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

First, we have to understand the difference between the cashless or without cash transaction. Yes, we need cashless that means we should use digital transaction as much as possible. We can eliminate cash currency completely from the market because it will not be practical.

Now coming to security, yes we don't have a perfect system for cash transaction but we have to take initiative for change.

All that is necessary for the secure transaction can be done in future but first, we have to start this initiative.

For security reasons, we should do few things.

1. First, we should start awareness program as we know there was 25 crore family who did not their bank account.
The ground reality is the people of villages which contains almost 65% of our population is not used to the banking system.
We have to educate them. We have to give them trust that their money will be safe because people still afraid for deposit their money in bank account.

2. Now cyber security came for making a secure transaction.

3. People's participation is necessary. Those who are educated should teach their known one.

4. It will become more practical if Service charge will be less because no body wants to give extra money if they can use it by less money.

Digital payment is big step of Indian government due to this people understand how to use their money in proper way, it also help in removing corruption although India is a developing country many peoples from villages don't have bank account & from this step of government they should learn something, they improve themselves, level of black money is reduced.

Well, I totally agree that India has a lack of infrastructure, but some or the other way it was to happen it's good that it has happened at this stage as most of the population of India is young and vibrant they can be easily taught about the digital payment mode than the elder people and this can be easily carried to next gen. I think most of you didn't understand the meaning of cashless economy with cashless economy government means less cash and more digital but not no cash and only digital. Around 50% of the population lives in urban and this number is still increasing. We can make an excuse of infrastructure in Rural India but what about in the Urban area, if say at least 35-45% population started doing cashless transition, our economy will boost to a new height. So, it a responsibility of urban people to make use of less cash and make it more available rural people. Beside that government has started a scheme to connect 2 lakh villages with optical fibre. On the top of that many NGO and government organisation are working towards educating people, benifits of Digital payment.

Digital payments are more secure as most of the times people won't carry their money in their pockets.

As it is more secure.

According to my opinion, stepping ahead towards cashless economy is one of the biggest step taken by our Prime Minister Narendra Modi. Here a cashless economy does not mean "a economy without cash", but it simply means an economy where the transaction of cash via physical means (hand to hand) is less and it is mostly carried out by digital means (e- banking, mobile wallet, cards etc). One of the major reason for adopting cashless economy by our government is to curb the black money of our country and thereby making every transaction visible in the eyes of the government. This will not only help the individuals in saving money but also it will help the government to increase their revenue by tax collection. India, being a developing country, it is easier for the youth to understand the ways of going cashless and to some extent the senior citizens also. Our government should make several campaigns specially for the rural sectors to make them understand the benefit of going cashless and thereby taking adequate steps to implement the less cash economy to the rural sectors. There are several disadvantages too, it`s more than impossible for the people of below poverty level to go cashless because the most important device to go cashless is a " smart phone" which is not affordable for this category of people, moreover there are several hackers all around the world to take advantage of this digital environment. People can`t use such technology for transaction of smaller amounts such as 1, 2, 5 rupees, these are some crucial points on which the government should look upon and take initiative, but in our country where 50% of the people are urbanized, its always preferred to have a cashless transaction. Thank you.

Digitalisation is the big step towards development. It improves Indian economy and more convenient to use. It helps to reduce corruption and avoided black money. But every system has a good and bad side of the coin. Problem is that India is still developing the country and 80% people are illiterate and not so much aware about digitalisation. Most of the village are below BPL that's why they are not even able to buy a smartphone. And the smartphone is a most important thing used in digitalisation. Another main problem towards digitalisation is hacking. It is not long back when atm fraudulence disturbed a lot of people who lost money and quite wait for a long time to get it refunded from the bank. Soo more security is needed. Therefore India is not now totally ready to become cashless.

The existence of any physical object is better than the virtual one. A virtual object is created when there is no access to a physical object. The same with "Going Cashless". A lot of efforts required for complete transformation to the cashless transaction. Though a small initiative of going cashless can be taken in the urban areas where it is feasible. Whereas it raises the concern in rural areas. To achieve the same in a rural area a proper organisation has to be setup to help the people in villages. So, that the transaction is handled by the organisation and its shouldn't be troublesome for the people in rural area. This could be the first step to digitalization. Apart from this, a secure digitalization can be achieved by better cyber security. Digitalization is a step towards anti-corruption, which occurs during large money transaction. Hence, keeping a definite limit of minimum & maximum amount for digitalization transaction could make it easier for the end users. Like, to buy something which cost a rupee, cashless transaction is tedious. The application of "Going Cashless" has to be defined with few terms & conditions. As a citizen, it's our duty to support and encourage such steps which are for the benefits of our nation and for the people.

Cashless payment is good for our economy because every online payment has its unique proof or transaction id which prevent any corruption in the system.

Yes, it is secure because it prevents corruption and it also develop the people of India. It begins new era and development of India.

According to me, it is a big decision taken by our PM to make India a country with the cashless economy and to make India a country based on a digital transaction. Of course, it is not possible to implement such a big thing in a country of diversifying environment easily but it is secure enough to go with the concept of digitalization for a money transaction to make our country free from corruption and to find out the actual wealth of the country. People will take a time to adopt the change and to become familiar with the changing needs of the environment. There could be a problem only in the rural areas or with the uneducated peoples so along with the big initiative government has to make plans to do campaigns or something else to make these peoples aware about the usage or how to go with the concept.