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

According to my view, digital payments are secured and how I tell it was secured. Nowadays we are indulging in a lot of cashless transaction, for example, electricity bill and water bill even purchasing in the petty shop. We carry out these transactions without any mishap. Yes, there is a flip side also in the digital payments where the cyber thread is a horrible one which threatens the entire process feel insecure. Moreover, without our concerns, there is no security thread will arise it is everyone's responsibility to keep their payments options are safe and secure without the participation of us.

Digital payments are easy for our economy due to the increased robbery all around the nation. A robust technology for digital payments should be designed and implemented. It is easy to go cashless than going through a tedious process of counting. Although sometimes we face difficulty where some of the shops fix a rule themselves that online payments are applicable for a purchase an above 100. The rules and regulations should be formulated and a safe technology should be implemented.

According to me, if digital payments come then it will come with advantage hand in hand disadvantage. If I talk about advantage I found there is no black money which is a big problem in India and there is no problem during purchasing the material. By this method, Indian economy will grow up but here main disadvantage of that is internet problem lets suppose I am in the hospital and pay. To the bill of the hospital but the slow speed of net and any trouble in networking. Money has not transferred or I have to face the problem In hospital. In another hand, in India, about 70% people are not literate and there is no digital knowledge in many villages so this policy could be harmful to many illiterate people because money is everything for spending the life. Our all business depends on money so we are be all careful about it. Thank you.

As per my understanding.

It's a good start for Indian economy but lot of work still need to be done:

1 - Hardware-level security should be made mandatory for all providers.
2 - Usage know-how and training for end user.
3 - Balance between private service providers (Paytm, Free charge) and Govt backed digital platforms BHIM by NPCI. Initially startups will provide zero commission and other attractive offers to merchants but later on T&Cs are changed to turnaround the investments vs margins ratio :).

Overall yes, its a good start but lot more to be done for the Indian economy to go cashless.

According to my opinion, digital payments are boon for the Indian economy. Because this is more reliable than normal payments and also it curbs black money.

Hi Everyone,

According to me, digital payments are convenient for us. It has reduced the worry to carry cash all around we go. If we do the transaction online then there is good chance to keep a record of our economy. However, It has troubled people of villages and those who think they are not able to adapt to the technology. We have also come across some of the villages also where the payment method has been completely shifted to online payments. Thus I would like to say it's not impossible If people are trained properly and if they really will learn we can go cashless.

There are certain cases where we have witnessed the failure of online payments, forgery but these all will resolve with time as development is a continual process. We find loopholes and we correct that is how we develop. We should support the system, find loopholes to correct them.

In my point of view, digital payment is better option then hand to hand pay. In digital payment, its quick to pay the money. For example: Everyone she that or some people are using paytm, phonepe and mobikwik. Etc. In these apps, you can pay the money any time it only required one time OTP on this number which you open the account it also be secure and you easy to credit and debt money. So many facilities. Technology in India. If you have a internet then you can payment money through digital apps other wise you can pay hand to hand pay the money. I my view this is the better option.

In my opinion, villages of India are not updated enough to do the cashless transaction, as a large part our country is village so it is not the time to start the cashless economy.

Good morning friends.

As per our topic say about secure transaction while doing digital payments I want to convey my points that security comes in two ways first technological security and the education and know-how to use that particular digital platform to render a service. If both ways are good enough then it is better to go cashless. But if due lack of digital education and technical limitations there is always a chance of happening of fraud with anyone. So for the current scenario digital payments are not secure enough for the Indian economy to go cashless. There is more work needed to do on creating robust infrastructure for digital payments and to make society digitally literate.

According to current situation, it seems somewhat difficult to digitalized everywhere, because even in online payments there are so many hackers who can get internal information of our payment card, so firstly we have to secure some well-known sites for that, otherwise what happens, people from rural areas dot have enough knowledge about online transaction so they could easily be corrupted.