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

Hi.

In my point of view, the digital payments are not secure because in rural areas there are so many illiterate people are there in rural areas and hackers hacking easily there is no security for digital payment.

Yes, it is good to making the digital payment for India but this is good for those people who know very well to do online transaction or know to do work on internet but most people who are very poor or which have not smartphone or any device to transmit the payment by online processing then how can they do that work? So, first of all, we will improve our generation and will tell them about the digital payment transaction then it is able to make the good system in our India.

According to me, digital payment is the best source of payments because when we make payment online it's saves us time and provide othe benefit. Through the online payment we have don't need to stand in lines for long time. But in case of security its not secure nowadays. The cyber crimeis increased day by day in India because the people of India don't aware about the cyber crime on digital. To control the cyber crime the word is "crypto currently" is coming. The government of India is need to use this to overcome or controls the cyber crime in India.

Hi, In my point of view, it is good to go cashless but without making any charges. If govt make any charges for digital transaction then people will not use digital transactions because they are loosing their money in the way of taxes.

Hello everyone, our topic is, are digital payment enough secure to go to cashless?

As we know that everything has two aspects. One aspects is good and other is bad. If we talk about good aspects means if we say that digital payment is right for India. Because in today's world, almost every person is getting education. Also in rural areas, children are getting education. And almost everyone know about paytm, debit card credit card netbanking. I think when jio sim is free. Most of the people have bought smartphone. They know how to use smart phone. If they use smart phone. They use paytm, airtel money, netbanking, etc. Suppose, we take example, we go to in market and buy something. But we forgot our purse. At that time if we have a smartphone. Then we can easily payment through phone. Now most of the shopkeeper use the paytm, airtel money, credit card. And one more benefit is that if anyone give money in any charity. Then we can also know about that charity is using the money in legal way or not. Because when we payment through credit card, paytm etc. Then we can take receipt with mention date and time. If we fund any charity through paytm. At that time paytm send text message and also mail where our money is going to receive. Means we can also know that charity is using money in right manner.

Other bad aspects is, sometime internet connection is not secured. Means if we transfer money to other account or we can say that we use paytm or other any app. Sometime happens that we want to send money to other account but money is not send. Means other person hack the account and take the money. So I want to say that internet connection is only secured. But internet connection should be more secure. Means anyone want to hack account. He can not hack the account. And if he want to hack the account then something should that his some information should be hack so that we can easily know about the hacker.

If internet connection will be more secure then we can say that digital payments are more secure to go to cashless.

Yes. I think the digital payment is secure enough because, during each and every transaction, it goes through a secure channel after verifying the bank details with the help of OTP or secure key codes. It also reduces the risk of carrying a huge amount of cash in your pocket.

Digital payments have become a trend in today's expanding economy. I guess its secure enough as before any payment the owner of the credit or debit card gets an OTP (One Time Password) through which transaction security lies within the hands of the owner. Digital payment has helped people in various day to day activities like from paying for groceries to paying rent. Not only this but students can apply for colleges online in spite of standing in long queues for hours. People can even buy luxury goods from abroad countries through digital payments. Digital payments have smoothened the flow of operations in the economy and the government is taking steps under the banner of " Digital India " to make it more secure. So I stay with the point that digital payments are secure enough for the Indian economy to go cashless.

From my perspective, digitisation is secure enough for cashless payment but still lot of loophole exist in the whole system that needs much attention in order to improve the quality of payment and winning the trust of more people.

I totally agree with Rajeev. The Digital payments are secure enough for the Indian economy to go cashless but also, it can not be ignored that numerous people in India do not know about this.

So, there must be a proper planning including providing knowledge to every citizen about digital payments and security regarding that can surely make the Indian economy cashless.

There is nothing like whether it is secured or unsecured. It depends on how you execute it. It will be secured and successful if we plan well and execute well. There are many drawbacks of digital payments like security fraud, data theft, hacking, etc. But this drawbacks can be overcome. Firstly we need to educate poor and uneducated people about this and spread the knowledge throughout the country because we people know how to use it and how to manage it. But those people don't know. They find it difficult. Hence, we need to educate them first. These are some of the small things we need to consider. And then plan well and execute well. And it will definitely work out.