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

Hi everyone, as we all know that India is a developing nation & very soon we will. First of all, I would like to say that its a great move for India because through this most of the transaction will be transparent, which will help to reduce the corruption, black money and scam. Through digital payments, government will receive more tax which government Can use in the growth of the nation. Es, I agree that there is a very big difference in educated and illiterate people but gradually this gap will be 0%. Indian has a great technology and according to my opinion we ready to do the digital transaction.

Hello everyone,

According to me, the cashless transition is quite safe there are zero % chances that your bank will relieve the transition details to anyone. Banks never ask for your debit card number or internet banking id or password so it's our duty to keep it safe although we have to change our password frequently and never share our otp with anyone at any cost. Govt of India has made Unified payment interface (UPI), Bharat Interface for Money (BHIM) etc for better and faster transition. But it is true that we are lacking behind as more than 50% of your country population belongs to the rural area where they don't know about the cashless transition although govt of India has taken the Jan Dan Yojana, but most of the banks don't have money in their account so it will not be possible for them to do the transition. Unlike cashless transition there are chances that you may be robbed with your cash or the cash may be misplaced or even can be damaged to avoid such things its good to go for the cashless transition!

In my opinion, digital payments are not secured in INDIA as many people are not fully aware of the facts and usage of this method and govt is also not providing any campaign to resolve it, advertisements will not help in clearing doubts and enhance the knowledge of user rather govt should conduct seminars and workshops for better understanding. Digital payments are not secure since many a times server gets disturbed due to low signal connectivity which results in freezing of money of an individual which may affect the user. Also, digital INDIA is not too secure since forgery cases are too damn high as well as hacking is in its peak. To make it secure enough firstly all the measures should be launched and then digital payment should be instilled.

Yes. I agree that digital transactions are secure and there are so many benefits attached to it but instead of cashless economy, I would rather suggest for less cash economy. We can't ensure that everybody in the country will get used to digital payment. So small denomination currencies should always be in circulation so that people in the rural areas and older people can transact easily.

As of now, we all know the digital payment is raised especially during this Pandemic and lockdown, but it took a time to go cashless totally because in India still a lot of portion of people belongs to rural areas though they are aware of the digital payment system the network issue and security issues are also there which are the major hurdles in a cashless economy. We need to improve the network connectivity first in rural areas and create awareness of this digital payment system and how can we easily use this system because it is safe as compared to carry the cash in hand and how we can access this at any time and anywhere (24/7).

Hi everyone.

Digital payments are very helpful to us. But it isn't always safe always. There are many cases in which the money gets deducted during fraud/spam transactions. This mainly occurs due to loss of knowledge about the same. Firstly the government should start some campaigns for the people who don't know about the topic mainly in a rural area. For me, it's a boon and bane both.

Talking about digital payments, it became an import part of our life in today's scenario. As we all aware of the pandemic condition we have seen last year and still going through that only. So by keeping that in mind and not too involved in any kind of interaction which may lead directly to our health, payment in digital mode is the best choice.

Keeping aside the pandemic, If we see another aspect like our busy life and early payments on the spot, here we definitely need an interactor that can solve our problems. For that, we have applications like paytm, google pay, phone pe etc. All these works in digital mode and saves our time to make us go to the bank and standing in a queue for hours.

Apart from this, we can save our surrounding from corruption by using the payment digitally directly to the owners without involving the spooners in between.

Hello.

I am Somesh Rai and I believe that digital payments are not secure enough for the Indian Economy to go cashless as I believe during an SSL secured payment transaction made through any Gateway irrespective of the mode of transaction and automation there arises a point of manual human authorization/verification which poses a huge risk as no matter how secure you make a network it all depends on the person using it and how educated or smart he is to understand the risk of disclosing any information regarding it as it happens in Jamtara a location in Jharkhand India where a group of people targets individual transactions by accessing the confidential details of the persons by fooling them and get away after scamming people easily without any trace.

Digital money made life easier by not going to banks and waiting for hours and not carrying cash around, but digital money also becomes problematic when the bank server is busy where the payment doesn't process. Difficult to understand for illiterate people. In some areas, still, a lot of people use cash. I think both digital money and cash should be in use.

Hello everyone,

I want to put some points on my opinion.

First is India is not 100% ready to go for cashless as some part of the population of India is still uneducated or we can say that you are aware of digital payment. So, the chances of doing fraud with them are very high.

Secondly, there are many businesses or small shops which today also depends on cash so changing to cashless will impact to their business and middle-class and poor people can hit by this.

Thank you.