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

Hi,

Our topic of discussion is about the security of the digital payment for Indian economy. In my point of view I support for the digital payments. Because it is the faster mode of transaction and any person can send or receive money in anywhere. Only thing that need is the knowledge of Internet and online transaction. Demonetisation in India increases the digital payments.

So many peoples believes that digital payment is unsecur and they loss money if there is some sort of transaction failure. It is mainly due to lack of knowledge in Internet.

UPI Transaction will not cost any transaction fee. And it is easy to transact the money to anywhere within seconds. There by it increases the economy of India.

The major problem in India is that, majority of Indian peoples do not know how to use the smartphone and computers. Considering this facts this will be a great challenge to go the payments fully digital.

Thank you.

Yes, it is secure but at what level it needs ti be secured it is the main point. As digital payment bring transparency help in reducing corruption and it also saves time. Recently we have heard about ransomware virus many of us stop using digital payment methods at that time because of that. So yes digital payment method is one of the best methods of payment and to make economy transparent but it still questioned that how our cyber authorities will manage the virus and hacking or other malware activities. In digital payment, no one is questioning that digital payment is best but yes how secure it depends upon several things such as.

Our government has to provide digital knowledge.

The Literacy rate of India.

Backward area education rate.

So when people are aware of that yes digital payment is secure but still we also have to aware about everything about hacking and malware things then we can say yes it is enough.

At present scenario, our prime minister Mr. Narendra Modi is applying his lot of effort to digitalize India. According to me, it's a good step for Indians as it is difficult to carry money to buy goods from another state and We know that nothing is perfect in the world so neither the digital payment is 100% secure nor the cash payment because in both the cases chance of robbery is same. In case of digital payment, robbery is done with the help of cyber system which is called cybercrime and in case of cash payment, there is a danger of thieves and robbers but when it is a matter of comparison then digital payment is better than cash payment, there is no fear of robbers and its security totally dependent on the user. If they don't share their password, OTP and ATM's pin code to anyone and use secure wi-fi connection then cybercrime reduced automatically and digital payment system become secure and successful in India.

Advantage- digital payment is secure and easy for the transaction. We say that time is money so during payment no time is required. You can not take large amount of money with you but through digital payment, it happens. We can also save money from thief. Digital payment is more secured through OTP (one-time-password) and biometric. It also reduces corruption.

Disadvantages -our most of population are depended on agriculture in fact 65% so they are not aware of this system n they are not educated. In fact, they think that it's not trustworthy, so they go to the bank and deposit or withdraw their money. As the report, the most phishing attack is performed in India. There are various apps are used for payment, paytm is one of them, everyone is aware of this app, the app is made by China. A/c to economic parameter world war 3 would happen then they can withdraw all amount through the app, so India becomes helpless's.

The present era is about digitization. It gives a boost to newer and easier ways to perform our tasks. As far as India is concerned, this is definitely the right time to shift towards cashless transactions to be on par with the technological advancements seen in other countries. Security has been raised as an issue but this is not limited to a single country. All countries face the challenge of cyber threats. New ways are continuously being developed to address the issue. Also, extra care has been taken to India to make digital payments secure. There is an authentication procedure to transact digitally. National Payments Corporation of India is also assigned with the role to regularly monitor the integrity of digital payments. So, yes, digital payments are definitely secure enough for India to head towards cashless transactions. The ease of hassle-free transactions provided by digital modes is really unparalleled.

Digital payment is an initiative taken by our prime minister to make digital India or cashless India. For me it is very good decision because as we known India is an developing country and it has been 72 years of our independence still most of the population of India is illiterate and poor. So if still we think our country's people are not able to make digital payment and they are not able to use smart phones or normal phones. All these bullish thoughts are not putting anything towards development of people of India. But as digital payment as come in India as a weapon to make India a cashless illiterate peoples are also coming forward to learn how to use smart phones and how to make payments. And asking there childrens and friends to teach them also. All these things are developing them doesn't matter how old they are or how much literate they are. As Indian government cannot serve food in plates of people to eat.

No, digital payments are not secure enough for the Indian economy to go cashless. There are many reasons behind it. Those reasons are as follows:-.

1. Unaware of digital payments- In India, most of the people are unaware of digital payments, even many of they don't know how to operate the Internet.

2. As per report- According to the American chipset maker company Qualcomm, in India most banking applications don't run on hardware security. So, there is a high chance of password stealing.

3. Hacking & Hacker's- It's not long back when the biggest cyber attack in history, WannaCry ransomware.

Infected more than 40, 000 computers in India. The main cause of this attack is that In India, most of the Computers are not upgraded their Operating System. They are still using the old version of Operating System.

4. Security Standards- In India, no Security Standard's are prescribed by RBI or the Government of India.

Hello, everyone. Myself Anita. First of all, this is very Interesting and Useful Topic. The Topic is "Are Digital Payments secure enough for the Indian Economy to go cashless?" Yes! Nowaday's Digital payments are one of the vital role in India. People can no need to go bank to deposit the cash or pay the amount ; By using digital payments is quite easy and also secure. People can also buy their appropriate things (while shopping) they can easily pay the Money through credit cards or debit cards. If we forgot to bring or If we need to pay some more amount we can easily pay through credit cards from our account. So, In my point of view digital payments are well process Method. But I don't know it is enough for Indian Economy. It is benefit to go cashless, but it is not enough to Indian Economy. I hope that Government will focus and proceed the correct action to develop our Indian Economy. Thanks for reading my post!

At current scenario, the Cashless transaction is partial good as numerous region behind this. India is the very large country consists of numerous types of people, landscape. For any form of cashless transaction, there is a requirement of the internet, smartphone or other atm devices. The Internet has been not spread at all located in the current date. The population of India consists of 70 per cent of poor who are under the poverty line, so most of them can't afford a smartphone. If you take a keen look towards our society, most of the old aged group people don't use a smartphone. As a result, they can't pay in cashless mode.

Yes, in last few years cashless payment mode is promoted at vastly and its effect you can see easily anywhere. The youth of our country use to pay in cashless form. It can be more popular by giving proper training and information to the citizens.

In the future, it will replace cash surely.

The recent demonetization scheme introduced by Shri Narendra Modi signals a need for "Cashless economy". But are the digital payments and transactions secure enough to fully confide in them? In my humble opinion, no.

First of all -when ATM, credit card frauds are already so rampant, how can we trust these recent apps and gateways for transactions involving large amounts?

Moreover, every such transaction gateway would require passwords and submission of valuable information, like Aadhar card details. Again a new risk!

Also, the people living in villages, who may not be much familiar with the caution required in such cases, may fall victims to such risks.

Carrying a large amount of money, though dangerous, alteast one has a control to hide it in the safest place possible. But in digital payments, unless the fraudulent cases fully cease, it is difficult to rely on them and share our unique information with them.