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

Yes, digital payments secure enough for the Indian economy to go cashless but we should not forget about rural areas of India where people don't know about it until they are able to do it we can't make it cashless so we should teach them first about this digital payment then slowly we make it cashless.

Digital payment is really a good step for improving the transactions and also a slap for several cases of black money. Every payment is going online means there is no possibility of giving any bribe for any work and also digital payment let the bank and customers to keep records of every transactions. So there will be no misplacing of any data or record. While there are several frauds related to online transactions, so this must be secured more.

Main reason for cashless transaction :

1) Terrorism.
2) Block money.
3) corruption.
4) counterfeit currency.
5) parallel economy.
6) currency storage.
7) to check Black Money hoarders.

Impact of cashless transaction:

Inflation, reduction in monetary circulation, cash deposits in banks, easy loans.

Yes, Digital payments are secure enough for the Indian economy to go cashless, because as we all want India to be a developed country, for this digitisation plays a vital role for the development. It is safe, secure and risk-free. There is no need for large bags for taking cash from one place to another place. By digital payment we can pay and recharge our various bills, can book our travel tickets, shop by online etc. Digital payment also user-friendly and also we can save our time and money. We don't have to qued in banks and ATM's. In other hand, it can save our environment as we need pulp of tree for making currency.

Digital payment can't be successful in India. If they put a service charge on transaction money. To make it successful in India, all transaction should be charge free. Everywhere should be wireless network so a person can pay through his/her wallet. If transaction fails money return to the bank immediately not take time more than a hour.

In my opinion, the digital transaction is very useful for us and our society, because due to it we have to reduce many of the problem in the country.

The transportation of cash is so difficult to one place to another.

I don't think India is yet ready to go cashless since.

> it does not pose enough cyber security infrastructure.

> other reason would be lack of awareness about digital or cashless transaction.

>Indian market majorly constitutes of informal sector which is heavily cash driven.

>possibilities of frauds and virus. RBI recently accepted malware in hitachi switch installed in ATM machines which has infected many debit cards.

>bank of Maharashtra lost 25 crore rupees in biggest upi fraud so far.

Yes, nobody can be 100% sure about the secure digital payment in any part of world, but this digital payment has to start in our country cause if we will not start it now then I don't think so it will better time to start that initative. Cause as we know 65 % our population is below the age 65. I.e young who are very comfortable with this type digital payment.

According to me, it's a useful technique but it can't change the entire economy, because in India lots of people haven't enough knowledge to do it by its own and one of the most important thing is that we have to pay certain fees after 50-60 transactions, its not easy to applicable for all (in India) and first step is to educate the people with the digital system (especially rural people because cyber crime is very common in world). Thank you.

No, digital payments aren't secure enough to make payments online. Reasons are, importantly most of the people who use NEFT or RTGS or use of cards may save the data in the websites or in apps like paytm or flipkart, and if they not saved also they won't log off from their account. So the database processed during transfer will be saved may in users phone or app servers, so this makes loop holes for the hacker to grab information.

Recently one of the Indian institute IIM did research on this and the result was about 30%-35% of phones passwords and money transfer database are hacked that too in three months, from DEC 2k16 to FEB 2k17, that too at the time of demonetization.

So it's better to execute powerful encryption methods in India for money transfers. So that it helps to go Indians Cashless transfer without second thought making successful Go Cashless.

Thank you.