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

Yes, I agree to the statement. Well according to me everything has two faces, If on one hand digital transaction is the best method to pay transactions then on the other side the country should be developed enough to implement the idea completely.

But the current scenario depicts that we first need to pay some attention towards the development of the country by increasing the literacy rates, providing the basic knowledge to the backwards people and then thinking about implementing the schemes such as digital transaction or e-transaction.

As we know Indian Economy is a fastest growing economy in the world so I believe the balance between Cashless and printed Currency will be stepping stone to become developed country. Digital Transaction are secure enough to do transaction as we haven't heard any hacking in Indian Banking System till now. We have 2-factor Authentication which makes it more secure. But I believe anything on the internet can be hacked like we have seen in apple cloud case which was assumed more secure. But If we keep Updating ourselves to security threat around the world then surely our payment will be secure.

Hello, everyone. I think digital payments are secure enough because it saves our time, and makes India as corruption free country. As all we know that PM Modi is trying to make an India as digital India, It is the one way to do it. Some people do not understand how to carry out digital payments so the government has a responsibility to take camps so that people can be carried out easily.

Thank you.

I think digital payments are secure enough to be used. In this age of fast technological advancement, the service providers always come up with better ideas to make our payment secure. As a matter of fact, the absoluteness of anything in this world can't be guaranteed. There are pros and cons to everything. So we have to make the best use of what is available to us. There may be the threat of hacking but with advanced technology and careful use, like not sharing the OTP can minimise the risk to a great extent. I think awareness about digital payments to common mass can really do world of good. Moreover we can't wait for eternity to apply this. There may be challenges but that can be overcome. Challenges should not become the hindrance in the path of development.

As per my opinion, India is a developing country and we are moving towards Developed so we have to add modern technology towards our daily habbit, at a time all are not going for cashless transaction because of due to the literacy ratio in our country still 40% population of our country are illiterate it is very difficult for them to make a electronic transaction. So we need to create awareness among them about the cash less transaction and make them understand the advantages and disadvantages.

At last I would like to conclude that educated people can go for cash less transaction and they should try to understand the uneducated people about the cash less transaction so in near future they can avail for the electronic transaction. By this we can reduce corruption, robbery, printing cost of currency. Reduce our time by standing in line.

In my opinion, cashless economy is a very good idea as it helps in saving time, energy, paper which in turn helps to save environment also. As every thing has some prons and cons likewise it also has of increasing the cyber crime but it can be controlled by making advanced apps. The main problem which comes in the path is the low literacy of India as most of the population of India don't know what does cashless means?

So, its the duty of educated people to promote digital transactions and create awareness among illeterate people about the benefits of digital transactions then our country can proceed towards developed country.

My self Rayaan.

In my view, digitalization is a great idea for the Development of Indian economy. But we know that there is a famous saying"Sabr ka fal meetha hota Hai". So, even for the increase in a digital transaction, it takes time. But it in future it will really improve our economy.

As we know that more than half the population of India is rural occupied one.

So, most of the rural people don't even have a smartphone, internet connection. So first our duty is to educate them about the cons of a digital transaction.

As we know that government spends a lot on currency making. So, the digital transaction might reduce the budget of currency making.

So let's hope after a success and strive hard for it.

Hello everyone, According to me it is good initiative to make the payments or receipts cashless. Digitization is secure enough if we will not share some privacy information of our accounts to the another person. I have been using cashless payments and receipts since 2015, it saves time, saves money and it promoted the economy of our country as the transactions can be done vary fasteily. I think is vary good initiative taken by prime minister but on the other hand if we talk about accessibility, the people who are from rural areas has not been considered, they are not able to access online either they not know how to swipe debit or credit card while purchasing. So it is need of hour to educate about cashless those people who are totally illiterate through various workshops if we want to make India modern and developed. Thanking you.

Hello everyone.

Digital payments, as can be deduced from its literal meaning, is payment through any digital medium be it smartphones, apps, internet, mobile banking, e-wallets, anything in the virtual world. The current government is trying everything possible for making this digital payment a phenomena in every Indian household, completely overlooking the fact that still more than 60% of the population don't have access to the most basic requirement for digital payments, "the internetc". Internet penetration in India ranges between 30-40%, which makes it even more limited to implement such a change nationwide. On the security front, some will say that it is more secure than traditional payments, because there will be less robberies. But mind you, we are living in the 21st century. Here robberies are being done on the internet itself. 21st century is a digital book. If you are going for digital payments, you are giving everything online, just on the assumption that the party (bank) concerned will do everything possible to keep your data safe. But still, loopholes remain. There's no doubt about the willingness of the banks to ho the extra mile for making our transactions safe but still they also need the basic infrastructure (physical, technological and legal) to back them. They can't do it on their own. Coming to the physical infrastructure, you need to have a dedicated high speed internet facility, which is a dream anyway, with teh assurance that it will not be down in the middle of the transaction, which none can guarantee. Now, on the technological front you need to have the latest security systems up and running across the network as well as your devices, be it security patches for operating systems or antuvurus antimalware programs, etc. Now the legal front, we don't have any legal act that deals with cyber safety, or the safety of personal data online. So if anything goes wrong, we can't fix the responsibility. Recently, I guess 5 million debit and credit cards of various banks were hacked and the data stolen, forcing the banks to withdraw those cards.

Given all this, it's a good thing if you are going for digital payments. It shows that you have the trust on the system to ensure your privacy and safety. The onus is on the parties concerned to take it on themselves to di everything possible to ensure that the idea of digital payment spreads across the country, not by force, but by motivation.

Thanks.

Hello everyone. Digital payments are good for the economy of the country as it records every transaction performed by every citizen of the country. This will help the government to track the flow of money effectively and also curb the flow of black money overall. But the minus point here is that there are no firm cyber security laws yet implemented for such digital payment software and websites. Hence for the people who are niche in using such applications may lose their valuable money to the hackers. Also taking into account the literacy rate of our country, there are huge number of people who don't even possess a debit card and for them it will be really tough to adapt this.

Hence I think that digital payments are suitable for the Tier 1 and 2 cities but the whole nation is not yet ready to adopt it.