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

Digital payment is a very good step taken by the Indian government. Digital payment makes possible for the people to get the thing done by sitting at home and going outside to purchase that. Yeah, It is a good step but not taken in the correct manner. Before making everything digitised people should be aware of the tools of it and the proper use of it. It is helpful for those who are able to use it but not for them who are poor they are not able to get their things done who don't know the actual use of some cunning people make fool of them and harm them or their money by charging extra and all so it is good to step but without proper execution.

As per my opinion, digitalization in India is very important as it will reduce the risk of robbery, corruption and fake currency. As a result, it will improve our economy.

But the drawback is its unawareness among people. Most of the people in rural areas don't know about digital payment due to illiteracy.

So, it is necessary to increase the literacy rate first and spread awareness about the cashless transaction.

There was a time when no one know how to operate a mobile but with the time ever one whether it is grandmaa who is 80 years old or a baby who is one year old know how to operate mobile. I believe with the time (As it is a new concept) it is easy mode of payment everyone will learn n start using it. Need is to help, educate, motivate n guide people not only by the gov.

I think, before making India digital. The govt should think about how can people who live in village or remote area adopt this type of new idea. Because most of them are illiterate, most of them don't even know how to fill up a form. So how could they learn about the process of cash withdrawal, cash deposit, balance check, transferring money from one a/c to another a/c.

So, I think, the govt should creat a new and easiest process by which they can learn about basic abcd of banking, the importance of banking, the advantage of adopting such cashless process.

If they learn these, I thnk in future they can very easily access this method.

Thnk you.

In my perspective digital payment has both advantage and disadvantage like a coin because India is not fully having literate people there are so many villages people those who are illiterate people. At first, we should help them what really cashless economy and what does did. The Government should give education to all people so that our India will become literate soon and then we install that display system it will best to all and therefore there's no corruption. It's our duty to give more awareness for this. The Coin has both sides like that cyber crime should be there so we should install so many cyber security systems to alert us. If we did all this definitely India will become one of the top most economical country.

In my opinion, digital payments can give a mixed result.
Comparing to other countries people's, Indian people's have less percentage in literacy.
So, educated people's has more benefits in digital payments.
But the uneducated people don't understand that these type of transactions.
So these type of transactions will not help full for all type of people's in our country.

Yes, digital payments are secure enough. As banks use 128bit encryption for sending passwords. The whole banking site is encrypted.

But some people who lose their money is due to a phishing attack or revealing their credentials like user ID passwords, card no, cover, otp through any means.

This does not happen due to lack of security but due to unawares about what is safe and what is not.

In India hurdle in going cashless is illiteracy not security.

So, to go cashless India should aware its masses about digital payment and precaution in using it.

Hi everyone, I am Rohit.

Yes, Digital payment is highly secured because we no longer need to spend time waiting in the long queue withdrawing money and hence it becomes very easy for us to travel to distant places even without worrying about the risk of carrying money as we are able to pay through online mode.

But on the other hand, there is a high risk of cybercrime towards which this digital payments application may be vulnerable too. But the government is looking after all means to ensure that the money in the bank remains highly secured.

Yes, digital payment is secure for the Indian economy to go cashless by the help of (otp) one-time password. Like paytm, bhim these are very easy to send & received money by other. There are many advantages of digital payment but at this time India is not ready for digital payment. Rural area people are not that educated no Internet connectivity in rural area.

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.