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

In my point of view at the initial stage, everything has its own advantages and disadvantages. So all what is required is to focus on improving the system supporting it to have optimal use of it.

And yes according to my view digital payments are secure enough for Indian economy as.

1. In population, we are competing for no. 1 position in the world. So to manage the money for such a huge population without frauds and all would be much more difficult if the traditional method is approached.

2. As we have corruption and terrorism as some of the major problems the country is facing going digital would help curb these to some extent.

3. As the major part of Indian population is of youth I think this could be implemented with no much of great difficulty as youth are ready to go with improved methods of technology.

When coming to the areas to be improved, our concern should be towards.

1. Improving the security of digitalised payments as the no. Of hackers and e-crime increasing day by day.

2. As the major part of Indian population is from rural area gov. Should take steps to improve internet facilities in every nook and corner of all the parts of the country and should also make plans to educate and bring awareness to the people who are not aware of digital payments.

3. As all people of India are not capable of buying smartphones which play a major role in digital payments gov. Should take steps to help the people regarding the issue. It should be responsibility of not only the gov. But the responsibility of every known citizen of India to help others so as to make our country developed.

So I want to say that everything has its own benefits and problems here our topic is digital payment is secure for Indian economy to go cashless. So I want to say that it's a brave decision to go cashless it's help in growing our country as well as it will stop corruption by doing online transaction govt can track all the transactions made by each individual and also it's will help in saving time, money, manpower etc. We don't have to carry huge amount with us anywhere. Whenever we want to make payment for something we can make it online by using a different app like phone PE, paytm, etc. It has a lot of advantage which we all know but mainly I want to tell about rural areas ppl what about them many all of them don't have a smartphone. About 60% of population of India live in rural areas now. They have bank account but there not enough money so they can do online transaction. Still, they are happy with their cash transaction and all govt have to look over it.

I think first of all govt should think about our rural people most of them are uneducated they don't know how to operate smartphone so how could they do Thai type of payment and we all know that during online payment if do mistake then our money will be gone and will never return even if you go to bank they will simply tell ask call center ppl they will tell.

So what I am saying is I am not against it but before going cashless we have to take are rural ppl that much capable so that they can except it otherwise it's not going to work.

So if our govt is only thinking about urban ppl then it's good many of us are using it already.

Good evening everyone.

Since Modi government came in to rule, 'Digital India' is one of the widely focused aeras. Cashless economy is also part of this campaign. Cashless economy consist cashless transaction which means no direct currency transaction but digitally transaction of cash via various apps and portals.

India is one of the developing countries. With vast geographical area India also have overpopulation, poverty, illiteracy etc. With all these impedes cashless economy is far way milestone. One of the most strongest resistances is illiteracy. Digital payment system indeed need education or literacy. Rural population of India it still unaware of digital technology. There is not digital technologies like computer, internet, smartphone, etc. Internet is essential for the digital payments. So rural area is still in need of major improvement in knowledge and infrastructure.

In urban area and cities all the infrastructure is provided but there is also lack of knowledge. Today in this digital era most of people are unaware of digital frauds and their techniques. With fishing sites and various virus systems digital payments is hack able. People of India must get the knowledge of this kind of fraud to go through cashless economy. We need more secure server and payment gateways to reduce fraud and ease transaction system.

To go India cashless we need to improve facilities in rural area and propose awareness program in India. We need more secure services and ease in transaction. With all such improvement India will became ready for cashless economy and milestone will achieve.

Hello friends,

In my opinion, this is a very great move of Mr. Narendra Modi to make the India digital. Our country is in the crying need of this. As we people are suffering from corruption, terrorism, poverty. I will say this is required to make our country digital. We know everything has its two aspect positive or negative.

Fist I will go for positive aspect.

1. It will increase the transparency in the economy which can avoid corruption, as the government will have the knowledge of transactions and account.

2. Help us to fight the terrorism because they will not get funding.

3. Our money will be more secure, we need not worry about the robbery, pickpocketing.

4. This will save our time as transaction takes only a few minutes, avoiding standing in the queue of the banks.

5. Also help us to fight in bank robbery, which causes a huge loss to govt.

Coming to the negative aspect.

1. As India consist of 60 % rural area and people of rural side are not educated enough to do online transaction. As the Modi govt has launched many campaign and programme to make them educated regarding this.

2. Many people are not aware of internet banking and transaction, sometimes this leads to a great loss to a person.

3. Now a days cyber crimes are increasing like hacking account, stolen password because our websites are not secure enough. So first we need to make our sites strong enough.

But I think this will be the great and relevant initiative in the development of country, making it strong economically. This will lead us from developing country to developed country.

Thank you.

Good morning friends,

First of all, I would like to describe what is digital payment. The digital payments are like Internet banking, Mobile banking, Banking cards (eg. Credit card, Debit card etc) , USSD (Unstructured supplementary service data) , PoS (Point of Scale) , Micro ATMs, AEPS (Aadhar Enabled Payment Service), UPI (Unified Payment Interface) and mobile wallets (eg. Paytm, Tez, SBI buddy, Airtel payments etc). Most of these digital payments are works on internet connection and only one i.e. USSD that works without internet connection. So anybody can use digital payment where he/she has internet connectivity or not.

Now, lets move to the topic, Nowadays digital payment is 100% secured and it is reaching new heights day by day in terms of security. I am using from last 7 years its very easy and secure to use. Only making the digital payment secure is not enough for making the Indian economy cashless. Like India is a agricultural country. Its 70% population are residing in rural areas and most of them are not aware about the digital payment. So to make Indian economy cashless we and government need to give demonstration and awareness mostly on rural areas about digital payment that how to use that securely. In Urban areas people are more fast most of them knows very well and they use everyday. Thus creating awareness on digital payment in rural and urban areas both and convinced them to use regularly only then its possible to make Indian economy not only cashless but also we can save lakhs of trees every year from cutting.

Thanks, & Regards,

Ratnesh Gupta.

Hello friends,

As we know, all that our India is a fast growing and developing country. Now people have good skills and efficiency as compared to last few years. Science has been deployed on everyone's life. Everyone getting its advantages directly or indirectly. Cashless is also such trends. It gives good impacts on everyone's life. People are changing according to science as it grows. Let me tell you an example regarding my fact.

Suppose a man having ATM card can't take advantage of it till he has a need of it. If he has cash in his pocket than why he use ATM. But ATM is a good thing it provides security, portability and relevant ways to pay and check the balance. If someone tried to manipulate you at ATM Machines than we can lock our ATM card also.

No need to keep a lot of money in a pocket just go through your ATM. There is no need of any mobile phone, no much knowledge. But he is also getting some important knowledge about science. Peoples works for 8 hours as a labour and earns some money vie hand if he has money in hand his mind alternatively enforce him to purchase it although he has no need of this very thing. But if the payment will be done via account then he can collect all money and expense in good works.

There may be also some bad consequences of go cashless but it changing the daily life and making our country growth full, developing and strength full. We can handle some little problems also rather than thinking about the people those are unable to go through cashless we should teach them, about the science and cashless technology.

Thank you.

At the time when the people are excited or furious to embracing the digital payments mode. Qualcomm brings some bad news that wallets and mobile banking app are not using hardware-level security that is mandatory for secure online transactions. At the crucial time when people are relying on the digital payments that nature of news is sending panic strokes across the country if not addressed soon.

YES, we can use digital payments method if we follow some instructions, some little guideline makes ease to protect and secure the online transactions. We should keep upgrading our banking applications when the update is available. New measures-Qualcomm is approaching some digital payment companies to make a secure payment he is making mobile chipset which will verify the user with a payment gateway that feature will make hard to hack and bring glitch.

The answer can become NO if we ignore some mandatory points like.

1) Qualcomm report.

2) Hackers everywhere-it is not long back when hackers disturbed the ATM money people lost their money.

3) Falling into traps-according to report people of India are more prone to tramps of phishing and hacking because web given in the web are not always secure.

4) Helping is not help pm said that every person should teach at least 10 people to use of digital payment mode but in the matter of money, no one will want to peer in their password and security.

5) another reason is lack of security standards prescribed by RBI in e-wallets.

NO, we are not ready for cashless but we are on the way. IT still need some more improvements.

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.

The advantages and disadvantages of cashless economy are a topic for another discussion. Since the goal is to go cashless, I believe the shortcoming of the digital payments is its underlying strength which is Internet. The moment the internet goes off there is no scope for digital payments. But this is the problem faced by any centralised digital system. Apart from the above problems, another two major downsides of digital payments are its security and literacy. Everything is hackable from the most advanced system to a brick game. And that is why, people do not rely on digital payments for a large sum. While physical cash can be thieved, but even a 10 year old kid knows how to protect his money. But the same 10 year old kid does not know that a dictionary attack on a common password will take just 2 minutes to hack his account. That brings me to it's second problem which is literacy. By literacy, I mean the knowledge required to operate the system effectively. Not everyone has a smart phone in our country, nor everyone has the knowledge required to operate one. Also, by using digital payments, we are relying on a third party platform such as paytm or tez. We sure trust a lot on MNCs given the recent facebook data scandal. All in all, if the cyber security police becomes capable enough to track down the hackers and everyone is given the knowledge of the system with its pros and cons and how to use it and we are relying on Indian mediators, I think we can see a cashless system. But that is easier said than done. It is going to take some time I guess.

Acc to my point of view, digital payment are secure enough for the Indian economy to go cashless. Yes, it is a big challenge for the government to convince the people of India to support them and go cashless but if the government will go step by step they will surely achieve their goals. As we know that more than 60 % of the people of India live in rural areas and without their support, this s not possible because majority always wins over minority. So, the first step should be taken for them only, govt need to educate people of rural areas regarding online payment but before starting they should understand that the willl not be as easy as compared to other issues. So, they should run some campaign regarding the use of internet and educate them the full procedure of online payment and try to convince them to learn with having some patience. Because they are not having the knowledge of this at all unlike the people in urban areas.

Secondly, it should me made secure enough so that the people feel free to do online payment rather than handing them cash.

Thirdly, government Should again and again make aware of the pros of going cashless to the people n try to gain their confidence asap to get the better result for the Indian economy.

And we should help the govt in this by relying on them and promoting this but carefully.

As not telling anyone - your atm pin are a/c no are any confidential thing to the strangers are blank calls from the bank sd.

See anything can't be achieved so easily we need to do efforts to achieve the goal with full confidence.