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

Digital payments may not secure enough because the rate of illiteracy is high in comparison to other countries economy and so people do not have proper knowledge regarding the use of such cashless transactions.

If we are talking in context to present Indian scinerio, digital payment is more confined to urban areas. For rural areas digitilazation have to go through a lot obstacles like electricity, internet issues, illetracy ect. India is lack in literacy, so it first hard job to make people know about digital payment, after this we have to make him believe about its security and benefits. As in India people are not so educated so they are more prone hacking. So it's government responsibility for security of digital transaction. Finally, reference to present scinerio digital payment is secured for those who are educated it is insecure for illiterate.

According to me, yes it is a secured method, digital payments do not involve only payments through mobile phones over the internet. As we know, today almost 70 percent of the population is having their debit card or credit card or accounts in banks through which digital payment can be done anywhere via card swipe machines etc. Which are available almost in every shop except a little bit less in rural areas and these payments can be done by illiterate people too as it involves simple and secure steps.

I think digital payments are more secure than cash payments. As cash thefts are more frequent than digital payment thefts. Chances of the culprit being caught are more in case of digital thefts as we have some info such as IP address, mac address. But in case of cash thefts, we generally have no information regarding culprit. Also, digital payments can be made more secure with time which in case of cash payments is not possible. Black money can be completely eliminated if a country became 100% cashless.

A cashless economy is a next step towards under developing to developed country but before it, is necessary to educate about the digital payments in rural areas. To establish a proper networking framework. Prepare strict rules to secure digital payments. When the proper structure of digitalization is prepared in that time India will be converted into digital India.

After going through each of the answers and the topic only thing that kept striking me in my mind was that security is not what we should worry about whether it's enough or not. Talking of Indian economy going in a digital way, the most important thing we should worry for is that whether the outskirts of the cities or the villages where electricity is still not available, can they be digitalised? then comes the question of security.

Not actually, As far as security is concerned. For any digital program to be successful, security must be tight. So that there's is no one to hack the accounts. And the other thing is illiteracy in India, people are not much educated in rural areas to use a digital payments method. It would take time to go cashless fully (not 100 %). But to this, people should be enough educated to use these digital methods. Security needs to be improved. So only people can trust over these digital transactions.

We cannot say it secure enough but yes they are secure up to some extent because using of digital payments at each stage of daily life can cause security threats and also some of the areas of the country still don't have the facility of electricity yet, in this situations digital payments are impossible to implement there. But for metro cities and big town digital payments are secure enough for the use of people who actually can take care of not being a part of frauds.

According to me, no system can become 100% safe and secure ever. It's because as system get improvement it becomes vulnerable at the same time because of there is some flaw which becomes the opportunity for the hackers. So according to me, there must be a robust system which can detect the breach in the system and takes necessary steps. Prevention is always better than cure.

Yes, It is true at the level of the youth generation, but when we talk about backward areas or consider old age people then they are not suitable for digital payments. In new generation know how to use it and what we can do for our own security but old people can't handle it.

If we want to India will make digital then first consider on our older citizen and must be improved everyone at a child level when a new one comes on earth.