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

The fact that digital payments have made our task very easy. Now we don't have to carry huge cash in our pockets, we no mere have to think about cash being stolen made us feel the necessity of shifting the whole system to didgital payment. But when it comes to security then we are really lacking behind. Even in the west security is not 100%. I have heard cases where money is being deducted from people account without their knowledge, accounts are getting hacked. Even the crime is also transformed from pick pocketers to cyber criminals which is even more dangerous. Another major concern is illiteracy where people are easily fraud by these hackers. So shifting complete system online will certainly leave us nowhere. So some major security steps are needed to be taken.

Yes, digital payments are really good for our economy because using the cards, UPI, net banking all these modes are transparent and to use of these modes are so easily. All are more secure and used by each age of group people. All modes are promoting cashless India.

Hello everyone,

Going cashless is a big step towards completing Modiji's mission "DIGITAL INDIA" as it can save our time from standing in endless line before ATM's & bank for withdrawing money but as you know "every full moon has its dark shadow" & same goes with this cashless transaction.

1) illiterate peoples are not much aware of the cyber crime going nowadays.
2) there is not good network facility in rural areas due to which they people are not able to do any online transactions.
3) the population in rural areas is much larger than in urban areas.

Solution to this problem could be:

1) The government should aware people about the cyber crimes through social medias, TVs, seminars etc.
2) There should be a limit like 2000 or 1000 after which you can do cashless transaction else not.
3) Operators should improve their network facility by increasing coverage, optimization.

Digital payments is surely benefitial by saving our time and transforming Indian economy. But the security reasons are a major concern. The cyber crime and hackers are smart enough to tackle the technology. Whereas the poor and the illiterate have no knowledge about it. Thus it will be much better first to make an "educated India" than a "digital India".

In my opinion, the cashless transaction is very difficult to implement in India. It is a good idea to improve our Indian economy so many countries using digital payments because the government will be implementing first in urban area peoples are very educated in an urban area then after implementing in a rural area.

Hello,

Every coin has two faces Similarly this decision of being cashless economy has two faces advantages and disadvantage. But most important thing is, Is this decision has more advantages than disadvantages? because anything in this can't be ideal.

And if we consider it carefully it has more advantages than disadvantages. You have a track of each and every transaction. Totally secure transactions. Corruption in the country will come to an end. Require less space than before in pockets.

Those who got mugged by fake calls, only because of their stupidity. No bank or organization want your personal information on the phone.

Well if you ask me it has more advantage than disadvantage first it will improve Indian economy and obviously lower caste will be benefited from it the most. Black money will be reduced.

Yes there is a danger for hackers and all that.

But we have police for that.

Discard the use of digital money just because of hackers is like you are not allowing women to go out of your home because there are stalkers outside waiting for them.

Everything has its pros and cons. But when coming to India going cashless, it is a nice move for the development of the economy. As we can see cashless transactions save time and our work is done with just a click, be it money transfers, deposits, online shopping which took a lot of time previously have become quite easy and we needn't carry cash all the time. In rural areas it's little difficult to stimulate cashless trade due to illiteracy and backwardness although awareness can be brought through various campaigns, seminars. Cyber crime is also an issue to be looked upon and that area should be developed more for higher protection and security. So, concluding with a positive note that cashless transactions have evolved as a new era in progress of the Indian economy.

In my opinion, the cashless economy is a great idea. But the present architecture says that we can't totally go cashless.

First of all, internet connectivity is still to reach to many. There are many areas where internet connectivity is a luxury the people are deprived of Even if internet connectivity is present, there is an issue of proper connection. Experiences suggest that many payments haven't completed properly due to irregular connectivity.

Secondly, internet security in India is still not at par. Those "e-wallets" are not much secure.

Good morning to all.

In my opinion, digital payments are secure. It saves our time. For all access like balance checking, money transfer, billing and all. If we go cashless, corruption will decrease. But many people does not have smart phone or does not know about digital payments so we should create awareness about digital payments.

If all people would use digital payments, definitely it will increase Indian economy. And it will make India corruption less country.

Thank you.