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

Hello friends:.

First of all, there are many benefits to go towards cashless. It is so easy to transfer money from one account to another. Also, there are no chances of robbery as we do not need to carry any cash. Also, we do not need to carry out ATM card and do not need to queue up for ATM withdrawal.

Again we get various discounts coupons in cashless purchasing. Also, there is no worry about to maintain the bank note from water and wear and tear.

Lastly, there is a huge saving of resources like papers and metals. But completely cashless is not possible at this stage. As in the rural area, many people do not have any cell phone at all. Also, they are not so much educated for the cashless transaction.

So, in my opinion, completely digital payment is not secure all over the India. But in city area it's secure.

Yes, in My opinion, it is secure but India is. Not fully prepared for a cashless economy. And security is not only about how strong our cyber network security is about awareness among people. First we have to take steps to make people how can they use internet banking Card transactions other cashless transactions safely.

For an example, People share their passwords and OTPs to others without knowing what happened with that.

Every day we read news about cyber frauds.

I ll give an example how it happens people share their phone numbers in shops other offices. From their fraudsters get their no and call them saying I am calling from bank your card is blocked give us your card no we ll reactivate it. Again they call for OTP unaware people give all information and become the victim.

So people need awareness first.

Yes,

It's obvious that digital payment will make India as a cashless country.

Before taking any big step or decisions there always hurdles in the path but it doesn't mean we should change the path. Same applies to making India as digital India.

Going for cashless we not only save time but also makes India as a step towards a developed nation.

We can be hacking and online transaction is not secure then why to go for cashless but we can have a remedy.

Over this kind of problems. 60% of our population is rural firstly they should make aware about this kind of facility then the only nation can go in a positive direction.

I have used Bhim app developed government which gives a guarantee of safety transaction and online billing.

To make India as cashless India we have to start from ourselves.

Let make a change.

Yes, I completely agree with Digital payment is secure as it connects with the Adhaar card which is most secure. As it has the details of our fingerprint which decreases the chance of hacking. As well as it has many more security operations like OTP, registration only with the registration no. This thing affects the alarming increment of corruption as govt has all the details of the person's account.

But like every coin has two faces one darker one bright this procedure has darker side also like the agged, as well as rural public, is not so much engaged frek so this has the least impact on them but this thing is curable by making more people educated. And that too with hackers also we can only make our system more and more secure because nothing is perfect. Someone always gets the way to make find the loophole.

In my opinion, digital transactions are more secure and safe. Changes don't change. India is a developing country. To become the developed country we people have to upgrade our selves according to the latest technologies. This is the good thing to upgrade. Digital transactions will reduce robberies. And another thing is transactions made within seconds. So it is also a time-consuming process. Lots of apps are there which made the process very easier for illiterate people too. In our country, lots of illiterate peoples are there. The Government should provide awareness about this technique among them. Then only they know how much advantageous is this. Literate peoples also teach them how to use the apps and how to secure the passwords. So digital payments are secure enough for the Indian economy to go cashless.

To add to the discussion I would like to say that at present among the top crises facing by India is the wormhole name Black money. So going digital is the best way to get the detail of each and every transaction which will take place. The question of security has to be taken into consideration by the higher authority holding the responsibilities of designing the platform because when compared to the literacy rate of India and that of people adoption to digital platform some issues can lead to step back a large group of people from adopting the system.

Along with every advancement comes it own setbacks. Setbacks can be such as making people understand the system, internet connectivity 24*7, security and the privacy, cyber crime etc that has to be minimised by awarening people and adopting latest technologies.

Hello everyone, we are discussing the security of digital payments, but according to me in terms of digital payment the main issue is awareness much more than security, I am not saying that awareness in terms of only privacy of passwords, OTP etc. But there should be awareness in terms of how we represent the cashless payment to other. We create much more hypothetical situations in terms of complexity and security of digital payments but there is nothing like that. If we are outside home, we have to care about our wallets, we have to take care in a home also that anyone can't be stolen the money in the same way we have to take a little bit care about digital payments that we should not share any confidential details about it. That's it. Now anyone can do digital payments in very easy terms than physical cash.

In my point of view, digital payment is somewhat secure enough for the Indian economy to go cashless because many people who are exempt from paying the tax would definitely start paying all the taxes in time and therefore black money can also be reduced at some extent. All the transaction will be done in a short interval of time if digital payment would become cashless. In some extent, it also helps to improve our economy development.

There are some drawback if the payment would become cashless because in our India, those people who are uneducated will suffer the most if they didn't get proper education to use cashless transaction because anyone can make them fool and can cheat them, but if there would be a genuine or a truthful person who will teach them, then definitely the digital payment is secured one.

Yes, digital payments are secure enough for the Indian economy to go cashless but it is not 100% secure. There are some security threats like cybercrime, different attacking viruses like wanna cry Ransome, so somehow drawbacks are there in the digital payment system and in going cashless. But we don't need to worry because Government is doing its duty by establishing cyber crime control centre with the help of Microsoft in New Delhi, these cons. By time will be removed. So till that we have to do digital payments with some securities, we have to aware about spam emails, viruses, fake websites etc. For India, there is a great need to become cashless because of corruption, theft, fake currency etc. To make a New India. SO we all should support our honourable PM's initiative of " DIGITAL INDIA -CASHLESS INDIA".

Yes, I am in favour of this because most of the digital payments barring the cryptocurrencies leave a digital footprint which makes it easier to track the sender and receiver in case of any discrepancies. Indian economy relies heavily on hard cash (physical currency) which results in corruption and other cases of fraud because most of the time they do not leave any paper trail. So digital payments is a reliable system for cashless transactions from the security point of view. From the consumer point of view, it is a hassle-free system because most of us have credit or debit card (plastic money). But yes certainly there is a need to educate illiterate people about the digital payments and their uses. I think the rural banks such as IDBI and other Grameen banks can take the initiative to educate these people.