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

In my opinion, India should focus more on reducing online frauds, making secure online transactions so that people trust more and more. To attract peoples they can give cash back offers and reduce service charges.

So, digital payment is not only beneficial for us it also reduces corruption of the country by reflecting the amount paid directly on the bank account of the merchant.

And from past few years, online frauds is reduced and rbi is planning to return the loss amount after the probe. Coordination of vigilance programs, help the rural people to shift towards online transaction because it has many advantages.

Good evening to all.

I too agree partially, because in India lot are rural people, they don't know how to acess internet, then how can they buy goods through on line. Even some educated people also lack in using this means in villages.

It will change our India economy cashless when all people are awareness about technology.

So first should try to enlight the people in rural areas. Except this this is a very good decision to go cash less economy.

Good morning everyone.

Yes, digital payments are very secure but the process what we are using for payments are not correct. For example, the government should provide one card to everyone that is money card which should also have the GPS system so that if we lose that card also we can track that card very easily. The card should have highly confidential security and we should have a rule that every transaction should be done by this card that may be like hospital bills, house Purchasing's etc. If we follow this process we are going to have a non-corruption India and also we can have our secured cards.

Hello, everyone.

I think this is a very good decision of the government to make India cashless. Because it can pay a very good role in making India developed from developing. This is true that it is not perfectly secure but if we are careful then it is very secure too.

Due to many populations of India not only in Bank but everywhere like shops, railway station, market etc. There are many people who are wait to take or give money. Due to this many people suffer.

If the transaction is done with digital method then it should be faster than that. And this will be a time-saving process.

But there is a big problem in India that many uneducated people do not know about this. So if government tell to such people all about the benefits of the digital transaction.

If all the process explains them properly then villagers are also used digital payments, to use this, is not so tough.

So in India, the person who knows about the digital transaction must use it and try to expand it so that transaction becomes more and more transparent. And every transaction may be done easily.

I think each and every thing comes with some advantages and disadvantages. In the case of going cashless there are many advantages as everyone said. The major task will be to overcome disadvantages. On the other hand if we talk about illiteracy, digital payments is nothing rocket science that can't be taught.

According to me, it's very good idea to implementing digital payments because there are lots of benefits from the digital payment system. First, we don't need to carry money in a physical way. It also decreases the chances of stolen money. And second is we can easily send their money anywhere in the world with a fraction of seconds and anytime we can send. Nowadays many people using this scheme and many other also are interacting with this system. It's will move the scintillating changes of our life. But the main overarching things are how we can implement in whole India because now this scheme in nascent stage we can't implement this scheme in the whole country because 65%of our population is leaving in rural area and many more middle age persons don't know how to use mobile, laptop and computers, so we are in nascent stage we will need much more time to implement this scheme in whole country and confer knowledge to people how to use this scheme in more systematically way.

As I feel as compared to other countries there are around 192 countries in the world and where we talk about developed countries most of them are digitalized. So, become aware of this fact their economy is also on d best position than India. See they have also security issue but in recent era, every prob has a solution and every activity has some risk. Because of only security issue, we won't adopt cashless payments, not a right choice. Every county had at their time resistance to change issue, Security issue but they overcome it. Same happening with India we will overcome all issue after taking into consideration of time factor.

For the Indian economy to go fully cashless, the problem of security is secondary compared to the extent of digital illiteracy among the lower strata of Indian society, and the difficult access to banking services.

The government of India is taking phenomenal initiatives to promote Digital India, which had 3 primary objectives:.

1) Improve the digital infrastructure in India and provide high-speed internet to rural areas.

2) Improve the digital literacy among Indians.

3) Provide government services electronically.

The government has launched UPI (Unified Payments Interface), the BHIM app, we have access to e-wallets like Paytm and Freecharge, and also the newly launched Google Tez, which supports 7 regional languages. All of these apps have 1 requirement - bank account.

The government should lower the barriers to having a bank account. India can only go cashless if 100% Indians have a bank account, otherwise, they would be dependant on currency notes for their day to day needs.

Digital banking is a step towards new India.

As if consider I have to transfer an amount of Rs500 to a friend, I have to follow the same procedure for transferring an amount of Rs50000. And the time consumed is also same. It's ok for a high amount but for a small amount, it's not ok.

Secondly, banks are closed on Sundays but not net banking.

We don't have to fill up forms, go from one counter to the another to complete the procedure. Especially at SBI.

Nowadays maximum people have Android phones. I'm from a small village and I clearly know that maximum people enjoy WhatsApp.

Even they are uneducated they know to use Whatsapp then they have sufficient intelligence and presence of mind to take care of their own money.

Hi, I'm Shreya,

It's true that today digital economy has grown and there are a lot of people using them.

But thinking about making the Indian economy cashless as a whole is not a very good idea in my opinion, as a significant part of our society is still illiterate.