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

I think India is not ready for the digital transaction because it is very difficult for those people don't have an android mobile and also for those people who are uneducated. In a rural area, we can see that people do not believe on the digital transaction because of fraud.

We've all used currency notes and coins for generations. We are all completely familiar with cash transactions. All of a sudden to bring in a new form of financial transaction is not correct. It wasn't correct even during the lockdown. The digital transaction, digital currency, digital rupee, etc should not be made compulsory. If at all, it can be made optional but definitely not compulsory. Not everybody is digitally literate or inclined. Nobody should be forced to be digitally inclined or digitally literate.

Great initiative, but also coins have two sides so this process has one big risk is hacking. Stolen passwords, account hacking. Maybe affect surely. We need advance level of cyber security and also. Good software engineer they help in providing of good technologies in the area of e-commerce.

According to my opinion, I don't think that digital payments are secure enough for the Indian economy to go cashless as 70% of India population are from rural area where internet facility is not upto the mark. Even 80% people are not aware of internet banking, they do not know how to use it. Before introducing digital payments government should take steps to provide education and free campaign to the people regarding digital payments so that they can make optimum utilization of it.

Yes, cashless payment is mandatory for all the people of India, because India is a developing countries we have the responsibility to convert it into developed one.

But first of all, educate all the people about cashless payment.

Every coin has 2 sides, the same way digital payments are good to some extent but also have some disadvantages which should be overcome for a cashless country.

1. India is a developing country, so moving to a cashless country can be a very big step in development.

2. As we know the population of India is very vast threats such as robbery can be reduced in a cashless country.

3. For transactions we don't need to meet the respective person or carry so much cash, we can transfer the required amount anytime and from anywhere.

4. Now the other side of this is also that in our country there is a huge population who are illiterate and cannot use smartphones, this can create problems for rural people.

5. But to overcome this government can spread awareness, help people by regulating various schemes.

6. At least this step of cashless country will open many people to the technology.

7. India has a huge population of youth so it ll be also a plua point as there will be difficulties in the start but these problems can be overcome.

8. Technology will increase so people will get educated, they will be aware of these things.

9. These transactions take place using internet, so government can start providing free internet access to rural areas which will automatically lead to people learning n exposing to technologies.

For a better outcome for future generations, such major steps are necessary for our country to become a developed country.

Digital payments is one of the initiative taken by our prime minister, which could be the greatest achievement for Indian economy, if it is successful. Digital payments is nothing but performing all the transactions through onlinelogin portals of banks or through different mobile applications like paytm etc. In cities now a days the number of people doing digital payments is increasing but on the other hand the people of rural areas are far behind. This is because of lack of belief in this technology. One of the reason for this is the incidents of hacking. So, I think for India to go cashless first the technology that supports fast and secure transactions should be developed. This can be done, if the government encourages the young and knowledgeable students to give their ideas in this aspect and get them implemented by professionals. Then awareness should be spread among all the people about digital payments and all the necessary facilities should be made available in the rural areas.

So, for now complete digital payments are not secure enough. But it must be encouraged and on the otherhand safe technology should be developed such that in future definitely India will go feraless, cashless India.

According to my point of view, digital payment is secure enough in our economy, however we should attentive while using the e-payment mode for that we must follow the steps prescribed by the e-payment partner like encryption and OTP, so we can do our transaction effectively and efficiently.

Using real cash starts with the struggle to stand in queues for money and ends with pickpocketing in crowded public places. Introduction of digital payment methods has made it easy. Now, you can access your bank accounts on your mobile or tab and do transactions in seconds and every transaction is recorded which indeed helps people. There is no stealing of money by people around you. So yes, it is very secure. What we need to understand is digital payments in India has not been a big success due to unawareness and lack of education. The government should take necessary steps to make people aware and educate them enough to stand in this digital payments system.

I think the digital payments are enough for an Indian economy to go cashless. We need to take some precautions to secure our money by doing that so we never share our confidential data to anyone. For an under developing countries like India consists of some uneducated peoples also, they don't know how to do transactions so that kind of peoples unintentionally they share the data. Coming to secure now a days all the companies are using cloud computing. Cloud computing provider connects different clients to single server so there is a chance of hacking the accounts.