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

Hello, everyone. In my opinion, the 100% cashless society is not possible, the thing we should realize about digital India is that we can go less cash but not cashless. Still, there are more people don't have much knowledge about online banking systems. Like everything, in this kind of scheme also we are not fully secured initially. It will strongly take few years to go less cash society but not cashless.

Hello, Everyone.

This is a right decision of our Government to recover the black money and also black money use or country transaction it is secure because all transactions are tracking. I also request all youths please to help our parents and farmer how to use internet and transaction.

I believe only change is constant. Digital payments are secure enough for the Indian economy. We know that many problems can arrive for example internet speed, illiteracy, online fraud. But I think Every initial change normally faces adoption and implementation problems. Indian government should take it as a challenge and take necessary steps for promoting cashless India.

Yes, I agree to the statement as digital payments have made our life easy. Cashless Indian economy is a stepping stone towards development. People can access through internets and can avoid the problem of carrying cash with them. Transactions can be made immediately without any disruption. It will make our economy more advanced as people will get more secure ways to make payments. Digital payments are secure as payments can be made through debit or credit cards, money can be easily withdrawn through ATMs which are called small mans bank and are opened 24 hours in a day and are much secure as CCTV cameras are installed. Security lies on how much the person knows about digital payments and how to access it. Problem is that 80% of our economy is illiterate and not very much aware about these transactions through net ie digital payments. Only 20% people are well aware of the digital payments.

I think this is the best time to go for cashless economy. As we have seen the no. Of mobile phone user in India have seen a drastic change in last few year. So implementation hurdle due to technology won't bother this. Coming to the effects it ensures transparency in the distribution of government subsidies to public distribution. It will also reduce the rising black. Money and lobbying in public departments Which further helps in reducing the wealth gap in poor and rich. Though we have some issues regarding safety as we don't have a proper tribunal to deal with the cases if any consumer lost his her money during a transaction or from wallet. So we need proper laws and instant action machinery so people can rely upon the working of the system. And the external factors too like Cyber attack to theft of data. Regarding which proper use of safety methods from anti-virus to new departments like car who will take care of these things.

Hello friends,

According to my point of view, India is a fast growing country and digitalisation is a good idea for the Indian economy. It has a lot of benefits like we not have to go bank for any kind of money transaction so it saves our time. We do not have to carry money. A Lot of papers are used to make money so in cashless India, we save papers so our environment also gets benefits to it. Most of it when we use this technology, the Indian government can properly observe tax payers, corruption, black money, fake money are reduce gradually.

But the problem is India has a lot of population illiterate, they are not familiar with this kind of technologies, basically, they scare to this system so Indian government Take a step to educate them first.

I think that Indian online system is not fully protected or secure because lot of cyber crime, cyber hacking are happening so government Should take initiative to make strong online system.

If those problems are solved then India is ready to go cashless and it' also improves economy a lot.

Thanks.

Hi, friends, according to me for any digital payment mainly net signal should be present.

In villages, the lack of signals frequently at every place. So to implement that in villages is very hard task. Also many people in villages are illiterate. Taking that into account firstly we should educate them about this and then deal with the low signals problem in village.

Last but not the least it may be quite jovial but the advantage for use of it is savage of trees. Thank you.

Hello, friends.

According to me.

Digital payment may create jobless situation because all the bank need only two or three guys for work then why they will hire a new candidate.

And India has many populations, a lot of jobs needed and if the computer will do all things then. What about us.

Think it. Thanks.

100% digitalization is not applicable in the present Indian economy as a huge portion of India is illiterate, lacking knowledge regarding the use of online payments and atms. And the poor section of Indian can't buy gadgets and recharge internet as they have to find money for their day today survival.

Thirdly, the technological problems is also cardinal factor. The professional hackers can easily hack the private information's which is like peeping in to others private space. Again, technical experts can steal money very easily. This is not applicable till the technology is 100 % developed.

Finally, the system can't be implemented all over India, as there are some ares where we can make transactions only through solid money eg. Beggers, worship places, street sellers etc. So, the digitalisation of economy will be a success, if necessary steps are taken.

The recent demonetization scheme introduced by Shri Narendra Modi signals a need for "Cashless economy". But are the digital payments and transactions secure enough to fully confide in them? In my humble opinion, no.

First of all -when ATM, credit card frauds are already so rampant, how can we trust these recent apps and gateways for transactions involving large amounts?

Moreover, every such transaction gateway would require passwords and submission of valuable information, like Aadhar card details. Again a new risk!

Also, the people living in villages, who may not be much familiar with the caution required in such cases, may fall victims to such risks.

Carrying a large amount of money, though dangerous, alteast one has a control to hide it in the safest place possible. But in digital payments, unless the fraudulent cases fully cease, it is difficult to rely on them and share our unique information with them.