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

Last year in middle of October it was reported that a huge data security breach took place on debit cards. Nearly 3.2 million debit cards were affected. The worst affected was SBI, HDFC, ICICI and YES bank.

We can't just shun this incident as an aberration and won't happen again. India still lags far behind providing its citizens cyber securities. So I do not think with the current digital infrastructure India is.

Ready to go completely cashless, not yet.

But with more tight cyber laws and monitoring system it might. We also have to consider that literacy rate.

In India is 75%. And almost 70% people still lives in rural India. So in order to implement cashless transactions first we need to apprise the rural population about digital payment methods, current UPI and BHIM payment system. Huge campaign on digital literacy from Government is imperative to achieve.

The goal of Cash less economy and implement digital payment system in sections of society.

In my point of view, digital payments and going cashless is more effective and accountable way for the development of our country. It consists of both pros and cons. Coming to the pros it will majorly help in decreasing the corruption and will curb the black money as well. It is is very easy and more convenient. There is no need to go and stand near banks and ATM's for hours. Coming to the cons as India is a developing country the security is the major problem. Most of the educated as well hesitate to use online payment because of the fear of hackers and it is difficult for the people living in rural sectors who didn't even know about the internet. The government has to take measures by arranging campaigns and effective advertisements to make them understand of online payment and also make them aware of advantages in going cashless. Also, the government should opt multilayer security systems so that people will believe that using online payment is safe.

Hello friends,

It is very interesting topic to discuss.
As technology develops it is important to update ourselves.presently almost all sectors are digitalized it is better to us to move towards digital life.
There is both advantages and disadvantages in this also

Advantages:
1.It will make our life easy
2.it saves time
3.digitalization provide 24*7 availability
4.it reduce corruption
5.helps to improve our nation

Disadvantages:
1.less secure as hackers hack it
2.lack of knowledge
3.availability, because digitalization totally depends on internet and power
4.it causes unemployment
5.it increase e-waste

First, the government should train illiterate people about digitalization. And we also should take initiative to train those people who are not aware of digitalization.

As every coin has 2 faces it also having both advantages and disadvantages.as it is having less no of disadvantages I support Indian economy to go cashless.

Thank you.

According to me,

Digital payments are quite safe because there are zero % chance that Bank never ask you debit card number or any other internet banking details etc. It is our responsibility to keep it safe from unauthorized person.

We don't have to share our internet banking details, or an OTP during online transaction to anyone. Government of India has provided an Unified Payment Interface (UPI) and BHIM for better and faster transactions. But, before we move to cashless, Government have to think about uneducated people who don't know about digital payment even they don't know how to use it. In this case Government has to provide information about digital payments to rural areas or uneducated people that will bring new change in their life. It will be the huge step for our Indian Cashless Economy.

Unlike cashless transaction, there may be a chances of damage with your cash or even robbed, so to avoid such things and to do go for Cashless payments.

In my point of view,

The digital world is the one of the fastest growing area in the whole world, In India The Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. "Faceless, Paperless, Cashless" is one of the professed role of Digital India. As part of promoting cashless transactions and converting India into less-cash society, various modes of digital payments are available. Digital payment methods are often easy to make, more convenient and provide customers the flexibility to make payments from anywhere and at anytime. These are a good alternative to traditional methods of payment and fastest up transaction cycles. Post demonetization, people slowly started embracing digital payments and even small-time merchants and shop owners started accepting payments through the digital mode. So I support for the digital payment system in India.

The topic for GD is very relevant and a major issue of concern. Going cashless is a powerful tool for carving a better and a developed nation. Along with omitting black money it will also help in maintaining records of transactions. But with the idea of cashless economy, comes complimentary the question; are digital payments secure? Well, not 100% but secure enough for an economy to go cashless.

The cyber experts are amending the presiding rules and regulations, making them more stringent and difficult for the hackers to break.

With advancement in technology, it is now much more easy to detect the location and IP address from where the crime has been committed thus making it difficult for the cybercriminals to escape.

Also, the cyber security act of India enforces strict punishment and heavy penalty on the cyber criminals.

Thus all this contribute to providing a safer environment for digital payments and leading India towards a cashless economy.

When we talk of Digital payments or transactions, I would agree to the facts that digital transactions are way too easy and secure. There is lot more savings in time. We can easily manage our own money. There is almost nil threat of robbery or snatching. Going cashless will help the government to track the flow of money effectively and also curb the flow of black money overall.

But our economy is not completely ready for this digital environment. Considering the literacy rate of our country, huge percentage of population is still not aware with basic internet and banking facilities. Also, we cannot ignore this fact that our small villages are still lacking basic necessities such as schools, hospital and even water and electricity. How can we think of installing internet facilities in such places?

To conclude, yes I am in favor of India going cashless. But considering present position, it is suitable for cities but whole nation is not ready for it.

Good Morning everyone.

From my point of view, I think it's almost secure to do online payments. As govt of India is doing maximum possible activities to make the digital payments secure. And digital payments provide a wide opportunities to the Indian customers. As it gives a wide platform for the buyers and sellers in Indian market to do business.

It enhanced the Indian markets to next-generation marketing and selling activities. While we make a payment we can understand that how safe is the payment platforms. As it is processed through 3D payment gateways. And for online trading activities SEBI keeps an check on every transaction. But we should consider that every law has a loophole. Even the most secured American gateways are being hacked. Thus we should also keep an safety from side without exposing the passwords. Thus I conclude that, Indian digital payment platforms are secure and also have a vital role in the development of Indian economy.

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.

Good Morning.
Today's topic is very different "Are digital payments secure enough for the Indian economy to go cashless?".

In my view, digital payment is a very good option because it saves time to think that every person go to the bank for each and every work related to bank, cash and spends much time on bank whenever if we use digital payment then we can do much work through our mobile and internet banking like transfer the money, view statement, apply for cheque book and many more.

And due to digital payment, there is no chance of money loss from the pocket.

We know that each and everything have some advantages and disadvantages.

The advantages of digital payment is as follows:

1: Saves time.
2: No need to carry money with us.
3: Transfer money to anyone who uses digital payment.

And digital payment has disadvantages which is as follows.

1 : Non-literate person face difficulty to use digital payment.
2: Online fraud is increasing.