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

When we talk about going cashless the point which is implied is that cash transactions are not safe and that when an individual pays for the transaction there is no proof that whether the cash used is hard earned or earned through corrupt means. So when we think of going cashless it is surely a positive initiative as it would mean that the money used in the transaction is surely white in nature as the explanation can be demanded then and there. Now it is well known that there are many cases of cyber fraud and thefts so government should strengthen the cyber laws and study the cases of cyber frauds carefully so that none of that sort happens in near future. By doing this the government will be able to reach its ultimate goal for which the whole initiative is for i.e. to remove corruption. Now, all we can do is wish the government all the luck and do our bit as well by reporting cyber frauds if we come across any and not ignore it.

Thanks.

I would like to say that, Digital transactions are more helpful for our country's growth when we consider the correct tax findings over each transaction when compared with the normal cash payments. But Considering the current situation of our country internet issues and methods the digital payments are vulnerable to attacks in many ways like spoofing, phishing etc.

Before go for cashless we should go for the methods to make the digital transactions safer than cash transactions by providing highly secure paths for servers authorized particularly for cash transactions. The another most important thing that we should consider before going cashless is that the illiterate peoples living in our villages will face problems over this. So we should ensure that we adopt methods for educating them before go for the entire cashless country as they are also our nationals and they have also had their own ways to live as we live in our wills and ways.

In my point of view, Indian Government has taken a much effective step to go cashless and digitize Indian economy. Most of the developing countries of the world has already made their benchmark in digitisation. For the betterment of the Indian economy, no doubt it is a big thing.

But there are big disadvantages of the digital payments. Firstly, Speed of the Internet and server of many digital website portals gives terrible problem and transaction stuck.

Secondly, Cybersecurity is one of the main concern often Hackers hacks the password and they steal the amount.

Thirdly Many of the people uses digital payments become the victim of fraudulent.

India needs to develop their technology to provide a well secured digital transaction, as well as people, are needed to be awarded to resist that fraud. And I am very much confident that India will overcome these problems and be one of the most powerful economies in the world within some decade.

Digital payment is concerned with the act Digital India which is initiated by our government Narendra Modi with the vision to transform India into a digitally empowered society.

It is a way in which payment is made through digital mode and we don't have to carry cash when we want to buy anything and anytime.

As in this modern era, everyone is getting inclined towards the modernisation and no one wants to follow the old tradition this is also obvious because technology is advancing day by day. So digital payment helping us and our country in modernisation.

If we talk about the security for the Indian economy to go cashless I think it is more secure than before because here no cash is involved so no risk of the thief and it is more convenient and transparent mode and here transactions are completed in a shorter time.

So we can say it is more secure and efficient for our economy which helps in increasing the growth rate of our country.

In my opinion, digital payments are safe for Indian economy for cashless as one can keep track of their funds by the help of apps and tax department can keep track on the transaction without failing personal to pay taxes and the one can keep a record of fraudster which fly away with extra money. Digital payments can be fluently achieved in urban areas but there might be some difficulties in a rural area but according to upcoming programs of our prime minister and some good citizens of India there will be no such problems in future as they are providing information and technology to such areas. Apart from this, we cannot deny the fact about the cyber attack which could affect the digital payments but there are setups like security cells which handles these attack and helps to prevent such activities by their programs and secure portals. It can be said that the day is not far away when the whole country will opt out cash and go cashless.

Hello,

Digital Payments have done our work more easy, secure as well as fast as compared to previous times. When we have to stand in banks long queue for transferring money by cheque or draft.

But I don't want to ignore the point that now also there are many villages and backward regions where percentage of literacy is very high and even they can not earn enough to complete there basics needs i.e. food, clothes, and house. Bringing awareness of digital payments in these such regions will take long time until proper support and services are not provided for them from the government.

Going cashless is the biggest barrier for corruption in India. Government can easily get track the purchasing budget of the customer. Digital payments are secure enough for the Indian economy to go cashless because it will be action against corruption but implementing it in rural areas will take lot time for bringing awareness of this to them.

Thank you.

Hello everyone.

As we all know, when Modi Government come into role Digital India is growing faster. As per my opinion, digital payments are secure for the Indian economy to go cashless. Now everyone can go out without carrying cash at any place. There are so many apps available for payment like paytm, mobikwik, online sites etc. And it is safe to use. In urban areas, most of the people are operating digital payment but in rural areas, people don't know how to operate digital payment. They have to explain about the cashless system and for this Government can arrange a campaign to educate them all about this. So they also know about its usefulness. India is developing the country as we give knowledge about this to rural areas people it is one step for our country to become a developed country. There is also reducing corruption because people don't need any of middleman for work done work are directly done by people and at actual rate.

According to me.

Going cashless is one of the few steps through we can achieve digital India concept. Everything in this world has pros and cons and we should see that what can be achieved from that step. Making digital payments is one of the best ways to get rid of corruption. Earlier there was a ad from govt for taking the bill because that way no one can skip from paying the taxes which is the base of development of a country or state. Nd by going cashless, everyone is paying the taxes. And there is less thefts issue due to not carrying the money in purse anywhere.

Nd about security purpose there will be hackers. Nd there will be ones who will protect us from them. And security can be improved by hiring ethical hackers.

So I m concluding that we should use the digital payment to develop our Indian economy. And they are secure and I PERSONALLY use digital payment for my recharge, orders etc.

So it is safe enough to go cashless.

Good Morning everyone, my name is Deepak Kumar and our GD topic is "Can India might go for digital and cashless economy". Well, as per my concern I think it's an absolutely a good step that is demonitization and some people earlier who don't go for online payment even some of us don't go for draw cash from ATM now some of them use ATM and some of them also use online system of payment and other. Colleagues we all know that there are a large no. Of people in India are uneducated and they don't use that digital system of technology even they don't use the ATM so how we can accept that they use digital system.

Conclusion I think there is nothing wrong if Modi g going for cashless economy our next gen. May be use it easily end its the platform for them they can go digital economy and other point is that uneducated people who can not use that digitalization so we all see after demonitizaton they also use ATM its great achievement for us.

Going cashless is certainly secure if compared to carrying around wads of cash. One can do nothing stealing an ATM card without knowledge of PIN, or password for online banking. But only up to certain extent. I believe on card transactions as the cards are linked to bank networks which were developed well before, also I get a confirmation on my mobile. But with these new cash transaction apps coming up, which may be still amateur networks, are very prone to get hacked, that is where I think is a weak link in the chain.

Many of us said before there is a large group of people having lack of knowledge regarding these online, cashless transaction. Certainly, these people can be easily fooled, but this new toy must be given in their hands only after proper guidance, the importance of keeping passwords, PIN a secret, and this a challenge that must be taken by us and promoted by our government, to make digitalization a success and secure.