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

In my opinion, digital payments are safe for Indian economy for cashless as one can keep track of their funds by the help of apps and tax department can keep track on the transaction without failing personal to pay taxes and the one can keep a record of fraudster which fly away with extra money. Digital payments can be fluently achieved in urban areas but there might be some difficulties in a rural area but according to upcoming programs of our prime minister and some good citizens of India there will be no such problems in future as they are providing information and technology to such areas. Apart from this, we cannot deny the fact about the cyber attack which could affect the digital payments but there are setups like security cells which handles these attack and helps to prevent such activities by their programs and secure portals. It can be said that the day is not far away when the whole country will opt out cash and go cashless.

Digitization of the Indian economy, an achievable dream of the G. O. I but presently understanding the Indian Literacy level and Awareness scenario, getting adapted to this change will take time, years maybe.

With a literacy rate of 74.04%, Indians are tagged literate if they are able to speak, read and write (the basics) in their mother tongue. Is this enough to get people handle those sophisticated pin codes, username IDs and scan the required codes?

Understanding the next thing is, Security factors of the Economy. Is the entire digital economy of India secure enough to value the earnings of people, especially the ones who find it hard to make their ends meet, go in for digital payments? Here arises the Doubt of "What- If. ?".

India: A country with talented tech savvy brains (who use their knowledge to hack the security systems of their own country) pose the greatest risk to the economy on this arena.

If such brains are used for the betterment of the system, and for the greater welfare of humanity, may our country achieve its Dream?

As India moves towards an cashless economy digital payments can't be avoided. Security measures should be taken appropriately to secure personal data of citizens else the whole economy may suffer of severe crisis. Attacks like Ransomeware are now common in today's online world. Indian Govt should take proper care to literate common man about using digital payment securely for example : two time verification, safeguarding passwords, using complex passwords, knowledge regarding social engineering and also using anti-virus. With proper care taken from govt to make people aware of the vulnerabilities of using digital payment the era of secure cashless economy can be achieved to some extent.

Hello, everyone.

According to me, digital payments is a better option as there is a fair transaction for the people who are actually loyal. It will eventually lead to greater revenue collection from taxes and high GDP.

A big issue will be making the rural people known to the technology but it can be done at a fast pace as everyone is once a beginner. There may be problems like cyber crimes but it can be overcome by tightening cyber security and taking proper measures.

In a vast country like India with diverse thoughts among people there will be hurdles in beginning but in long term, it will lead to a transparent and strong economy with technically literate people.

India is a fast growing economy. Digitalising the economy would be a very crucial step. But as per India's present scenario is concerned, digital payments are not secure enough. The softwares of a major section of our banking system have not been updated till now, which is quite important when security issues are concerned. It still works on the old Windows XP. Moreover, we have recently seen many incidents of data breaching. Hence, we need to strengthen our digital security systems before going cashless.

In my opinion, India is a fast growing country and digitalisation is a good idea for the Indian economy. It has a lot of benefits like we not have to go bank for any kind of money transaction so it saves our time. We do not have to carry money. A Lot of papers are used to make money so in cashless India, we save papers so our environment also gets benefits to it. Most of it when we use this technology, the Indian government can properly observe tax payers, corruption, black money, fake money are reduce gradually.

But the problem is India has a lot of population illiterate, they are not familiar with this kind of technologies, basically, they scare to this system so Indian government Take a step to educate them first.

I think that Indian online system is not fully protected or secure because lot of cyber crime, cyber hacking are happening so government Should take initiative to make strong online system.

If those problems are solved then India is ready to go cashless and it' also improves economy a lot.

Thanks.

Hello, friends.

As far as the cashless economy is concerned. Any country being the developing country having two major issues i.e. Illiteracy and technology. Taking initiative, pain and the cost for overcoming both the issues are very small in front of the fruitful results of being cashless economy.

There are many benefits of being cashless economy like:.

Technologies enhancements: once economy of one country is on the path of going cashless will lead to make more and more technologies enhancements. Country will be developing more security protocols to make the transactions more secured.

Increase in level of literacy. People once know that there is no other way of living except going cashless, will be forced to take the more education and to increase the education level of their families.

Circulation of the currency of the country being cashless economy: people are hoarding the money due to the cash based country and doing the large numbers and amounts cash based transactions, which is leading the cash hoarding and hawalas' being done. Full of the Indian currency is not being circulated in developments of the India. Which may be done in the cashless economy.

Increase in Tax Revenue: Cashless transactions will be having all the track of Income and expenditure of individuals and corporations which will be giving crystal clear picture on income tax to be paid by them. Will lead to increase in tax revenue which indeed be increasing the development in the country.

Eradication of corruptions: The Cashless economy will be eradicating the corruptions from the country.

As far as both the issues are concerned, It is very easy to tackle them for the country like India. We need to stronger our education system and technology. We need to spread the more and more information.

Necessity is the mother of inventions. We should note that none of country borne strong.

Yes, I support digitalization because it would reduce the labour of carrying money from place to place, it would reduce cutting trees from which paper money is made.

In my opinion, It is not right time for the Indian economy to go cashless because for illiterate people it is difficult to make digital payments. Firstly, Government should take initiatives with literate people to aware illiterate people so that they should get to know about digital payments.

For security concern, apps use for digital payments should use Biometric Fingerprint scan to make transactions online like BHEM app.

According to my point, India is going to cashless its good thinking but not only applicable for rural area it's also applicable for urban area. There are many types of problems and causes including it. My first point is urban people are more educated than of rural people. They are not using mobile properly and there is no network facility also it's the big problem to face all rural areas people. When urban people are not literate it's never possible.