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

Good evening one and all. I want add one point.

As we all know that digital payments playing major role now a days and it is helpful to increase the govt economy also. What I am trying to say is, for example: if we buy a product worth of rs 99 or 999 or 9999 from online shopping with cash on delivery, after getting our product we will not ask 1 rupee back from the delivery boy and delivery boy will also not take that one rupee into his pocket. He have to pay to the company back. So that, per day approx 1 lakh people or buying in India so we are giving 1 lakh rupees per a day freely. So that it will get impact to the govt economy with these type of activities. So if we use digital payments we can pay exactly for the price of product. So government should get the awareness in rural areas and they should advertise the use of digital payments in rural and urban areas too as it is like swatch Bharat. Thank you.

I agree. But I have different opinions on the digital payment. India is developing the country and now India taking some steps toward the new technologies. And if you saying that digital payment in India has problems like the internet, security nd so more, I have to add some points that most of the available telecoms service provider now giving 4g now all over India nd jio plays big nd imp part in that area. So the internet is now not a big issue. Saying about security, latest India with Spain sanction MoU in the area of cyber security. That means India is taking more good steps toward cyber security. And about the case that India is not prepared for digital payment, I have to say something, swimming without touching water is not possible. We have to first adopt the technology and then evolution makes it more usable. India has literacy of around 73% thereby adopting new technologies in India is not a big deal. Hence I want to conclude that digital payment are enough secured to go cashless.

Yes, digital payments are secure enough for the Indian economy to go cashless because India is a developing country and if we see digital payments with this perspective then yes digital payment will reduce corruption, terror funding which has been proven as vindictive in the path of India to become developed. As we all know that digitalisation is one of the big leap taken by the government to get purge from vindictive things as I mentioned above. I'll summarize my points in the favour of digital payments.

1. India is developing country. So, digitalisation is one of the biggest move by PM Modi to make India a developed country in future.

2. Digital wallet is safe as compare to real wallet payment because we don't have to carry the large amount of money, credit or debit cards in our wallets.

3. It saves our time which we usually spend in standing in front of ATM and banks.

4. Digital payment is very useful in time of emergency. We don't have to rush for money in case of Emergency. We can do our payments directly through our smartphones.

5. As we all known that India is a second largest internet user in the world. So, digitalisation will prove beneficial for India.

As cyber crime is one of the biggest issues for India since many years but slowly cyber security is amending their protocol to reduce cyber crimes. And I believe that in future India will have strongest cyber security in the world and one of the safest cyber environment. It will affect dowry system of India at large extent. A decade ago mobile phones were also a new thing for India but now mobile technology grabs the large part of India urban as well as rural part. So, digitalisation will be possible in India and it is surely a bold move towards the corruption free India.

Hello friends,

In my opinion, this is a very great move of Mr. Narendra Modi to make the India digital. Our country is in the crying need of this. As we people are suffering from corruption, terrorism, poverty. I will say this is required to make our country digital. We know everything has its two aspect positive or negative.

Fist I will go for positive aspect.

1. It will increase the transparency in the economy which can avoid corruption, as the government will have the knowledge of transactions and account.

2. Help us to fight the terrorism because they will not get funding.

3. Our money will be more secure, we need not worry about the robbery, pickpocketing.

4. This will save our time as transaction takes only a few minutes, avoiding standing in the queue of the banks.

5. Also help us to fight in bank robbery, which causes a huge loss to govt.

Coming to the negative aspect.

1. As India consist of 60 % rural area and people of rural side are not educated enough to do online transaction. As the Modi govt has launched many campaign and programme to make them educated regarding this.

2. Many people are not aware of internet banking and transaction, sometimes this leads to a great loss to a person.

3. Now a days cyber crimes are increasing like hacking account, stolen password because our websites are not secure enough. So first we need to make our sites strong enough.

But I think this will be the great and relevant initiative in the development of country, making it strong economically. This will lead us from developing country to developed country.

Thank you.

According to me, Indian economy should go cashless because this step will surely help to remove the biggest disease of our country that is corruption.

No doubt, it will definitely bring the transperency in our system and with this many of our problems would get solved like -no need to carry cash everywhere, accumulation of money in banks would allow the government to make the use of those money for the development of our country and it would also help our economy to grow. But still this can only be done by the people who are literate and are properly aware about the pros and cons of this issue. Most of the people living in rural ares are not aware with this. So I think firstly the government Must enforce the campaigns and seminars in rural areas to make the illiterate and poor people acquainted with this digital payment method.

Digital mode of payments are not only time saving but it also reduces corruption and many more crimes eg: theft, loots etc. As an example I would like to mention that earlier scholarship to students were being given to the student by cash to which many times the student could not assessed as it was getting finished in the middle of the journey. But now a days due to digital payment all the student are getting their scholarship. So we can say that it reduces corruption. On the other hand, it has encouraged cybercrime. Nowadays it is very common for getting a call and being asked for atm card no. And atm pin no. To which people who are not aware of such frauds become a victim.

So, I would like to say that the digital economy is good for those who are educated and aware enough and follow precautions. They can go for digital payments as there is no such good time to go cashless. But for the people who are not aware and educated enough should go through cash. So instead of cashless, I would like to suggest less cash society. In fact, all the people should have a little cash in their hand since network cannot remain good in all the area for all the time.

Hai everyone.

In my opinion, digital payments to go cashless is a very good thing to use. In our society, every man or woman earn money with hardwork so mainly the rural people are mathematically run their lifestyles so they won't be able to spend money easily, for example, they go by auto to somewhere they have 20 rupees but charge is 15 rupees they didn't have change and auto driver also didn't have change so here the excess money credit to auto driver but debit to the common people. For those illiterate or common people or rural people must want this digital payment then they save money easily. Some of the people think there is most from things done this digital payment but the government increasing more security alerts so we didn't have any problems for using this digital payment.

Good Morning.
Today's topic is very different "Are digital payments secure enough for the Indian economy to go cashless?".

In my view, digital payment is a very good option because it saves time to think that every person go to the bank for each and every work related to bank, cash and spends much time on bank whenever if we use digital payment then we can do much work through our mobile and internet banking like transfer the money, view statement, apply for cheque book and many more.

And due to digital payment, there is no chance of money loss from the pocket.

We know that each and everything have some advantages and disadvantages.

The advantages of digital payment is as follows:

1: Saves time.
2: No need to carry money with us.
3: Transfer money to anyone who uses digital payment.

And digital payment has disadvantages which is as follows.

1 : Non-literate person face difficulty to use digital payment.
2: Online fraud is increasing.

I believe digital payment is a part of a CHANGE and everybody needs to understand it and take it in a positive way, we have been living in a paper currency mode for a very long time and most of the people are get used to of that and its not a bad thing at all but when the govt tries to come out with a change and transforming it into a new technical mode then what is wrong with it?

People will get employment, first of all, the latest apps that will carry out these digital transactions will be made by guys among us and they will get their money.

Secondly, the TIME factor, digital payments are done in a fraction of a second.

Again it will be a morale booster for the IT sector, they will come out with a more secure way of payments in future which will be beneficial for all of us.

A change is always GOOD and REFRESHING.

Well as the technology is increasing day by day the number of hackers are increasing, latest being the ransom virus which affected many computers and most of the data is stolen, so first of all if we want to implement the digital payment system we must ensure that we are having a strong security. Later coming to India we are having nearly 37% of illiterate adults in the world so it would take some time for these people to understand and implement the digital payment system. Well if we take country like Sweden where cash reserve is just 3% of national economy and for public transport, donating money to church and for simple things they are adjusted with cashless system but India being a diversified country with different classes it will take more time to settle in cashless transaction and up to that time I am sure the security system in the world be more advanced and India can implement the technology to have safe digital payment and will be beginning of irreversible cashless system.