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

Hi, friends.

In my opinion, digital payments are not secure enough, because in a country like India where only a small fraction of the population have access to the internet and even fewer know how to use it, so they can never be sure about what they are doing. Nowadays a person can move money from someone's account if he has his debit or credit card number and access to his registered phone.

So, as tempting and convenient as digital payment is, India need some work to be done before switching to digital payment from cash-based payment like creating awareness, increasing the reach of the internet, providing people with means to access the internet.

The Cashless economy is need of the hour but it shouldn't come at a greater cost.

Yes, there is no contradicting the fact that digital payments are a safe and a secure method of transaction, recently PM Narendra Modi launched the app BHIM which is an online money transfer application. Speaking for the security reasons this app has a three-tier security system.

Firstly, it syncs to your bank account so that only you have access to it.

Secondly, it is registered through your mobile phone so you can manage app on your device if in any case the sim card is duplicated by someone fraud acquiring your documents for that the third and final tier is the 4 digit passcode so eventually the passcode is entered in order to access the application.

The major benefit of the app over other apps like paytm and mobikwik are, it doesn't require any device to the device transaction. The money can easily be transferred to a UPI linked bank account if not that, the sender can transfer money through IFSC Indian financial system code by just knowing VPN of the payee's bank account which adds one more benefit that is no long bank account numbers are to be remembered, just remember VPN and you can transfer money on the go.

Thankyou.

It is very good that our system is becoming digitalized. It is very easy to use when we know that things but in remote area network problem is there and elder persons don't pay money with e-transaction because of lack of knowledge. Then Modi should prove the free seminar for that person who doesn't know about e-transections and fear with that.

I don't think so because most of the people from the rural area are not able to go for cashless & if they try, they might get fooled because there are lots of cheaters in the market. Digital payments are secure but only for tech savvy people.

Hello.

To raise the economy of India, to make.

India a developing country, we need to go cashless. And yes, digital payments are secure enough for this. Digital payments have a minimum error, fast speed, high accuracy and most importantly more secure i.e. without the interference of human means manual work decreases.

The main motive for India to be cashless is to remove corruption, black money, and discrimination (partiality).

To fulfill this motive, digital payment is one of the most important weapons.

But every coin has two sides, in a similar manner, digital payments have some disadvantages like illiterate people may face many problems regarding e-commerce, online payments. In most of the rural areas of India have no or less facility of Internet. So taking these facts into consideration, there may be some problems regarding digital payments but we can solve it by organizing seminars and workshops for illiterate as well as aged people. By giving good internet facility at cheaper rates in rural areas so that poor people can afford this.

Thank you.

Hello, everyone, as India is a developing country the concept of digitization promises to be the stepping stone towards the development of the country as it helps in reducing the corruption which is the main problem faced in our country but proper measures should also be taken towards the security of online transactions and government should take proper measures to educate people who are unaware of the use of digital payments and should provide the more secure system so that anyone can use it without any fear.

Hi everyone, according to me, the digital transaction is the best option to get Indian economy to cashless because due to the digital payment the middle chain of people who are taking the money will get closed and hence the corruption gets reduced and it is the dream of our India's honourable PM Mr.NARENDRA MODI.

Hi,

Yes, we all know that our India is developing the country. I agree that digital payments are uneasy and easily suffered by rural peoples but without rural people how Indian economy is good as possible? so the government will take a step to create awareness and try to let them to know by educating basic about this secure digital payments. Then only our national will go to cashless.

Hi everyone the digital payment I think for every situation some benefits and at the same time some problems.

I know some benefits:.

India is a developing country so use in digital payment is a faster and safest mode of transaction. It is time-saving in a business people and employees society. It is reduced the production cost of cash. Next, reduce the bank work and bank safety. The people don't still wait line in the bank. It reduces the robbery. So reduce the robbery related cases in a police station. It helps to reduce illegal transaction. It increases economy level in a world.

I know some draw backs:

All over India in some number of metropolis city but huge villages in our country. Huge uneducated people's in our country, so this uneducated people's how to pay digital payments? At the same time, the educated people no awareness in don't tell the secreat password and bank details in another person's. Increase technology in a current world so easily hake computer, mobile phone, direct hack bank accounting software etc. Nowadays increase hacking robbery. It is not easily found out criminals. Finally, small ex: 5 years old boy go to small shop buy 1 rupee candy the payment is easily paid in just 1 rupee coin that all. But digital payment method swipe the card and type a pin number and transfers 1 rupee. Is it passive?

In order to incorporate the digital transaction in India, the government has to do its part on establishing trust in people's minds. Even minor security breaches for some can stir up distrust in people at large and deter them for making this shift. The fact that cyber attacks are on the rise in the global community itself dissuades many. Hence, the government has to make sure that only secure transaction platforms make their way into the daily lives of people and any security breach is dealt with an iron fist. If these basics are set in place, the benefits of digitalization will speak for itself for even the backward communities who are new to mobile phones and the internet. Quick, easy and reliable payments would be cherished by all once the government succeeds in the above-mentioned role.