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

In my opinion, India can adopt cashless transaction but there are many hurdles in its way.

1. We will require better connectivity till rural places. Though 4G came to India 2 Yrs back still many companies are not fully capable in bringing the technology to its fullest.

2. Even if we bring the technology people should at least have a smartphone and should have the knowledge to use it and do transactions.

3. Even if technology comes in a more digital way so the more secure network will be required.

4. Further, it will be a more preferred way to track black money and corruption will reduce too many folds.

No, digital payments are not secure enough for the Indian economy to go cashless. There are many reasons behind it. Those reasons are as follows:-.

1. Unaware of digital payments- In India, most of the people are unaware of digital payments, even many of they don't know how to operate the Internet.

2. As per report- According to the American chipset maker company Qualcomm, in India most banking applications don't run on hardware security. So, there is a high chance of password stealing.

3. Hacking & Hacker's- It's not long back when the biggest cyber attack in history, WannaCry ransomware.

Infected more than 40, 000 computers in India. The main cause of this attack is that In India, most of the Computers are not upgraded their Operating System. They are still using the old version of Operating System.

4. Security Standards- In India, no Security Standard's are prescribed by RBI or the Government of India.

Digital Payment in India or anywhere round the world is quick and convenient mode of payment keeping in mind the amount of crime happening round the globe for paper mode of payment and regarding safety, the government still need to figure out a way out to introduce virtual money/currency to neglect the amount of concern over safe and secure mode of payment.

The government though has taken major steps to avoid cyber crime, hacking and cracking through introduction of encryption and PIN introduction and later by OTP that has reduced the quantum cyber crime cases.

According to me, digital payment is the best source of payments because when we make payment online it's saves us time and provide othe benefit. Through the online payment we have don't need to stand in lines for long time. But in case of security its not secure nowadays. The cyber crimeis increased day by day in India because the people of India don't aware about the cyber crime on digital. To control the cyber crime the word is "crypto currently" is coming. The government of India is need to use this to overcome or controls the cyber crime in India.

In my point of view, digital payments are secure for the Indian economy because in past few years we see lots of payments method (Eg: bhim, tez, payment) which not only go for cashless but also for the competitive world for nation because many nations have been going cashless like Singapore, Japan, Denmark, USA etc which strengthing their economy. In past few months, we see increasing in a number of the cashless method by every people of our nation directly or indirectly. That's why digital payments is need of life as a habitual in this queue line world. The NDA government doing a good job of becoming cashless or go cashless scheme. But the main thing is that to aware each and every people to go cashless. As each one teach cashless.

I think digital Payment is not enough secured, lots of crimes are done during transaction of money.

It is not full proof plan for our economy, as we know everything has its own darkside. There is not only point of security of money there is always point of availability.

Assume a condition you're going for exploring and get stuck in rural area where is no range in your cell phone tower, village have aleredy problem of load shading and no atm far long. You donot have a single coin with you only have upi payment app and debit card and need to get a cup of tea on tea stall how should you get what you want there if you are cashless.

We don't pay attention about cyberthreat for cashless economy.

Economy with 60% cashless and 40% cash is best option.

Digital payments can be made more secure for the Indian economy if the government put some extra efforts like teaching rural and illiterate people about the e-wallets, especially its overall use. Yes, it is safe to some extent as there is no fear of pickpockets, corruption can be reduced, people do not require to carry their wallets with them all the time. Nowadays after the introduction of demonetisation, almost every retail shops have introduced paytm QR code in their shops for smooth supply of money. Fortunately, e-wallets like paytm, tez, bhim has saved the lives during the crisis of demonetisation as there was no medium of exchange throughout cash. RBI has made it mandatory for everyone to link their e-wallets with Adhaar card after proper verification (KYC). The government should improve the impact of digital India throughout the economy so that more and more people get aware of this introduction.

Yes, the digital payments are secure enough for the Indian economy to go cashless for the aware people only. But there are problems with the illiterate people and the solutions are that for illiterate separate department should be opened and the workers working in the department must be trustworthy and the concerned department should be responsible for any kinds of fraud or illegal activities with the digital payments. With any kinds of new ideas there are merits and demerits as we all know that corruptions are reduced, time is saved, there are less traffics on road as a result low air pollution and natural resources such as oil, gas etc are also protected.

In my point of view, digital transaction is not secure enough. First I want to mention the meaning of the digitalisation, digitalisation means transaction without involvement of draft, cheque, and cash. One side where digital transaction makes our life fast and smooth, on the other side it makes poor, uneducated people into trouble. We all know most of the people of India are uneducated and even they don't know how to swipe the screen of touch screen mobile, then how we can accept that when they can go cashless. At the one side digitalisation increases economy, reduces paper printing at the same time digitalisation also increases unemployment because work are mainly technology and machine dependent. I think government should work on education growth and on unemployment firstly then digitalisation will take place automatically. If people will get a job then they can buy a Android phone and when they will be educated then they will know how to swipe screen correctly, and digital payment will be secure automatically.