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

Since the demonetization of high valued currency, cashless economy is being discussed which I believe is a good step in taking our economy forward but at the same time, we need to be careful about the security in using cashless mode of transaction. Some month ago, it was reported that the data of customers of some banks were compromised and that was a very serious case of data breach. Although concerned ministry had further taken some steps to curb such data compromise, but the question about the security of the cashless transaction is obviously raised. Several cases are reported very often about online transaction fraud that needs to be addressed in a very serious manner. At last, I conclude that in-spite of being vulnerable to theft, online transactions should be promoted due to its several benefits.

According to me, it is a big decision taken by our PM to make India a country with the cashless economy and to make India a country based on a digital transaction. Of course, it is not possible to implement such a big thing in a country of diversifying environment easily but it is secure enough to go with the concept of digitalization for a money transaction to make our country free from corruption and to find out the actual wealth of the country. People will take a time to adopt the change and to become familiar with the changing needs of the environment. There could be a problem only in the rural areas or with the uneducated peoples so along with the big initiative government has to make plans to do campaigns or something else to make these peoples aware about the usage or how to go with the concept.

Hello friends:
First of all their are many benefit to go toward cashless. It is so easy to transfer money from one account to another. Also their 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 their is no worry about to maintain the bank note from water and wear and tear .
Lastly , their is a huge savings of resource 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 cashless transaction.
So,in my opinion , completely digital payment is not secure all over the India. But in city area it's secure

But in A country like India, many complications would make this task a bit more difficult. In India, a large part of the population has been living in rural areas. Some of them are illiterate, Who haven't a single idea of Digital transactions. They strongly believe in liquor currency along with this they are not fully aware of Digital payments. This knowledge lack ness causes them in trouble. They might never accept this digital transition. They need to be aware by govt towards Digital Transitions. Because they would easily be trapped by Frauds.

It's very easy for hackers or Frauds to get Bank details of these illiterate people. So, govt and concerned authorities should arrange some educational programs in Rural areas in order to spread more awareness or knowledge to people about Online transactions.

Hello friends.

I think this policy can be implemented in India because people are eager to learn new technology & new way of doing payment whether they are youth or senior citizen. After demonetization in hotels & restaurants people started using the mobile application like paytm even I didn't use paytm app before that but now I flexible with it in making transaction.

The Government announced a scheme that now people can payment with their Aadhar card so it will also reduce the risk of cyber crime. But as you can see that the device is not available to each & every shopkeeper so how we gonna the payment if it is available we will definitely going to use that. Government got a lot of homework to do regarding in this matter & after that India will definitely become a cashless country.

In my opinion, Digitalisation is for both literate and illiterate. And it ll help India become an economic strong nation. But the only difference is it is easier to explain it to literate people and somewhat difficult to explain to illiterate people. So it is a secure way for the Indian economy to go cashless. And it ll help stop corruption and black money. But useful only when one has full knowledge of it. Because if someone got to know your OTP or password they can empty your balance within a sec. Also sometimes double payments are done. Although it is refunded. Bt the amount gets deducted from our account. So digital payments are helpful But firstly government and we ourself should take the initiative to explain our parent's elders. The methods of using it. So they can get aware of it.

Thank you.

Yes, it is. Because it reduces the corruption, as every debit and credit transactions are legally recorded. It also reduces the human to wait in a queue, carrying amount from one place to other while doing so he may lose his cash due to thief attacks. It saves time. It reduces burden in transferring amount procedure. Etc.

But the thing is to increase it's awareness to each and everyone especially to elders, illiterate people who don't know about internet usage i.e, digital communication. So to create awareness Government have to do one broadcasting program through televisions as almost every house has a television so that everybody can get an idea, that program must demonstrate the digital banking and digital communication usages i.e, about social media in stepwise to reach everyone in the country.

I think so, that change is necessary to step towards the progress and prosperity. So going cashless though will brought digitization and modernization in our country still complete cashless service is not possible. I think so that India should step forward slowly towards the digitization.

Cashless will definitely having advantages like time saving, money saving, promotes growth of economy as the transactions will be done faster without standing in bank line. Bank also get benefited so that they can work with accuracy witout any error. Also, 24*7facility will be available. Etc.

But the problems we have to face for good awareness about this system, hackers problem, availability of good speed internet. This digitization will save trees but unemployment will also increase and e-waste also.

Thank you.

According to me, the payment done digitally are the important factor for cashless as we know its not time consuming as well as easy to use. Talking about the uneducated people the government become more conscious about the ease as talking about tezz app it is the most simplest payment with just one click but a part from this a scheme or program are introduced to aware the uneducated people about the ways and give them proper satisfaction and trust for safe payment. Talking about today scenerio its take time to people for trustworthy payment and it reduces many cost such as cost of manufacturing, transportation of currency all over the world but talking about total cashless it is not possible because some emergency some cause helped by cash as no body knows when the device got swicthed off or damage.

In my point of view, digital payments are secure enough as we all use ATM in that case we have given specific password which is only known to us so as that of cashless payments, in that case, we have to put a certain OTP which is provided to you and that is too applicable only for 30-60 sec. So it's a secure process as we see during demonetization period this cashless payment is very useful because at that time atm are fully dried. So during that time, various startups came into play. Which provides various features besides privacy although there are many cybercrime reports government is fully focussed on that and they are trying to control the crimes and nowadays government become more dependent on cashless payment because this can reduce the amount of black money and control the counterflow fiet.