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

Hello everyone,

Digital payment and demonetization are good initiatives those have been taken by the Indian government which is highly enough for the Indian economy to go for cashless up to an extent. But this initiation has both advantages and disadvantages.

Coming to advantages:
If we have any urgent payments, we can go for digital payments which are highly secured. People don't need to stay in long question for a long time and they will feel that they are safe from robberies. Some people are thinking that if these digital payments are implemented unemployment will increase to the great extent. But in my opinion, this is absolutely incorrect why because if the Indian govt makes this digital payment is mandatory, it has to make more facilities for implementing, in the form technology which needs employees for making transactions. , make our payments secure and fast. In our country most of 80% population is in village areas only. Most of them are uneducated and they don, t how to make digital payments. To make them comfortable with digital payments govt has to recruit more people to teach them about uses, securities, benefits which will take huge time. By this, people will get an idea about the use of education and they make their people educated which will also increase the employment. See every aspect is interlinking and developing our country and employment. Coming to security, nowadays IT industry is increasing and various software technologies are coming to use. Some people are using hacking software to make money and govt is trying to control these hackers by tracing transaction paths. Govt has implemented more technologies like taking thumb impression and sending OTP to the registered phone numbers. Like this we can make our transactions more secure. Time will be also saved which is a valuable thing.

Disadvantages:

If the govt failed in implementing right steps, it is the absolutely unnecessary thing to make digital payments. Our transactions will not secure. Rural people will fail to make the transactions by digitally, unemployment will definitely arise. People will feel insecure. Rural people getting 100rs, 200rs as their wages in the form of cash only and they spend for their daily expenses in cash form only. So digital payment method is not used in villages.

If have to conclude this, for example, in long days back, people were sending money, posts by post offices. It was taking a long time to reach there. But after some years email has come in place of the post to make quick sending, banks have been invented for money transactions. All these take some time to become easy with proper training and by the use of well-defined software technologies. Like this, the digital payments will be implemented by providing proper resources and technologies which intends to demonetization in India.

According to me, being the cashless country is good step to remove the corruption from our society and helping. Our country toward the developed country. But there is the most important act is made India educated to use the digital payments system as hacking and stolen money from their account are increasing day by day. Indian govt Should provide the facility to make everyone aware of how to access this system. But it's not the responsibility of only our govnt its our too. In every family, 1person are educated they can be thought their family member how to use this system. It is our responsibility too.

Alright, let me vent on this topic straight.

"YES! Digital payments are to a pretty good extent secure enough for our daily transactions" but with some CONDITIONS APPLIED. There are some basic privacy set ups or some guidelines to be followed, there is a procedure to perform, if done rightfully it is not very likely to be hacked by anyone. The problem here is that we (as in the people of India) have trust issues, due to which we do not even want to get hold of a new technology or anything alien. People do not want to get out of their comfort zone, but we need to. Because moving ahead with new technology is basically progress. I mean, if we talk about ATMs. Frauds did occur with those as well. They still do. But did we stop using them. No. Right. At least the failure rate of digital payments is much lower than that of ATMs. We need to accept the new birdie in town with the same mind set.

I indubitably believe that in a country like India where we need huge celebrities like Mr Akshay Kumar or Mr Amitabh to teach us to use proper sanitary conditions, here trying to lure the people to upgrade to a smartphone from a "Dabba phone " was a huge milestone achieved by JIO.

Now, the only thing left is- The proper knowledge of how to use it and be secure is to be imparted to the users. Especially the new ones. Maybe not now, but once all the tiny its bits are achieved, soon we'd go cashless.

Hello everyone,

In my opinion, digital payments are not enough secured why because they are two things we should consider in this topic.

1. How many percentages of people are educated?
2. Security.

Coming to first thing in India they are cities and villages in the case of cities we no need to bother but in case of villages, they can't be able to do these digital transactions so the government should bring more camps to bring awareness and educate the people in villages. Coming to the second topic some apps are secured and some apps are not secured for example Tez and so on, we should also take into point that when transactions are processing if they are any disturbances in net the money will be debited from our account but it won't get credited to whom we are sending, if in small situations ok but in an emergency case and also while sending the large amount definitely it can be hacked by some other person and assume if it is not hacked the money will be returned after 6 or 7 days these days who will fulfill the persons need. In the case of educated people they can manage but in case of village people, they may face difficulties so in my opinion, India is not ready for these type of schemes to amend this still India need to increase the security level and more awareness camps.

I think digital payment is a great concept which will help our country a lot to proceed on the path of becoming a developed nation. It has both pros as well as cons but if we compare these I think pros are more. All the transactions performed digitally helps to save a lot of time and these are transparent and traceable which helps to overcome the problem of black money. The only challenge is spreading awareness about their use among the backward areas. Help centers should be established which can assist people on how they can get benefited with the help of digital payments. Coming on to the security part hackers and intruders will find their own way, the risk can just be anticipated and not just completely eliminated. The only thing we can do is just use trusted sites and software for carrying out the transactions.

Hello everyone,

I am Gargi, in my opinion, In India, it is not the right time to go for a cashless economy. There is some strong reason behind this.

First of all, there are many online websites where they save personal information about the customer like location, contact info, card details. And most of its customer is not aware of that. There is always a data breaches news in media. Recently, that happen with Bigbasket, an online grocery shop. Secondly, In Indian, Aged people and are not that much friendly with digital interference, most of the time they need support from other family members to use a smartphone or make a call. In a case like, if an aged person lives alone in the house, it will be difficult for him/her. In a low-income group, their life depends on daily wages, so, it will be a problem to pay a small amount of money to someone.

Most of the rural areas have an uneven internet connection, so, there is a possibility of being failed in a money transaction. Also, in tribal areas, most of the family have no bank account. And, in the COVID pandemic, there is too much cybercrime related to digital payment or others.

So, in my conclusion, I want to say that there is a need of proper infrastructure and security for implementing the economy cashless.

And Thank you to all of you to drop my opinion. Thank you.

I would like to differentiate both the scenarios in order to showcase my point of view. Cash in hand make it easier for all to know what we are spending how much we are spending and to whom we are sending and to verify instantly that the person is receiving the same.

Whereas, If Indian economy go cashless with the help digital payments method it can't be 100% secure. First of all one should have the the knowledge and technology as well as proper equipment in order to opt this method.

I would like to tell all of a story in brief. My school opt this method of digital payments and all the parents's are told about this transaction method and many opt it. After a few days the news came out from the school that they are not receiving the money that parents have already paid for there pupils. Some hackers have hacked the schools transaction process and have robbed. In this case, what do you think can be questioned? Security right? but, the schools says it was secure.

Digital payments undoubtedly made it easy to carry your bank with you any where and everywhere. But, it is not 100% secure and can be gibberish for many citizen of India.

Today our India is a developing country and gradually increases the digitization especially in case of payment method. We need not carry our passbook or other relevant papers to bank. We also need not to make a queue in order for savings. This digital caseless method gives us an enough advantage related to payments. It denotes value and literacy to India. We can send money or make a transaction by clicking just one button from our mobile app like phone pe, paytm etc.

It gives us fast transaction, reduces threft, saves time etc.

But every system activity has advantages as well as disadvantages. First, we want to give attention to illiterate people who don't understand about the policy or rule of the transaction or even English languages. To overcome this problem they who are regular in this system need to aware how to update themselves to a cashless economy. Then it will be beneficial for them.

Second is that. Lots of people claim themselves as a cheated by someone or some company after the transaction. Because they do not take a precaution or aware during the transaction. They have to follow the rule and regulations of the bank or other sectors in cashless payment transaction method.

The Third is, our cashless payment method is not completely secure as lots of attacker presents in the world with a bad mind. So pay attention to the transaction.

If we overcome these 3 problems then India will be ready to go cashless.

Yes, I agree with this. Day by day we can see that corruption in our country increases rapidly. This is the major problem for development of our country because corrupted people are not paying tax.

Every year government has to take money from world Bank as a borrow, this will down our country position in GDP growth.

If digital payment will implement in our country then it will reduce corruption as well as robbery.

Carrying large amount of money is a difficult task so digital payment is secure enough.

There is no need of paper for note printing so this will saves tree in future.

Hello Guys,

Very good evening to all of you. This is Kunal Aryan. First of all, I would like to thank "Indiabix. Com". It's a platinum opportunity for me for Discussing this topic you with all my dear friends.

According to my point of view, I most welcome Digital payment system in our country But most of merchant/whole seller don't accept digital payments. Everyone knows that in the digital payments there is transparency of the transaction as per income they have to pay tax. They can't hide original income to the Government Those people who don't want to pay tax. They make excuses that I don't understand "How to use mode of digital payments Or For the security purpose".

Whereas, in reality, they don't want to pay tax according to their income. Our Government Has already launched a TV Chanel named "DIGISHALA" by the ministry of electronics and IT Ravi Shankar Prasad.

This channel provides a complete knowledge about "How to Use mode of digital payments" in Hindi, English & Reginal languages too.

According to a report in The U.S.A around 95% transaction happened in Cashless payment. So we should also promote this in our country. I think its a very safe mode of payments. No need to withdraw the cash and fear of loot on the road or anywhere.

That's all. Thank You Very Much To all Of You :).