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

Hi, cashless India a step initiated by Modi cashless payment is where money is invisible or it is used trough hard cash and we know that Demonetization was a step to enforce cashless payments. And also many companies Paytm, Paypal etc are gaining popularity day by day.

We are not realising that these paytm, paypal etc are not Indian companies we all know we need to pay charges on transferring money let us think we are paying 1rupee for transfer of 100 rs what do you think will be cumulative amount we are paying as charges for all the transfers and it is used by all the Indians that money we are paying to foreign mainly US based Paytm. And also they can track our every payment they will have the records of every payment of every Indian.

Hello everyone!

Digital payments are good enough, I agree ! but for what percentage of the Indian population, very little!. Have you ever notice that most of the Indian population don't have their own bank accounts, most of them are daily wage workers and their income is much less if they put that money in their bank account money will automatically get deducted because they can't maintain minimum saving account condition.

India will automatically be digitalised when our literary level increases i:e when our Indian people gets the opportunity to explore themselves. Though our government is always trying to uplift the education system, so it's people responded to take the advantage and make India fully developed and digitalised nation.

Yes,

According to my point of view, digital payments are secure enough. I would like to take an example of Akodara first cashless village of India that is located in India. Even though cashless payments are secured as they are encrypted and have OTP function that is connected with banks it is, however, important to notice that all people are not literate enough to use applications like Paytm to go cashless. In this case the government Can first convert the cities (Tier1) to cashless and then identify the gaps and implement the model in (Tier 2) cities and so on for villages they can use the model followed by Akodara and change it as required by villages in other states since the basic model would be same the transition would be easier.

Hi friends.

To my opinion the cashless would be a good thing for our country, because as we go more towards cashless more our country will be corruption free, it is more easier method than the hard money, we can pay our electricity bills, water bills by just on one click no need to go somewhere and it is a safer method than hard cash in your hands, also you cannot carry a huge amount of hard cash, it is difficult to carry and less safe.

Digital payments will lead our India more towards development of people. Through digital payments, people do not need to give any explanation to their money because all the money will be white and tax paid money and moreover people of rural areas will get to know about technology how it works.

Thanks.

Hello everyone.

Digital payments are good enough, I agree ! but for what percentage of the Indian population, very little. Have you ever notice that most of the Indian population don't have their own bank accounts, most of them are daily wage workers and their income is much less if they put that money in their bank account money will automatically get deducted because they can't maintain minimum saving account condition.

India will automatically be digitalised when our literary level increases i:e when our Indian people gets the opportunity to explore themselves. Though our government is always trying to uplift the education system, so it's people responded to take the advantage and make India fully developed and digitalised nation.

Obviously, digital payment is secure enough to led India towards the cashless economy and demonetisation was a very effective step to promote it. Before demonetisation, digital payments was not very much in use but post demonetisation use of digital payments in India has been gradually increased not only in urban areas also in rural areas excluding exceptions.

But our government Needs to invest more on cybersecurity department because as much as the level money transaction increase hackers too will increase their level. So it is necessary for the govt to take India's cybersecurity to the next level.

Moreover to develop awareness programs regarding cashless mobile payments systems in areas in where the cashless system is not in trend.

In my opinion, the context varies throughout the country. Nowadays people are abruptly shifting towards the smart mobile phones which is in itself a good sign to bring people to the digital platform thanks to the internet data giants. This enables all to use the digital modes for the transaction.

Regarding the safety as all the modes has 2-3 security levels like OTP, PIN, mPIn for UPI are safe enough. Sometimes, these modes fail which causes panic situation but there is no worry as per my experience the failed transaction amount is reversed back into the original account within 7 days. Also, anyone can say that I will not be able to use the money instantly in case of failure so this is truly a major drawback of payment modes like UPI.

In my opinion, going cashless is a good idea.

1) Easy payment of bills, no queues.

2) No need to be worried about getting your wallet mugged up.

3) No theft of Tax.

4) No bribery.

And about being secure, If it is not up to to the mark then we can definitely improve our security system from the money which will be saved from corruption.

In my opinion this is the only way in which our system can be corruption free. As all the transactions will be recorded.

But do remember, 70% of our population is from rural areas where the internet connection is very poor and many people don't know how to use it so proper training should be given to them for at least a year. And internet services should be improved then only we can implement it.

Well. Yes, India should go cashless. & the straight forward reason for this is. We need initiative. Problems & crime will be there. But with time & growth everything will become in practice (i. E CASHLESS TRANSITION).

Well, I have a reason for this too. i.e. when we or someone will face the necessity of going cashless. Then automatically those who still don't know what is cashless. Will know. In fact they have to know. & I think there is nothing bad to be rude if there is a good motive behind the cause.

No government can teach anyone. It's is the people only who need to run with the time. What goverment can do is? They can provide a platform for the development & the platform is CASHLESS GO. & WELCOME ONLINE.

Yeah, I do support with the statement making every thing digitalized is quite easier way to access the things from where ever it is needed. But our government has to motivate and make the people to get awareness of Indian economy to go cashless that is govt should give some time period to make the people aware of this particular system by keeping the trainees near the banks and at the places where there is the need of cash to make the payments after giving the particular time they have to keep some dead end for the time period then after they should reduce the flow currency step by step and also they should not put the extra charges for the transmissions that were made through banks so that people may show interest in going cashless.