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

Hello everyone, as my other friends has already demonstrated the topic, in my opinion, digital payment is the best way to improve the economic condition of our country. As digital payments are recorded and no one can done illigal transaction due to the fear of being caught. Also digital payment is reducing the risk of stealing of money as due to digital method of payment one can easily go to any place without having a big amount of money and there is a good security provided on these methods so that no one can misuse them. Like paytm and other payment apps needs your password, thumbprint, cvv, otp and upi number to transact. Which is making payment more secured. If your atm is stolen then also it will need your password and your mobile will also need passwords and other information to access your money. So we can say digital payment is secured enough for the Indian economy to go cashless.

And as we know there are a lot of illiterate people who don't know how to use these methods so for them we can ourself organize a digital payment awareness programme in our locality. This will be a good initiate to make our country digitally stable.

Thank you.

I believe India is not yet ready to go completely cashless, as the systems are not yet 100% secure and completely cyber-attack proof. But government steps like demonetization has encouraged people to start using digital currency and this is a step in the right direction. As the number of people opting for cashless transactions increase, new technological upgrades will come up to protect them. This will help in curbing corruption as well.

Hello everyone.

Our topic is "Are digital payment enough secure to go with cashless?" here we should be discussed on the point that favour to go with cashless or challenges and it's solution for which yet we are not going with cashless. But not advantages of cashless so from my point of view almost we all have a smartphone and we often use Paytm, Net banking and card swipe etc. So this thing can lead to go with cashless but if we think for challenges, there are many people who don't know yet how to use smartphone and internet typically senior citizen and children for them we can go with card swipe with limited transaction for eg) children pocket money account can save and transect up to 50-100 rupees. Because card swipe is not much secure than a mobile phone as security key type in transaction machine. Other challenge is cyber security, it is globally issue and it can resolve by group of specialist in IT field.

Thank you.

Yes, it is. Because it reduces the corruption, as every debit and credit transactions are legally recorded. It also reduces the human to wait in a queue, carrying amount from one place to other while doing so he may lose his cash due to thief attacks. It saves time. It reduces burden in transferring amount procedure. Etc.

But the thing is to increase it's awareness to each and everyone especially to elders, illiterate people who don't know about internet usage i.e, digital communication. So to create awareness Government have to do one broadcasting program through televisions as almost every house has a television so that everybody can get an idea, that program must demonstrate the digital banking and digital communication usages i.e, about social media in stepwise to reach everyone in the country.

Hi everyone.

When we talk of security then digital payments are the most secure form of transaction till the interface that is being used by you is not fraudulent. So the hurdle here is knowledge of the interface through which the transaction is being done. This can be done only when the cybersecurity wing that is the CERT-in keep a very strict eye check on the fraudulent website who betray their costumers and thus leading them to a false payment.

Another aspect is that through digitization there will be a full stop for the fake currency which are in regulations.

Another benefit of going cashless is that the party funding (or the donation) that are given to the parties for their campaigning can be checked. This will have a great impact on the growth of our economy as when a party funding is done then it is a huge amount which the firm or an organization tries to compensate by increasing the cost of the community or by someway putting the burden on the general public.

Thank you.

Hi everyone,

Digitalization has its own benefits and drawbacks especially in a developing country like India.

First the main drawbacks Indian population consists most from rural areas and many of them are uneducated even if we provide the internet services, smartphones they are unable to use the systems and make digital transactions and most of them don't even try to save the money as they will have to spend the money they earned in next few days so why would they bother to save the money in banks just for few days. So the first foremost thing Govt should do is improve the literacy rate provide good and free education facilities across rural areas then it will automatically promote the digitalization across the country. Of course, digitalization wouldn't happen in a year it will take a generation of time if we do the things in correct way.

Regarding the safety issues, I think most of the banking systems safe.

Now the benefits are there will be more transparency in the economy fewer possibilities for fraud and also less time to consume as well as fewer resources required in the banking sector to operate.

Easy of doing business and we would be able to do business across the country inefficient manner.

Yes, It is good.

Practically speaking, digital transactions are already in line for the middle-class people, before when it has been announced. We should have money in bank account to do the digital transactions in any way either it can be Paytm, Tez, Mobiquick, PhonePe, etc. Only the middle-class and the high-class people are only to take this without any difficulties. Talking about the low-level people, he/she earns money in cash, keeps the cash in pocket and spend it tomorrow without any worries. For digital transactions, we should have knowledge of the things how it works. People should have a salaried account and every month some cash to be credited to the person's account. Also, he/she need internet to connect (again expensive).

Frankly talking, whatever the technology adaptation we initiate some group of people cannot use/adapt it.

Conclusion: There is no way that all the people will adapt to everything, we have to impose the digital payment on India to improve the economy indirectly or indirectly.

Talking about the security of digital payments in India, I think payments are secure enough that people can have trust. But for digitalised country we need to focus on other parameters like.

A significant percentage of people live in rural areas where the knowledge is assumed to be less for using digital payment modes.

Also many people in rural areas peoples are still not using smart phones as they cannot afford it.

Another hurdles which came towards the digitalisation is networks in India is not up to that level to go India for cashless.

So from my point of view, we should have an eye like in coming next 10 years we have to make India cashless but for that need to put focus and attention towards the activities, policies, laws etc required to implement it.

Government need to conduct several awareness programme specialy in rural areas, where to have to give them enough assurance regarding security of their money.

People must also support government efforts and show willingness and interest in understanding the digitalisation.

In my opinion,

Yes, the digital payments are secure enough for Indian economy to go cashless because nowadays bank provides 3 d security systems so that there is no chance of any fraud but yes one main thing is that we need to be more careful and aware while doing any sort of digital payment because it may possible that some of the hackers are waiting for your small mistake, awareness must be there people must not share there any personal account details with anyone. And try to use more reputed sites not use any of the unofficial sites for payments.

The problem with Indians is that they know how to use digital systems and pay by digital means but they think that in digital payments their money might get lose and they stuck in some fraud but I ensure you to all these things are not going to take place if we are aware at the time of payments.

And as far as the time is concerned digital payments saves a lot of time and for this present era, time is a most important constraint.

Hello everyone.

In my opinion, digital payments is secure enough rather than to go cashless for the Indian economy because it reduces the crimes happened and the black money problem. As said by Narendra Modi to make India digital and also said its benefits how it is essential. Every one want that there work should be done immediately and they don't have to stand in a long que and for this digital payments will be more beneficial. Through this there will be faster response in transfer of money.

As some of my friends said, that digital payments are not secure enough as there is a hacking problems and also that in rural areas everyone in not aware of this digital payments. So for this governments has to put some security and in computer there should be a tight security so that hacking problems should be finished. And in rural areas government Sent some people who can make them aware of this digital mode of payment.

If all these type of actions are taken then one day there will be happy life of people which will help in securing our Indian economy.

That's all.

Thanku.