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

As we all know digitalization of Indian economy is the need of the hour but the question is that are we ready to take such a big step in the present scenario of the country. The country where a huge crowd is a steel below the poverty line, where illiteracy stills prevail on a mass scale. The fact is that digital economy is good up to a certain limit. It has its advantages and helps in a lot of situations but the complete digitalization is not possible at present time. Many people are still there who are not even aware of the cashless payment like things. So, it will take time to the other countries for implementation and will be possible only in the recent 5 to 7 years.

Hello, friends.

With these large developments in technology, I believe digital payments are much better and easier option. Since your work is done in less amount of time as compared with you as an individual traveling to different places to pay your bills, place an order, etc. Just like the two sides of a coin, here too there arises a problem of a threat to security. Then the question arises how much you can trust the online sites which need you to place your account details with them. Increase in a number of security threats, cyber attacks have just added on to the dilemma. So I would like to conclude by saying that Indian economy is not entirely ready to go cashless.

There is nothing like whether it is secured or unsecured. It depends on how you execute it. It will be secured and successful if we plan well and execute well. There are many drawbacks of digital payments like security fraud, data theft, hacking, etc. But this drawbacks can be overcome. Firstly we need to educate poor and uneducated people about this and spread the knowledge throughout the country because we people know how to use it and how to manage it. But those people don't know. They find it difficult. Hence, we need to educate them first. These are some of the small things we need to consider. And then plan well and execute well. And it will definitely work out.

Yes, digital payments is a secure way and a very nice step of Indian government to go cashless. Of course it will reduce fraud, corruption, and terrorism because of the more liquidity in the market the more chances of corruption and fraud. Also, it will save time and efforts. I read all the comments above some are arguing that in rural areas most of the people don't know how to use ATM cards, online transactions etc. So I want to put a single point that only 10 years ago had they any idea about touch screen phones? Nowadays they are using it without any issues. Every good thing take time, so it will also take some time and will be in line even in rural areas.

Thanks.

Hi,

In developing countries like India it may be a mile Stone to go cashless. But nothing is impossible.

Every era has own mode of exchange. From the barter system to modern era.

In initiation stage digital payment system can be stop as earlier discuss such as black money, bribery, thefting, an so on.

Through DPS can trackable and vigilence on every transaction that who is the sender and who is the receiver.

This action will reign who illigaly circulate the money.

But security measures must keep very secure. It can be attacted by hijekers, and confidential data may be leak.

In conclude in every aspect there must a change have great revolutionary result appear.

Hello, everyone.

According to me, digital payments is a better option as there is a fair transaction for the people who are actually loyal. It will eventually lead to greater revenue collection from taxes and high GDP.

A big issue will be making the rural people known to the technology but it can be done at a fast pace as everyone is once a beginner. There may be problems like cyber crimes but it can be overcome by tightening cyber security and taking proper measures.

In a vast country like India with diverse thoughts among people there will be hurdles in beginning but in long term, it will lead to a transparent and strong economy with technically literate people.

Hello, everyone! in today's scenario, digital payments are like a necessary evil. It must be implemented to get rid of the root of corruption as digitally everything is counted and can be tracked. There will be no illegal transaction as everyone will be accounted for.

But the other side of this story is grim. Have you ever thought that details of credit cards which you are adding to the mobile app are safe or not? It's not at all safe. I feel instead of copying western culture similar to that of bitcoins we should enhance our security model and then implement it with a full fledged plan. As things did half heartedly with faded plan are bound to fail sooner or later.

Hello everyone,

According to me, digital payments is a new way forward. In a country where the people are developing and are ready to take on the world you need these innovative steps without worrying about its effect. Digital payments can help people save time and at the same time reduces the complexity of the problem of carrying large cash in their pockets and thus reduces the danger of pickpocketing. I don't think their is any problem in applying digital payments as the mode of payments as long as most of the people know how to do it. People should be educated about it and demos should be organised about how to make digital payments safely and Easily.

Thank you.

As we know, in our country, most of the people are unaware of this digital payments. The government should organize the camp to teach the uneducated people how to make digitals payments. It is secure when the government will make a strong law against cyber crime and also make a high security while processing. The digital payment is good enough for Indian economy too because when we look after the topmost developing countries like USA, UK, Canada etc. They all have digital payments so this is all we need to look after it especially to uneducated people who doesn't know about how to use smartphones, laptop etc these are the sources where we can pay our money digitally.

In India there are many places especially in rural areas where still payments are done with cash, means no digital platform.

Yes, digital payments is secure.

Because whenever you do payment through net you get some transaction id which becomes proof that yes payment had been done.

In the 21th century, who travels with lot of money in his/her pockets simplest way to carry credit/debit card which is safer the travelling with cash.

If by chance your credit/debit card got stolen there's no chance of it being used you can block that card so that further payments will not take place.

If India wants to be "cashless nation".

We really need to focus on our rural areas.