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

Congratulations everyone for having very stern noteworthy opinions.

Going cashless is definitely a laudable step by Indian govt Let us just take it as a means of educating our "so called yokel" population which you feel is not sophisticated enough to grasp the know-hows of cashless economy. You tell if not today then when are you going to suggest it? In 2050 by then rest of the world will be way ahead of us to catch upto them. We along with remote area people will be able to transact cash in a flash isn't it so convenient. We can just take it like atms there must have been a time when atms were introduced at that time it was not that appreciable but now even labour workers use it. It will blend in the routine once we accept it. Alright if its credibility is a question you feel its not credible enough then is cash payment secure ?does it not face the heat of corruption? it definitely does, so instead of reverting back its better to adopt a newer system which gives so many benefits like technological advancement, record of all money transfer, reduction in tax theft, no more money laundering through illegal ways, more money in our economy, higher gdp, diminished poverty. Cashless should be welcomed by all for the greater good of our country and its citizens. Its granted that not many have smart phones but cashless will speed up the approach of internet and smart phones In Indian villages. Which otherwise will remain a sluggish process. I don't say it declare it today only but take it step by step and start laying groundwork from today to propel it.

Hello Everyone!

In my opinion, India is heading towards digital payments. The use of digital payments have increased in India in the last two and three years.

But the most important point is "are digital payments secure enough for the Indian economy" I think still there are many things to do in order to make digital payments secure enough to go for a cashless economy. Although, there are many security features in place while doing digital transactions. However, in recent times we came across many breaches, thefts, and frauds. So it can be said the use of digital payments/platforms does not secure enough so far.

In India, most of the population lives in rural areas and they are not confident enough to lose their hard-earned money to waste. There is no doubt about it that internet connectivity has reached every corner of the nation but there are lots of elderly and illiterate citizens of the country who are not aware of the functionality of digital payment modes. The lack of awareness is due to two main reasons.

1. Lack of awareness.
2. Highly secured digital platforms.

I think the above two reasons contribute a lot. These are restricting to the Indian economy going fully cashless. In cities, peoples' literacy is too good to understand the benefit and need for digital transactions. On a daily basis, we see a lot of Apps are providing a very good offer for doing online transactions that encourage people to be part of digital payments.

So, in conclusion, we can say India is not ready to go for the cashless economy at present.

Yes. Digital payments are secure enough for the Indian economy to go cashless.

Keeping in mind the competition between banks to proliferate its customer, they provide many banking facilities. One of them is digital banking which includes internet banking, Debit/Credit card, wallet or banking apps, USSD and Aadhar payment system (upcoming). These all are very secure.

For online transaction using internet banking, it has to go through various steps verification like security questions' answer, transaction password and OTP (sent to RMN With bank Account). This makes the digital payments resoundingly secure.

For payments using Debit/credit card also one has to produce 16 digit card number, expiry date of the card, name of the card holder, CVV (3 digit card verification value) number and One-time password or ATM pin.

But Debit/Credit card payments are not much secure when one lose the card and if the founder knows the pin he can make purchases by swapping with merchants. To fend off this problem banks provide blocking of the card at a phone call distance.

Mobile apps and wallets are also secure because one has to provide login pin and UPI/transaction pin to complete digital payments. Such apps also provide QR code to get the details of the payee at the ease of scanning to assuage the input of wrong details while filling the details of the payee.

Digital payments are secure also because it sends you the transaction details immediately on the mobile through texts and to emails preventing the misconceptions between two parties.

Yes, definitely digital payments secure for Indian economy to go cashless but not enough. Seeing various problem occurring due to paper economy our government focuses more toward cashless economy. There is terrorism activity occurring in our country which has also direct relation with fake currency. Which is biggest danger. Our some politician and some officers have black money. This is also problem for developement of our country. Money laundering and stealing of money and many more problem maybe avoided by cashless economy. But to go for digital payment to solve above problems people of our country must have be educated and illiteracy rate of our country is low and our government is doing good for education system but administration is not well. People who go for digital payment whether they use INB online shopping or payment through any wallet, people should have literate so we must have to work for our education system for cashless economy.

One more point even being educate people afraid to do online transaction that whether their money may deducted more account may hack by some one so to resolve above pbm government should make awre by advertisement and awareness camp.

One more problem to do digital payment is availability of internet and smartphone. Many people of our country even being educated are still unemployed. They don't have money to internet recharge and purchase smartphone so to make whether digital India plan or cashless economy we have to provide more job to the people.

Yes, Digital payments are secure enough for the Indian economy to go cashless.

Advantages of digital payments are.

1) paperless.
2) queueless.
3) online payment for essential need like EP, Property and Water Tax, Insurance renewal paymnts, etc. , and online shopping helps us to save time and money.
4) reduces corruption if this digital payments are made mandatory in all the state and central government sectors.
5) reliable security provided by the service providers to make digital payments. (through OTP/Grid numbers/Email confirmation/Hardware token).
6) People are encouraged to use digital paymets by offering discounts.
7) blackmoney can be eradicated if digital payments are made 100% available.

Disadvantage:

1) only Educated people can avail this digital payment option.
2) illiterate people cannot use this digital payment.
3) some of the shops/gov sectors are still not upgraded to use digital payments.
4) if credit/debit card lost that troubles us.
5) still Bus and Train transportation payments not digitised 100%.
6) court fees payments are not digitised 100%.

Overall digital payment options is very useful for the educated people who know how to use it, whereas illiterate people may not be able to use this digital payment. Training has to be provided to the uneducated people in order to make them to use this option. At the same time, each and every citizen should take it as their own responsibility to help uneducated people to educated how to use or help them to use this option.

Well, the two basic necessities to go cashless could be -.

1. A smartphone.
2. Awareness or the knowledge to use it.

The first one has already been accomplished to a point by JIO. With the attractions that it gave for literally no cost, made many to upgrade from there "keypad phone" to a smartphone. In a country like India where we need huge celebrities like Mr Amitabh Bachchan and Mr Akshay Kumar to tell us to use proper sanitary facilities, I think this upgradation that Jio made us do was a milestone.

The second milestone left is now the knowledge to use that phone. !

As far as the topic is concerned, I'd say India has already begun its walk to go cashless one day. From every little to a massive vendor. 'Paytm' is a constant. This indicates that at least the new generation is already in a phase to go cashless. And why not, it's actually pretty convenient not to forget our phone than cash when heading out. It has obviously made things easier.

Online transactions are pretty secure but with some conditions applied*.

These payments are to a point very secure if used properly. Anyone with even 60% knowledge of how to use online transactions would never be robbed or hacked. It's the people with no or very less knowledge who falls into the trap.

The problem is not with the security of these payments but with the knowledge to perform them.

So what we need is. To impart knowledge to the elders and teach them the way to use it With this. Not today but soon India would go cashless.

Going cashless is definitely a laudable step by Indian govt Let us just take it as a means of educating our "so called yokel" population which you feel is not sophisticated enough to grasp the know hows of cashless economy. You tell if not today then when are you going to suggest it? In 2050 by then rest of the world will be way ahead of us to catch upto them. We along with remote area people will be able to transact cash in a flash isn't it so convenient. We can just take it like ATMs there must have been a time when ATMs were introduced at that time it was not that appreciable but now even labour workers use it. It will blend in the routine once we accept it. Alright if its credibility is a question you feel it's not credible enough then is cash payment secure? does it not face the heat of corruption? it definitely does, so instead of reverting back its better to adopt a newer system which gives so many benefits like technological advancement, record of all money transfer, reduction in tax theft, no more money laundering through illegal ways, more money in our economy, higher GDP, diminished poverty. Cashless should be welcomed by all for the greater good of our country and its citizens. Its granted that not many have smart phones but cashless will speed up the approach of internet and smart phones In Indian villages. Which otherwise will remain a sluggish process. I don't say it declare it today only but take it step by step and start laying groundwork from today to propel it.

Yes, obviously this is a great step towards shining India. It can prevent tax evasion. Many businessmen hardly disclose their actual Income and don't pay accurate tax and this leads to a weak economy. Recent implication of GST will bring transparency in Indirect tax and digitisation will bring trustworthy in the Direct Tax system. If India becomes fully digitised the inflow and outflow of money of every individual will be easily tracked with the help of Adhar Card and Pan Card so every income will be tracked and taxed easily wich will improve government fund for development. We will never feel the need of foreign investment for India's growth.

Not only the tax transparency but also it will help the honest people to go on. Illegal transactions such as terror funding, underworld transaction, bribe, etc. Can't be done as all transaction will be monitored.

India will be one of the world most powerful country.

At the last but not the least I would like to state as per light of above-mentioned facts that digitisation is no doubt a considerable and important step which is appreciated by several international organisations and individuals including The World Bank, IMF, and ADB etc. This initiative has ignited a light of positivity in the heart of citizen in particular among the young stars which will create a positive neuropathy and will result in a rapid cycle of growth. The whole country will flow by the stream of prosperity, wealth and peace towards a bright and shining future.

Hello Friends,

Yes, The digital payment is secure. Because of all of payment gateway sites saving your information as the encrypted format so hackers can't be hack easily. Even all payment gateways not using the same server to save user data. But sometimes if the user doesn't have any idea of digital payment then first he needs to learn this. The most benefit of digital payment is you can save your time and some websites providing cashback options so we can save money also. And most important to know everyone about your OTP, some application automatic reading your OTP from inbox message and inserting those applications so avoid this functionality that can be fraud. Don't give any ability to read our third-party OTP like from VISA/MASTER CARD/AMERICAN EXPRESS.

The following points indicated the improvements of digital Payment:

* If we go in the past year 2015 we can see the ratio of online payment is like - Online Payment 20% - Offline Payments 80%.

* If we go in the year 2018 we can see the ratio of online payment is like - Online Payment 60% - Offline Payments 40%.

* If we will go in the year 2022 we can see the ratio of online payment is like - Online Payment 90% to 95%- Offline Payments 10% to 5%.

So for bankers need to think about villages because of the peoples who are living in small villages they don't know about cashless applications. So for bankers need to Install some small many banks in small villages.

And Yes, that will be done in coming few years.

Hello everyone,

Digital payment is the most important factor these days for money security purpose. By digital transactions, people have no need to go in the bank and stand in queue for a long time, so here I would like to share some pros and cons of digital payments.

Pros:

1) Digital payments is the method to pay money to any person or vendor via different apps with the help of the internet.

2) Cashless economy is a dream project of the current govt, by cashless economy govt, has a record of every transaction of every citizen of India so it will be fewer chances of corruption.

4) With the help of cashless transaction no need to carry lots of money in the pocket. No worry about lots of cash no worries about looting.

5) It seems beneficial for bank workers to do work in a more proper manner.

Cons:

1) India education system is improving day by day but right now there is also lots of loop holes in education because without knowing about the cashless economy we can't aware of people about these things.

2) However there is always some fear in the mind of many persons about the security of a cashless economy.

3) In backward areas there is a proper facility of electricity, water facility so how we can imagine a beneficial cashless economy.

4) Eventually govt has to improve internet connectivity in every small village and city and also spread awareness of a cashless economy.

5) Via digital payments lots of frauds doing fraud with innocent people and poor people.