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

Hello everyone,

According to me, digital payment may take some more years to get more secure but it is something which was really needed for progress of our country.

Digital payment has saved the people time. Now people don't have to go to ATM to withdraw money and they don't have to wait in shops just to get the change. Many a times it might have happened that we end up in buying a extra things just because the shopkeeper doesn't have change and sometimes we may have let him to keep the change when we are in urgent. This kinds of problems are overcome by cashless payment.

Even cashless payment has led to more transparency in transaction and has reduced the corruption.

It might be difficult for uneducated or poor people to get used to this but it takes some time for people to learn new things.

Digital payment will lead to more research in Networking field and also increases the employment opportunity in this field.

Hello guys,

I would say that probably it's the change that India is needing so far to make progress in every arena. As we all know that our country is previously recognised as the country of illiterate people's, but know the time has changed we are experiencing a rise in our GDP approx 7.2% in increasing manner whereas China's is lowering down. All credits go to the digitalisation happening at a very fast speed. An example of Digital payment can be taken from Delhi Govt's initiative of introducing a Single travel card which can be rechargeable so making less Ruskus in travelling and also saves time.

Hello everyone.

Digital payments are good enough, I agree ! but for what percentage of the Indian population, very little. Have you ever notice that most of the Indian population don't have their own bank accounts, most of them are daily wage workers and their income is much less if they put that money in their bank account money will automatically get deducted because they can't maintain minimum saving account condition.

India will automatically be digitalised when our literary level increases i:e when our Indian people gets the opportunity to explore themselves. Though our government is always trying to uplift the education system, so it's people responded to take the advantage and make India fully developed and digitalised nation.

Hello everyone!

Digital payments are good enough, I agree ! but for what percentage of the Indian population, very little!. Have you ever notice that most of the Indian population don't have their own bank accounts, most of them are daily wage workers and their income is much less if they put that money in their bank account money will automatically get deducted because they can't maintain minimum saving account condition.

India will automatically be digitalised when our literary level increases i:e when our Indian people gets the opportunity to explore themselves. Though our government is always trying to uplift the education system, so it's people responded to take the advantage and make India fully developed and digitalised nation.

Good morning to all for you presents out here.

I Aman Jaiswal wanted to share a few points on this topic firstly of we all we should know the concept offline digitalization in a very simple way digitalization means to make things easy in less time-consuming. Now yes, India should look forward to implementing the digitalization process in every necessary need like banks shopping mall car and much more so that it I'll take very less time and also very much transparency with will leads to corruption free nation.

Hello guys.

Digital payments is good for a nation because in this method transactions are easily tracked by the government so it reduces the chance of black money. But if we take about the security of digital payments we are at the bottom. In the newspaper, we daily read fraud of atm, digital payment. We don't have experts in solving cybercrime. So if we wanna promote digital transactions, the government will have to ensure security and make aware of people for digital transactions.

Yes, in today's era, digital payments are secure enough for the Indian economy to go cashless & that's because of the advancements in technologies.

For instance - Almost all the developed countries use digital mode of payment indicating their modernisation to the present era and moreover all the developing countries are using this digital method to become developed & to get stabilised in their own markets.

Digital payments eliminate the risk of being cheated. It also helps people to be literate to some extent.

Digital payments also reduce the reliability of people on other sources for money transfer, money deposit etc.

Nowadays people prefer for digital payments as they know that it is totally a secure method of payment as it reduces the risk of cash being stolen away.

Hello everyone.

Digital payment means making payments in digital mode.

It is very necessary for the country's economic growth. Cash payment is time-consuming & insecure.

Whereas digital payment eliminates the risk.

If we consider today's situation digital payments are vulnerable to attack.

Through digital payment we can transfer money anywhere, anytime & it is very secure.

Everything will have its own advantages as well as disadvantages so even digital payment has disadvantages.

Digital payment is difficult for illiterates because they often don't know how to make use of digital payments.

Hii everyone.

The digital payment system is very helpful in many ways. People don't need to carry cash and queue up in atm. It is very easy to carry cards. If your card is stolen you can block it in a phone call but if your cash is stolen then there is no way to get it back so it is very safe and you can use your card at any place anytime. It is very useful in an emergency condition like in hospitals and because of it's transparency, it is a very helpful solution in corruption.

When we say Indian economy, it's imperative to understand that we are talking about the nation as a whole comprising people from all classes. There seems to be a huge hype about digitalization while overlooking urgencies and necessities that need to be properly addressed. I mean more 56% of our population is living in extreme poverty consequently followed by other classes and their consumption patterns. Internet Protocol Infrastructure is gonna take time to become predominant, first and foremost pressing matters need to be addressed, i.e. extreme poverty, malnutrition, unemployability and unemployment, illiteracy and power.

Because even if digitalization is made plausible, still a large proportion of citizens wouldn't be able to capitalize on that.

Coming to the question, just a few months ago we have been made aware that Chinese mobiles and UC Browser are retrieving our personal data, and also hacking is on large and for people that are not tech savvy and cautious are bound to find themselves in that predicament. It might already be happening. Hypothetically let's say 3 in every 5 PayTm transactions are being hacked and 50 paise are being deducted, who is even gonna bother to report and it can very well happen on a large scale.

In my opinion, we need to approach digitalization with caution making people aware of every mishap in every step of the way.