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

In my opinion, every thing comes with pros and cons, digital transactions are no doubt helps you go hassle free as it would help you save your time to stand in queues at the bank, plus you always get an OTP on your registered mobile number to secure the payment. Tragedy can happen even if you are doing a cash transaction, for instance there have been people who have encountered snatching of there belongings. It's just that you need to be vigilant and careful enough when it comes to your money be it digital or cash transaction.

This is actually a very good question for GD.

Digital payments in India has both advantages and disadvantages. Many of them say that the online transactions are not secure enough. But they are very much protected unless people share their private details. The recent incident was that a woman shared her OTP, passwords and everything to a person. And he robbed her money from her account. So the people who are not aware of these kind of payments are better not to use them. Coming to other situation, if we want to transfer money to a person who lives in other town, where he needs money for an emergency operation. If the day you were going to transfer is a holiday for banks or you need to stand in queues to get your turn. You can't keep a persons life in danger. So in these cases the digital payments play a very crucial role. We can instantly transfer money to his account.

So, from my point of view, India is still a developing country. Now in the present situation, we can't depend entirely on digital payments. But in future, I am pretty sure that we will see our country using only digital payments.

Hello Friends,

Yes, The digital payment is secure. Because of all of payment gateway sites saving your information as the encrypted format so hackers can't be hack easily. Even all payment gateways not using the same server to save user data. But sometimes if the user doesn't have any idea of digital payment then first he needs to learn this. The most benefit of digital payment is you can save your time and some websites providing cashback options so we can save money also. And most important to know everyone about your OTP, some application automatic reading your OTP from inbox message and inserting those applications so avoid this functionality that can be fraud. Don't give any ability to read our third-party OTP like from VISA/MASTER CARD/AMERICAN EXPRESS.

The following points indicated the improvements of digital Payment:

* If we go in the past year 2015 we can see the ratio of online payment is like - Online Payment 20% - Offline Payments 80%.

* If we go in the year 2018 we can see the ratio of online payment is like - Online Payment 60% - Offline Payments 40%.

* If we will go in the year 2022 we can see the ratio of online payment is like - Online Payment 90% to 95%- Offline Payments 10% to 5%.

So for bankers need to think about villages because of the peoples who are living in small villages they don't know about cashless applications. So for bankers need to Install some small many banks in small villages.

And Yes, that will be done in coming few years.

Hello everyone,

See Technology is something which should help us in a way but these online transactions are risky as all people are not educated and mainly the people from villages would face a lot of problems as they are unaware of these smartphones and secondly the threat of hacking. As today, in this world the cybercrime rate is more than normal crimes, so there is always high rate of threat for the uneducated and thirdly in online transactions we lack man to man interface but we have it in the banks, and when we are on a transaction and suddenly the powers go of the boon. The whole transaction is gone and again we should type all the details. You can say that it instantly transfers money but we do have other techniques like speed post and etc. I don't say that these online transactions are completely useless but they are useful only up to a limit.

Thank you.

My opinion is digital payment are secure as well as nonsecure also, because it is easy to access the money but some time are not secure.

No, nowadays digital payment is an advantage. Easily transfer one person to another person.

All digital transaction server are highly secure to run. There have provide OR arrange one-time-password (OTP). Any transaction update are send secret OTP send owner mobile.

As per my decision, the educated people can go through it easily but about the people you have cash, I don't know to transfer it as soon be possible.

According to my opinion, it is not so good as we see in daily life the theft by hacking and if we do the payment methods online then we can conclude that any employees have to leave their jobs by which the unemployed person increases which is very harmful to our country.

Hello friend.

I think the digital payment is not secure a lot for the person who does not know about the process of the working of it, it will prove very helpful to the people who are well aware of the technology and also help to the progress of our country, we have very small problem like good availability of internet speed and to aware the people who not know about it, by doing this thing we can adopt cashless mindset very easily.

Yes, Digital payments secure enough for the Indian economy to go cashless, as it is a way for India to develop in one more field, It is secure because it will not affect people to waste time in bank for cash. All in one it will secure time which is very important in today's generation but despite of Digitization we need to focus more about India's awareness about digitization as 40% of people are still unaware about cashless digitization.