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

According to my opinion, digitization to be made more secure for practical use of it right today there are only 56% of people who mostly using cashless transaction and should be increased for sure by making people aware of comforts and my programming securities should be laid to avoid technical errors anyway our country is new era I am expecting that after 5 years there will be 85% cashless others will be small transactions.

There is no doubt that India is moving towards digitization. It is also an opportunity for us to make contribution into this wave. Our govt is making tremendous efforts to make this wave successful. If it happens, we can save our time and efforts. But if we think towards the other side there are some loopholes too. Aadhar data leak has been in news for many months. There are also many cases of balance theft or phishing. So, to check this, first govt should aware the common people toward digitization. Govt should check the availability of smartphones etc.

Here, we are talking about digital payments are secure enough for the Indian economy to go cashless. According to my opinion, yes, digital payments are completely secure enough for this because in every transaction we get online recipient also as we get in offline mode also but there is no need to store all data manually, we can store it completely in a digital way which is more secure than manual data. On another side, digital payments save our time which is very important for everyone. And ya digital payments also make easy to all transaction services. So I completely agree with this point but it's also true that this time is not correct for making our Indian economy to go cashless because there are almost 60% people who are aware of digital payments methods. So, firstly, we have to make our country completely developed then we have to make Indian economy to go cashless and when it will be done then we can say that digital payments are perfectly secure enough for the Indian economy to go cashless.

For making digital payment the thing which requires are literacy, knowledge to use the smartphone, know how to make the payment, proper internet service, security of system & hassle-free software to use. There are many loopholes in our present system which need to be recover. Nowadays some amount of population of youngsters are proficient of using this payment mode if with the help of government we take the initiative to make learn the other people who are getting fear of using the system then it will definitely work & the more the no. Of people will use by the time all the technical glitches will be recovered & security system will be more tightened. So as per my view, not only govt if we all youngsters also help in this initiative then in a very less time our economy can move towards cashless & more secure payment within a less time & hassle-free.

Here the topic is that are digital payments secure enough for the Indian economy to go cashless it has a lot of advantages which increases the security and reduce the corruption. Here cashless scheme makes India developed and improving security in public. Nowadays, when we have lots of option regarding digital India like otp. Digital India make payment easy.

As digital payment have lots of advantages like it reduces corruption, saves time etc but in present scenario Indian economy can't go cashless completely, it can go partially.

According to my opinion, digitization to be made more secure for practical use of it right today there are only 56% of people who mostly using cashless transaction and should be increased for sure by making people aware of comforts and my programming securities should be laid to avoid technical errors anyway our country is new era I am expecting that after 5 years there will be 85% cashless others will be small transactions.

There is no doubt that India is moving towards digitization. It is also an opportunity for us to make contribution into this wave. Our govt is making tremendous efforts to make this wave successful. If it happens, we can save our time and efforts. But if we think towards the other side there are some loopholes too. Aadhar data leak has been in news for many months. There are also many cases of balance theft or phishing. So, to check this, first govt should aware the common people toward digitization. Govt should check the availability of smartphones etc.

Here we are discussing about cashless transaction is secure enough or not, in my opinion it is secure enough and it is true that immediate after demonetisation cashless transaction was increased by 300 fold due to lack of cash although it is now deceased much less. But from that point of time people move toward cashless transaction, still large number of cashless transaction happening in India than the prior demonetisation time. If we talk about security then we all doing cashless transaction daily and we are not facing any kind of problem regarding security. Now a days UPI gives you OTP, UPI PIN, like security feature and all is going in a write way. All people gets every notification on mobile regarding transaction so no need to worry about stealing, although there are some unawareness and illiteracy about cashless system but increasing interaction with smartphone, and attraction toward ease in cashless and some government awareness programme definitely will make the people used to it. Also there are customer support and is ready to help us regarding security and cyber security of India is always have their eye on suspected transaction so undoubtedly I can say we are secure in terms of cashless system. Thank you.

Indeed, as per my perspective, advanced instalments are more secure than our easygoing instalment.

We as a whole are very much aware that each and everything has two faces initially are preference and the second one is a disservice. Show in the event of advanced instalment there will be there are likewise preferred standpoint and weakness.

Focal points:

Computerized instalments spare our opportunity and are a compelling path for our exchange.

We require not to convey substantial money pockets and move all over for purchasing or shopping.

By utilizing computerized instalments that exchange is straightforward and there are fewer odds of debasement.

We require not to remain in line for our instalment for electric bills water supply bills or some other things. We can exchange cash by only a solitary snap.

Hindrances:

India is a creating nation and a large portion of our populace is provincially based so individuals don't know about the utilization of computerized instalments.

Besides, they don't have intends to do computerized instalment as they don't have a web association or any cell phone.

Computerized instalments are great however there are a few regards including in IT, for example, our record can be hacked which prompts Cybercrime.

With everything taken into account, we can see that a computerized instalment is having a bigger number of points of interest than burdens so we ought to go for Digital instalment and go cashless.

No doubt, Digita payments are one of the good technological advancements but in such a big country like India, going cashless the whole country is a point to be focused on more because the majority of the population is in the rural side where still getting electricity is too difficult. Although our government is taking initiative regarding this like DIGITAL INDIA by helping people and providing them knowledge regarding this. Now the question arises here is whether the digital payments are secure or not. Then these are definitely secure. There are online transactions which are completely secure giving you the complete details. Also, it will decrease fraud cases like Aadhar card is linked to all bank accounts. The only thing to be taken into consideration is a technical glitch. India is still a developing country so it is gonna to take some time but if it happens then yes it is going to be a perfect move for the country.

Digital payment is a good procedure for making payment online. In our country, PM Narendra Modi has introduced an app BHIM. It is very helpful and saving our precious time and there is no need to go anywhere, you can send money by a small swipe in your phone. In spite this, there are many apps like Paytm, phonepe, mobikwik and many others are proceeding to pay online and also giving various discount i.e. cash back offers, shopping etc. After all this is follows the high security while we are making online. When we are paying it is giving OTP (one time password) to confirm that the concerned account holder is using or not. If we focused our past there had to stand in a queue to deposit and withdraw money and many time we were unable to make withdrawal due to limited cash. But now a days it done on the little swipe. It is only possible by Digital Payment.

This question arose only after a major step taken by the government of India in the economy:Demonetisation. We are the eye witnesses to the answer whether this change is a turbulent or balanced one. The most important outcome of Demonetisation is digital payment system. We live in a country where only half the population have bank accounts, less than 40% population have smartphones, besides we lag behind in literacy rates in many parts of the country especially our rural population, so thinking of such a revolutionary idea is a colossal task.

But, our government's recent steps taken like opening of bank account on zero balance, launch of bhim app and several other offers on transaction by paytm and other digital payment app have increased people's involvement in digital payment.

The most important question is, are these payments secure and safe enough for every individual of the country among whom most of the people are either new to digitisation or do not feel it's safe to receive or make payments through a digital gateway. But, the country can choose to be cashless if we are able to create a digital payment system which is highly dependent and free of any data breaches. Privacy is a major concern in this technological era which is not given much priority in our country. The whole country is linked to The Aadhar system which is daily in news about its privacy issues. Digital payments require sensitive information of a person's account which ought to be handled with a secure gateway. The need of the hour is to create awareness among people about how to use the digital payment system and also to oust the trust issues among local retailers and rural people. A good governance and development in technical field is required to create a robust system which is secure enough for the people of our country to go cashless.