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

According to my view, Digital payments are very safe if you know the process exactly. Nowadays everyone using smartphones for surfing social networks etc. But if we look into deep both literate and illiterate people will ask everyone how to use this app and sometimes how to take a picture also. I think everyone faced this scenario. Imagine if you ask that person to do digital payment.

The first question he will rise is how to do?

So, Government has taken a good initiative by making India cashless. But the main thing they have to do is awareness of digital payment and how it will be beneficial to the society if we go cashless.

No, I really don't think India is ready for cashless payment the main reason is no of uneducated people is in very large amount. There is thousands of people in India who never used a credit card or debit card in his whole life also one of the important points we keep in our mind that for cashless payment there is at least a need of smartphone but in India smartphone user is only 40% so how can you think digital payment is secure for India economy to go cashless.

Hello everyone. I agree that digitalization is secure than cash. But if we think in the direction of digitalization firstly we have to ensure that everywhere every corner of the nation facilities should be available for that. It is biggest challenge in the direction of digitalization. Some rural areas are so backward so it will be a long journey for our nation. Second thing is network. Network is also huge problem in step of digitalization. So we have to also step up communication system. If we overcome above problems than we can think about totally digitlization. And it will be really a great thing.

Hello everyone.

It is good step to make India developed. Digital payment is more secure than cash. It is the easy way to transaction. Most think is that we are living in the 21st century and 70% population of India know about the technology. Rural areas people will also learn this technology as time passes. It takes time but surely its very helpful step for us.

The question is are payments secure enough. The plain answer is Yes. They are secured enough and they are at par when compared with international standards. It's the people who are less aware.

For example, the government has made it mandatory that you will receive a text message if any transactions happen through your account. If we receive an unwanted message, it's out duty to take action against it asap, but we tend to ignore it man a times. We should not tell the OTP to anyone but still, people fall for the trap of scammers. The government has updated most of the debit and credit cards which are now having European-style chips which are safest type of cards available.

Government says that we should keep two accounts, one for keeping money and other with less balance for doing the transactions, so that if our card details are compromised, we don't lose all our money. People don't think like that, they maintain multiple accounts just to stay away from radar of tax department.

Also, credit cards are always considered less secure. It's a myth. Credit cards have all the safety features of that of a debit card. If we notice a fraud transaction using our card, we can tell the banks to stop the payment from settlement, which usually happens after 2 days. In case of debit cards, no one will care to listen once the transaction has taken place.

Now talking about hacks and online thefts. A person highly educated can only hack into the systems. I wonder why so much educated person will even bother doing so. Even if he does, in a cashless society, there is no use of stealing as he will be traced very fast. It will be very hard to dispose of the hacked money.

I believe that carrying a card is far more secure than carrying a bag of cash.

Hello friends,

Yes, digital payments are secure for an Indian economy to go cashless because it reduces corruption and it also reduces the crowd in a bank and it also protects the people's from being robbed.

We have to implement this so that it help us to change India from the devloping to developed country.

Thank you.

Hello Everyone,
In my opinion, digital payments decision is a good idea as well as a bad idea for the Indian economy to go cashless transaction.

Advantages of digital payments:
1) reduce terrorist
2) reduce corruption
3) reduce block money
4) time-saving
5) easy cashless transaction. For example; paytm, credit card and debit card using swipe machine, otherwise mobile apps etc.
6) growth.
7) reduce theft and easy convenience.


Disadvantages of digital payments:

1) increase unethical hacking
2) cashless transaction is not secure. For example; hacking Facebook, bank account details, otp number, Twitter, what's app etc.
3) This is not suitable for rural people.
4 )Main disadvantage - illiteracy and technology problem.
4) People's are lazy (due to cashless transaction - using anytime mobile phone, computer,etc.,)
5) Online purchase is not safe. Because of the main reason for ethical hacking.
6) Nowadays hacking technology is improved. So cashless transaction is not suitable.

Solutions:
1) Government take a safe decision and this decision doesn't affect the rural people and illiteracy.
2) online transaction should be safe.
3) reduce ethical hacking technology.
4) increase youngsters power and contact function.(eg : workshop, presentation and speech to people)
5) cashless transaction method the village people is understandable.

Thank you.

At present, NO but after few year definitely yes.

Keeping in mind the literacy rate of our country and number of people who know how to use the internet it won't be a great idea to completely digitize our money at present.

But what we can do is teach those people who don't know how to use an internet to bridge the gap. Which will not only practical is the scheme but also reduce insecurity?

I agree India is developing county.

The cashless deposit and transaction is help to devolp the country economy.

But digital transactions can't be suitable for uneducated people and low-class people.

And we need money to small transactions like.

Travel and brought some items from shop.

The money is very essential because we need improve the shops, small business like vegetable seller, farmers and the village peoples. And we need to set the more banks in the villages.

In my point of view, digital payment is not enough for the Indian economy because most of the people are not educated and they do not know this technology. So firstly we can develop our education system especially in rural areas.