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

To me.

Digital payments are one of the best ways of transparency of every transaction of every business. We are in an era of a rush, everyone is busy in one's duty i.e time factor taken into consideration, digital payments will definitely save ones time from staining or waiting in atm ques, bank.

The More important thing we get from digital payments that we have Cary a card or a mobile with internet banking which can you find in any one's pocket.

Now, you haven't carry huse amount of mony for your work which was a very terrible thing. There always be fear of thefty. As India is a young country 33 % (apxx) youth are here 99 per of them have a good knowledge about the internet I mean they know how to handle it.

But what about the un educated people of villages they have to teach about it. They should be answered about digital payments.

Definitely corruption level decreases, croud decreases, time saved hence it will be utilized in other work for the growth of one's it self and along with the counrty both. It is slow but best step by the government.

Yes, I do really think that going cashless will benefit our country like India. As we our population is more inclined towards youth progress and development and almost 90% of them know how to make online transactions by doing cashless payments.

1. It will help enhancing our GDP and Economy at the market place.
2. Fear for theft or stealing money, corruption ofcourse will be reduced.

But, as 1 coin has two faces there are some drawbacks too.

1. Hacking and Cyber Crimes would be increased and sometimes it becomes difficult to track the hackers or the individual who is involved in this process.
2. Lack of knowledge in remote areas of using this cashless transaction.

Hello, friends!

I disagree with the complete digitalization of payment. There are several reasons of my disagreement. Remember I'm telling complete digitalization. Our major population lives in village and as we all know that most of the villagers are illiterate. Even, many people don't know about banks, computer. It is hard to believe but it's truth. So what government can do is that they can drive awareness programe across all over the country specially in villages. They can show videos to the people by which people will come to know about technology. So my point is before complete digitalization of transections there is utmost need of awareness programme. Secondly, our it infrastructurr is not so much robust in comparison to other developed countries. There is prominent chances of fraudulent, hacking etc. So first of all what we need is to robust our it sector. But, I agree with partial digitallization right now because it saves lot of time, get rid of corruption like black money throuh using online mode, no need of third person.

Yes, they are secure as in other countries. The only difference between us and the other countries is the rate of literacy. Obviously, we are less in literacy rate. First of all, we need to learn how to pay digitally. Someone of us would say that it is a big problem. So what, we do not wait for any problem so that we can solve it. What happens, the problems occur, after that, we find the solutions. Yes, it is a big challenge to make everyone in the country learn how to pay digitally, but not bigger than those challenges that we have on borders. Even the senior citizens are accepting that it is good to make payments online instead of making a queue somewhere.

To add to the discussion I would like to say that at present among the top crises facing by India is the wormhole name Black money. So going digital is the best way to get the detail of each and every transaction which will take place. The question of security has to be taken into consideration by the higher authority holding the responsibilities of designing the platform because when compared to the literacy rate of India and that of people adoption to digital platform some issues can lead to step back a large group of people from adopting the system.

Along with every advancement comes it own setbacks. Setbacks can be such as making people understand the system, internet connectivity 24*7, security and the privacy, cyber crime etc that has to be minimised by awarening people and adopting latest technologies.

Friends digitalizing payments is a good thought to overcome from the corruption but people have to be educated on the effective use of this.

I think govt of India should take a new step for digital education for the people who don't know the concept of digitalized payments.

Hello friends,

I agree with most of you.

Digital payment truly is the next big step towards our economic development. The demonetization has already made digital transactions common among the masses. It is fast, reliable and yes you don't have to worry for a change! No need to carry bags full of money. All you need is a mobile and data (which is also cheap nowadays).

Now coming to the main point, whether it is secure enough to make the entire economy to go cashless?

As of the current scenario, no it inst. A large majority of people living in the villages are still miles away from the word internet (the backbone of the digital transaction). Also, you have those rigid "why should I use digital transaction, if I have cash" people, who can be easily exploited.

While some of you have mentioned about the recent ransomware attacks and issues regarding cyber securities, indeed it is a matter of concern but digital transaction websites are nowadays are investing both their time and money to improve this.

I would like to end by saying that, to truly make our economy go cashless, it is necessary to educate people about it and then encourage them to practice the same. While it might take some time, cashless India can actually become a reality within the next decade.

Digital payment must be apply in big cities like Delhi Mumbai Kolkata etc because it will save peopl's time and energy but in rular area it should'nt apply because of low internet facilities and illliteracy of people it will become hard to go cashless.

When we talk about going cashless the point which is implied is that cash transactions are not safe and that when an individual pays for the transaction there is no proof that whether the cash used is hard earned or earned through corrupt means. So when we think of going cashless it is surely a positive initiative as it would mean that the money used in the transaction is surely white in nature as the explanation can be demanded then and there. Now it is well known that there are many cases of cyber fraud and thefts so government should strengthen the cyber laws and study the cases of cyber frauds carefully so that none of that sort happens in near future. By doing this the government will be able to reach its ultimate goal for which the whole initiative is for i.e. to remove corruption. Now, all we can do is wish the government all the luck and do our bit as well by reporting cyber frauds if we come across any and not ignore it.

As per my point of view, digital payments are secure for indian economy.
But there are some merits and demerits:

Under merits:-
# we dont have to stand in queue for transactions,
# we can do payments quickly through net banking
# we can track the paments via using a smartphone
# we dont have to move out with huge cash
all the above things are done by a set of class of people that is educated people,

Under demerits :-
# rural india is unaware of this process.
# this above facilities are made only by educated people
# people from the rural part of india cannot use smartphones
# rural part of india is mostly uneducated

So, I would ilke to conclude this topic by telling,
Thus government sholud take steps in making the rural part of India awar of these facts.