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

Hello everyone.

Each topic has own pros and cons.

So for this topic;

Pros are,
1) time-saving don't stand in long queue.
2) faster response transfer money in Sec.

Cons
1) for digitalisation better connectivity but in rural areas 4g is not available.
2) many people even don't know how to sweep screen touch mobile. Lack of awareness.
3) most important point is security. We heard daily about hackers.

In my view, digital payments are the most useful for doing transactions as it saves our time and the crowd in the banks.

For doing international transactions it is the best way for businesses, for local vendors we are using options as phonepe and paytm, and as technology is growing it's quite easy for us to secure it.

We have seen very few cases where the transactions are failing and it is not secure, still we have right to complain and ask about our money.

As people are getting more wise in going cashless it's benefiting India.

And technology is still developing to make it more secure that's why I think digital payments are secure to go Indian economy cashless.

Hello everyone, my name is Mandy.

We are using digital payments for a variety of things like paying electric bills, paying EMI's, purchasing from online sites. If we make payments in big platforms like Amazon, Paytm, airtel, then we don't have to worry because those sites and interfaces are very secure and there is customer support available if anything bad happens during a transaction. But small sites are not that secure. The older generation lacks knowledge of making secure transactions. For example when the younger generation wants to book tickets then they will go to sites like Paytm, or Redbus, but when the older generation try to book the tickets they will type bus operators in the google and they will go into any random site which may compromise the data.

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.

Yes, of course. because digital payment makes quite a transparency in a digital way and makes a digital India.

Digitalisation is the big step towards development. This helps to improve Indian economy. Digital payment is more convenient. Because it requires no time, no need to go the bank and this can help to irradicate corruption, scams. But as we know every system has a good and bad side of a coin. That means we can not go totally cashless. Because Indian is still a developing country and most of the people live in villages so they are not aware of such things. They even can't think to pay through mobile or by card because of security fear. So totally digital system will be the milestone for India. But yes we can improve this slowly.

In my opinion, digitalization is much more effective but at a certain level. Actually, we are facing problems like not having more knowledge about the digital payment and they do mistake nd get cheated.

Hence if the following precautions will be considered, definitely it'll help a lot.

1. Don't share any information about your transaction if require visit nearby bank for instructions.
2. Beware from hackers activity.
3. Use heavy security protocol.
4. Get full information while transacting because it's all about money how would we go unaware.

And eventually govenment should make all learn how to go with cashless.

In conclusion, government is making our life digital, which other cuontries have already done, we should help modi to making India "incredible india".

Thanks,

Mitchell vishwa.

Well, whenever any revolutionary sort of things happen, it does come with some shortcomings, some hurdles and way is never easy. For a country as big and as diverse as India, implementation of Digitization will not be easy. But that fear should not deter us from doing something that must be done. Govt should start putting schemes, technologies, organisations, advisories, upgradations, in places. Slowly and steadily when the troubles are encountered, things can be dealt at that instant and deterrence capability should be brought into the system. The World over people are facing problem due to cyber threats and malware attack, cyber thefts, attacks, but that should be taken as a challenge to make it more robust, more safe and secure, more customer friendly and more compatible. I think as of now, if we take proper security measures like not sharing our pins, passwords, our OTPs, it is far away from getting compromised. Yes, there may be instances where despite observing all sorts of securities, we become a victim. Govt and private companies, developers should take it seriously and ensure to make the cashless economy effort a success.

According to me, going cashless is a good idea as it helps to reduce corruption and there will more transparency in digital payment. But we can't neglect that more than 40% of people are illiterate in INDIA due to which making all INDIA digital will be not so good idea. For getting the effective result of making INDIA digital we have improved the illiteracy first i.e. we have to help the poor people in enhancing their knowledge, aware them what is happening and what will happen in future because there are many parts of India where the people haven't seen light, water, the internet, mobile phone too, so it will be difficult for poor people to opt for digital payment. SO it will be a wise decision to make INDIA educated first and then improve the security process on the digital transaction as many fraud calls are running (taking your ATM PIN by saying that I am speaking from this bank etc).

So, FIRST, we have to improve the internal parts of INDIA then only we shall be going far better than China, Japan etc in term of development.

According to me. Digital system in India is secure. To go cashless although it is not extremely secure. Only some of the banks like SBI have 128-bit encryption security while many don't. This makes them vulnerable to hackers. So in process of encouraging digital payment banks and other financial institutions have to also upgrade so that people can trust them blindly so as not to lose their hard earned money.

After financial institutions what has to be done is increased awareness. A Large population of our country is illiterate. First, they will be reluctant to go for digital payment. Even if they start. There will be cases of security concern so. I can not think of a fully cashless society in India as of now untill 2025. Unless something extraordinary revolutionary changes come in the system and ideology of people.

At last talking about the security. Digital payment can be double edged sword. At one time it can result in ease as. Transactions are fast and easy but at the same time, it can create a total havoc in society if there are frequent security breaches or frauds or cyber attacks.