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

Yes, digital payments can be made in India but there is no necessary to go cash less. India being a developing country is included with different sectors of people. As we know that India is Farmers Country there are people who have only limited knowledge of the digital payments and they end up in choas. In addition to that being dependent on Internet of every transaction is not good. There are place where the signal strenght is low. If their is failure in the transaction then we need to be wait for recredit of the money to the account. Generally blind people used to calculate the amount of money by the touch of currency notes which is not possible in digital payments. Even to that there are many people who hack the sites and steal the money during transaction. In my opinion digitalization in India is good but I didn't mean that we should go cashless.

Hello everyone, It's a good step towards the smart system. But we shall not forget about the cyber attacks. There must be upgraded cyber security system and must be kept upgrading periodically special keeping in mind about recent cyber attacks like ransomware and now latest golden eye. Also, people of small villages must be trained by campaigning in villages by govt.

Hello, everyone.

Yes, it is secured but the only thing is we need to be sincere. There can be cyber crimes but we can avoid that by following some of the warning messages every time we are receiving on our phones and mails that are never share your password, otp and other such credentials.

But keeping this single negative point aside there are many benefits of using digital transactions. It is fast and safe. There will be no illegal transactions. There will be tax transparency as every transaction will be recorded via Aadhar no and pan no. We must aware and educate rural people for using digital transactions. For this government is launching many schemes like Pradhan Mantri Gramin Saksharta Abhiyan which says to make over 6000 rural households digitalised.

Thanks.

No, as per my view, being cashless is not an option for development because India is a country of common people, who are still struggling to get smart phones etc. Certain places like rural areas, the majority of them don't HV money in their accounts and if you want to buy a 10 rupees veggie you can't struggle with your net n account at that time.

Hello Friends, As per my knowledge, the answer from me about this discussion is a mixed type. Because if we think in both the way, yes it is beneficial and also some amount of unsecure to Indian economy.

While thinking about customer side, it is beneficial because we can reduce less handling of cash in our pocket is the major benefit. There should be less cases of money thefts. We can minimize the corruption. All the money transactions will be A1.

While if think by other side, i.e. disadvantages are India is growing country but still so many illiterate people don't know how to use computer or they are not come in the contact of Internet. Also cyber crime/ hackers is problem.

However if we keep the disadvantages in side digital payment is beneficial to India.

Digitalisation is the big step towards development. It improves Indian economy and more convenient to use. It helps to reduce corruption and avoided black money. But every system has a good ar bad side of the coin. Problem is that India is still developing the country and 80% people are illiterate and not so much aware about digitalisation. Most of the village are below BPL that's why they are not even able to buy a smartphone. And the smartphone is a most important thing used in digitalisation. Another main problem towards digitalisation is hacking. It is not long back when atm fraudulence disturbed a lot of people who lost money and quite wait for a long time to get it refunded from the bank. Soo more security is needed. Therefore India is not now totally ready to become cashless.

The existence of any physical object is better than the virtual one. A virtual object is created when there is no access to a physical object. The same with "Going Cashless". A lot of efforts required for complete transformation to the cashless transaction. Though a small initiative of going cashless can be taken in the urban areas where it is feasible. Whereas it raises the concern in rural areas. To achieve the same in a rural area a proper organisation has to be setup to help the people in villages. So, that the transaction is handled by the organisation and its shouldn't be troublesome for the people in rural area. This could be the first step to digitalization. Apart from this, a secure digitalization can be achieved by better cyber security. Digitalization is a step towards anti-corruption, which occurs during large money transaction. Hence, keeping a definite limit of minimum & maximum amount for digitalization transaction could make it easier for the end users. Like, to buy something which cost a rupee, cashless transaction is tedious. The application of "Going Cashless" has to be defined with few terms & conditions. As a citizen, it's our duty to support and encourage such steps which are for the benefits of our nation and for the people.

Hello Guys,

As per my opinion, India is a fast developing country and cashless economy is a must for India. It is very important to move with the time and adopt modern techniques otherwise other countries can leave India behind. As fas as the security is concerned, there is a continous improvisation in the security of digital payment and it is possible to rectify the security defaults from digitalization. So, I colclude that since it is possible to improve the digital system, cashless economy can be maintained.

In my view, digitalising India would be very non-productive decision as we live in the country where the majority of the population lives in the rural area or we can say undeveloped area. Where the most important part of their life is cash. And where they don't even know what is a smartphone. And if in any case. They are aware of it. They don't know their usage due to which there are higher chances of getting their money misused by the third person.

So in such conditions, India can't go cashless. It needs a lot time to make India go cashless.

Yes, because.

1. Carrying plastic money is better than carrying real money in the time of transactions, pos etc.
2. Digilization gives no chance to black money.
But there is a chance of hacking in digitalization. To eliminate this, govt should aware all literacy and illiteracy people about using of cards, securing their information from unauthorised users. By developing these in our people digitalization plays a very vital role in our economy development with enough security.