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

According to me, the digital payments are not secure enough for the Indian economy to go cashless. As it needs proper technology, awareness, knowledge, connectivity and in the country like ours connectivity is very poor although jio has reached to a great extent still all the rural area has not developed yet and also digital transaction can be failed, can lead to money loss to that person who is in urgent need of it and his cash is faltered.

So, prior to digitalisation, India needs development of rural area so that they can also use it properly and also it needs a good amount of trust. i.e the transaction can be cashless if it is not faltered between.

I think cashless economy doesn't mean being 100% cashless. There is more percentage of illiterate people and people who don't know to use a smartphone. So, thinking of making completely cashless within next 20 30 years is impossible and nonsense.

But also you should notice that cashless transactions don't mean only mobile banking. Even credit cards and debit cards come under digital payments. So if people begin to use these kinds of payment modes for daily transactions, small transactions like in retail shops, petrol stations, I think then we can say India is moving towards becoming cashless.

So the question, are digital payments are secure enough for India, I would ask if not India, then for which country these digital payments are suiteful? India has the best IT industry in the word. So India has already achieved significant achievement in digital payments. And it's already secure. But in future, when everybody starts using this, the present security may not be enough.

One more advantage of digital payment is personal safety. If you are carrying much cash, you will always have the fear of it getting stolen, But no such problem if we start using digital payments.

India has already made ADHAR must for digital payments. But I think that's not enough. As ADHAR has our data like a fingerprint, I think for each payment authentication using fingerprint should be made must. Now maybe not all smartphones has fingerprint, But in just 2 or maximum 3 years, every phone will have a fingerprint scanner. And we can use this to make digital payments more secure.

Good Morning to all of you.

I am going to give you a small point of view on digital payments. Digital payments is good for those who have knowledge in working with the digital world like operates the mobile phone, laptop, and many handheld devices but for those who are aware of digital world. How they come to know about the digital payments. Indian economy increasing day by day no doubts. But the government should take initiative for providing a learning environment in villagers area and in those areas where no one is aware of the digital payments. This is the best way for making payment digitally from this security level of pay increases. In the last but not least I want to say that please aware to those people who have no knowledge about the digital payments. If possible. Through this Indian economy may increase in a frequent way.

THANKS

Hello, friends.

Yes, according to my opinion digital payments is good for the Indian economy to go cashless. This is because it saves time as well as reduce corruption in Indian economy. It reduces crowd in bank and also saves resources like paper, fuel etc. It also protecting the Indian from being robbed and hence helps in reducing corruption.

But we cannot implement this 100% because of illiteracy, lack of awareness and security. So it is important to take step to implement it effectively by promoting awareness campaign and increasing the literacy late and also take action to make it more secure.

Thank you.

Digital payments save time, energy as well as paper. There is no need to carry liquid cash to everywhere which reduces the tension of theft. No need to waste our time in banks as we can do all transactions within a minute all by ourselves. There may be a problem of hacking which is to be overcome by providing advanced cybersecurity. Special departments and laws should be set up to reduce cyber crimes. As per current statistics, only 33. 2% of the population comes under Urban category what about the poor people they don't have the education or good network to get used to digital payments. Proper education should be provided and all fears and doubts on digital transactions are to be cleared in rural areas. The government, students, banks and, media all should come together to bring a change.

Advantage- digital payment is secure and easy for the transaction. We say that time is money so during payment no time is required. You can not take large amount of money with you but through digital payment, it happens. We can also save money from thief. Digital payment is more secured through OTP (one-time-password) and biometric. It also reduces corruption.

Disadvantages -our most of population are depended on agriculture in fact 65% so they are not aware of this system n they are not educated. In fact, they think that it's not trustworthy, so they go to the bank and deposit or withdraw their money. As the report, the most phishing attack is performed in India. There are various apps are used for payment, paytm is one of them, everyone is aware of this app, the app is made by China. A/c to economic parameter world war 3 would happen then they can withdraw all amount through the app, so India becomes helpless's.

I think just digital payment can't create a cashless India. Digital payment can only be applied when there is financial inclusion of whole country everything thing has its pros and cons but just because of its cons we can't deny the idea of digital India. Digital transaction save our money, time. Our government can show us the way through which we can solve the problems but initiative must be taken by us. We can see we have more advantages than disadvantage by cashless transaction.

Yes, in my view, digital payments are secure enough to go cashless when we follow the rules and regulations. We see that digital payments save time and during this pandemic world the digital payments help us to go contactless, also in this busy world, it helps in saving time thereby increasing of productivity in work. It is secure enough as the national payment corporation of India provides rules and regulations for these digital payment apps like phonepe, google play, Paytm etc. It also helps in the reduction of corruption and also increases of transparency in the economy. But when coming to rural areas where most are less educated fear using these apps, so it is time for educated people to create awareness about these digital payments. Thank you.

India being a country where most of the people are not technologically advanced, is challenging to cashless. Moreover, there are incidents of vishing where fraudsters call and collect bank details. If the phone is stolen, then being cashless, the person will be quite helpless.

Hence, going completely digital is not a good option for the Indian Economy.

Yes, first of all, cashless transactions are very beneficial to all, no need to go to the bank and wait. It can transact easily from one to another. It can save time, energy & paper. Less denomination also transferred. Above all are only for educated people. Uneducated people don't know about ATMs & mobile transactions, it can be hacked by many strangers. So, digital payments are not secured for uneducated people.