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

Hello friends,

Digitization is the truth of today, which could not be escaped and it's relevance and importance can be gauged from the initiatives like "Digital India" that the present government is pursuing diligently. But the struggles in leading India towards Digitization are imminent.

Among them, Security of our Digital Payments comes at the top spot. Howsoever, useful a system is, but without security, all boils down to nothing. And the recent ransomware attacks shows that the system has many loopholes. Moreover, the tendency of Indians to hide the true picture, which came to light, when many companies did not report of the attack, is disquieting.

Thus, we need to first develop a robust security system, which seems to be lacking in present scenario for the Indian economy to go completely cashless.

Hello friends,

I would like to conclude from the discussion, Its positive point for India to go cashless, which can help people to make their work done very fast. Its a very efficient system in country with huge population. As we all know, with every pros there are some cons. This system is actually useful and efficient for the population who are acquainted with computers, smartphones and other technologies. But the population who is living in villages and considered as backward class has to be educated about the basics of using smartphones and computers, so that whole India can efficiently use "go cashless system". Something has to be done for Cyber crimes and other monetary crimes. If all these cons will be resolved or atleast some steps will be taken, Then its big advantage for country to go cashless.

Friends, As we know that this is the 21st century and we have to be with it in many ways. One of the ways is to move to digitalization of our daily life which is almost done as we use smartphones, laptops more than anything. If we can use smartphones so efficiently why can't we use digital payments too. It's convenient for mobile savys. It saves our precious time. But as we know that everything has good and bad aspects too there are some chances of frauds too in digital payments but as we know that life is full of risks we can take this risk. It is true that in current scenario digital payments in our country is not secure enough as we have not spent too much on the security features. Hence we can say that digital payments at this point of time are not secure enough for the Indian economy to go cashless.

I would like to say that it is secure enough because of the huge IT industry paving the way in India. It has become a hub.

Though still ,we see India lags behind in total amount it pays through the digital transaction. It is because of behavioural change we don't want we feel we have money when we have hardbound currency in our pockets. Digital payment includes all the money we use in form of debit card, credit card, transfer through the account, payment through mobile wallets. Illiteracy is also a major challenge for digital India. The government and people should have to work together to increase the digital payments. However 100% cashless is also not safe there should be a balance between both type of payment so that we do not lose everything if sometimes like ransomware like wanna cry gets released.

Hello to everyone.

Since the question is related only to the security of digital payments I can confidently say that they are secured enough for the Indian economy. The government is responsible enough to develop technology capable of preventing any mishaps be it any cyber-related crime. And even the private companies to hire good software engineers for developing high-security software and websites. The only thing that remains is for us to learn them and then trust these methods. Yes, there might be problems but there are solutions too and in time this would get better and better. No country in this world can guarantee a 100% secured digital transaction even if it is the most developed nation. Everyone is in the learning process and when they haven't stopped then why should we?

That's all. Thank you.

I support digital payment, as in our country most of the wholesalers are not taking money by digital means because they have to pay taxes so in the cash-based transactions they hide their actual sale and pay a less taxes, digital payment will help in tax collection. But most of the population in our country lives in rural areas and they even don't know how to use ATM so by taking this into account before implementing digitisation we must aware people about the mode of payments how to use them. Security is also another concern. As recent ransomware attack put our interest towards security. How much secured is our payment systems?

So to conclude proper awareness programs should conduct in rural areas. It is mandatory for a wholesaler to take payments using POS and proper security measure should be taken.

Making cashless payment is a good think for a country economic development. But at a same time our government has to consider the difficulty facing by the uneducated people. They did not know the base for cashless transaction. So our government has to take some steps to teach about the usage of swippinh machines how to open account ina bank etc. Then only we reach our goal corruption free India. The main thing we give importance to cyber security for example 1. We should no share our password.
2. Regularly change the password.
3. Without bill should not buy any thing.

In India mostly many of them are in educated first we have to give importance to this problem. If every one is educated our country will develop automatically. Without making the base of the building if we create the wall there is no use.

In my opinion, Technology is improved and a lot more changes happen. And digital payment method is very useful in nowadays to transfer the money anywhere in the world without standing on line. With the help of digital payments we can save our money because lot more cashback offers are given by online sites like redbus, amazon etc. One or two years back for electricity bills, phone bills and recharges we go and pay the bills. But with the help of digitalization, we can pay the bill in the home through phones. At the time of digital payments, we should follow some instructions given by the government. Our debit/credit card details do not tell to the other persons. Government give the awareness about how to use to the urban people. Because most of the people in urban places they don't know how to use this.

Digital payments are making our country to move one step forward and that is very good implementation or step made by our government. Even though, it is useful it has some of the disadvantages also. Illiterate people who don't have enough knowledge about this technology will really feel uncomfortable to accept this. So, the government should take necessary solutions for this problem by creating awareness among them and giving some demonstration in the way they can understand. And also say about the insecurities of this and make them even more clear about this. So that people will become more conscious and will not believe the third parties and tried to make their own effort to do such online transactions.

Note: government can also provide them android mobiles and give demonstrations on how to use them.

Hello everyone. Digital payments are good for the economy of the country as it records every transaction performed by every citizen of the country. This will help the government to track the flow of money effectively and also curb the flow of black money overall. But the minus point here is that there are no firm cyber security laws yet implemented for such digital payment software and websites. Hence for the people who are niche in using such applications may lose their valuable money to the hackers. Also taking into account the literacy rate of our country, there are huge number of people who don't even possess a debit card and for them it will be really tough to adapt this.

Hence I think that digital payments are suitable for the Tier 1 and 2 cities but the whole nation is not yet ready to adopt it.