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

Yes, of course, it is. Now a days we have moved very far away regarding digital payment, I still remember that day when we have to go bank and stand in que to send money to someone and bank staff used to tell that it will be processed after 2-3 hour.

Now you can imagine we have paytm, Google pay, phone pay they all use UPI method of payment it takes only seconds to transfer money. And it is transparent, you can track transition history, it just not saved our time, No tension of getting theft, you can keep lakh of rupees in your pocket and Saved tree as there is no cash involved.

Hello Everyone!

In my opinion, India is heading towards digital payments. The use of digital payments have increased in India in the last two and three years.

But the most important point is "are digital payments secure enough for the Indian economy" I think still there are many things to do in order to make digital payments secure enough to go for a cashless economy. Although, there are many security features in place while doing digital transactions. However, in recent times we came across many breaches, thefts, and frauds. So it can be said the use of digital payments/platforms does not secure enough so far.

In India, most of the population lives in rural areas and they are not confident enough to lose their hard-earned money to waste. There is no doubt about it that internet connectivity has reached every corner of the nation but there are lots of elderly and illiterate citizens of the country who are not aware of the functionality of digital payment modes. The lack of awareness is due to two main reasons.

1. Lack of awareness.
2. Highly secured digital platforms.

I think the above two reasons contribute a lot. These are restricting to the Indian economy going fully cashless. In cities, peoples' literacy is too good to understand the benefit and need for digital transactions. On a daily basis, we see a lot of Apps are providing a very good offer for doing online transactions that encourage people to be part of digital payments.

So, in conclusion, we can say India is not ready to go for the cashless economy at present.

In my point of view at the initial stage, everything has its own advantages and disadvantages. So all what is required is to focus on improving the system supporting it to have optimal use of it.

And yes according to my view digital payments are secure enough for Indian economy as.

1. In population, we are competing for no. 1 position in the world. So to manage the money for such a huge population without frauds and all would be much more difficult if the traditional method is approached.

2. As we have corruption and terrorism as some of the major problems the country is facing going digital would help curb these to some extent.

3. As the major part of Indian population is of youth I think this could be implemented with no much of great difficulty as youth are ready to go with improved methods of technology.

When coming to the areas to be improved, our concern should be towards.

1. Improving the security of digitalised payments as the no. Of hackers and e-crime increasing day by day.

2. As the major part of Indian population is from rural area gov. Should take steps to improve internet facilities in every nook and corner of all the parts of the country and should also make plans to educate and bring awareness to the people who are not aware of digital payments.

3. As all people of India are not capable of buying smartphones which play a major role in digital payments gov. Should take steps to help the people regarding the issue. It should be responsibility of not only the gov. But the responsibility of every known citizen of India to help others so as to make our country developed.

Hello, Friends.

I think that digital payments are one of the best step taken to promote go cashless in our country. Through digital payments we can save our time, we can carry a big amount of cash without fare of robbery, and it also makes our economy condition better. So digital payments is a step towards a new and great change in our country.

But on the other side if we think about the rural areas, before going cashless government should make the infrastructure first, like educate the rural people about access process of digital payments, make better internet connection in a rural area and change their mindset. I conclude that digital payments is necessary for our country and also the government has to think about how they can grow knowledge among the rural population.

Initially, I want to say that it is a prudent effort made by our government to go cashless.

It has many benefits as we all have considered before but what I want to convey are the hindrances that are creating a problem in such a well-intended effort.

Firstly we all know the level of literacy of our country, no need to talk much.

Secondaly, the crux is lack of awareness among people.

We are all living in a Global era of technology but we should not forget every coin has 2 faces.

I want to highlight the gray one.

I think many of us k ow how many days are taken by the hackers to hack Windows no matter how much security is being offered by Microsoft.

Coming back to topic, I want to draw your attention towards hidden charges that one has to give which paying through cards.

There is a service charge of 2% for sweeping the card ones that means if you pay 1000 you will be charged an additional amount of 20 rs.

The Most important point I want to raise is that if anyone is cheated while digital payment it is really difficult to recover the loss.

One of the reason is that there is a cyber tribunal in Delhi for addressing such cases but unfortunately that judges are not appointed to the court since 2007, many won't believe it.

So one can understand that how dreadful it will be for someone who met an unfortunate fraud.

So I want to say that before implementing cashless culture authorities should ensure proper resources to address the problems that are expected to come in the due course.

I want to conclude by saying that I am not a skeptic about the govt intention but efforts should be made to ensure justice first.

India is a developing country. If digitalization is introduced then transactions become cashless and it will secure the money and helps in making the economy more powerful. But, due to illiteracy in various areas of India, the idea of digitalization will not work there. Then can't able to fill the form or write, then how can they withdraw money from ATM or can do online transactions. As concerned to Security, most of the computers in Banks And the ATM are using outdated versions which have the chances of hacking. So first We have to Strengthen digital security and provide education and awareness to people about digital India. Then by implementing the idea of digitalization will help the country to become stronger in an economy in future.

I feel instead of going completely digital, we should adopt a step by step approach. the idea of making it compulsory for large business houses at first make the plan achievable. and gradually once the idea is understood by the whole nation it should be made mandatory for all.

FAVOUR
1. Time-saving
2. Govt will be able to fight corruption.
3. The money will become transparent and traceable.
4. the burden of tax will be shared by a larger base.
5. Govt is making effort to educate people.
6. Change is a part of life.

AGAINST
1. Old people are not tech savvy.
2. hackers will take advantage
3. large population of India.
4. should not take decisions without planning. eg. deaths during the demonetisation time.

CONCLUSION = Digitalisation has more advantages than disadvantages. All the demerits can be overcome with the right amount of efforts.

Hello, In my opinion cashless economy and digital payments are very much needed for our country to take our country to a next level. Yes, there are some arguments that India is not so developed to carry this process, the infrastructure is not good to serve a whole country digital payments. But As a person if you take the initiative to go along with this thought that you have to use cashless transaction, digital payment and you know the key advantages of this simple process then you are ready to make India digital. However.

If a uneducated person can have a facebook account or whatsapp account and he/she uses it very well then the cause is he/she is interested on that, so if we developed the interest on them for digital payment and parallel things and introduced them the simplicity and advantages then nothing is impossible.

Lastly the problem of hacking and all kind of security problems can be stopped by government also by the person, if he/she thinks it's a good initiative to go forward.

Thanks.

First of all, I would like to say that yes going cashless is good for India but only for some part of our country. Although it is a good approach to develop the country but in rural areas where people don't have money to eat food properly, how they contribute their part, how they get to know to use the internet and all the development which are taking place. So the first thing is that for making cashless to our country Government must take some hard decisions in favour of rural area's people. After that they come to security issue to make sure that all transactions should be safe. Even though going cashless is a good approach for urban areas to save time and to make mental peace.

Hello everyone,

I think that digital payments are secure enough for the Indian economy to go cashless because now, we don't have to carry the cash with us every time. Digital payment is a boon to the Indian economy. There are a lot of apps and e-wallets like paytm, mobikwick etc. Which helps us to perform digitized transactions smoothly. Nowadays, small shops like food and tea stalls also have the options for paytm and all.

Carrying and paying in cash everywhere was not so easy. Sometimes in need, there were no ATMs around to get the money. There is a major problem of getting change when we have to pay a small amount like Rs. 20-30 and we have the money in the form of a Rs. 500 note. So, digital payments have also solved this problem and have made transactions easier for us.