Are digital payments secure enough for the Indian economy to go cashless?
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2111 comments Page 7 of 212.
Sandeep kaur said:
11 months ago
Hello, my name is Sandeep,
From my point of view, digital payments are good and bad for some reasons, so I am explaining that in such way as the advantages of digital payments are:
1. We don't have to go to banks and stand in line for hours to get our money or to do any transaction etc. we can save time and send anyone money any time.
2. By using digital payments we don't care about pick pocketers as they don't have any chance of pickpocketing digital money.
3. Transfer money within seconds who use digital transactions.
4. We have proof of transaction.
5. We can do transactions without meeting face to face.
And so disadvantages are:
1. Online fraud is increasing day by day so losing money digitally doesn't have a chance to recover it.
2. UPI apps deducting money which is not done in cash transactions.
3. It's very difficult to adopt by illiterate people as they don't know what is this digital transaction.
4. When the server is busy we cannot do the transaction digitally.
5. If we lose the mobile then it's difficult to recover even the mobile so no chance of doing the transaction digitally in this case.
So, the topic concludes that if the government want to do cashless India then they should focus on illiterate people as well because the ratio of illiterate people is 60%.
So, if the government want to adopt digital transactions then they must educate illiterate people through sessions so that they cannot lose their money by using digital transactions.
From my point of view, digital payments are good and bad for some reasons, so I am explaining that in such way as the advantages of digital payments are:
1. We don't have to go to banks and stand in line for hours to get our money or to do any transaction etc. we can save time and send anyone money any time.
2. By using digital payments we don't care about pick pocketers as they don't have any chance of pickpocketing digital money.
3. Transfer money within seconds who use digital transactions.
4. We have proof of transaction.
5. We can do transactions without meeting face to face.
And so disadvantages are:
1. Online fraud is increasing day by day so losing money digitally doesn't have a chance to recover it.
2. UPI apps deducting money which is not done in cash transactions.
3. It's very difficult to adopt by illiterate people as they don't know what is this digital transaction.
4. When the server is busy we cannot do the transaction digitally.
5. If we lose the mobile then it's difficult to recover even the mobile so no chance of doing the transaction digitally in this case.
So, the topic concludes that if the government want to do cashless India then they should focus on illiterate people as well because the ratio of illiterate people is 60%.
So, if the government want to adopt digital transactions then they must educate illiterate people through sessions so that they cannot lose their money by using digital transactions.
(7)
Bishal said:
7 years ago
Hello everyone,
I hereby want to mention that till now India isn't ready for a cashless economy, i.e. digitalisation. As because we all know about the software market now, which is being increased incredibly. If one can create history, he can destroy it also, likewise hacking of digital payment application is not so far. On the other point of view, due to unawareness of digital system in all over India, it is impossible to step towards a digital economy.
The Internet is not spread throughout India, so it might cause difficulties in this step. One barrier or fluctuation of the Internet may make a person wait a few days to get back his money back in the digital system.
Consider the case of physical handicrafts, means blind people, they usually make their transaction by touching and recognizing money. So if India will be digitalized, it will be difficult for them to survive.
When someone goes to any relative's house or they come to you, usually one thing normally happen in India that is elders usually give some penny to the children, which makes them blissful. If India will select the digital economy then there appears some missing of that situation.
Finally, I want to say the things that it is not impossible to make India digitalized in the case of economy. But before thinking about this, the curriculum should be made like that in order to avoid the difficulties in the future. Or else lots of problems will appear due to a small wrong step.
Thank you.
I hereby want to mention that till now India isn't ready for a cashless economy, i.e. digitalisation. As because we all know about the software market now, which is being increased incredibly. If one can create history, he can destroy it also, likewise hacking of digital payment application is not so far. On the other point of view, due to unawareness of digital system in all over India, it is impossible to step towards a digital economy.
The Internet is not spread throughout India, so it might cause difficulties in this step. One barrier or fluctuation of the Internet may make a person wait a few days to get back his money back in the digital system.
Consider the case of physical handicrafts, means blind people, they usually make their transaction by touching and recognizing money. So if India will be digitalized, it will be difficult for them to survive.
When someone goes to any relative's house or they come to you, usually one thing normally happen in India that is elders usually give some penny to the children, which makes them blissful. If India will select the digital economy then there appears some missing of that situation.
Finally, I want to say the things that it is not impossible to make India digitalized in the case of economy. But before thinking about this, the curriculum should be made like that in order to avoid the difficulties in the future. Or else lots of problems will appear due to a small wrong step.
Thank you.
(5)
Urvi Parekh said:
8 years ago
Good Eve guys.
As the topic is that digital payment secure enough to get our economy go cashless I wanted to say The digitalization is the innovative idea brought up in India. Accordingly It is secure too as the large amount of money we carry over and fright of loot is not there. And moreover there is security given at the time of transaction. And we can transact at any place and any time. No doubt the concept has became famous and is implied many places now a days like Auto ricksaws, Laari vala's etc. But still there are lot of people not using it. The most important factors are illiteracy and ignorance. People of old age or rural people or money lender etc they don't have literacy how to use it and so they don't know benifits and hence they ignore telling that this modern techniques doesnt suits us. The mindset of this people should be change. Literacy of cashless should be more wide then it is. Though government is doing its work still it seems that there is more bridge to cover.
Second problem is security levels. Yes we may use digital mode for payment. Still we are afraid of it and yet it is not that secure as it has to be. The hackers are always ahead. The system should be more secure.
Hence the digital payments are secure but the level of security should also be increased. And secure payments is not only the factor for getting economy go cashless but other factor like literacy of digital payment etc are also factors for economy to go cashless.
As the topic is that digital payment secure enough to get our economy go cashless I wanted to say The digitalization is the innovative idea brought up in India. Accordingly It is secure too as the large amount of money we carry over and fright of loot is not there. And moreover there is security given at the time of transaction. And we can transact at any place and any time. No doubt the concept has became famous and is implied many places now a days like Auto ricksaws, Laari vala's etc. But still there are lot of people not using it. The most important factors are illiteracy and ignorance. People of old age or rural people or money lender etc they don't have literacy how to use it and so they don't know benifits and hence they ignore telling that this modern techniques doesnt suits us. The mindset of this people should be change. Literacy of cashless should be more wide then it is. Though government is doing its work still it seems that there is more bridge to cover.
Second problem is security levels. Yes we may use digital mode for payment. Still we are afraid of it and yet it is not that secure as it has to be. The hackers are always ahead. The system should be more secure.
Hence the digital payments are secure but the level of security should also be increased. And secure payments is not only the factor for getting economy go cashless but other factor like literacy of digital payment etc are also factors for economy to go cashless.
(50)
Utkarsh katta said:
7 years ago
Indeed, as per my perspective, advanced instalments are more secure than our easygoing instalment.
We as a whole are very much aware that each and everything has two faces initially are preference and the second one is a disservice. Show in the event of advanced instalment there will be there are likewise preferred standpoint and weakness.
Focal points:
Computerized instalments spare our opportunity and are a compelling path for our exchange.
We require not to convey substantial money pockets and move all over for purchasing or shopping.
By utilizing computerized instalments that exchange is straightforward and there are fewer odds of debasement.
We require not to remain in line for our instalment for electric bills water supply bills or some other things. We can exchange cash by only a solitary snap.
Hindrances:
India is a creating nation and a large portion of our populace is provincially based so individuals don't know about the utilization of computerized instalments.
Besides, they don't have intends to do computerized instalment as they don't have a web association or any cell phone.
Computerized instalments are great however there are a few regards including in IT, for example, our record can be hacked which prompts Cybercrime.
With everything taken into account, we can see that a computerized instalment is having a bigger number of points of interest than burdens so we ought to go for Digital instalment and go cashless.
We as a whole are very much aware that each and everything has two faces initially are preference and the second one is a disservice. Show in the event of advanced instalment there will be there are likewise preferred standpoint and weakness.
Focal points:
Computerized instalments spare our opportunity and are a compelling path for our exchange.
We require not to convey substantial money pockets and move all over for purchasing or shopping.
By utilizing computerized instalments that exchange is straightforward and there are fewer odds of debasement.
We require not to remain in line for our instalment for electric bills water supply bills or some other things. We can exchange cash by only a solitary snap.
Hindrances:
India is a creating nation and a large portion of our populace is provincially based so individuals don't know about the utilization of computerized instalments.
Besides, they don't have intends to do computerized instalment as they don't have a web association or any cell phone.
Computerized instalments are great however there are a few regards including in IT, for example, our record can be hacked which prompts Cybercrime.
With everything taken into account, we can see that a computerized instalment is having a bigger number of points of interest than burdens so we ought to go for Digital instalment and go cashless.
(4)
ZSB said:
9 years ago
Every coin has 2 sides, the same way digital payments are good to some extent but also have some disadvantages which should be overcome for a cashless country.
1. India is a developing country, so moving to a cashless country can be a very big step in development.
2. As we know the population of India is very vast threats such as robbery can be reduced in a cashless country.
3. For transactions we don't need to meet the respective person or carry so much cash, we can transfer the required amount anytime and from anywhere.
4. Now the other side of this is also that in our country there is a huge population who are illiterate and cannot use smartphones, this can create problems for rural people.
5. But to overcome this government can spread awareness, help people by regulating various schemes.
6. At least this step of cashless country will open many people to the technology.
7. India has a huge population of youth so it ll be also a plua point as there will be difficulties in the start but these problems can be overcome.
8. Technology will increase so people will get educated, they will be aware of these things.
9. These transactions take place using internet, so government can start providing free internet access to rural areas which will automatically lead to people learning n exposing to technologies.
For a better outcome for future generations, such major steps are necessary for our country to become a developed country.
1. India is a developing country, so moving to a cashless country can be a very big step in development.
2. As we know the population of India is very vast threats such as robbery can be reduced in a cashless country.
3. For transactions we don't need to meet the respective person or carry so much cash, we can transfer the required amount anytime and from anywhere.
4. Now the other side of this is also that in our country there is a huge population who are illiterate and cannot use smartphones, this can create problems for rural people.
5. But to overcome this government can spread awareness, help people by regulating various schemes.
6. At least this step of cashless country will open many people to the technology.
7. India has a huge population of youth so it ll be also a plua point as there will be difficulties in the start but these problems can be overcome.
8. Technology will increase so people will get educated, they will be aware of these things.
9. These transactions take place using internet, so government can start providing free internet access to rural areas which will automatically lead to people learning n exposing to technologies.
For a better outcome for future generations, such major steps are necessary for our country to become a developed country.
(17)
Deepesh Gupta said:
8 years ago
Greetings everyone,
Talking about digital payments and digital economy.
The long goal of digitalisation of markets in India can be achieved only when merchants and day-to-day users will be aware of the working concept of digital payments.
Talking about the security feature of these payment systems, every payment in digital world is secure but till a extent. Since we are talking about computers we must tell be knowing about algorithms.
All algorithms are not always secure. Every algorithm has its flaws.
So, if we need to view India as a digital economy,
We must educate peoples and third- party app developers about VPNs (Virtual Private Networks) and cookies to secure each transaction at such a great extent that hackers might not collect much data about the attacker.
If we succeed in achieving this, we can easily imagine India as a digital economy as Kenya and other countries.
In my opinion following steps must be followed to ensure that no fraud takes place. :-.
1) Educate everyone about digital transactions and their benefits.
2) Give them the knowledge of VPNs such as how they secure each transaction.
3) Promoters of digital payments must create a network in each city and town to help peoples regarding this.
4) Greed the merchants and customers by telling them about cashback schemes on digital payments so that more and more peoples participate in this.
5) The biggest change is 'ME'. Develop this feeling in everyone.
Talking about digital payments and digital economy.
The long goal of digitalisation of markets in India can be achieved only when merchants and day-to-day users will be aware of the working concept of digital payments.
Talking about the security feature of these payment systems, every payment in digital world is secure but till a extent. Since we are talking about computers we must tell be knowing about algorithms.
All algorithms are not always secure. Every algorithm has its flaws.
So, if we need to view India as a digital economy,
We must educate peoples and third- party app developers about VPNs (Virtual Private Networks) and cookies to secure each transaction at such a great extent that hackers might not collect much data about the attacker.
If we succeed in achieving this, we can easily imagine India as a digital economy as Kenya and other countries.
In my opinion following steps must be followed to ensure that no fraud takes place. :-.
1) Educate everyone about digital transactions and their benefits.
2) Give them the knowledge of VPNs such as how they secure each transaction.
3) Promoters of digital payments must create a network in each city and town to help peoples regarding this.
4) Greed the merchants and customers by telling them about cashback schemes on digital payments so that more and more peoples participate in this.
5) The biggest change is 'ME'. Develop this feeling in everyone.
(18)
Vishal Kumar Sinha said:
8 years ago
The first thing when we hear about digital payment or rather digital India is whether we are educated enough to handle this or not? India has still not reached 100% literacy in every city. Talking about cities we forget about villages which are still uneducated. So do wee need ti digitalised India when only half of its population know what exactly it is and what's not. Certainly, it is a great step and I am at its side but what about its disadvantages? Digital payment has its very advantages, the first and the foremost thing is it saves time. And the thing which saves time wins the race every time. The second most important thing about digital payment is its transparency! The Government will get to know all your transactions, which means a decrease in corruption.
But seeing the other side of the coin. Corruption still resides here and that is by cyber crime. We all know about cyber crime if our machines are advancing theirs also. That's what we need to think about. The second most disadvantage is about illiteracy. The Government should first give education to every people so that they come to know what exactly the digital payment is. The step taken has many advantages but we cannot ignore the disadvantages. But every coin has two sides. It's our duty to prevent cyber crime if we want to digitalise India. Surely its a great step taken. But before adopting it in every place people must be aware of it. That's where we are lagging.
But seeing the other side of the coin. Corruption still resides here and that is by cyber crime. We all know about cyber crime if our machines are advancing theirs also. That's what we need to think about. The second most disadvantage is about illiteracy. The Government should first give education to every people so that they come to know what exactly the digital payment is. The step taken has many advantages but we cannot ignore the disadvantages. But every coin has two sides. It's our duty to prevent cyber crime if we want to digitalise India. Surely its a great step taken. But before adopting it in every place people must be aware of it. That's where we are lagging.
(36)
TREESA TOMY said:
7 years ago
Hi Friends,
To discuss upon the matter of digital payment, it is the process of carrying out payments in an elecronic manner.
Digital payment is a high requirement in the present world. It facilitate us to make our transaction with a gentle tap on your device. It help us make our payment, recharges, shopping, etc done in a quicker manner. It saves a lot of time. We will no more require to stand in long queues. Apart from that, one will be able to transfer funds irrespective of location. Debit card, mobile banking, Paytm wallets are some of the examples for digital paymnets. Inordrer to make digital payment more attractive popular e-wallets provide us with multiple number of offers such as cashback, coupons, first time free payment and so on. The digital payment is made secured with captcha code and otp.
Just like everything got it's own merits and demerits digital payment has got it cons too. Digital payment is not fully secure even though it has security provisions. Living in the world of hackers, it is highly dangerous. They can peep into our personal life. More than that India is only a developing nation. Not everyone has access to digital banking system.
To conclude I would like to say that with proper development in banking sector in all areas of nation and educating people about digital payment will help them make their work easy. Using of approved banking apps help reduce security breach to an extent.
Thank You.
To discuss upon the matter of digital payment, it is the process of carrying out payments in an elecronic manner.
Digital payment is a high requirement in the present world. It facilitate us to make our transaction with a gentle tap on your device. It help us make our payment, recharges, shopping, etc done in a quicker manner. It saves a lot of time. We will no more require to stand in long queues. Apart from that, one will be able to transfer funds irrespective of location. Debit card, mobile banking, Paytm wallets are some of the examples for digital paymnets. Inordrer to make digital payment more attractive popular e-wallets provide us with multiple number of offers such as cashback, coupons, first time free payment and so on. The digital payment is made secured with captcha code and otp.
Just like everything got it's own merits and demerits digital payment has got it cons too. Digital payment is not fully secure even though it has security provisions. Living in the world of hackers, it is highly dangerous. They can peep into our personal life. More than that India is only a developing nation. Not everyone has access to digital banking system.
To conclude I would like to say that with proper development in banking sector in all areas of nation and educating people about digital payment will help them make their work easy. Using of approved banking apps help reduce security breach to an extent.
Thank You.
(2)
TREESA TOMY said:
7 years ago
Hi Friends,
To discuss upon the matter of digital payment, it is the process of carrying out payments in an elecronic manner.
Digital payment is a high requirement in the present world. It facilitate us to make our transaction with a gentle tap on your device. It help us make our payment, recharges, shopping, etc done in a quicker manner. It saves a lot of time. We will no more require to stand in long queues. Apart from that, one will be able to transfer funds irrespective of location. Debit card, mobile banking, Paytm wallets are some of the examples for digital paymnets. Inordrer to make digital payment more attractive popular e-wallets provide us with multiple number of offers such as cashback, coupons, first time free payment and so on. The digital payment is made secured with captcha code and otp.
Just like everything got it's own merits and demerits digital payment has got it cons too. Digital payment is not fully secure even though it has security provisions. Living in the world of hackers, it is highly dangerous. They can peep into our personal life. More than that India is only a developing nation. Not everyone has access to digital banking system.
To conclude I would like to say that with proper development in banking sector in all areas of nation and educating people about digital payment will help them make their work easy. Using of approved banking apps help reduce security breach to an extent.
Thank You.
To discuss upon the matter of digital payment, it is the process of carrying out payments in an elecronic manner.
Digital payment is a high requirement in the present world. It facilitate us to make our transaction with a gentle tap on your device. It help us make our payment, recharges, shopping, etc done in a quicker manner. It saves a lot of time. We will no more require to stand in long queues. Apart from that, one will be able to transfer funds irrespective of location. Debit card, mobile banking, Paytm wallets are some of the examples for digital paymnets. Inordrer to make digital payment more attractive popular e-wallets provide us with multiple number of offers such as cashback, coupons, first time free payment and so on. The digital payment is made secured with captcha code and otp.
Just like everything got it's own merits and demerits digital payment has got it cons too. Digital payment is not fully secure even though it has security provisions. Living in the world of hackers, it is highly dangerous. They can peep into our personal life. More than that India is only a developing nation. Not everyone has access to digital banking system.
To conclude I would like to say that with proper development in banking sector in all areas of nation and educating people about digital payment will help them make their work easy. Using of approved banking apps help reduce security breach to an extent.
Thank You.
(3)
Sujan Kumar Moharana said:
8 years ago
Hallo friends, as I am a banker, I prefer for digitalization. Because there will be a less cash transaction hassle free for theft or fraud. Though older generations are little bit feeling awkward, still they are trying their best to adopt it. But younger generation are easily accepting. But the only thing is network problem in India. No network service provider is providing as stipulated in their manifesto. Still, we are far behind the developing country. So Government has to take strong initiation to provide a network to the customer. Due to digital payment, the firm, company, and individuals are bound to show their income and for this, they will pay the tax to Govt. And Govt. Will get revenue and development work in the country will run fast. But the only thing is company, firms they are using the profit portion for their personal use. Govt. Has to make a rule for them to check this and get more revenue from them verifying digital payments. It is a good opportunity for Govt. To close look at the people who are not paying tax or less tax payer. There is a certain problem with digital payment i.e. transaction failure and money will be credited to a/c after a certain period. An Illiterate person will not accept this. Still, hope that digital payment will be more effective now and in future. When digital payment in India touch at 80% then we will get the new India having a beautiful infrastructure and smart people. Thank you.
(16)
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