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

Today our India is a developing country and gradually increases the digitization especially in case of payment method. We need not carry our passbook or other relevant papers to bank. We also need not to make a queue in order for savings. This digital caseless method gives us an enough advantage related to payments. It denotes value and literacy to India. We can send money or make a transaction by clicking just one button from our mobile app like phone pe, paytm etc.

It gives us fast transaction, reduces threft, saves time etc.

But every system activity has advantages as well as disadvantages. First, we want to give attention to illiterate people who don't understand about the policy or rule of the transaction or even English languages. To overcome this problem they who are regular in this system need to aware how to update themselves to a cashless economy. Then it will be beneficial for them.

Second is that. Lots of people claim themselves as a cheated by someone or some company after the transaction. Because they do not take a precaution or aware during the transaction. They have to follow the rule and regulations of the bank or other sectors in cashless payment transaction method.

The Third is, our cashless payment method is not completely secure as lots of attacker presents in the world with a bad mind. So pay attention to the transaction.

If we overcome these 3 problems then India will be ready to go cashless.

First of all, thanks to Shri Narendra Modi Ji for taking a move to ban the notes.

So moving towards our topic is digital payment is secure or not?

So I my point of view digital payment is not secure in our country.

Because according to American chipset makers the device like mobile in India is not secure because they not possess quality chipset which are required for security.

Only computers and hardware have secure chipsets.

So as our prime minister told that help 10 people every day by giving them knowledge about digital modes of payment this is very good thing which our prime minister told.

But.

As you know "MONEY IS GOOD SERVANT BUT BAD MASTER".

The person who has not known anything about digital payment can easily cheat by the person who as all knowledge about digital payment.

Person who is well aware by online payments can easily get login id, password and most important thing that is mpin which is used to do digital payment of the person who is not known about digital payments.

Even the president of developed country America Donald Trump is using courier service for important documents exchange rather than using online mail service because of fear of hacking.

Hackers are the major problem in India and as well as all over the world.

Online scams, fraud are main problem which India may suffer at the time of online transaction.

So, India is not secure for doing any online transaction and go cashless.

Hi Friend, I am Vipin From Paytm online payment solution department:-.

I would like to inform you that online payment denotes the value and literacy rate of India. We know that 70% population of India living in villages and rest in city and metropolitan areas. I know that digital payment is secure enough if you are using it as per the precautions and securities during the transactions.

I also deal with the most of the cases where customer said that I have cheated by your company and you have done fraudulent transactions. But actually the picture is different. Sometimes customer logged in his/her account with another one devices browsers or share the personal information of account. As per my experience the digital payments secure enough for the Indian economy to go cashless. Before using it we should also set the clear picture in mind that" Have done it right during the transaction?".

We know that in recent days we have seen/hear that I have been cheated/looted by this one on online payment. So, I think these are the cases where we created it because we do not follow the securities and precautions during the transactions.

In last, I would like to inform you that if we want to secure the digital payment more, then we have to be aware of the policies of banks and its rules of transactions and we need to aware the people of India who are first or regularly using this payment method.

Alright, let me vent on this topic straight.

"YES! Digital payments are to a pretty good extent secure enough for our daily transactions" but with some CONDITIONS APPLIED. There are some basic privacy set ups or some guidelines to be followed, there is a procedure to perform, if done rightfully it is not very likely to be hacked by anyone. The problem here is that we (as in the people of India) have trust issues, due to which we do not even want to get hold of a new technology or anything alien. People do not want to get out of their comfort zone, but we need to. Because moving ahead with new technology is basically progress. I mean, if we talk about ATMs. Frauds did occur with those as well. They still do. But did we stop using them. No. Right. At least the failure rate of digital payments is much lower than that of ATMs. We need to accept the new birdie in town with the same mind set.

I indubitably believe that in a country like India where we need huge celebrities like Mr Akshay Kumar or Mr Amitabh to teach us to use proper sanitary conditions, here trying to lure the people to upgrade to a smartphone from a "Dabba phone " was a huge milestone achieved by JIO.

Now, the only thing left is- The proper knowledge of how to use it and be secure is to be imparted to the users. Especially the new ones. Maybe not now, but once all the tiny its bits are achieved, soon we'd go cashless.

Alright, let me vent on this topic straight.

"YES! Digital payments are to a pretty good extent secure enough for our daily transactions" but with some CONDITIONS APPLIED. There are some basic privacy setups or some guidelines to be followed, there is a procedure to perform, if done rightfully it is not very likely to be hacked by anyone. The problem here is that we (as in the people of India) have trust issues, due to which we do not even want to get hold of a new technology or anything alien. People do not want to get out of their comfort zone, but we need to. Because moving ahead with new technology is basically progress. I mean, if we talk about ATMs. Frauds did occur with those as well. They still do. But did we stop using them. No. Right. At least the failure rate of digital payments is much lower than that of ATMs. We need to accept the new birdie in town with the same mindset.

I indubitably believe that in a country like India where we need huge celebrities like Mr Akshay Kumar or Mr Amitabh to teach us to use proper sanitary conditions, here trying to lure the people to upgrade to a smartphone from a "Dabba phone " was a huge milestone achieved by JIO.

Now, the only thing left is- The proper knowledge of how to use it and be secure is to be imparted to the users. Especially the new ones. Maybe not now, but once all the tiny its bits are achieved, soon we'd go cashless.

Hi all.

Talking about the digital payment system is a flagship programme of the govt of India to transform Indian into digital empowered and knowledge society faceless Paperless Cashless!

Which today is possible With the introduction of :.

Atm.
Online Banking.
Internet Banking.
Mobile wallets.
Point of sale.

Not just the introduction but the government did take enough measures to make sure there is Cybersecurity to ensure the safety:

Cert to secure mobile banking.
Rbi eases 2step card validation for transactions less than 2k.
Technical audit of prepaid payments.

However India being a developing nation can't go 100% cashless for which awareness forms a major part: Digishala, Digital Finance for Rural India, Vittiya Sakshtra Abhiyan and also the Indian Railways to install 10k Pos.

Along with that, there are a number of policies and implementation initiatives taken for procurement, service offering and disbursement of Digital Payments.

Excise duty for Pos and manufacturing of POS.

Promoting the same through Debit card Credit card, mobile application and e-wallet.

Indian Oil, HPCL is offering an upfront discount of '5 for refilling and booking online Bharat Interface for money.

Meity (Ministry of Electronics And Information Technology) is making the best of efforts to get our economy into a cashless economy, however, the spread of education one day we will achieve it.

Yes, digital pavements are secure enough for the economy of India. After a great controversy, the step was taken by our Prime minister Narendra Modi of digital payments to make our economy cashless. So being an Indian, it is our duty and responsibility to take a step to make India a DIGITAL INDIA.

By digital payment, we mean a way of payment which is made through digital modes where payer and payee use to send and receive money. It is one of the steps taken towards development nd advancement of the under-developing economy. 'Every small and small factors are responsible for the progress and development'. So special training should be provided to illiterates and the backward peoples to understand that how to operate the system resulting in their after all smartness. GOI should focus on technical aspects i.e. raise the standard of living, internet accessible, providing basic knowledge and giving advertisements.

Digital payments are the most secure form of payments which lead to growth and easy life. Corruption, black marketing and parallel economy reduce due to the recording of every transaction. Each and every sector should accept money in the form of e-transaction. The procedure for maintaining the privacy is known by all the users. In end, digital payments are user- friendly means which save time, reduces a chance of theft and a move towards the prosperity of the economy.

Good mourning to all of you.

Nowadays, digital payment has been in a great demand as the Modi govt came into the rule and promote digital India by providing so many schemes and launch various campaign to promote digital payments. Digital payment means doing the transaction through a technology or doing the cashless transaction via machine "pos" apps like Paytm, BHIM, Mobikwik etc Digital payment is secure and ease mode of payment rather than carrying a large amount of cash, which can be pickpocketing robbery or snatching etc. Its very easy way to do transaction at any time and at any place where you want. Whereas we don't need to go bank for adding or withdrawing money due to this it can save our time as well as paper cost.

But the main problem is that 70% is agriculture Indian which doesn't know how to use and they don't want to indulge in any fraudulent or any spam. First of all digital payments is 10% safe and secure and do via trusted sites/pp. As rural peoples are not interested or indulge because of lack of knowledge and lack of awareness and illiteracy. Gov takes initiatives to launch various campaign and run policies that help rural peoples about these digital payments and educate about these benefits. This will lead to making our economy strong and developed India. We would go through a certain pain but this pain ensures a better future for sure.

Thank you.

Hello everyone,

Firstly, the point of going cashless came into the limelight just a few months ago when our Prime Minister Shri Narendra Modi announced the banning of 500 and 1000 rupee notes.

Let us first get to know what is the meaning of going cashless actually is:

I) It means that we must be able to complete each and every transaction without getting into the hastle of finding change and without getting into the trouble of carrying our wallet every time.

II) It means that every single transaction that we make is transparent and is clearly visible to the authorities.

There are a few prerequisites for going cashless:.

I) Everyone must have a reliable internet connection.
II) Everyone must have the basic knowledge of using the internet connection.

Well, as per the current scenario we can assume safely that yes our digital payment techniques are secure enough for performing day to day transactions. Said this, our society is not yet ready to go 100% cashless even if the payment methods are secure enough.

Since this is the age where we find a new tech every day, we cannot guarantee that the methods that are thought to be unbreakable will remain unbreakable in the future as well. As the eavesdropping techniques are developing so are the techniques to prevent are being developed. It is our duty to embrace the changes in our society and just hope for the best.

Good evening friends,

Now the given topic is: "Are the digital payments secure enough for the Indian economy to go cashless". These days every thing is going in digital form, we may get a situation to pay money. At once what we can do, nobody will help you, particularly in financial aspects. Hence there is no need of carrying money in all the situations like a smart phone. Nowadays every individual is having a smartphone so if you are carrying a smartphone, it could mean you are carrying all the belongings related to you. Where ever you are? Whatever you are doing is not necessary. You can comfortably pay the bill or transfer money easily with secure payment through online banking and net banking.

As this method is completely based upon our profile. We should not share our personals with anyone that is the main drawback for these online payments and net banking. Cashless payments provide high security for the users. If we follow the right way then we can make our India as a "Digital India" & also it is the time-saving process, we no need to count the money. Every coin is important because we are earning it so it is responsible to know how to spend the money. For suppose if we are paying the amount by cash, We may not have the chance of getting the remaining amount but if you go through the online payment method where we can get the remaining amount back.