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

Hello friends.

Digital payment is always a way to form a new India and Indian economy. This is the best way to do a transaction without any card or passbook. So, you don't have to carry passbook or other documents with you. Just one click you transfer money to one account to other accounts.

But, In my opinion, India is not very much prepared for that. All people have not enough knowledge about how this work. First of all, we have to do is educate all people about digital payment and it's benefits. And other is that make a security strong so cases like hacking or data stolen is not done in future.

All of that, Digital payment is beneficial for our economy and reduce black money.

Now time for digital India and see the growth of India.

Thank you.

As of what we see now, our future is going to be all digital. We all know the advantages, the convenience and the ease of using a mobile wallet for the things we had to stand in line for, be it the electricity bill or the movie tickets or even your mobile recharge. But as our topic of GD goes, do we have the infrastructure required for going completely digital? No, we don't for now and we all know that. Although it's progressing rapidly, we don't have the base required for going complete digital. And it's not secure too. The latest Aadhar leak can be an example. Personal details of millions of Indian leaked and what happened? It was not even reported properly. The one who reported, got an FIR. Here I want to point out that the system we have is not safe and worst part is it's not transparent even. Besides there are millions who don't have access to a proper means of anything, not a proper place to live and no proper food. Even if the digital paymenta were secure enough, this would still be a big issue. More than 90% of transactions in India are cash based. It can't be changed in a day. It's a welcome change definitely but as for now, I don't think India is ready to go cashless. For I believe that it should not something that is forced on the people to do instead it should be something that people want to.

Hello Everyone!

Digitization is one of the important and beneficial step which Indian government has taken. When comparing to other countries, India was lagging behind in terms of digital payments. Today digitization has increased the Indian economy.

But we cannot neglect fact that along with brighter side, digitization have darker side too. Illiterate people cannot go cashless. Even, illiterate people are fooled by swindlers and fraudsters.

It is correctly said that incomplete knowledge is very harmful. So, Indian people should posses knowledge regarding digitization. Proper training should be provided to those who don't have knownledge of digital payments.

So, we can conclude that digital payments are secure enough for the Indian economy only if every citizen posses knowledge of digitization otherwise same thing will turn into fraud.

Hellow everyone.

I think it's a good initiative by our government There are a lot of perks of cashless payment. We get of rid of loose money problem that we usually faced in taxies and at ration shops, robbery problem by theif, burden of carrying money with us and so on. For the success of any policy, the thing matters is that how many people take advantage of that. In our county, the people in rural areas are not aware of these things. And not only in rural any person who is not aware of the security terms can do a mistake. Then they feel cheated. So, to make this great step to its peak govt should provide camps and campaign for telling the people how to use this, telling them how they can secure their transaction, how they can use it wisely and most important if anything wrong happen to them then they should never ignore that. They should file complaint in cyber crime investigation departments. Because if cyber crime is easy to done then it is also easy to catch the culprit. You just need to aware of your rights and your power. This awareness should be spread in our country so most of the people can easily and unflinchingly do digital payment and contribute in making our Indian economy cashless.

Going cashless has many advantages like a decrease in corruption, saving time, increase in GDP etc, and also disadvantages like increasing cyber crimes, etc.

For example, what if the hacker has more knowledge than the one in the government security has?

Then all digital world goes "BOOM BOOM".

According to me, not complete digital but the use of money both cash and cashless steadily.

Hello everyone.

According to my point of view, digital payments is good approach for the Indian economy. I would like to quote my point with an eg. That is if we look few years back where is no concept of digital payment, people need to carry large amount in hand which has its own disadvantage like threat of money stolen even some time risk of life also. So by the help of digital payment we can use our money easily, securely and risk free.

Yeah, I also agree with cyber crime point of view. No doubt chance of cyber crime increases because of this but when we compare cyber crime with crime of stolen bags and life treating the ratio is still low. So it overall reduces the crime scene in pictures of the India.

Well my next point of argument is" its use". No doubt if we say it is hard to implement because we are not aware with this kind of system. But believe me nothing is hard to learn & use. Once everything is hard but when we Learn it properly it become easier for us. Think about our first step when we fall Down lots of time but we didn't stop there, we learnt it and make everything possible same in this case. Proper training and guidance make its use simpler whether people are from urban area or rural area does not matter.

Advantages:

Digital payment makes the world cashless. As we cannot keep a huge amount of money with us all the time so.

It provides the means to keep a large amount of money.

Secondly, As we all know that the TIME IS MONEY, so it also saves our time and we make the payments in no time.

Thirdly, It is available 24*7 and globally.

Disadvantages:

Digital Payments are secure but the threats are more as compare to security.

As today world is full of technology and software that proves to be threat to the security. With the concept of Artificial Intelligence and Machine Learning the things are changing form impossible to possible. And this gives birth to the cybercrime.

And now a days when it comes to money I think nothing is more important than that. In India although the digital payments are made secure to very much extent still we listen to the cases of cybercrime that leads all of us to think once again on our security locks.

And we cannot go to completely cashless also because during emergency period we cannot trust on the technology.

According to my point of view India is still a developing country and also the literacy rate is not 100, So it is quite risky to go cashless because there are so many people who don't know even how to use Atm and do online transactions. Yes I also agree the decision is great by the government but at first gov. Should focus on the development of individual. They only India can be developed.

According to me, digital payment is a nice step for economy. But in India, mostly people earn their livelihood in cash. Whether it be a trader or small shopkeeper everyone is involved in cash payments for years. And, suddenly switching to cashless is a very big thing. Many people don't know about cashless payment. Online frauds, scams etc are taking place so frequently that people are fearing to adopt cashless. Digital payment requires security. Digital payment requires security, awareness and dedication of whole nation. We should create awareness among people about digital payments. So I think cashless payment is not the current need of our country right now but it may be good after some years.

Digital payment is one of the best option to come up from demonetization. As cashless transaction provide us safety through OTP, encryption etc. , I think digital payments are secure. But as amount of transaction through digital payments is increasing, amount of cybercrime or cyber theft is also increasing. Thus goverment should spend more to secure digital payment. So that common people will also prefer cashless transaction.

At the same time awarenesses about digital transactions can be made through campaign or advertising in rural areas which will be more beneficial.