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

Hello everyone.

I think digital payment is more secure and beneficial for our economy. Digital payment means going cashless and making payment digitally.

We don't have to go to bank or Atm for withdrawal of money rather then we can use net banking & use the card for payment or there are some apps which also help for making transaction. Nowadays these apps are giving great offers and cash back for making any payments. These are very simple & easy to use and save time.

As we go cashless so it also reduces the risk of theft.

By digitisation, we are contributing towards our country as it's increasing our country GDPA and growth of the country. Most of the developed countries go for digital payment.

It also helps to reduce black money for our country. By digital payment, the government can keep a record of every transaction so there will be transparency of payment.

As digitisation is going to be future so it will increase employment in several fields like Telecommunication, networking, ethical hacking, cloud computing and many more.

And these days cryptocurrency is becoming the trend. We just can easily make payment through this currency.

There are some disadvantages of digital payment. As hackers can easily hack any device and get all information and get all money. So government need to take strict action regarding this and make payment secured.

It will take time to go fully cashless as most of the people are illiterate in our country. The government need to focus on lower-middle-class family and create awareness among them and teach them how to use a computer and do payment.

It will take some years to go fully cashless and make the whole process digitally.

Digital payments are trending in the digital marketing which is definitely a good initiative taken by the government as we all know it made our life easier by providing so many features like transparency, fast transactions, removal of queue outside the bank, time saving, 24 hr support no need to wait for bank to open. All the bank related stuff like fund transfer and other basic need like shopping of grocery, electricity bill payment, fee payment etc can be done very easily from home with the help of digital payments.

Although in rural areas people are not very used to it, some of them don't even know how to operate smart phones so there are higher chances that they can be fooled by spam or fraud dealers/company. So, it's the responsibility of youth to teach and aware them about procedure of digital payments and related threats and it's not a big deal it can be easily accomplished by organizing awareness program even it can be a good marketing strategy many telecom companies can organize this kind of campaign and can promote their brand. In it sector lots of opportunities will be available in coming days so employment will also increase as well as economy.

At the end of discussion I want to say that good and bad are complementary of each other and both comes in pair. So, 100% security is no where it's individual responsibility up to what extent he can be secure from threat. We have been seeing lots of situation in our daily life like in travelling someones luggage get stolen, even banks are getting robbed. So, in spite of living in insecurities we should adopt digital payments at least it reduces overhead from bank and makes individuals life easier.

Hello friends,

I want to tell about this topic, a Cashless payment it is a mode of transaction. First in non-offline mode in olden days, every man can see in line outside the bank to take their payment or make a transaction this process is not also safe because some problem of theft being looted and one place to other places to going with money is dangerous so cashless payment mode it essential. But in India, our Honorable PM Narendra Modi has established this mode. First this method is applied in urban areas because here people are literate so here chance of risk is less than some seminar will conduct in rural areas so that they can understand how to use this method and after this applied in rural areas partly not full because in rural areas illiterate people are lives so it may be risky for that old man and woman they are illiterate. So in my opinion cashless payment is applied partly not fully. Take step by step to applied and gives more seminars so that everyone can understand this process. For this reliance jio has come in India so that everyone uses the internet and understands the cashless payment and bans also gives help for this process. We also know that there are some type of cybercrime they hack the account details and cashless payment becomes dangerous it is the main draw beg of this mode Cashless payment mode is fast and time-saving, but its draw beg already discussed.

And last I say being cashless is more better but never share your password and OTP to another one. These are a secure thing so and if you don't know about this process than you ask with your citizen they give help for you.

Thanks, have a save life and become digitalize.

After demonetization of 8th Nov 2017, the government pushed efforts to make Indian economy cashless and less dependent on cash. From past few months, Digital transactions have surged in the range of 400-1, 000 percent in different sections. According to the government data, the number of daily transactions through e-wallet services such as Oxygen, Paytm and MobiKwik has shot up from 17 lakh " recorded on November 8 when demonetization was announced " to 63 lakh as on December 7 (a growth of 271%). In terms of value, the surge has been 267%, from Rs 52 crore daily to Rs 191 crore now.

With a multitude of digital transactions happening via mobile phones, the chances of a security breach exist, particularly when many mobile wallets and banking applications are not deploying hardware-level security to make online transactions more secure. Virus released by hackers like ransomware are a global threat for digitalization. Without proper knowledge of online payment, we can easily become a victim of cybercrime. Most of the rural people are either unaware or beginner on internet world. So they become an easy prey for hackers. Security measures have been not standardised by RBI properly. Most online apps companies do have strong security on transactions. Even Indian railway and airways have been hacked before. In India, cyber crime branch is not active in many parts of the country.

So, I conclude that going cashless is very important for the country;s development as it increases tax collection and counters cash crisis. Digital payment is not secure enough in India. Government and RBI should first make laws and cyber crime branch more effective.

Hello everyone,

Today's topic is about digital payment securement for the Indian economy. In present days as we see there is only one sentence revolve in throughout India which is "India become a digital country". For making digital country Narendra Modi take a step and ban all 500&1000 notes and start online transaction system which is more beneficial, & cheapest mode of payment. Because of this many apps become active just like paytm, phone pe etc. Nowadays, When you go to market, and see your wallet is not there so at that time you didn't get worry, you take your card and your payment. This all the app also exists before ban of notes. But after 9nov. 2016 there is no any other option for transfer money. Then peoples take the help of digitalization and make their all type of transactions. Digital payment also beneficial for our Indian economy. And thanks to Jio which provide free of the network all the day, old peoples get know about some benefits of a smartphone, how to use it. But there is also one negative aspect takes place which is cybercrime. Russia losses a lot of things because of this cybercrime. No of hacker increases day by day because of which cybercrime increases. And that's effect sometimes on our transactions. When we pay online fee or something our amount doesn't reach to our destination and amount get deducted from our amount and at that time bank's System are also enable to help you they just raise their hand. So at last I just only say that for make successful digital payments make a strong programming which are also not be broken by hacker and get fully knowledge about digital system of our country.

From my point of view, I think India is presently not ready to deal with digital payment and make the country cashless. Still, most of the people have strongly believed in a cash transaction. For example, if we want to pay any amount in metropolitan and cosmopolitan cities like Delhi, Chennai etc in India through digital payment that is acceptable I mean we can easily pay through digital mode. But on the other hand, if we go to the rural area in north and south states than we will face the problem. Especially if I am taking the example of a rural area in Bihar, Jharkhand and Uttar Pradesh. There is no changes in their thinking towards digital payment it may be because of lack of awareness, lack of infrastructure, digital communication and other digitalization. If we are talking with respect to economy dan the main reason is -most of the people depend upon primary economy i.e. Agriculture and them have strong faith upon cash payment because lack of education they don't know how to operate the digital mode. Ok, I m giving my experience, two months ago I was in Bangalore and everywhere I paid through online transaction bt, just two weeks ago in my home town Asansol I went to repair my mobile and at last I wanted to pay through online but not accepted by the shopkeeper the reason behind this because of security they did not believe in digital transaction or, we can say lack of awareness. So, it is my perception because of that I think at present India is not ready to adopt cashlessly. The best solution is to aware the people, educated them at least up to a certain level on which then can think about the benefits of digital payment.

Hello dudes,

In my point of view, I will go with cashless payment. Why because it is highly securable. The government is making the people adopt digital world, where both far-flung area, as well as rural people, are also part off. They may be uneducated, by giving some guidance, they can also learn certain things for our welfare of our country. As the government had promised to provide internet facilities for the villages, here is gonna to solve the problem of internet issue. See, to implement such a big process, the government will take time, we have to support these kinds of activities. To support, first of all we need some stuff like internet, smartphones, who told that nobody has smartphones?, all are having smartphones only, maybe 20% of the people will not have, this problem will get sorted out within a year, because this plan implemented for the motto of finding out the people who are not paying proper tax, who are involved in black money transaction. So, if we make those crime people come in front of the light, then if the government implement some strict schemes, then the people will pay proper tax and then low-class people will become middle class, like that they can expand their life in an honest way. As we people want to get free from this corrupted country, we must have to support cashless payment, which is going to offer us a purified life. No government so far treated this problem, still, they know how serious is this, they were not worried about that. Fortunately, the government starts focusing on black money issue so vigourously, so, we can expect a corruption free India very soon if we wait with patience.

Initially, I want to say that it is a prudent effort made by our government to go cashless.

It has many benefits as we all have considered before but what I want to convey are the hindrances that are creating a problem in such a well-intended effort.

Firstly we all know the level of literacy of our country, no need to talk much.

Secondaly, the crux is lack of awareness among people.

We are all living in a Global era of technology but we should not forget every coin has 2 faces.

I want to highlight the gray one.

I think many of us k ow how many days are taken by the hackers to hack Windows no matter how much security is being offered by Microsoft.

Coming back to topic, I want to draw your attention towards hidden charges that one has to give which paying through cards.

There is a service charge of 2% for sweeping the card ones that means if you pay 1000 you will be charged an additional amount of 20 rs.

The Most important point I want to raise is that if anyone is cheated while digital payment it is really difficult to recover the loss.

One of the reason is that there is a cyber tribunal in Delhi for addressing such cases but unfortunately that judges are not appointed to the court since 2007, many won't believe it.

So one can understand that how dreadful it will be for someone who met an unfortunate fraud.

So I want to say that before implementing cashless culture authorities should ensure proper resources to address the problems that are expected to come in the due course.

I want to conclude by saying that I am not a skeptic about the govt intention but efforts should be made to ensure justice first.

No doubt, that India is quite new for a Digital platform, but as you can see, that 100% efforts are being made both by government as well as private wallet/cashless service-providers.

If you might have used and eventually noticed that Paytm/BHIM apps which are often being used by people nowadays, so there are regular updates now and then from all such digital-wallet providers to enhance their services and make them as much user-friendly as they could.

I downloaded the BHIM app on the day of its launching, but didn't have a very nice experience as I faced some issues while signing-up, so I uninstalled it. Later 5 days back, I again tried to access it by downloading it again, and things were too smoothly done.

Paytm has updates almost daily or at least every alternate day I suppose. I mean each time they are easing the way how things are done and bringing up new features.

The UPI apps launched by almost all the banks are also being updated accordingly and are working in a robust manner.

Moreover, as far as security is concerned on the digital platform, it is quite safe as of now. Unfortunately, even if there is some kind of breach in the future, then also we should not blame the govt or the move of demonetization for such an act because even banks (when cash transactions were only done) were threatened with dacoity at many instances.

Also as we all know that somewhere at the back-end, our banking system had already transformed and evolved to being digital from a very long period. But at present its new just because the front end (i. E, we as customers) are also migrating to the digital platform.

Hello friends.

According to my point of view, digital payment is not secure enough to go cashless. There are many sectors where people face problem first Indian government have to work on those sectors then go fully cashless. Like.

1- Indian government first educate those people about online transaction who lived in village and don't know the even if how to operate android phone.

2- And second problem is that network issues, in India people face network problem even if in outer of big cities. Now people using 4G network but there are number of villages in India where even if 2G network are not available and there are no. Of villages where electricity is not available. First govt. Have to work on this sector make available of network and electricity.

3- Like PAYTM, Freecharge and other online transcition apps during transction server problem occur and many times balance has deducted from the account and payment failed message shown during transaction first govt. Make plans to overcome this type of server problem.

4- There are 70% of Indian people live in rural areas where people do not know the use of simpl ATMs so that first govt. Make plan to aware those people about online transc. By campgin.

We are the youngesters of our country and we should help those people who do not know about the online transc. Because if Indian economy become digital then 90% of corruption washout from the Indian economy and this will help to increase the GDP of our country. We should support our PM Narendra Modi to make our country digitilize and help atleast 10 people by giving them knowledge about digital payment.