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

Hello, Friends.

I think that digital payments are one of the best step taken to promote go cashless in our country. Through digital payments we can save our time, we can carry a big amount of cash without fare of robbery, and it also makes our economy condition better. So digital payments is a step towards a new and great change in our country.

But on the other side if we think about the rural areas, before going cashless government should make the infrastructure first, like educate the rural people about access process of digital payments, make better internet connection in a rural area and change their mindset. I conclude that digital payments is necessary for our country and also the government has to think about how they can grow knowledge among the rural population.

As our India is a developing country I see digital payment is really life saver for working class group but only in the Urban and metro region you all see maximum population of India reside in rural area.

They are not quite familiar with this technology, they may share their detail like OTP to some imposter posing as bank representative and get themselves robbed.

So, and as per security for digital payment is still it's developing state so it's better to use this kind of payment carefully. And as per rural area are concerned they still find it difficult to get use to this kind of payment cause they all are very use to cash transaction. So digital payment with cautiously used in urban area are real boon but there is still time for out rural population to get to use to it.

In my opinion, in the present situation, our country can't switch completely to digital payments. Digital payments have many more advantages than direct payments. They are fast and simple and it helps to reduce corruption level, but in our country, most people are poor and most don't have access to the internet and all the users of the internet are not aware of digital transactions. Most of the people in rural areas don't have enough knowledge about digital transactions. At the same time, all users of digital transactions don't know about the risks in it. Many are unaware of the importance of keeping passwords secure and about hackings. So, there is a risk of being cheated. So, I believe that we can't immediately switch to digital transactions, but with time we can do it.

Hi friends,

About my knowledge, digital payments are more secured way. But in India there are thousands of people who are uneducated in their point of view they don't how to transact their money by using Atm cards, and such netbanking services, so the government must provide awrness about the using of atms and some other services which are provided my government. In this way we can achieve some what of digital trasanctions in India and make our India as a Digital payments country.

By giving awareness about digital payments we must also explain security systems about how to secure theirs from hackers.

By making digital payments India also increases their annual income also and have chances to avoid corruption in India and make India as corruption free India.

Thank you.

Yes, digital payments are secured. According to my opinion, to make digital payment is an easy way to transfer money from one account to another. Due to digital payment, people does not face many problems like standing in a queue for a long time, and there is no fear about large amount of cash.

In India, digital payments is not going on properly way because of illiterateness.

Digital payment is by an easy way.

At the time of transferring by a digital method, we get an OTP number on our mobile.

And then we write OTP and money transferred in one second without fairness.

And we have proof of made a payment and receive the money.

By the cybercriminal point of view because of hackers people afraid to become cashless. So Indian government should give more security system.

From my point of view, digital payments secure enough for the Indian economy to go cashless. The cashless system will reduce corruption, save trees, very major factor time as now-times everybody is busy in their work and people don't to go to banks and stand n queue to get our work completed.

Where as matter of security of digital payments, we have strong system as you can see when entire globe was affected by WannaCry Randsome, Indian banking is among one of the least affected. Only few small banks of South India were affected there also not very big lose is reported. So we can say Digital payments in India is secure enough to go cashless.

Apart from online payment we can go to Augmented Intelligence in India which can lead India to a higher level of Financial growth.

It's obviously a better and necessary step for the development of the country as well as decrease the rate of corruption. On account of the recent step taken by our honourable P.M. Mr. N. Modi ji was a most urgent and risky as well which has weakened the terrorist groups as well as put Pakistan under pressure as previously it cloned our currency but the coding done in the new notes cannot be cloned easily. Also, the P.M. Is taking initiatives to make payments cashless which would make the system more transparent and corruption free.

But there are certain limitations to it as going cashless invites many frauds and loots online. Hackers are the primary beneficiary of this and hence there should be more development in terms of security for online transactions and payments.

Hi,

According to me, digital payments are not secure enough for Indian economy to go cashless. This is because, as we are a developing country, many people is not aware of the net banking facilities that are available. Though initiating ATM transaction is only possible when people will be enlightened on this matter. I am not talking about the village people rather in our city the aged persons are also not aware of this fact. As per me, it is a technology barrier that has to be overcome in the mere future. And also would like to state that the idea of going cashless at this point was a big risk that has been taken by our government Though it is my believe that this situation will become stable as each individual will have the proper knowledge and guidance in this field.

They can be said secure but not totally, As Indian economy consists of people involving of different status and of different perceptions. Firstly let me tell obut an above average people (financially). These people are much aware of technology and they even encourage digital payments as it is easy going process and they can see to it and can look at changes thoroughly. But if you take the case of people who don't have any prior knowledge in technology. For them it would be risky and they might not adapt it properly and may not even go dependent on others for financial payments. I mean to say even the payment might be secure but some people may try to cheat them as they are not aware of it. So I conclude its not secure if all the cases have been taken into consideration.

Everything has its pros and cons. But when coming to India going cashless, it is a nice move for the development of the economy. As we can see cashless transactions save time and our work is done with just a click, be it money transfers, deposits, online shopping which took a lot of time previously have become quite easy and we needn't carry cash all the time. In rural areas it's little difficult to stimulate cashless trade due to illiteracy and backwardness although awareness can be brought through various campaigns, seminars. Cyber crime is also an issue to be looked upon and that area should be developed more for higher protection and security. So, concluding with a positive note that cashless transactions have evolved as a new era in progress of the Indian economy.