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

Well, at the moment its a so far so good kind of situation. In a world where the transaction of money is just a tap away, it is natural that the cyber threats are knocking our doors. It would be foolish to say that digital payments are cent percent safe and secure, I'd like to say that they're easy and convenient and a little bit secure. End to end encryptions and decryptions aren't fully secure. So handling a huge amount of transactions with only a few taps of the phone is surely not secure, that too in Indian economy since we have a wide range of small vendors who aren't exposed to such technologies as such, and for them its just virtual money. Maybe a few years down the lane, we can afford to go completely cashless but right now, we can't even imagine living in a place like that.

According to me, at this stage, I don't think that Indian economy should go cashless because it has many flaws like less secure, failure of the transaction and to get the money back we have to follow a certain procedure and wait for few days. UPI is going to be the revolution no doubt but it will take some time.

India is a country of 1.2 billion people with around 40 crores of them live in rural areas. With the passing of time, India is making its under the umbrella of Digitisation. But this digitisation still has to travel a longer path in order to make India completely digital country.

Going cashless with transactions in India is still hard nut to crack because lack of PROPER CYBER SECURITY, LACK OF AWARENESS AMONG PEOPLE, LACK OF PROPER GOVT ASSISTANCE, LACK OF INTERNET ACCESSIBILITY IN REMOTE AREAS, AND ELECTRONIC GADGETS.

India is habitual of Doing most of its transactions through Cash whether buying vegetables to buying a car.

I think cashless Indian economy will only be achieved only if the people of rural areas are aware of WHAT AND HOW to go cashless ?

It should be mandatory for large corporates or businessman's but not for all because they have enough knowledge about digitisation and can make proper use of it. If govt wants cashless country, then they have launch some awareness programme for public.

At present, mobile phone has become part of our life, so why not use it in more innovative way to pay money as well.

Yes, digital payment is very good in this fastest world because no one has time to stay in the queue as well as it is secure because the computer system is more protected than the bank lockers.

Hello Everyone!

Digitization is one of the important and beneficial step which Indian government has taken. When comparing to other countries, India was lagging behind in terms of digital payments. Today digitization has increased the Indian economy.

But we cannot neglect fact that along with brighter side, digitization have darker side too. Illiterate people cannot go cashless. Even, illiterate people are fooled by swindlers and fraudsters.

It is correctly said that incomplete knowledge is very harmful. So, Indian people should posses knowledge regarding digitization. Proper training should be provided to those who don't have knownledge of digital payments.

So, we can conclude that digital payments are secure enough for the Indian economy only if every citizen posses knowledge of digitization otherwise same thing will turn into fraud.

According to my point of view, the cashless economy is good for India to make developing country. In today's world people are willing to use technology and they are utilizes it fully in day to day life. So it one of the easiest way to make transfer of money from e place to another. So it's good initiative.

I think it is not a right time to go for cashless or digitalization because demonetisation & GST already reduce over economy or GDP so over society requires time to adopt new things .Take a example of barter system which also require a time to convert into paper money.

Digitalization of payment in India is secure for economy only if the whole population of India Is literature about the procedure, and the crimes/frauds related to it.