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

Hello friends,

In India the technology upgradation is moving fast, every year we are witnessing a new type of technology and hence I would say that, yes the digital payments are secure enough for the Indian economy as the technology is getting better and better. Now to what extent it will be secure will depend upon the awareness of the user of digital payment technology. There are ways through which the digital payments will be secure enough such as 1. Password consisting of both and Aphanumeric and Symbols combination, 2. Checking statement regularly. 3. To use trusted website. 4. If using more than one digital wallet, never keep same password. 5. Changing password regularly.

There are few cons which are there is, 1. Chances of hacking (even more if using public WI-FI). 2. People from rural areas are not competent enough to use this digital payments.

In the end I will say that there are more Pros than Cons, there are risks however it can be eliminated if we take proper care while using this technololgy which will lead India to cashless in a safely manner.

Thank You.

Digital payments in India has achieved lot of popularity. It happened because people using these methods have realised that making payment through these methods is secure and they can keep track of all the transactions, even the small ones which are usually escaped from our because of our fast moving lives.

One of major factor which promotes digital payments is a smart phone. There are still a lot of people who aren't using smart phones because they think it will be difficult for them to adapt it. They resist themselves to change. So, Smart phone companies are building cheap smart phones so that they could reach out to maximum number of people and Software developers are also creating apps for educating people about smart phones through their apps.

Fear of losing money is also one of the main reasons why some of them have still not adopted it. This fear is because of lack of knowledge and awareness. Government is providing information to these people so that they could quickly adapt to this new mode of payment.

BHIM App is a great example of Digital Payments introduced by Government This app links your bank account and provides user a unique identification id. Using this id people can make transactions. They will be notified on app and then they can enter their password and boom! *transaction complete*.

If the transactions are failed, they are rolled back. So, these kind of information can build trust among people.

Coming to security. Yes, no one can say that these payments are 100% secure but carrying money in pockets isn't secure as well, one has to stay aware of their surroundings and environment.

Some points one must notice before making an online payments are:.

1. Always confirm that the website is secure and payment gateway is trusted and has "https" in it's web address (URL).

2. It will be better if you'll use a password containing special characters, numbers and alphabets.

3. Never share your CVV number or ATM password with anyone.

4. If you're making a purchase for the first time on a website you're not aware before then first google it. Read reviews then make a purchase.

And remember Prevention is better than cure.

To go cashless, there is only one way "Digital payment" obviously, but if we talk about the security, ofcourse it is secure. Most of the digital payments are protected by atleast two way security protocol, eg. Card number, password, otp etc are used for providing secured payment gateway. But in case of cash the only security is our alertness and physical strength which can be breached by anyone.

And if the question about hacking or unsuccessful transaction arises, these are mere accidents that happens with cash also like snatching or looting or pick pocketing. But digital payment really helps in narrowing the domain of thief.

Why? Because cash can be stolen by anyone but if it is digital cash then the thief is unfortunately required to have a wide range of knowledge about computer, firewall, breaching of digital security etc. Thank you.

Hai friends, The digital payment is very secure. But the India is 70% agriclural country. The most of people is not bothered in digital payment. If the illiterate people are educated by educated person, lam sure the digital payment is possible and secur in India. The Indians is not too idiot. They know understand what we told.

In my opinion, digital payments are not completely secure enough for going completely cashless but it's a very innovative idea and can be made completely secured by providing some efforts like adopting rescue measures against cybercrime using advanced technology & awaring illiterate people by providing some easy techniques. As it's a very time-saving approach, saves from physical robbery & provides many more benefits so I think in few years it can be made completely secure.

Digital Payment is secure and safe mode of payment. It encourage to go paperless. Because of digital Payment no restriction on time. Any time any where we can initiate the transaction. No need to go bank for small payment. After demonetization Paytm is on high boom if you see auto rickshaw or grocery shop person also using Digital payment, reason it is very convenient. They no need to worry about keeping physical funds at the end of the day. This was just an overview. We need to promote Digital Payment specially in Rural area. We have to take initiative start campaigning to educate the population how to do digital payment.

Now coming to security part of the digital payment. There are various ways you can keep yourself safe:-.

1. Always use trusted sites only and after completion of the transaction, click on log off button never close the page directly.

2. Never use with a name or user id similar to digital payment. For example shyam@123 likewise. Always use strong password configuration that should not be easily recognizable. Use a strong password with a mix of numbers, characters. Never share the password with anybody.

3. If you are doing the transaction through mobile then always keep your app lock and also refer point no. 1.

4. Check your mobile wallet statement carefully on a regular basis.

5. Download antivirus and anti-malware. Sometimes when we download some app there can be a chance virus occur and that can fetch details from your device so in that case keep your device activate with anti-virus and anti-malware.

Below are the points that you should never do:.

1. Don't use public Wi-Fi as hackers can steal login details.

2. Don't use one password for all wallets.

3. Don't download apps from the internet always download app from play store.

Good morning friends,

First of all, I would like to describe what is digital payment. The digital payments are like Internet banking, Mobile banking, Banking cards (eg. Credit card, Debit card etc) , USSD (Unstructured supplementary service data) , PoS (Point of Scale) , Micro ATMs, AEPS (Aadhar Enabled Payment Service), UPI (Unified Payment Interface) and mobile wallets (eg. Paytm, Tez, SBI buddy, Airtel payments etc). Most of these digital payments are works on internet connection and only one i.e. USSD that works without internet connection. So anybody can use digital payment where he/she has internet connectivity or not.

Now, lets move to the topic, Nowadays digital payment is 100% secured and it is reaching new heights day by day in terms of security. I am using from last 7 years its very easy and secure to use. Only making the digital payment secure is not enough for making the Indian economy cashless. Like India is a agricultural country. Its 70% population are residing in rural areas and most of them are not aware about the digital payment. So to make Indian economy cashless we and government need to give demonstration and awareness mostly on rural areas about digital payment that how to use that securely. In Urban areas people are more fast most of them knows very well and they use everyday. Thus creating awareness on digital payment in rural and urban areas both and convinced them to use regularly only then its possible to make Indian economy not only cashless but also we can save lakhs of trees every year from cutting.

Thanks, & Regards,

Ratnesh Gupta.

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.

Digital payments mean we have to think ok, I agree that digital payments is secure but what about security and we don't have any guarantee to trust on digital payments because hacking is one of the main reason so my Opinion is I agree only 50% safe about digital payments.

According to me, digital payment very secure, there is no chance for robbery. At the time digital cash (e-cash) is need of my life at a place of cash. Anywhere we can pay by e-cash this is the very fast payment method and no transaction charges.

By digital cash, we can never face with changes. The government provides many platforms for a digital transaction like (UPI, IMPS, NEFT MOBILE BANKING etc). For digital transaction smartphone is n not compulsory we can make a transaction by USSD In UPI Paytm payment bank and Airtel payment bank.

Many banks provide cash back bonus point for the digital transaction. This is another advantage of the digital transaction.

So I think the digital transaction is very useful for everyone.