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

Hi all.

Talking about the digital payment system is a flagship programme of the govt of India to transform Indian into digital empowered and knowledge society faceless Paperless Cashless!

Which today is possible With the introduction of :.

Atm.
Online Banking.
Internet Banking.
Mobile wallets.
Point of sale.

Not just the introduction but the government did take enough measures to make sure there is Cybersecurity to ensure the safety:

Cert to secure mobile banking.
Rbi eases 2step card validation for transactions less than 2k.
Technical audit of prepaid payments.

However India being a developing nation can't go 100% cashless for which awareness forms a major part: Digishala, Digital Finance for Rural India, Vittiya Sakshtra Abhiyan and also the Indian Railways to install 10k Pos.

Along with that, there are a number of policies and implementation initiatives taken for procurement, service offering and disbursement of Digital Payments.

Excise duty for Pos and manufacturing of POS.

Promoting the same through Debit card Credit card, mobile application and e-wallet.

Indian Oil, HPCL is offering an upfront discount of '5 for refilling and booking online Bharat Interface for money.

Meity (Ministry of Electronics And Information Technology) is making the best of efforts to get our economy into a cashless economy, however, the spread of education one day we will achieve it.

Hello friends.

In my opinion, digital payment service have the POWER to change our INDIA or say to make Our nation Almost Corruption FREE.

But this can be possible only if the Indian government and the the PEOPLE of INDIA will come together. I had also seen that people who have smart phone but they are not even able to recharge balance of their phone themselves. They just go to recharge shop and give their phone to the owner to recharge it. So to get rid from this problem our Government should take some effective decision to educate people so that they could do such work themselves. Thankyou!

Hello friend.

As digital payment have lots of advantages like it reduces corruption, saves time etc but in present scenario Indian economy can't go cashless completely, it can go partially.

But, I would like to appreciate the initiative taken by our Indian government in the field of digital payment like digital payment app like BHIM and scheme like Pradhan Mantri Gramin Digital Saksharta Abhiyan. The aim of this Abhiyan is to make 6 crore rural households digital literate.

So, to make Indian economy complete cashless, along with government, the educated citizen also have to take responsibility.

Hai everyone.

Yes, digital payment secure enough for the Indian economy to go cashless because of security and riskless job.

As of advantage, there are many disadvantages also. Because 50-60% of people in India don't how to use a smartphone, Moreover these people don't trust on digital payment.

Finally,

This type of ideology and mindset will change when people got educated.

Up to that digital payment to go cashless will remain as a question mark.

Yes,

It's good decision took from our goverment of digital payment system from this payment system we can save our time and at the Persant the people don't have time so it's very useful for them and one of the advantages for digital payment system is we can pay our MOONEY at anywhere wherever we want and we don't need to carry cash with us but after many advantages there also many disadvantaged for that first you need to know how to use smartphone because this system can handle only on smartphone it can't use in simple mobile and in our country in India 60% people are uneducated this is main disadvantage for that and first of all in our India peoples should take higher study and what can gourmnent do for that topic they sould make study cheap because Many people's in India they don't take higher study reason is MOONEY and for this system people's should have smartphone then this can successfully decision.

According to my opinion, yes Digital payments is a secure way to stop the corruption. Whenever we use the digital payment we must get proof that we did it and against a person also. And otherwise, digital payment is also an easy method to pay. Definitely Due to digital payment graph of corruption will be down.

Thank you.

As one of my friend said, there are two sides to a coin. Therefore, we cannot come to the conclusion that digital payments are secure enough. They provide secure means but still there are chances that hackers could steal the digital money by intruding into the secure channel provided by the banks. It all depends on whose side the better programmer is, be it the bank or the hackers. As a conclusion, digital payments are NOT YET secure enough for the Indian economy to go cashless. Let us hope it will be in the near future.

Yes. I think the digital payment is secure enough because, during each and every transaction, it goes through a secure channel after verifying the bank details with the help of OTP or secure key codes. It also reduces the risk of carrying a huge amount of cash in your pocket.

I think not. More than because sometimes it creates a problem. So. My Suggestion is that security should be increased on the digital payment but my opinion is if we do more security. Then it is very Well for All of us.

Yes, I do agree with the mentioned comments, and yes, definitely digital payment is secure enough to go. However, we may have seen the hacking cases everywhere but if we believe every coins has two sides or pros and cons and for fully implementing the programme it will take time to execute it perfectly. For that, we need the robust technology and bring awareness to every corner of the country. There is also need of awareness and use of dig secure app so that it will benefit every citizen of the country. Although govt has taken many initiatives, IMPS, BHIM app is the best example, through which we can transfer the funds digitally without involving a third party and safe transaction.

Let us hope that, it would bring dynamic changes in the society and achieve the goal of digital payment.