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

Hello everyone,

Going cashless is a big step towards completing Modiji's mission "DIGITAL INDIA" as it can save our time from standing in endless line before ATM's & bank for withdrawing money but as you know "every full moon has its dark shadow" & same goes with this cashless transaction.

1) illiterate peoples are not much aware of the cyber crime going nowadays.
2) there is not good network facility in rural areas due to which they people are not able to do any online transactions.
3) the population in rural areas is much larger than in urban areas.

Solution to this problem could be:

1) The government should aware people about the cyber crimes through social medias, TVs, seminars etc.
2) There should be a limit like 2000 or 1000 after which you can do cashless transaction else not.
3) Operators should improve their network facility by increasing coverage, optimization.

It is the great idea, we are becoming a part of cashless society, but before government should be conducted awareness program of our society, as we know that still now very illiterate people don't know how it is work, so my point of view unique step and awareness both are needed to develop any program.

According to me, Indian economy should go cashless because this step will surely help to remove the biggest disease of our country that is corruption.

No doubt, it will definitely bring the transperency in our system and with this many of our problems would get solved like -no need to carry cash everywhere, accumulation of money in banks would allow the government to make the use of those money for the development of our country and it would also help our economy to grow. But still this can only be done by the people who are literate and are properly aware about the pros and cons of this issue. Most of the people living in rural ares are not aware with this. So I think firstly the government Must enforce the campaigns and seminars in rural areas to make the illiterate and poor people acquainted with this digital payment method.

No, I don't think so it only helps for rich people but not for medium people or poor peo0le the main problem is that the tax added to the digital payment due to which people use to pay extra money about 2-3%of total amount.

Yes, with the advanced IT infrastructure, digital payments are secure enough for the Indian Economy to go cashless. Digital transactions offer high degree of accountability and transparency, which means end to corruption. Moreover, natural resources like trees can be conserved, if the paper required to print notes is eliminated by digitization.

I think cashless transactions are good options for developing countries, but as we know every coin two sides hence with cashless transaction increase the chances of fraud cases and also Cyber Attacks increase. Recently, we have seen that the virus malware attacks on software systems which Disturb the whole world.

So In my view, digital payment is not enough safe.

According to me, going cashless is a big step towards "DIGITAL INDIA". Digital payments save time and there is no need of standing in lines but we aren't completely ready to go cashless. The wallets and the mobile banking applications in India are jots using hardware level security which is mandatory for secure transactions. Also, Indians are most prone to falling in traps of phishing and hacking. So we aren't completely to go cashless but we are on the way. Also, there is a lack of awareness among the people of rural areas. There are not aware of how to operate a mobile and we expect them of making transactions through them. So a lot of efforts need to be made. Also, the network operators need to improve their coverage. The Indian companies are making improvements to make digital payments more secure so can hope for getting things better.

India is a large country with a very large economy. It is also difficult to maintain money in our home and also in banks, However, it may be unsecured. Giving exact change in shops is also another problem. By using digital payments it provides easier way to buy products. Digital payments provide a way to solve many problems regarding this issue. However the major issues like people do not know how to use this payment methods. Many people in India are not used to digitalization however proper awareness programs on digital payments may increase the chance of improving digitalization. India should be careful about the security issues since everything goes online.

Hello everyone,

I think going cashless is a good step taken by govt of India, After all the long journey starts with one step only.

Somewhere we had to start, we had to take step towards digitization, same has been done by Indian govt, instead of just talking about our poverty, illiteracy, our this govt has taken action.

Secondly, as I said, this journey is long but it is achievable after some time we all be used to these digital payments & our next generation will be in complete digitalized India.

Introduction:.

Indian government has started digital India Mission in 2015. In which pillars like Digital Literacy, Cashless Economy, E-kranti are focussed. This mission is helping a country in almost every industry like telemedicine, e-banking, e-governance, e- commerce which include cashless payment. So it is important to discuss the security of this kind of payments.

Points:
1. There are very few payment system that are secure and most of have some and other problem like cash payment has problem of duplicacy, damaged notes etc.

2. World is moving towards digital, superintellgent era. So India should have cope up with it as we have comparatively smaller economy than developed country it will cost less to convert our market into digital and our flaws can be seen here at nourishing stage only. This will useful in future to ourselves only.

3. India has institution like NPCI, cyber cell which are working effectively and we should believe on them.

So it is always better to do something than nothing.

Only cashless practice will make away our fear of cashless economy.

Thank you.