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

Hi guys.

In my view, Indian economy is not secure enough for stepping towards a wholly digitalised one because more than 70percent of our ATM's now functioning is based on the older software version and not have been updated till now. Secondly, I would like to point out the fact that post demonetisation measures of introducing cashless system all around is good but it shows a lack of an advanced preparation when we suddenly jump towards a cashless economy. Our citizens, first of all, must be educated about the needs and all facts concerning the privacy of the digital economy then only we step forward to a secure cashless economy.

According to me, Digital payment is the best way to remove the corruption. In which you can pay to any thing directly without using cash through the online transaction. There is no need to carry the cash. So the chance of Lost of the purse will make no harm to you. But this scheme is only for the literate people. And about 30% of the population of India is illiterate and do not know about the cyber crime and how to do the online transaction. So govt have to start awareness program for the rural area that they will aware about the digital payments.

As India is the world 2nd populated country and our 60% of the population are youngsters. So we have almost crossed 60% population are started using cashless transaction its remain 40% is what we have to educate. Down the line of next 10-15 years, we will be in a position close to 96% of the population will have a cashless transaction.

I agree that demonetization and promoting cashless economy was a bold initiative taken by the Modi government in November previous year to curb black money. But to some extent it was not planned well. First, it was not possible to curb the black money at international level because the money is in Euros and dollars. It is estimated that there is around 1.06 trillion dollars in the swiss bank alone. That is a huge sum of money, that still hasn't been recovered by the government. Second point is that the majority of population still relies on agriculture for their basic income. Everyone knows how much patience, time and effort including fertilizers, to buy equipment for agriculture. All of this is required to grow good quality of crops which farmers can only buy using cash as most of them are illiterate and they don't even know what is digital payment or cashless transaction. They are paid in the cash which they also use directly to buy the basic commodities. So, you can imagine what they would have faced during the period of demonetization leaving their farms behind and standing in large queues to withdraw money from the ATM. I would like to add up my personal experience it was like this: I was in an urgent need of money to 2, 000 rupees as my college is far from sector (and even going to sector requires money) and close to a village and I was not alone who was facing ill effects of demonetization, so I kept standing and waiting in the long queue for 4 hours and when I was on the verge of reaching the ATM the ATM went out of cash because of limited cash. So, it was like I wasted 4 hours for nothing. I was very exhausted that day. So it could have been better planned if our government have provided surplus amount of new currency and focused more on opening training centers to help farmers to learn about digital payment.

Digital payments are a very good initiative by our government. Best thing about is that it is not time consuming within a minute we can make payments. We don't need to take money with us all the time. But in rural areas people still don't know about all these payment steps. They feels like it is not a secure method of payment some initiative should be taken regarding this if this is done digital payment method is awesome.

Yes, digital payments are secure enough for our Indian economy. It's a good way to become cashless. But these payments should be run by our Indian firms. Many apps for digital payments like Bhim but these apps do not respond sometimes. So this is the area to improve. Digital payments are not used by so many people until time. It's a good way to become cashless but along with that there is a need of amendments in payment methods and should be used by maximum people.

According to me, yes digital payment is enough for our economy to go for a cashless economy as we know that every company is devoting their most of the time on increasing their security level and mishappening can be done anywhere, it does not mean we will not move forward so this is the time for us to go for cashless economy.

In my point of view, India is not ready to go 100% cashless because of the undeniable facts like poverty in some part of our country and also uneducated people lack awareness among them. They actually don't know how to use the servies and their terms and conditions. According to the report of the Qualcomm which is one of the American chip maker company, there is no Indian e-wallet company is providing hardware lever security which is a key factor of cyber theft. There is also a network and bank server issue in some region of our country. Although as we see from 2005 to 2019 there is tremendous increase in digitalization digital payment is nowadays is easy and fastest mode of transaction it kept all the end to end information of data whatever is send is received or not but we can't deny the fact that it is mostly applicable in urban areas where people are educated and aware not for the people who struggle hard to survive their daily life.

Yes, digital payment is safe nowadays but India can't go 100% cashless because of its rigid undeniable facts.

Somehow it is possible for the hacker or say cheaters who fool the common person of India (i.e) who is not aware enough about digital payments. Day by day there is increasing demand for digital payments across the country to complete the digital India dream but limited to cheat and frauds.

It is necessary for the government to take necessary actions to resolve the root cause of online frauds.

Hello everyone,

Today we are talking about digital payments. It is exquisite for us to go cashless because we can transfer money in any corner of the world in seconds but the problem is that there are still lots of people in India who are not adept enough in digitalisation. So according to me, it's not the right to go cashless, India is still developing in it, it will be challenging for us.

Thank you.