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

Yes, Digital payments are much more secured form of payment than cash but every coin has two sides, In our country, most of the people are reluctant to go cashless yes this is the bitter reality governed by many factors like lack of awareness, fear of not knowing the process, no proper guidance and promotions plus illiteracy is an add-on to it. India has a diverse range of population some rely only on cashless transactions others don't have enough money to even arrange their two times bread and butter. So, yes going cashless is secured but those who don't have cash, who are thinking about them?

Thank you.

Yes digital payments are secure for Indian economy to go cashless. Nowadays all payments are via 256bit encryption which provides high security. And even if transactions failed at one money is refunded to source account again.

I would like to say that it is secure enough because of the huge IT industry paving the way in India. It has become a hub.

Though still ,we see India lags behind in total amount it pays through the digital transaction. It is because of behavioural change we don't want we feel we have money when we have hardbound currency in our pockets. Digital payment includes all the money we use in form of debit card, credit card, transfer through the account, payment through mobile wallets. Illiteracy is also a major challenge for digital India. The government and people should have to work together to increase the digital payments. However 100% cashless is also not safe there should be a balance between both type of payment so that we do not lose everything if sometimes like ransomware like wanna cry gets released.

YES, the digital payments secure more since they come under cards too, if stolen also we can save our money the best method of securing money is going through cashless.

I think cashless economy doesn't mean being 100% cashless. There is more percentage of illiterate people and people who don't know to use a smartphone. So, thinking of making completely cashless within next 20 30 years is impossible and nonsense.

But also you should notice that cashless transactions don't mean only mobile banking. Even credit cards and debit cards come under digital payments. So if people begin to use these kinds of payment modes for daily transactions, small transactions like in retail shops, petrol stations, I think then we can say India is moving towards becoming cashless.

So the question, are digital payments are secure enough for India, I would ask if not India, then for which country these digital payments are suiteful? India has the best IT industry in the word. So India has already achieved significant achievement in digital payments. And it's already secure. But in future, when everybody starts using this, the present security may not be enough.

One more advantage of digital payment is personal safety. If you are carrying much cash, you will always have the fear of it getting stolen, But no such problem if we start using digital payments.

India has already made ADHAR must for digital payments. But I think that's not enough. As ADHAR has our data like a fingerprint, I think for each payment authentication using fingerprint should be made must. Now maybe not all smartphones has fingerprint, But in just 2 or maximum 3 years, every phone will have a fingerprint scanner. And we can use this to make digital payments more secure.

Hi, the digital payment is good for the country and it progresses the country but all have the people are not aware of the digital payment so it's responsibility to all young students to teach everyone how to use the online payments. All the thing have two things one Postive and negative so if you are using the digital payment so it's drawback also but it's good points it's you have your money deposit safely in the banks so it when digital payment does not have so it very risky to all the people to Thief. I think the digital payment it's good for the country and its help to progress the country. Thanks.

I think the digital payments are enough for an Indian economy to go cashless. We need to take some precautions to secure our money by doing that so we never share our confidential data to anyone. For an under developing countries like India consists of some uneducated peoples also, they don't know how to do transactions so that kind of peoples unintentionally they share the data. Coming to secure now a days all the companies are using cloud computing. Cloud computing provider connects different clients to single server so there is a chance of hacking the accounts.

According to me,

Digital payments are quite safe because there are zero % chance that Bank never ask you debit card number or any other internet banking details etc. It is our responsibility to keep it safe from unauthorized person.

We don't have to share our internet banking details, or an OTP during online transaction to anyone. Government of India has provided an Unified Payment Interface (UPI) and BHIM for better and faster transactions. But, before we move to cashless, Government have to think about uneducated people who don't know about digital payment even they don't know how to use it. In this case Government has to provide information about digital payments to rural areas or uneducated people that will bring new change in their life. It will be the huge step for our Indian Cashless Economy.

Unlike cashless transaction, there may be a chances of damage with your cash or even robbed, so to avoid such things and to do go for Cashless payments.

Alright, let me vent on this topic straight.

"YES! Digital payments are to a pretty good extent secure enough for our daily transactions" but with some CONDITIONS APPLIED. There are some basic privacy setups or some guidelines to be followed, there is a procedure to perform, if done rightfully it is not very likely to be hacked by anyone. The problem here is that we (as in the people of India) have trust issues, due to which we do not even want to get hold of a new technology or anything alien. People do not want to get out of their comfort zone, but we need to. Because moving ahead with new technology is basically progress. I mean, if we talk about ATMs. Frauds did occur with those as well. They still do. But did we stop using them. No. Right. At least the failure rate of digital payments is much lower than that of ATMs. We need to accept the new birdie in town with the same mindset.

I indubitably believe that in a country like India where we need huge celebrities like Mr Akshay Kumar or Mr Amitabh to teach us to use proper sanitary conditions, here trying to lure the people to upgrade to a smartphone from a "Dabba phone " was a huge milestone achieved by JIO.

Now, the only thing left is- The proper knowledge of how to use it and be secure is to be imparted to the users. Especially the new ones. Maybe not now, but once all the tiny its bits are achieved, soon we'd go cashless.

There is some possibility to hack our account by hackers. It doesn't mean that we can't go cashless, but we have to take precautions when doing our online transactions. Like don't share our OTP to anybody, don't share our bank details, login id and password to any person. If we take precautions while making transactions then it's not harmful for us.