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

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.

What I believe is, this digitization of payments has recently been adopted in India. Talking about security issues, it takes time to improve things especially when it is to be implemented for mass, but what's important is an initiation of digitalization and adaptation of it by common people which was the result of demonetization. Security issues will be rectified anyways when digital wallets like Paytm, Airtel Pay & others will compete in themselves to attain the trust of the customers so that customers use their service. In India still, there is a major chunk of people who would not change or will not adapt to change unless it becomes a need. That's what Demonetization did. It created a need, and common people started adapting it and using digital wallets, as it was difficult in early demonetization days to withdraw new currency notes from the bank as cash.

Nowadays countries GDP going down, demonetization but other things is that time people go for cashless but, when cash option is open general people, as well as govt institutions, also goes for cash. Cause people don't like to go cashless.

And we read every day about hacker hack someone's accounts and theft so and so many. Our transaction security is not enough as per required. People are scared to go cashless. Due to low internet connectivity and sometimes online payment is done and maybe go wrong.

Most and foremost things is our countries 80%people are working in the unorganized sector so they received their wage in cash so definitely they go through cash and even half of the people are don't know about cashless, and many are illiterate so they don't know how to use the internet. So in short due to lack security and awareness, India is not ready for cashless.

Hello everyone,

According to me, the digital payments are going to bring one of the most revolutionary changes in Indian economy. An Increase in digital payments will not only help in reducing corruption but it will also increase the GDP of our country thus improving the Indian economy.

The implementation of digital payments on a larger scale in a country like India will only be possible if our government takes the initiative of educating common people on how to make use of these. Though there are some disadvantages also like cyber crimes, hacking of net banking passwords, etc. But still due to the increasing security measures like sending one-time password for every transaction these frauds can be avoided.

Thus I would like to conclude by saying that Yes, the digital payments are secure and these will help in improving the Indian economy to a great extent.

In my point of view, Digital payments are secure enough for the Indian economy. Actually, digital payment is secure but the people feeling insecure with it because of their lack of knowledge towards its use. Many people finds the difficulty in their net connection, server slows down, forgetting pin n much more but they simply blaming to digital payment method, however, this inconvenience is totally due to their faults, sometimes the system issues. So simply I want to tell you that, we should understand the fact behind, unsure feeling towards digital payments, as they are very easy, less time consuming and really safe. Sometimes it's possible that anybody may face difficulty with it, even they did precautionary, so in such case just remember "Everything has an exception". Some limits, If we get flexible with it, then I don't think people may feel it unsecure.

Yes, I believe that digital payment is quite secure for the Indian economy to cashless. Threats come only when we are not using them securely and fall trap to fake calls and share important information. There are many features which makes digital payment secure and one of the best feature is OTP which is real time and only remains active for few seconds. There is hardly any chance that a person would be in a position to cross different level of security as in case of any digital payment which is secure through pin, Transaction password and also in many case security questions.

The main hurdle is not security but gaining the confidence of people in feeling confident with digital payment as it can't be relied upon everywhere due to availability of swap machine in every location and strong network availability. People still prefer to carry hard cash with them.

100% digitalization is not applicable in the present Indian economy as a huge portion of India is illiterate, lacking knowledge regarding the use of online payments and atms. And the poor section of Indian can't buy gadgets and recharge internet as they have to find money for their day today survival.

Thirdly, the technological problems is also cardinal factor. The professional hackers can easily hack the private information's which is like peeping in to others private space. Again, technical experts can steal money very easily. This is not applicable till the technology is 100 % developed.

Finally, the system can't be implemented all over India, as there are some ares where we can make transactions only through solid money eg. Beggers, worship places, street sellers etc. So, the digitalisation of economy will be a success, if necessary steps are taken.

Hey everyone, Good morning.

I am Shatrunjay Prabhat.

Well, going cashless will be the best thing at this time. It will save people from goons who snatch their money. It's fast and reliable. Bhim app is one of the great initiatives of our government. We are using it and I don't any of us had gone through any fraud payment through Bhim app till now. So it's secure. Security is never enough so we should always update it time to time. Also, it will eliminate the black money from Indian economy.

But, is it really feasible? I don't think so. Mostly in villages people don't know about this. They are not aware of the technology. Even in metros, street Vegetables and food vendors prefer cash payment. But no doubt we are growing very fast. One day it will be feasible to go cashless but for now going cashless is not going to get us success. Our economy will fall.

I think every coin has two sides. Digitalization is the need of the hour because it will not only help to reduce the black money in the economy but it will also save the time and energy of people. But then again keeping in mind the rural population and the literacy rate in india, I feel India is not yet ready for going cashless neither do India has the required infrastructure to go cashless. There are villages where still we do not have proper electricity facilities, leave the internet facilities. Talking about the security, nothing is totally secured. In the same way, digital payments can never be totally secured. Although different steps can be taken to reduce the uncertainty. So, it's not the security which is stopping us from going cashless but the lack of infrastructure, lack of awareness and the lack of proper knowledge regarding the digitalization.

Now, India is one of the largest economies of the world. To handel such a large economy it is very important to go cashless. Now government of India has taken a very good step making India digitalised. Initially people will face some problems but it's not permanent. Specially for rural people, if proper training is provided all will be able to operate new gagets and applications. A transparent economic system can be built using this technique. It's very time efficient. Much work can be done with a little time. It's free of traveling to bank branches, standing in long queues, counting the cash bundles and specially from robbery.

But problem arises with the security. Govt of India should ensure the website security used for transactions so that hacking can be lessened. If the security issue is solved it will be one of the best way for money transactions.