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

Hi.

In my point of view, the digital payments are not secure because in rural areas there are so many illiterate people are there in rural areas and hackers hacking easily there is no security for digital payment.

Yes, digital payment secure enough for Indian Economy. But its very much challenging too. As India is not fully literate country most of the population are afraid of loosing there money because they are not aware of the end to end process. They are not aware of the pros and cons of digital payments. How economy will be benefited by being cashless? how transactions will become smooth? how to access those apps etc. Etc. Due to digital payments queues will be reduced in every commercial stores like medicine, ticket counter, bus counter etc. Digital payments can track spam payment requests, international & national transactions as well.

Yes, I do agree that digital payments are secure enough but only for the people who are tech savvy and have access to the internet and also knows how to use it. Previously, there were only few regions in India where people had access to the internet, but as we all know that India is growing towards digitalisation and now almost everyone has access to the internet so if the digital payment is promoted now it can be very helpful in making Indian economy cashless.

In my opinion, security about digital payment is not faithful in many situations like due to many reasons in India viz.

1. Due to the lake of literacy in a rural area and in some parts in urban.

2. Not strong cybersecurity.

3. In many cases, people get fooled by fraud calls from banks and other financial organization.

So all these drawbacks must be rectified by Indian gov. So that people should trust in the digital payment system.

Hi,

According to me, yes it is good to go cashless, but gov should promote such things in a high level that everyone must be aware of the benefits, most of the rural area people are still unaware of such things due to less knowledge and awareness. We can say it is secure but only for educated people not for everyone, gov should start campaign in rural area and promote learning and knowledge related to this.

To make it secure the best way is to keep this cashless platform in limit and less privatize.

Hello friends.

Digitalization is good for a corruption free nation. If we make it possible many of the problems will be solved out. So it is a necessary thing.

But security is also important as well as digitalization. So firstly aware peoples with use of online payments, billing, etc. How a man do secure payments how he save from frauds?

Hello guys. According to me, it's very good for our country but it will take more time to reach everybody like still there no service in some villages.

Hello everyone.

I think there should be a balance check on the cybersecurity that means people have to be more careful while doing the online transaction and on the other side government should take a necessary step towards the same.

There should be a proper authentication on every activity and for that people have to be more aware of the system. And by coming years I think there would be less cases of cybercrime.

Thank you.

As per the basic definition of governance, it must be transparent ie when we make transaction cashless it would be under the supervision of bank and government so that government can track and impose a tax and vandalise the parallel economy as there is only 3% of the population pay taxes. But the thing which here concerned is that cashless transaction is only limited to certain urban people. Moreover, the government should focus for the cybercrime as some people are very less aware of that. A strong safeguard and IT professional should be there to avoid such crime and strict laws should be assigned.

"India is country of villages". Many people in India are below poverty level (BPL). Many people are illiterate they don't know about digitalisation and internet security. Today digital payments are best way to achieve India's big aim "digital india" but this is not very much secure nowadays. Cyber crimes are very much popular in this digital field. Government should take action regarding cyber security.

Nowadays, buzz word "cryptocurrency" is very much spread in the digital market. There is no control of central authority in cryptocurrency. So it is the best way to make digital payment more secure.

Thus, India government should give permission for cryptocurrency to make India more secure.