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

I like to say about the cashless transaction that everything has merits and demerits.

- It helps to reduce corruption. When our government announce some scheme it's amount will reach directly at the target site. So agents concept will be demolished.

- It will reduce the time. Help people to do transaction inconvenient way.

-It benefits to literature. But in our country, so many people are there who unable to read a single word without Thier own name. It harms to those people.

-There are too many chances of cybercrime. Even some cyber experts may start to coach person how to theft money.

I feel instead of going completely digital, we should adopt a step by step approach. the idea of making it compulsory for large business houses at first make the plan achievable. and gradually once the idea is understood by the whole nation it should be made mandatory for all.

FAVOUR
1. Time-saving
2. Govt will be able to fight corruption.
3. The money will become transparent and traceable.
4. the burden of tax will be shared by a larger base.
5. Govt is making effort to educate people.
6. Change is a part of life.

AGAINST
1. Old people are not tech savvy.
2. hackers will take advantage
3. large population of India.
4. should not take decisions without planning. eg. deaths during the demonetisation time.

CONCLUSION = Digitalisation has more advantages than disadvantages. All the demerits can be overcome with the right amount of efforts.

While it comes to digital payments there is both advantages and disadvantages.

When we go to advantages. It is a cashless technology. Don't need to be afraid of theft. Where ever you go. There is no necessity to take cash everywhere, an ATM is more enough to save all our money.

When we go to disadvantages. Old age people are not aware of the technology. Most of them don't know to use such technology. When we have Hackers in the stream of Technology. We cannot give guarantee to ATM.

Cashless transaction is good option for sending or receiving money without any further formalities. This is basically a secured and time saving way for sending money. It is widely used these days in India because this is priority and dream of our PM and also it reduce the black money crises from the India. It is also used in villages where youth are having knowledge about transaction through Paytm, ATM transaction are usually done by the peoples. It is very secured way but with limited deficiencies such as transaction failure and money get deducted from the account, hackers also deducts money from the account by saying that ATM blocked by the bank and the customer have to share all details from issuing/reactivation of ATM Card.

When we talk about going cashless the point which is implied is that cash transactions are not safe and that when an individual pays for the transaction there is no proof that whether the cash used is hard earned or earned through corrupt means. So when we think of going cashless it is surely a positive initiative as it would mean that the money used in the transaction is surely white in nature as the explanation can be demanded then and there. Now it is well known that there are many cases of cyber fraud and thefts so government should strengthen the cyber laws and study the cases of cyber frauds carefully so that none of that sort happens in near future. By doing this the government will be able to reach its ultimate goal for which the whole initiative is for i.e. to remove corruption. Now, all we can do is wish the government all the luck and do our bit as well by reporting cyber frauds if we come across any and not ignore it.

Thanks.

A coin has two sides, as it is the initial stage for digital payments so we cannot rely fully on digital transactions. As the cyber fraud has increased these days, people are afraid to use online transactions and prefers to use cash more. These frauds are seen in rural areas are more than urban areas as people of rural areas are unaware of the cyber fraud.

So basically we should first educate people of safety measures to be taken while online payments. In that situation, people get confidence and use more online transactions to make India a cashless economy.

Our topic is 'digital payment are secure enough' than my opinion is yes it is secure enough' to go cash less but yes if people using it are not aware enough of loop holes from where they can cheated by cyber experts than it will create a problem, it never means that system is not secure but need to aware Indian economy about the ways how they can be cheated in 'digital payment else chances of theft is there in even cash payment also.

Digital payment is good for any country's economy. By this, a country can go cashless. We need not have to carry money all the time with us and there is no chance of losing our money by a thief. But According to me for our India its not good because our country is a developing country. We all our aware that India has the rural area much more than the urban areas. The peoples of rural areas are not aware of digitization. They don't know about the cyber crime. Suppose If our country starts the cashless economy. There are many hackers who can hack the account of any person especially for the rural areas the people's account could be hack day by day. So, before implementing anything for any country the government should look towards their policies to secure the digital payments. Must look towards the rules for cyber crime. Awareness camp must be organized for teaching the people about the digitization.

Yes, we can go with the cashless economy or to make our country cashless because the foremost advantage of the cashless economy is that there is no need of carrying money which reduces the inconvenience due to carrying cash or theft by someone. It is easier to track black money and illegal transactions.

But there are some problems, not everyone has the knowledge of doing digital transaction because in rural area peoples are not so educated. They don't know how to do and no internet facilities are provided to them. Some people having half knowledge of digital transaction are exposed to cyber frauds and losing their money to online scams and their accounts are hacked.

As the whole world is going to be changed, new applications and technologies are coming. It is necessary to aware peoples about digital transaction through education, newspaper, advertisements and magazines.

According to me, every coin has two faces if one is good then other need to be bad. If there are pros of digital payments then cons are also be needed so that it should be improved.

At present time there are many cases through which we say that digital payment are not secured but it takes some time for being improved.