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

In India, we have most number of youth who are educated, in other hands we have so many rural areas where they have no banks and they don't know about RUPAY or ATM cards, in present 2017 budget central govt doesn't come with any new policies regarding cashless. These are some steps that are necessary to improve cashless India.

FIRST SELECT SOME 6-7 STATES IN INDIA AND APPLY THESE STEPS.

1. Give tax benefits who are doing online transactions.

2. Govt should create awareness to the people.

3. Enlarge banking system to rural areas.

4. Gave some offers who are doing online transactions.

Major problems why people are not interested are because of;

1. During online some times server problems.

2. Improve some apps like PAYTM, FREECHARGE etc.

3. Central govt should spend the necessary money to improve digital transactions.

I think every coin has two sides. Digitalization is the need of the hour because it will not only help to reduce the black money in the economy but it will also save the time and energy of people. But then again keeping in mind the rural population and the literacy rate in india, I feel India is not yet ready for going cashless neither do India has the required infrastructure to go cashless. There are villages where still we do not have proper electricity facilities, leave the internet facilities. Talking about the security, nothing is totally secured. In the same way, digital payments can never be totally secured. Although different steps can be taken to reduce the uncertainty. So, it's not the security which is stopping us from going cashless but the lack of infrastructure, lack of awareness and the lack of proper knowledge regarding the digitalization.

In my opinion, according to our current condition, India is not ready to go cashless. Because in digital world it need strong security. Security is main point to make an economy digital. Without tight security anyone can hack accounts. We need to develop technology for this. Another point is illiteracy. In our country many people are not aware about the digital payment. In rural areas there is lack of education so they people can`t aware about digital payment. Like everything has two aspects negative and positive. It has too. Digital payment will made easy cash transaction. Nobody needs to stand in queue for paying bill. In the fastgrowing world people are busy so this is the best way of payment. Cashless payment is our country`s need because India is a developing country. So government should implement many programmes and policy to aware the people about cashless payment mainly in rural area. And cybersecurity should also be developed. So that people have no fear to lost their money and India made a cashless country. .

This question arose only after a major step taken by the government of India in the economy:Demonetisation. We are the eye witnesses to the answer whether this change is a turbulent or balanced one. The most important outcome of Demonetisation is digital payment system. We live in a country where only half the population have bank accounts, less than 40% population have smartphones, besides we lag behind in literacy rates in many parts of the country especially our rural population, so thinking of such a revolutionary idea is a colossal task.

But, our government's recent steps taken like opening of bank account on zero balance, launch of bhim app and several other offers on transaction by paytm and other digital payment app have increased people's involvement in digital payment.

The most important question is, are these payments secure and safe enough for every individual of the country among whom most of the people are either new to digitisation or do not feel it's safe to receive or make payments through a digital gateway. But, the country can choose to be cashless if we are able to create a digital payment system which is highly dependent and free of any data breaches. Privacy is a major concern in this technological era which is not given much priority in our country. The whole country is linked to The Aadhar system which is daily in news about its privacy issues. Digital payments require sensitive information of a person's account which ought to be handled with a secure gateway. The need of the hour is to create awareness among people about how to use the digital payment system and also to oust the trust issues among local retailers and rural people. A good governance and development in technical field is required to create a robust system which is secure enough for the people of our country to go cashless.

Hello friends.

According to my point of view, digital payment is not secure enough to go cashless. There are many sectors where people face problem first Indian government have to work on those sectors then go fully cashless. Like.

1- Indian government first educate those people about online transaction who lived in village and don't know the even if how to operate android phone.

2- And second problem is that network issues, in India people face network problem even if in outer of big cities. Now people using 4G network but there are number of villages in India where even if 2G network are not available and there are no. Of villages where electricity is not available. First govt. Have to work on this sector make available of network and electricity.

3- Like PAYTM, Freecharge and other online transcition apps during transction server problem occur and many times balance has deducted from the account and payment failed message shown during transaction first govt. Make plans to overcome this type of server problem.

4- There are 70% of Indian people live in rural areas where people do not know the use of simpl ATMs so that first govt. Make plan to aware those people about online transc. By campgin.

We are the youngesters of our country and we should help those people who do not know about the online transc. Because if Indian economy become digital then 90% of corruption washout from the Indian economy and this will help to increase the GDP of our country. We should support our PM Narendra Modi to make our country digitilize and help atleast 10 people by giving them knowledge about digital payment.

Hello.

In my opinion, making Indian economy cashless could prove to be most efficient and accountable step. But directly going for it could be the worst step. As we all know our country has a wide population and different classes of people. And the majority of them are rural and backwards communities, who don't even know what is digital payments. So I think first we must make people aware of it by spreading more awareness among through campaigns and advertisements. Should make them aware about various advantages of digital payments Also, the government must opt the multi-layered security system and should set up more anti cyber crime forums which will trace any type of cyber malpractices 24x7. By this people feel more secured and will come into the online habit and ultimately will go cashless more easily and more securely.

Thank you.

I support digital payment, as in our country most of the wholesalers are not taking money by digital means because they have to pay taxes so in the cash-based transactions they hide their actual sale and pay a less taxes, digital payment will help in tax collection. But most of the population in our country lives in rural areas and they even don't know how to use ATM so by taking this into account before implementing digitisation we must aware people about the mode of payments how to use them. Security is also another concern. As recent ransomware attack put our interest towards security. How much secured is our payment systems?

So to conclude proper awareness programs should conduct in rural areas. It is mandatory for a wholesaler to take payments using POS and proper security measure should be taken.

In my point of view,

Transforming India into a cashless economy is impossible in the present condition of our country. On Nov 8 our honourable PM Sri Narendra Modi announced that RS 500 and 1000 will no longer be a legal tender. The main intention of this move was to make India a cashless economy.

The Majority of our population lives in the rural sector. According to them, cash is the king. They work daily for the running of their lives and also they are unaware of digital payments. The first step in the process of making India a cashless economy is educating the rural population about using the internet, smart phone and transacting through this.

This possible by the active participation of responsible authorities and the govt.

They have to introduce different schemes for Making this a reality.

Next is the security problems of digital transactions. We can't ensure that digital payments is more secure than making payments by cash physically.

Even our metro cities are also becoming preys of hackers. First of all strict measures should be launched to ensure the authenticity of digital transactions and security.

Govt also launched initiatives like PMDISHA, BHIM app for making India a cashless economy. Rather than introducing these types of initiatives govt needs to ensure the security of the digital transaction.

Thank you.

A few pointers missing above in support of cashless economy are;

1) Cost of printing the currency (Raw material, machines, human resources)
2) Transportation of the currency (logistic cost)
3) Downtime of the ATM for uploading currency (Cant ignore human efforts in this)
4) Installing ATM's and their maintenance cost (Capital cost and variable cost)
5) Limited currency types in ATM's (Issue with the change)

Good Eve guys.

As the topic is that digital payment secure enough to get our economy go cashless I wanted to say The digitalization is the innovative idea brought up in India. Accordingly It is secure too as the large amount of money we carry over and fright of loot is not there. And moreover there is security given at the time of transaction. And we can transact at any place and any time. No doubt the concept has became famous and is implied many places now a days like Auto ricksaws, Laari vala's etc. But still there are lot of people not using it. The most important factors are illiteracy and ignorance. People of old age or rural people or money lender etc they don't have literacy how to use it and so they don't know benifits and hence they ignore telling that this modern techniques doesnt suits us. The mindset of this people should be change. Literacy of cashless should be more wide then it is. Though government is doing its work still it seems that there is more bridge to cover.

Second problem is security levels. Yes we may use digital mode for payment. Still we are afraid of it and yet it is not that secure as it has to be. The hackers are always ahead. The system should be more secure.

Hence the digital payments are secure but the level of security should also be increased. And secure payments is not only the factor for getting economy go cashless but other factor like literacy of digital payment etc are also factors for economy to go cashless.