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

Yes, I am in favour of this because most of the digital payments barring the cryptocurrencies leave a digital footprint which makes it easier to track the sender and receiver in case of any discrepancies. Indian economy relies heavily on hard cash (physical currency) which results in corruption and other cases of fraud because most of the time they do not leave any paper trail. So digital payments is a reliable system for cashless transactions from the security point of view. From the consumer point of view, it is a hassle-free system because most of us have credit or debit card (plastic money). But yes certainly there is a need to educate illiterate people about the digital payments and their uses. I think the rural banks such as IDBI and other Grameen banks can take the initiative to educate these people.

Hello everyone,

As we all know that it's not just about security, its also about educating people for cashless transactions. With a lot of advantage of cashless India, there are some measures which should be taken to make India completely cashless.

1. The government should give some benefits to rural area people for cashless transactions. Also, they should go for more campaign and advertisement and be making them aware of thefts, hacking etc.

2. Also, the government should limit cash transactions to a certain value to minimize black money.

3. They should make it more secure so that people believe it completely.

4. Facilities such as internet connection, electricity etc. Should be increased particularly in rural areas.

And also Rome was not built in a day. So, obviously, it will take time for India to go completely cashless.

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.

Unless our country fully gets developed digital payment should not be mandatory as rural people are not well aware of that. But in development point of view digital payment implementation is very necessary and also corruption will also get low down. There should be proper planning committee about introducing technology for new era while also considering those people who don't HV any access to the technology.

I don't think digital payments are a secure way to do payments as We live in an economy where we have a big ratio of people from villages and who are uneducated as well, being cashless become a difficulty for them and it will lead them to be dependent on others which can lean frauds also. In our country internet speed is not as much good as the western countries have. In fact, hackers can easily hack our sites. We recently have an incident in which Aadhaar data was leaked over 200 sites, So in short, we don't have such strong systems and site workings to relay on digital payments.

Hi, I have read all the opinions of my friends as per them they are also true that if we are going to cashless so we have to face all the things benefits or take care from hacker or missuses. And in our life whatever we do or did we have to face two thing also its may be good or bad. So cashless is good for Indian economy to grow our economy but as well as its also a harmful for people by hackers. As per me it should be start in Indian completely because it will good for corruption and govt has each and every record of payment by which no one can make the black money. And for this govt has to improve our cyber security by which we can save our digital payment records and our money to hack the same. And one more thing for the poor, uneducated & uncivilized people govt has to be issued one system to understand or facilities to them by which they do have any issue for the same and they can use easily.

So in digital payment main roll is our govt how they can secure this if its completely secure than its good for all.

Good morning friends,

First of all, I would like to describe what is digital payment. The digital payments are like Internet banking, Mobile banking, Banking cards (eg. Credit card, Debit card etc) , USSD (Unstructured supplementary service data) , PoS (Point of Scale) , Micro ATMs, AEPS (Aadhar Enabled Payment Service), UPI (Unified Payment Interface) and mobile wallets (eg. Paytm, Tez, SBI buddy, Airtel payments etc). Most of these digital payments are works on internet connection and only one i.e. USSD that works without internet connection. So anybody can use digital payment where he/she has internet connectivity or not.

Now, lets move to the topic, Nowadays digital payment is 100% secured and it is reaching new heights day by day in terms of security. I am using from last 7 years its very easy and secure to use. Only making the digital payment secure is not enough for making the Indian economy cashless. Like India is a agricultural country. Its 70% population are residing in rural areas and most of them are not aware about the digital payment. So to make Indian economy cashless we and government need to give demonstration and awareness mostly on rural areas about digital payment that how to use that securely. In Urban areas people are more fast most of them knows very well and they use everyday. Thus creating awareness on digital payment in rural and urban areas both and convinced them to use regularly only then its possible to make Indian economy not only cashless but also we can save lakhs of trees every year from cutting.

Thanks, & Regards,

Ratnesh Gupta.

In India, digital payments should be necessary to go cashless because we can save 3.5 to 7 billion trees cut downs each year and we no need to to be recycled and demonetized. But day by day our technology is increasing, and the hackers are also increasing. So we need more secure software to prevent stealing of our data from hackers. We need a payment which is more secure. Digital transactions are simple we need to do campaigns and educate the people to do digital payments. Through digital payment whatever tax should be paid to the government can be paid and we can avoid corruption and more over cards are less in less in weight we can easily carry to many places in our pocket where as cash it is heavy and not secure to carry more amount of cash. Digital transactions save the transport and Savage of time (because when we need to be paid a bill we should be in a line more wastage of time), directly paid to the merchant and it is simple to use. So we need a digital transaction which is more secure of our data and prevents of stolen of our data from hackers.

I think in the Indian economy Digital payments can pave the way of this nation towards a developed country, however the term CASHLESS can't be used because a major portion of Indian population are farmers, rural people who can't afford a smartphone, let alone doing E-transaction, moreover some people don't have even bank accounts yet. Because they live their life on daily wages. So, if the Cashless Goa example is adopted by any other state for example-Odisha and Jharkhand, there is no denying fact that the creamy layer of digital people like us will lessen the weight of our pocket while going to market but it will be those countryside fellows who will bear the burnt of the situation.

Going with the topic, i.e are digital payments secure enough for the Indian economy to go cashless or not, I would like to say that yes they are secure enough because paytm and other apps for the online transaction are highly secured as this is the reason why we are using them most of the times. With the online transaction it is necessary that we must not neglect the importance of paper money because internet connection is not good all the times (a real fact) so in those cases we are needed to have some cash money.

India is one of the largest country in the world hence we can't expect everyone to be cashless or being digital.

It can happen in future if Indian economy goes good enough and when each and everyone thinks that internet knowledge is one of the major part to survive in this competitive world.

I would end by saying that going digital is one of the major improvement in increasing the Indian economy but being cashless can be drawback.

Thanks.