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

Hello to everyone,

According to me, India is still not ready to go 100% cashless. If we talk about cashless transaction then first we should have a look upon the literacy rate of India, which is only approx 74%. With this literacy rate are we even supposed to talk ar discuss in this topic. But there is a catch, we can still make digital payment cashless by making an app that's united all over India just like an Aadhar card which is mandatory in each and every phone for cashless payment which can be made fully protected. The app should contain visual symbols so that even an illiterate can understand or we can give tutorials to the older generation via youtube or anything. These are the basic fundamentals for making India cashless.

In my opinion, digital transactions are secure enough for Indian economy to go cashless. Digital India is one of the flagship Program of the government of India with a vision to transform India into a digitally empowered society and knowledge economy.

"Faceless, paperless and cashless " is one of the professed role of digital payments.

Yes digital transactions are secure if we follow the guidelines, there are set of rules that needs to be followed to keep your digital banking secure and free from phishing. If we take care of those little points which we usually ignore, it is not very difficult to stay secure with digital payments system. People usually miss on small but essential guidlines that maintain secure payments system.

Digital payment is the new trend that is being followed by the country, it is the best way for transactions as it saves time, one doesn't have to wait in line, no need to go to banks such transaction can be done from home. But sometimes it is better not to forget conventional ways, what if the state of emergency takes place, the state of bankruptcy or cyber attack, one cannot completely rely on digital transaction. Also people in India are not much aware about the threats that digital payment involves, people with plastic money are being fooled everyday given that they easily provide their cvv and pin to anyone who claims to be a clerk of their bank. Digital is a secure way but it should not be made the only way for transactions.

It is good time for us to go for digital payments. Out of Total population, 65% is youth having an average age in between 26-28 years but the people live in villages, some of them does not even know, "what is internet?". What I belive? We should go for digital payments with effective and efficient measures.

But we have to go through the fact that, there are so many hackers around the world named as kevin mitnick, Anoymous etc having a capability to hack the entire nation and stole the cash flowing digitially in India.

If I talk about kevin metnick, he was able to hack Petagon defence located in Arlington County. So we have to find measures to deal with these kind of activities could happen in India after digitalise the economy.

Hello everyone!

Digital payment means there is no money in our hands and everything is online. And I think the digital payment is very secure and useful for us. And it also saves our time. As you all know that it is very helpful for us in this pandemic time because of it there is very less contact of people's for money transaction. And it is also very useful when you have no cash or credit, debit card for any payment then digital payment is very useful. There are many apps for an online transaction like phonepay, Paytm, googlepay, Imobile etc. And some peoples are not aware of online payments. And there are many advantages of digital payments so I think everyone should know online payments because it is very useful.

Thank you.

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.

Digital payments are a good option for quick and time saving but there is a security issue raise because the number of hackers and another miss conduct authorities take the benefit and miss use the account number or any digital payment. When Jio SIM is free then people use their smartphones and they learn about the payments and other benefits digitally. Cryptocurrency also used in other countries but in our country, it's become very much difficult as there is no such system that we track the record So recently Indian government decided not to allow these type of currency legal. Some good aspects is also there for digital payments. We have not to queue in banks and the payments from one place to another becomes very much easier.

According to my opinion cashless payment are secure and faster enough to save our time. It helps the govt to keep track of the payment easily and also helps to remove the corruption or black money. We don't have to pay anything extra to anyone for e.g. there are mostly things sell on a price of Rs 99, Ra 999 etc so in this case we pay 1000 and we did not asked him for 1 back. But by going digital we can pay exact. If 1 lakh person donate 1 per day then it will cost 1 lakh for the company and it will be a huge amount. We can partially say that in some areas it is not implemented as most of rural peoples are not so much educated. In India still electricity, school are big issue so how could we think about internet at that place.

We can't directly go into cashless state we need something that hold our wallet. So we are discussing here the facts right? we are talking about safe use and cyber security but I think people who use cashless idea are that much educated but what about the people who are not able to understand this system. People still do not trust online payments. We don't need to improvise in cyber security we need to improvise in explaining. People should be knowing that what is exactly Digital India means. What is digitalisation?

We can't just ask people to take the road they don't trust.

We need to make sure that people are understanding Digital India.

First step should be explaining people about Digital India. Through campaigns may be.

Digital payments are one of the means to complete financial transactions. For the growing economies digitization helps a lot in increasing efficiency and lessening time and efforts. Demonetization gave stimulus to this by making most of the people using these services. For a growing economy like India it is one of the important factors to use digital payments which can be increased by financial literacy. Still, 75 percent of the people in our country rely on physical transactions due to trust issues. It is important to educate by going into deep sectors of our country. Demonetization forces us to do digital payments but what the worth is we ourselves willing to do digital payments which can attain through financial literacy.