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

Yes:

1. If we follow the guidelines: There are a set of rules that need to be followed to keep your digital banking secure and free of phishing. If we take care of those little points which we usually ignore, it is not very difficult to stay secure with the digital payment system. People usually miss on the small but essential guidelines that maintain a secure payment system.

2. Being worked upon: Mobile banking apps, wallets, payment banks are working overtime to help improve the security level from time to time. It is essential that people upgrade their applications from time to time when a new update is available. Instead of panicking, we should try to be more alert on digital security and make other people aware too.

3. New measures: The good news is that Qualcomm is already approaching digital payment companies to help secure their payment system. Soon Qualcomm is said to be coming up with its new features in the mobile chipset that will verify user with payment gateway using unique features that will be hard to hack or bring glitch into.

No,

1. Qualcomm report: Qualcomm has reported that most banking applications in India don\'t run on hardware security. They run on Android mode and use password can be stolen. Fingerprints that some users use can also be captured and used to sneak into your account. Security is one of the biggest challenges with digital payments and wallets. If we cannot be provided with that, a cashless economy is a far dream.

2. Hackers everywhere: It is not long back when ATM fraudulence disturbed a lot of people who lost money and had to wait for quite a long time to get it refunded from banks. Over the last week, we saw that Twitter handles of prominent leaders were hacked and abusive posts were made from it. Email databases were accessed. The biggest issue in US at the moment is also on Russian hackers accessing the system of party members and their databases. This is a scary enough tale for a nation that plans on going cashless.

3. Falling into traps: If the latest reports of Norton Cyber Security Insights are to be believed Indians are the most prone to falling into tramps of phishing and hacking. We just don\'t know when to click and when to simply avoid. The ads are not always secure and we aren't supposed to clicking on things randomly but that is not known to most people who are either using digital payments or wallets for the first time or using Smartphone for the first time.

4. Helping isn't really helpful: Recently our PM asked digitally literates to help at least 10 others who are not used to the process of online transactions and digital payment system. The problem with this is that digital banking and e-wallets are actually things that should be personal to someone. You just don't want anyone else to peek into your stuff when it comes to money matters. It is getting more and easier for someone to take undue advantage of your innocence and the next moment one can be robbed of whatever little they saved up.

5. Lack of security standards: As of now there are no security standards prescribed by RBI for e-wallets in India. The circulars only require e-wallets to have 'adequate' data security infrastructure. There have to be prescribed minimum standards for security for the e-wallet providing firms to be registered before people start putting all their faith into it.

No, we aren't completely ready to go cashless but we are on the way. There are improvements being made and as Qualcomm suggested that it will be integrating with Indian companies to make digital payments more secure, we can definitely hope for a better world where no hacking and phishing would be a glitch for India to go completely digital.

Talking about digital payments, it became an import part of our life in today's scenario. As we all aware of the pandemic condition we have seen last year and still going through that only. So by keeping that in mind and not too involved in any kind of interaction which may lead directly to our health, payment in digital mode is the best choice.

Keeping aside the pandemic, If we see another aspect like our busy life and early payments on the spot, here we definitely need an interactor that can solve our problems. For that, we have applications like paytm, google pay, phone pe etc. All these works in digital mode and saves our time to make us go to the bank and standing in a queue for hours.

Apart from this, we can save our surrounding from corruption by using the payment digitally directly to the owners without involving the spooners in between.

Hello everyone,

Digital payment is the most important factor these days for money security purpose. By digital transactions, people have no need to go in the bank and stand in queue for a long time, so here I would like to share some pros and cons of digital payments.

Pros:

1) Digital payments is the method to pay money to any person or vendor via different apps with the help of the internet.

2) Cashless economy is a dream project of the current govt, by cashless economy govt, has a record of every transaction of every citizen of India so it will be fewer chances of corruption.

4) With the help of cashless transaction no need to carry lots of money in the pocket. No worry about lots of cash no worries about looting.

5) It seems beneficial for bank workers to do work in a more proper manner.

Cons:

1) India education system is improving day by day but right now there is also lots of loop holes in education because without knowing about the cashless economy we can't aware of people about these things.

2) However there is always some fear in the mind of many persons about the security of a cashless economy.

3) In backward areas there is a proper facility of electricity, water facility so how we can imagine a beneficial cashless economy.

4) Eventually govt has to improve internet connectivity in every small village and city and also spread awareness of a cashless economy.

5) Via digital payments lots of frauds doing fraud with innocent people and poor people.

Yes, I agree with secure of digital payment in Indian economy. Were it is not only reduce the work load but it also provide safety. Not everybody can make a transaction the one who have their VPA can enter into their transaction. VPA is the proper and secure to holders. Where now airtel introduce the digital payment app named airtel safe pay with huge safety measures. The digital payment plays a vital role in the Indian economy.

I think that it is not secure for the country just like India where 60% of people are not educated. If those people are using digital payment throw any popular app anyway. There are many possibilities for happening fraud with their people. Because of third-person knew that he easily gives his banking information to him then using this information to take money from the bank during this process these people don't know about this fraud. After happening fraud, these people knew that.

Today, many famous people advertise to this type of fraud so unaware people will know and prevent it. So it is not secure for all people.

Hello everyone!

Digital payment means there is no money in our hands and everything is online. And I think the digital payment is very secure and useful for us. And it also saves our time. As you all know that it is very helpful for us in this pandemic time because of it there is very less contact of people's for money transaction. And it is also very useful when you have no cash or credit, debit card for any payment then digital payment is very useful. There are many apps for an online transaction like phonepay, Paytm, googlepay, Imobile etc. And some peoples are not aware of online payments. And there are many advantages of digital payments so I think everyone should know online payments because it is very useful.

Thank you.

1. Digital payments made easy our life to go without cashless. Imagine, you went to a holiday trip with your friends and all the spending is made by you without knowingly and suddenly all of a sudden the money you have bought for the trip is over and you did not carry your debit/credit card or you have forgotten you pin number. Then in that situation it feels very difficult to anyone to ask money from others but we also have an alternate option that is digital transfer, nowadays digital transfer made easy even with our finger lock so we don't need to remember the pin. And it even more helpful for senior citizens because they might forgot their pin at any time but once if the finger lock gets opened then they can happily enjoy their trip easily. So, in my point of view, digital transfer is easy and trustworthy based upon the choice we choose.

Digital payments are secure enough for the boost up of cashless Indian economy reason being India is the 5th largest economy by nominal GDP in the world and have had progressed a lot in IT sector. Keeping in view the large educated population it is the best way for getting hassle free banking services at yours finger tips. It is also helpful in controlling physical movement of money and can save you from theft of hardly earned money. It could be a best way for curtailing corruption from the society. The country like India is not progressing due to large spread of corruption, but due to digital payment transparency will increase. Although security is the major concern in digital payments but now the banks and other digital payment gateways are providing latest updated software under the supervision of RBI and also guiding the public through various modes like newspapers, TV etc. General public is also getting aware of it and using digital payment with precautions. I think its a habit and once you habitual of it, it becomes so easy to handle digital payments. Fast with 24 hrs availability is the beauty of digital payment which the public are cherishing.

1st of all, good morning everyone.

Today's topic is very interesting and important.

As we know that every coin has two face +ve & -ve. But depending on which one is more.

In my opinion, if we have proper knowledge about the digital currency it is best for us. But we don't have knowledge about it then there is too much problem. By digital currency, we can do any payment in a few seconds. By this, we save our time & there is no way of any corruption. So it is better than paper currency.

Thank you all.

I think digital payment is good for our country because in this covid period if we use money hand to hand then it cahnces of corona virus infection so we have learn it and increse the awareness in the urban and specially in the rural sector beacuse everyone have android phone but they don't want to use and they have a fear of loss money and also not a good network in rural I know because I born in village I know everything related to that so cashless is good but with this network, knowledge and awareness is also important thing, so I think it is good and slowly slowly time is changing and it takes time to develop our country it helps people to save time and it is a faster way to send money from one account to another account in a faster, smarter and better way only use android apps and mobile phone so when are fully aware about it so it helpfull for them, safe and secure.