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

I think there are both pros and cons of this. The best part is that queues in bank will become shorter. Secondly, faster transactions are possible with the help of digital payments. It also prevents us of being robbed of our money by thieves but the main hindrance in this conversion from paper to digital currency will be the lack of awareness among people. This is due to lack of education especially in villages where people got to banks even for smaller transactions. Hacking is also a major hurdle in this conversion. If the confidential data is leaked it will lead to chaos in public.

So first right measures are to be taken to ensure cyber security and then conversion to digital-only can be done. This will not only help in developing Indian economy but would also make it transparent.

Digitalisation is the big step towards development. It improves Indian economy and more convenient to use. It helps to reduce corruption and avoided black money. But every system has a good and bad side of the coin. Problem is that India is still developing the country and 80% people are illiterate and not so much aware about digitalisation. Most of the village are below BPL that's why they are not even able to buy a smartphone. And the smartphone is a most important thing used in digitalisation. Another main problem towards digitalisation is hacking. It is not long back when atm fraudulence disturbed a lot of people who lost money and quite wait for a long time to get it refunded from the bank. Soo more security is needed. Therefore India is not now totally ready to become cashless.

Hi, friends according to my opinion digital payments are secure only then when we totally aware of it. We can not do any transaction cashless unless we do not know how to use it. So, first of all, we should learn the basic process and also teach everyone about digital payments. In early days we would face suffering because of less awareness but with the time it will be a daily shopping routine.

For the secure digital transaction, we should follow some way like.

1) Get a debit or credit card from the bank and learn their instruction how to use.
2) Don't share any information according to your card.
3) Check your bank balance after the transaction.

Thus, I can say that digital transactions are safe only when we know how to use it otherwise, It will be a wild goose chase.

Thank you.

Digitalisation is the big step towards development. It improves Indian economy and more convenient to use. It helps to reduce corruption and avoided black money. But every system has a good ar bad side of the coin. Problem is that India is still developing the country and 80% people are illiterate and not so much aware about digitalisation. Most of the village are below BPL that's why they are not even able to buy a smartphone. And the smartphone is a most important thing used in digitalisation. Another main problem towards digitalisation is hacking. It is not long back when atm fraudulence disturbed a lot of people who lost money and quite wait for a long time to get it refunded from the bank. Soo more security is needed. Therefore India is not now totally ready to become cashless.

As, I want to mention some points on this topic:

A cashless transaction is very good for our country because it can help to reduce the corruption. I agree with that our country may take some to using this properly because in our country not everyone knows how to use a digital cashless transaction to purchase something. First, we have to tell everyone how to use these feature and after that, it will be a very helpful to our country. It helps to improve the revenue of the country and no one can't keep the black money. So, it will be a good to go cashless.

I want to mention some disadvantage of this feature:

1. If server became down then it is a big problem to us because that time we are not able to do transactions.
2. Hackers can hack our secure information if they found any clue.

Well, at the moment its a so far so good kind of situation. In a world where the transaction of money is just a tap away, it is natural that the cyber threats are knocking our doors. It would be foolish to say that digital payments are cent percent safe and secure, I'd like to say that they're easy and convenient and a little bit secure. End to end encryptions and decryptions aren't fully secure. So handling a huge amount of transactions with only a few taps of the phone is surely not secure, that too in Indian economy since we have a wide range of small vendors who aren't exposed to such technologies as such, and for them its just virtual money. Maybe a few years down the lane, we can afford to go completely cashless but right now, we can't even imagine living in a place like that.

So yes what you actually think is digital payment secure enough to be used?

What I feel is like India is the only country where the flow of cash in thy economy is most. Due to which people try to save more instead of investing or using it. The perception is simply like save more not invest more. We should try to look from every perspective. People in India fear to use their ATM cards they feel like what if something went wrong. So there is a need to make awareness about the online payment and other possible opportunities so people would try to spend more in the cashless transaction. At last, I would like to conclude that this will also encourage in less corruption there is a limit as well and if you are doing any thing wrong then data is there which can also be used as a proof too.

India is a country which is builded with so many belief systems, cultures, traditions, superstitions. Everyone in this country is aware of all these but they are not aware of modern technology still so many educated people are not knowing how to use the technology present in their hands. To make the country educated one should have curiosity towards new things about technology. Cashless transactions makes everyone's job easy with a single click but still so many people who are in rural areas are not aware of to make them aware our government should make organized camps in rural areas with a team of people to educate them about this and also the law should be made strong for punishing the Cyber hackers. If these steps are followed definitely everyone go for the cashless transaction.

Good afternoon everybody.

My name is Rajneesh Mishra.

Today, I am here to talking about cashless economy. So, according to my point of view, I m favour with a secure point because our government going to digitalization and its a good achievement for us. But in the present time it is working in cities and they all accept the digital payment but in rural areas they not aware with digitalization I m not talking about all rural person but most of all people don't believe in digital transaction, he thinks that is not secure, so government should launch some scheme about how to aware the people towards digitalization.

And the second thing the e-wallet company should secure our system more because hacker finds the different ideas to hack the system.

It's all about my view.

Thank you.

Yes, in today's era, digital payments are secure enough for the Indian economy to go cashless & that's because of the advancements in technologies.

For instance - Almost all the developed countries use digital mode of payment indicating their modernisation to the present era and moreover all the developing countries are using this digital method to become developed & to get stabilised in their own markets.

Digital payments eliminate the risk of being cheated. It also helps people to be literate to some extent.

Digital payments also reduce the reliability of people on other sources for money transfer, money deposit etc.

Nowadays people prefer for digital payments as they know that it is totally a secure method of payment as it reduces the risk of cash being stolen away.