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

In my point of view, digital payments is good but not best because it's good for the higher amount of transactions but not for a lesser amount. Secondly, there is always risk as you know heard of cybercrime. It's useful for only if you will give someone money but for all uses it is not saying satisfactory.

Yes I'm also in favour of digital payment it takes less time and safe payment for a consumer. But this only done by educated people not all of them I mean to say that like poor and uneducated Person they are not using or healthy use of digital payment so government should organise a group to learn poor section how is good digital payment and what type of benefits for this. When every citizen of our country use digital payment and many more things then this will be the positive.

Yeah, of course, digital payments secure enough for the Indian economy to go cashless but certain things should be applied first, for example, the government make certain efforts to create awareness among lower caste people like farmers, labours.

Digital payments are secure because of the One Time Password encryption but the problem is that with the increase in the digital payments, the cybercrime will also increase so the government should also have a look at it. And many Indian farmers and labours don't have smartphones till now so that government should also think about it that how will they manage to go cashless.

1st of all, good morning everyone.

Today's topic is very interesting and important.

As we know that every coin has two face +ve & -ve. But depending on which one is more.

In my opinion, if we have proper knowledge about the digital currency it is best for us. But we don't have knowledge about it then there is too much problem. By digital currency, we can do any payment in a few seconds. By this, we save our time & there is no way of any corruption. So it is better than paper currency.

Thank you all.

Yes, I think digital payment is one the relevant process of payment its always be a time and place flexible.

But we should also think about the others who don't have an idea about the digital payment.

Hello guys, digital payments may save our time, our money from thieves but still there are some rural areas or some people who are not as much aware as us, so it is not so easy to having a environment of cashless India. According to my point of view, first we make aware all about digital mode of payments and then it is beneficial for our economy to go cashless.

In my point of view, the cashless transaction is more secure and ease no doubt in it, but when it to comes to India we have to consider some facts about India i,e.

1. About 40% of the population is illiterate.

2. About 35% of the population still dream of electricity.

3. About 30% of the population live below poverty line, so for them to buy internet connection will be a great difficulty.

However, having said that we have to move towards cashless transaction at some point.

So in my view, we should move towards cashless transaction with considering the above facts such that both modes of transactions go hand in hand until India is fully equipped with facilities for the fully digital mode of transactions.

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.

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 point of view, digital payment is absolutely right decision to make our country growth as seen from the payment point of view we can pay rupees in any firm or any bill payment company payment can be done by only a digital payment facility it will be some difficulty for the people who don't know about the online transactions processes but by teaching them properly this thing I m sure that digital payment can make good growth of the country and from wherever place we are able to do the payment and for the people to learn about digital payment process government has to take some steps that there will be seminars or the things held in villages in which people get knowledge about the digital payment processes.