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

In my point of view, this current scenario Indian economy growing very fast and people use digital payment options which many presents in the market like paytm, digiwallet, oxygen, credit card /debit card /master card many more option available. Due to fast improvement in Indian economy digital payment contribute much more people go cashless and done with online payment options but this current era Indian banking system"s atm runs on old version which can affect the whole system and problem occurs with it i.e. is to be being hacked by someone and control the data by ownself so banks came in danger. So for as security reason concern its need to enhance the old version which is installed in the atm systems and also in banking operations version need to be upgraded. Lastly, I say digital payment is more secure enough for the Indian economy to go cashless if their versions of OS are upgraded and enhanced.

Every form of payment systems has some form of risk associated with it.

Take for Eg. Payment by cash, it has a risk of theft, robbery, damage of currency notes, use of fraud currency but regardless of all of that we use it as a medium of exchange due to the huge benefit of money being easy to carry, widely acceptable and availability in different denominations.

Likewise, cashless payments have a huge risk like cloning of cards by fraud machines, hacking of bank accounts, stolen card details and OTP. However, all these risks though very grave can be avoided by awareness of cyber crimes and by being careful.

Therefore, in conclusion, I would say that though cashless transaction has some risks associated with it due to the huge benefits, we must work towards a cashless society as well as continuously work towards making cashless payments more secured to the growing skills of fraudsters and hackers.

Digital payment is good for any country's economy. By this, a country can go cashless. We need not have to carry money all the time with us and there is no chance of losing our money by a thief. But According to me for our India its not good because our country is a developing country. We all our aware that India has the rural area much more than the urban areas. The peoples of rural areas are not aware of digitization. They don't know about the cyber crime. Suppose If our country starts the cashless economy. There are many hackers who can hack the account of any person especially for the rural areas the people's account could be hack day by day. So, before implementing anything for any country the government should look towards their policies to secure the digital payments. Must look towards the rules for cyber crime. Awareness camp must be organized for teaching the people about the digitization.

In the era of BLOCKCHAIN, where people are talking about doing online transaction across the world, in such digital cashless era if we don't introduce cashless transaction then it would hamper our country very badly.

Before demonetization, 72% of Indian population were doing the transaction through cash but after 8th November 2016, the scenario is another way around ie 80% of the Indian population is doing and has adopted cashless transaction.

Coming to the point of Security, There are no systems or techniques or devices which are 100% secured. Even hard cash is also not secured, many Bank robbery cases has been filed till date. So it's our individual's responsibility to take care off.

The Government has started providing high-speed secure internet by developing proper infrastructure, Yes definitely it will take time to educate them but 5-6 years down the line, it won't hamper Indian economy.

In my opinion,

Even digital payments reduce the black money flow, saves the time of the people but, applicability this system not an easy thing.

First, the problem we face with the security, Even the well-educated people also not even in a position to secure their social accounts (FB, gmail) etc. They easily provide their account information for any simple advertisements.

Coming to people lives in the rural areas, they not even have the proper infrastructure for accessing the internet. After introducing the ATM's (2003), it took nearly 10 years to adapt to that system. So, for handling this digital system it takes more than 10-20 years with improper knowledge of security.

Finally, India will go cashless but it takes very long time to adopt that system. It requires required infrastructure with complete awareness on digital transactions along with the fully-fledged security of transactions.

Hello friends, according to me, digitisation is a great step taken by the government of India with a long futuristic vision. As every coin has two sides, even this idea of making India go cashless has advantages like fast convenient, transparent transactions, tax collection etc but brings along few major concerns like not so well established cyber security systems and illiteracy among our citizens.

Digitisation would definitely be a commendable move only when its concerns are understood and solved at the grass root level. Infact school and higher education curriculums should include knowledge about cashless transactions and usage of various applications for the same. At the same time government should focus on providing best in class cyber security to its citizens.

Overall I conclude it as a revolutionary move for the betterment of our economy in a long run with few conquerable challenges.

Hi, friends,

My name is Ashish.

According to me digital payments have been more secured continuously.

I hope, it will be totally secured In further 5 to 6 years and we will do our online or digital transaction more securely.

I think nowadays our online transaction is more secure than previous 10 years.

For ex:
On each and every transaction they (bank, online portals etc) will provide us one OTP (one time password) on our registered mobile number. And only we can access this OTP at the time of transaction. So we will be confident about our transaction that our money goes to authorized person. It wasn't happend 10 years back. So we have continuously secured day by day. It will also reduce our cost of paper currency and we will do our transaction in a minute. And in the country like India, to go cashless is very essential because India is top at corruption level among other 207 country.

Yes, I agree to the statement as digital payments have made our life easy. Cashless Indian economy is a stepping stone towards development. People can access through internets and can avoid the problem of carrying cash with them. Transactions can be made immediately without any disruption. It will make our economy more advanced as people will get more secure ways to make payments. Digital payments are secure as payments can be made through debit or credit cards, money can be easily withdrawn through ATMs which are called small mans bank and are opened 24 hours in a day and are much secure as CCTV cameras are installed. Security lies on how much the person knows about digital payments and how to access it. Problem is that 80% of our economy is illiterate and not very much aware about these transactions through net ie digital payments. Only 20% people are well aware of the digital payments.

Digital payment is a great initiative for a developing country like India.

I'd like to say that digital payments has its advantages and disadvantages,

Coming to the advantages, Online payments is fast and pretty reliable and about the security issues, I believe there is not much to worry about as IT industry has developed secure ways for the transaction.

If the government issues mandatory digital payment methods, the most affected are the people in the rural areas who earn a lower wage. These people earning 200 bucks prefer hard cash to buy basic commodities rather than using digital payments for the transaction.

Instead, the Government can appoint people to educate the uneducated about the uses of digital payments and introduce new measures to stop cybercriminals from gaining access of the transactions and such, gain the trust of the people of rural areas and start digital payments.

Hello everybody.

As each and every coin has two faces so as this topic.

This "Go Cashless" scheme t is really an appreciable step taken by our Indian government.

-> Because it's making people digitized.
-> They are learning on the apps.
-> It's time-saving.
-> It's also maintaining the transparency between the government and the citizens, and working as a helping hand in reducing corruption.

On the other hand, apps which is most widely used for transactions " Paytm" is a Chinese company and we have a blind faith on it. Logging in means giving all your details to the Chinese shareholders. Now, if we talk about the future, maybe at the time of financial calamity like world war 3 they can withdraw all the money from accounts and may leave India helpless.

So, making India cashless by promoting Indian transaction apps is an immense need in today's world scenario.