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

In today's modern world, carrying cash for every single thing becomes tedious, using digital money makes the work easier and faster.

Yes, I definitely do believe that the Indian economy should go cashless for its own good that it had faced after the economic crunch of demonetisation, and talking about the safety of digital payments, well they are very much secure as there is an end to end encryption which automatically makes all your credits and debits safe without being hacked into by anyone for eg say we have Paytm and ahead of that is Tex which much faster and more secure as it keeps you linked to your bank account until and unless you are on this app and using it but also you receive direct message from your bank regarding your transaction so you never lose a track of it. Talking about the problems that people in rural areas might face can be resolved if the government provides proper means and resources so that they are not only made aware about this mode of payment but also it's pros and cons and how to deal if something goes wrong and whom to contact in such cases.

Yes, it would be a great thing but the main problem is that in order to improve such thing first the literacy rate and standard of living should be improved then only the targeted goal can be achieved.

Good afternoon!

The topic we got is are digital payments secure enough for the Indian economy to go cashless. Before starting the discussion let us understand the meaning of cashless. Cashless is one in which all the transactions are done using cards or digital means. The physical transaction is minimum. In India nearly less than 5% of transaction happen digitally, however, the finance minister in 2016 budget speech talked about making India cashless society with the main aim to reduce corruption. I would like to say that every coin has two sides. Even this has two sides it has its own pros and cons.

Some pros are.

1) 1in 7 notes are fake which causes a -ve impact on the Indian economy by doing digital payments this can be avoided.

2) time spent near the atms can be reduced.

3) there will be greater efficiency in welfare programs as the fund will be directly transferred to the account of the recipient.

4) reduces cost operation at the atms.

Some cons are.

1) the main problem is that people are not aware especially senior citizens and rural people about what is happening in digital transaction due to this they fall in the trap call fraud where without knowingly they give there account no and lose their money.

Even educated people are falling in this trap.

2) availability of internet.

3) people don't have sufficient facilities to use electronic items.

Though the government is trying its best recently it introduced an app called Bhim where all transaction are made digital. It introduced mobile wallets apart from this it should also educate people about it so that they can use it through thy have launched jan dhan yojana but all are lying unopened. It might take time to go cashless bot it is nt impossible.

To go cashless, is the growth of Indian technology and economy. But at this position of our country its not fair to go outside without money, since even India's economy is under growth and most of the Indian cities are unaware of the digital technology of India. Its better to develop the digital technology of India and go cashless anywhere.

Yeah, there is need to go cashless for sake of growth but there is a twist. We are in India remember this India is highly populated with low literacy. This low literacy problem is the barrier in the way of going cashless. There are possibilities to steal money from people's digital account without any hacking just asking them there passwords and credentials. Before taking any step towards this we have to educate them how to use digital accounts.

No, I think that this is not the right time for the introduction of cashless economy. Because there is not such major step is taken by government regarding its security.

On the other hand, in the rural area majority of people are not having smartphones and also not aware how to use it.

AS WE ALL ARE YOUTH OF INDIA WE ARE ALSO RESPONSIBLE FOR THE DEVELOPMENT OF OUR COUNTRY. So, we should take a step forward for the awareness of process of digital payment to the people who are not aware about it.

Security is not a major issue, government agencies is working on it. We all are aware about the government motive to link AADHAAR with all our transition accounts.

Offcourse, digital payement is helpfull to increase the growth of India and increase the repotation of Indian market among the international market. But it needs to be agreat change along with the life style of all category people, first we have to ilterate the people who is living in the village area becouse 48% of indian's population are living in villages and an good implimentation must be need for this digitelisation and must have a good security for save the large network.

Absolutely, its a brilliant go cashless, and also if the government restrict the digital payment banks up to some standards. Because with a single click we are sending money here mobile num plays key role if we submit our mobile number entire bank details comings, so govt and users should aware of these to avoid any frauds. Otherwise, idea was superb.

In my point of view, digital mode of payments is very beneficial for our country especially for those who have know about it, but on the other hand we could see in rural areas most of the people are illiterate in our country, they don't have aware about it and that why they have fear to go digital mode of payment.