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

Hi all, Digitalization in country like India is a worth pondering concern. Everybody is aware what mr Arun Jaitely said that the primary motive of demonetization was to inhance digital use of money instead of paper monet, to some extent the motive was fulfilled. Digitalization has increased by 20-25% as per the statistics, however the changes have been only seen in the urban or richer segment of population. The motive of highlighting this point is that we all know the literacy rate of India, in a country where 26.96% of total population is illiterate and where 21.9% of population is living below poverty line, how can we assume that going g totally cashless can help the economy. Inspite, of being a developed country every year more than $10 million fraud occurs in US. There are know skeptic thoughts that Digitalization is a great way to increase economy but first we need to educate our people and we highly require a system to educate remote areas on Digitalization.

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.

Hii guys Shubham here,

Digital payments are very good and easy for this young generation but what about the elders and childrerns of below 13-14.

So we can't go cashless completely.

Hello everyone, I totally agreed with the government taking steps to implement digital payment in our country as our honorable prime minister has once said that for a long term gain one has to bear some short term pain therefore it is true that it is not secure and most of the people in our country is not aware about digital economy but some step must has to be taken to enhance digital India and also awareness must be spread about these things in rural areas like organizing a training campaign to spread information about use of debit card credit card etc.

Current two-step authentication system is a basic security provided for digital payments (or Online Transactions). As, the data is not secure anymore due to the increased use of smartphones and technology. Especially the two-factor authentication the OTP which is generated can be read using some third-party apps from the person's phone to hack his/her account. Also, the data is not so secure in the online world and payment wallets as well. This is where the need for security arise; the digital identity solution would be helpful in these cases. The Digital identity Solution (similar to the Digital Signature Certificate) for transactions is the next level security for online as well as offline transactions. Digital Identity solution uses cryptographic encryption technology for making the payments secure through digital signatures for each and every transactions. It helps in securing the transactions as well as the channels used for transaction making it more secure and an only authorized person can complete the transaction.

Indian government should implement the digital identity solution, at least with some banks on a trial basis to check the feasibility of the solution and implement it eventually to make the payments more secure.

Good evening everyone.

Since Modi government came in to rule, 'Digital India' is one of the widely focused aeras. Cashless economy is also part of this campaign. Cashless economy consist cashless transaction which means no direct currency transaction but digitally transaction of cash via various apps and portals.

India is one of the developing countries. With vast geographical area India also have overpopulation, poverty, illiteracy etc. With all these impedes cashless economy is far way milestone. One of the most strongest resistances is illiteracy. Digital payment system indeed need education or literacy. Rural population of India it still unaware of digital technology. There is not digital technologies like computer, internet, smartphone, etc. Internet is essential for the digital payments. So rural area is still in need of major improvement in knowledge and infrastructure.

In urban area and cities all the infrastructure is provided but there is also lack of knowledge. Today in this digital era most of people are unaware of digital frauds and their techniques. With fishing sites and various virus systems digital payments is hack able. People of India must get the knowledge of this kind of fraud to go through cashless economy. We need more secure server and payment gateways to reduce fraud and ease transaction system.

To go India cashless we need to improve facilities in rural area and propose awareness program in India. We need more secure services and ease in transaction. With all such improvement India will became ready for cashless economy and milestone will achieve.

A cashless economy is a next step towards under developing to developed country but before it, is necessary to educate about the digital payments in rural areas. To establish a proper networking framework. Prepare strict rules to secure digital payments. When the proper structure of digitalization is prepared in that time India will be converted into digital India.

In my opinion, security about digital payment is not faithful in many situations like due to many reasons in India viz.

1. Due to the lake of literacy in a rural area and in some parts in urban.

2. Not strong cybersecurity.

3. In many cases, people get fooled by fraud calls from banks and other financial organization.

So all these drawbacks must be rectified by Indian gov. So that people should trust in the digital payment system.

Good morning everyone. I want to give my point of view on "Are digital payments secure enough for the Indian Economy to go cashless". Digital payment is that payment which is transfer through Digital signals, which can be easily modified and can be interrupted, but Countries government are trying to solve this issue by increasing security through cryptography and making Authentication better than past. So, from my point of view, India is not fully ready so other countries but not using digital payment is not the answer to this question. We should focus on making it more secure rather than not using as it is need of today's world.

Hi everyone, we are welcome always cashless economy in the modern technology world.

Before that, we have to think about the infrastructure of our nation. In our nation there are some parts are well educated and highly Business class peoples those who aware of the technology world. The other side is full of non-educated peoples who are living in the rural region. Even peoples don't have mobile phones. How could you reach the cashless economy to the rural region? Still, I can see the peoples who don't know how to use ATM machine, how could you reach your cashless economy to these people's. Recently I have seen peoples are begging for their own foods in one of the major city in Chennai Bz of the flooded. There is full of a power cut. Peoples struggled to survive their life. No electricity no networks in mobile phones. In the scenario is this cashless economy help that peoples? If you're planning the cashless Indian economy, you should improve the entire structure of Indian environment. Otherwise, it's useless. This is not secure apart from the hackers.