. As we all now hackers are exist and they can steal the money from ac. Of innocent people.

But finally by all means it is fabulous ideology and it will improve the today method and life standard of people of our country.

Thank You.

Hello guys,

Talking about the security of the digital payments, I think they are secured enough for cashless transactions. India is having well defined anti-firewall backup systems and advance IT so as to be trusted upon.

Actually, it's not the security that bounds us to go for cashless economy, it's the people living in rural areas having no knowledge about how the digital payment is made, such people can be easily fooled or let say can be easily hacked by any cyber criminal. Although cashless transactions save our lot of time and money, reduce corruption to a greater extent, but it's very inconvenient for the people earning just Rs 100-200 a day to receive their payment through mobile phones or any other online method.

So seeing the future perspective of this step, it's a very beneficial step taken but first the government needs to focus more on the infrastructure of the rural areas and once it's developed then India is no far in going completely cashless.

Seeing the current circumstances and our economic situation, my answer would be NO. India is a developing country with approx 70% rural population. Although under current government, policies are well led for urbanisation and digitalisation. But still we need some time to execute these policies. As being a rural populated country, there comes two important aspects which are poverty and illiteracy. Without eradicating its effect digitalisation is impossible. We need to educate people and win their confidence in order to achieve this. Banking sector in India has still a long way to go to eliminate paper currency. There are so many small traders who have to maintain minimum cash balance to carry on their day to day expenses. We still cannot expect payments to labour class thorough digital medium. 100% literacy along with better job opportunities is the need of the hour. Digital payment is secure enough but it's not the right time to implement the same completely.

As meera said, we have to take initiate from our side, because changing should be done on our side. If we start digital payment on our house it's a good start of every one knowing that our house mades. There also take interest to use this. And in my view, digital payment is very useful. Because now a days the online shopping is also increased. We can transfer the money by the blink on a eye through digital payments. And some people may afraid that it has some drawbacks also like insecurity of account hacking should be done. By this government take a strictly action also. So the people who don't know about digital payments. We have to make a awareness of this through the commercial advertising also. It is a great platform for connecting with the people. By this the black money should be avoided and our financial status also increases. Finally my conclusion is go cashless is also very safe and secure and encourage the digital payments for our bright future.

Going with the topic, i.e are digital payments secure enough for the Indian economy to go cashless or not, I would like to say that yes they are secure enough because paytm and other apps for the online transaction are highly secured as this is the reason why we are using them most of the times. With the online transaction it is necessary that we must not neglect the importance of paper money because internet connection is not good all the times (a real fact) so in those cases we are needed to have some cash money.

India is one of the largest country in the world hence we can't expect everyone to be cashless or being digital.

It can happen in future if Indian economy goes good enough and when each and everyone thinks that internet knowledge is one of the major part to survive in this competitive world.

I would end by saying that going digital is one of the major improvement in increasing the Indian economy but being cashless can be drawback.

Thanks.