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

Hello everyone,

I am in the favour of this topic, We can go anywhere and we don't have to think about money. Because ATM service is available in every place now. And we can do digital payments everywhere. And it's secure technique because everything is connected with the Aadhar card and we also use our phone no. To secure the account. And everyone should be aware of not giving pincode to any stranger person. So I think if we don't do these type of silly mistake then we can feel secure.

Thank you.

I support the statement of " go cashless". Digital payments are secure enough for the Indian economy unless otherwise mentioned: "you share your private information with anyone". Everyone is very foolish that they access the apps to read our messages. Everyone clicks the allow button which is an easy access for hackers to read our messages, to see our images etc, unless we are safe, nothing is safe.

The fact that digital payments have made our task very easy. Now we don't have to carry huge cash in our pockets, we no mere have to think about cash being stolen made us feel the necessity of shifting the whole system to didgital payment. But when it comes to security then we are really lacking behind. Even in the west security is not 100%. I have heard cases where money is being deducted from people account without their knowledge, accounts are getting hacked. Even the crime is also transformed from pick pocketers to cyber criminals which is even more dangerous. Another major concern is illiteracy where people are easily fraud by these hackers. So shifting complete system online will certainly leave us nowhere. So some major security steps are needed to be taken.

It is a fact, that digital payments are very easy and we can buy anything we want in online without any difficulties associated with buying the same thing from the market. But we cannot shift the whole economy from currency to cashless in a single day. You must have heard the saying that "Rom is not built in a day". It will take at least 50 years to shift majority of our economy from cash to cashless considering the facilities we have and the percentage of illiteracy in India. Coming to the point of security of online transaction, I don't think it is one hundred percent secure. Recently I have read news about incidents where hackers stole crores of money from banks. I have a personal experience of losing my money when I was depositing it to my account through a cash depositing machine. Even the bit coin which was claimed to be very secure was stolen, I know a news about a man who lost his bit coins when he was checking his bit coin balance by connecting to the wifi of a restaurant. It is true that the people who developed those technologies are intelligent, but we should not ignore the reality that the hackers are also equally brilliant. So we have rethink before jumping to this cashless economy, otherwise there is a chance of literally becoming cashless.

According to my opinion, It's the not the perfect time to introduce cashless scheme in India. May be it has more impact on Indian economical developement but for common man it's too hard to manage. We all know that, there are more illitirate people are living in rural area. Even they don't know how to sign in a required one. Thumb is their only proof for any officials. If they want to buy a fish from their village fisherman. Then it will be more difficult to both of them to manage as they don't know what is going on in digital system. Indian will develope automatically and all digitalized schemes will be applicable, when the literacy rate in rural area will impove significantly.

Yeah!

The digital transaction is secure enough in India and the major factor behind is a huge IT sector developing and flourishing in India (Banglore and Hyderabad). However, It is true that there is nothing absolute secure in Cyberworld but we can be ensured that "walls are high enough".

Beside this one more difficulty in putting India cashless is that still, a majority of Indian population live in rural areas where people are either illiterate or not aware of the security of digital money. So one can easily still money from their accounts so Government should first try to make aware them about how to make digital transactions, its benefits and security methods so they could also protect their valuable money.

Meanwhile, illiterate people can continue with hard currency transactions there should not be any force on them.

I totlay favour the motion but I am more concerned about its safety.

At present scenario, not much theft is seen regarding online payment. It is going smooth. But privacy has always been a concern because nothing is 100% secure. With the AADHAR being mandatory in banks in our country, our privacy seems to be more vulnerable as AADHAR always remains in news for its privacy issues. Our government should take more responsible steps towards its security, then it would be worthy for the Indian economy to go cashless.

Yes, I am in support with the view that digital payment is secure for the Indian economy to go cashless because everything is so easy and confidential so that people feel secure and invest more in any good. Also, it's not only contributing in financial perspective but also from the social perspective the people from the village to the city are now more literate about the bank and its services and this will help to build trust in government and its policies. The incident of being theft reduce because of the transparency and accuracy in government services its all lead to a secure caseless system in India.

According to me, digital payments are secure for the Indian economy as it carries lots of advantages with it but to go 100% cashless is not advisable as a section of Indian population is uneducated and they hardly will trust the digital payments as secure until & unless there will be some programs be arranged to educate them however it should be such that those who want to avail the services of digital payment they should go forward while those who are not able to use they should be educated and it should be their choice to use or not.

Thank you.

Considering the current scenario, neither the digital payments are 100% secure nor 100% Indian population can go for the cashless system. There is a lot more to do before making India completely cashless.

IT industry is booming in India undoubtedly. Security is making progress every minute, but the cashless system will also be that secure, when the whole country turns cashless, has no guarantee.

Another complication here is only 2.3 billion people out of 7 billion (the population of India) uses smartphones. It becomes too difficult for the rest of the people to use smartphones and we just can't say them to do their daily transactions in a cashless manner.

What solution I can draw is, initiating cashless system progressively can help to solve both the problems.

By the time, we start doing cashless transactions we will be able to find the how secure they are, simultaneously we have to first make India an Smart India.

India, where it's maximum population, can take the benefits of the technology.