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

It is definitely true that the world is now moving towards being cashless and being one of highest growing developing economies of the world, India has to follow it. Now there are plethora of advantages in going cashless such as.

-Time saving.

-Significant drop in corruption.

-Can be accessed through mobile, no need to go to banks to name a few.

Having mentioned the advantages my only concern is that how secure are the digital payments options that we have. We can transact cashless through apps like Paytm, freecharge and even apps of some banks but the question is how secure are these transactions because with these apps we are virtually carrying our bank accounts in our mobile.

Yes, the Cashless economy is a must for India to grow and become digital savvy. Easy accessibility of fast internet and education about digital tools like BHIM app, PayTM and others is very important prerequisites for all the Indian citizens. This will help the highest penetration of digital payments in our day to day life. Post demonetization, we've seen a big leap of digital adaptation and those who still didn't adapt it will be left behind and won't survive nationally as well as globally.

The other important factor is secured and encrypted digital transactions assurance by the government and consistent efforts to review and monitor the digital security of payee and payee's data.

Yes, digital payments are secure transactions. It plays a main role in development. It ways a path to control block money and it controls the fake notes. Online transactions help to easy way of transactions. Exchange of goods also increases more. But in some cases, this not correct because the attitude of one individual on money decreases why because the mode of payment is different. Exchange of money by hand is valuable than digital trans. It helps banks to get a correct input and outflow of money. Taxation developed by using digital transactions. In most of the banks, there is no clarity of tax control so the digital transactions plays a key role in controlling the flow of money.

Hello friends,

In my opinion, going cashless is good enough for increasing the economic condition as well as reducing the time taken to do a job related to money but the thing is we are in the age where in some places people's still don't know how to use Facebook, then how can they do things like online transactions Moreover in most of the places banks are also not available, peoples don't use banks to keep money due to unawareness then how can going cashless work there.

So, from my side conclusion would be that it's well and good to apply cashless transaction everywhere but before that people's need to get aware of that things, and also it should be easily reachable to everyone.

In my opinion, Digital payment is not secure enough to go cashless at present but it might be in near future.

It is not secure at present because there are various issues that need to be addressed like cyber security and awareness of digital payment among villagers. At present in villages, most of the people transact by cash and without them, we can't think of a cashless economy. We need to educate them about technology and digitization. But at the same, we could we secure enough in near future as the government is promoting cashless economy and recently launched BHIM and UPI for a quick transaction. We have witnessed that cashless transactions have increased after demonetization.

First of all, I would like to say that yes going cashless is good for India but only for some part of our country. Although it is a good approach to develop the country but in rural areas where people don't have money to eat food properly, how they contribute their part, how they get to know to use the internet and all the development which are taking place. So the first thing is that for making cashless to our country Government must take some hard decisions in favour of rural area's people. After that they come to security issue to make sure that all transactions should be safe. Even though going cashless is a good approach for urban areas to save time and to make mental peace.

According to my opinion, It's the not the perfect time to introduce cashless scheme in India. May be it has more impact on Indian economical developement but for common man it's too hard to manage. We all know that, there are more illitirate people are living in rural area. Even they don't know how to sign in a required one. Thumb is their only proof for any officials. If they want to buy a fish from their village fisherman. Then it will be more difficult to both of them to manage as they don't know what is going on in digital system. Indian will develope automatically and all digitalized schemes will be applicable, when the literacy rate in rural area will impove significantly.

Yes, In the prior days days, it is difficult and time consuming action to perform a transaction as one has go bank and do the transaction but now performing a transaction is just a matter a few minutes. It is because of the development of many applications which are user friendly. When we consider security it is good because when ever we are doing a transaction an One time password is sent to the registered mobile number. But only this is not sufficient to be more secure because now a days hacking and social engineering has been considering as the major problem. So all must be educated well enough that important details regarding to transaction must not be shared with anyone.

Hello everyone,

When we discuss about digital payments in india, basically two things are comes in front of us.

All people thought about llitrate & illitrate but my pint of view only one facter is important that is awareness, if anyone is aware about his/her account no one can hack his/her account. When we talk about urban areas there are some problems if government aware to these people by social media, tv, seminar help centre & some develpoment like electricity, net speed. Etc then PM Modi dream 'Digital India ' will be sucessfull easily. There are some diffculties are face in beginning but after some time its very easily and venificial for Indian economic groth.

Hi from my point of view digital payments secure for the Indian economy to go cashless there's so many advantages of online transaction because due to online transaction our government can access every single transaction detail of individual that's why there is no fear for black money instead of that there is some disadvantages if we go cashless then we vulnerable to Cyber world hackers can get a lot of money from any account of individual or from any institution but it is quite impossible to get directly from Bank or any other financial institution one of our friend tell that our country did not spent a lot of money for decrease the cyber crime as compared to other country.