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

Hi.

I am Abhishek.

I would like to mention some points which should be focused.

Digital payment is good for reducing corruption, saving time, improve the transparency etc but point should be noticed that how it is secure.

Before go through the digital payment to make Indian economy to cashless,

There are very village where we can't access the internet, if there is the network problem is there.

And also less security to our biometric data like AADHAR.

And there should provide awareness program to the people.

Digitization should be at ground level.

Digital payments are making our country to move one step forward and that is very good implementation or step made by our government. Even though, it is useful it has some of the disadvantages also. Illiterate people who don't have enough knowledge about this technology will really feel uncomfortable to accept this. So, the government should take necessary solutions for this problem by creating awareness among them and giving some demonstration in the way they can understand. And also say about the insecurities of this and make them even more clear about this. So that people will become more conscious and will not believe the third parties and tried to make their own effort to do such online transactions.

Note: government can also provide them android mobiles and give demonstrations on how to use them.

No, Because as we know that digital payment is done through 3rd party system and that's why there are more chances when we use digital pay with the help of 3rd party app they might be possibilities there our privacy gets compromised.

Hi, friends.

Here, we are discussing on the cashless economy. So first we could tell those people who don't know about cashless economy that what is it and how it is work easy. Cashless is a money transaction phenomenon, in which we have not required the money cash. It is work on electrical device by debit or credit card or internet. Cause of it a new revolution come in world. So let's come, more use this and make a part of this successful prime minister campaign.

As India is going into a digital world digital payments becomes an important part of it. Regarding the point to go cashless, the more we learn the better the Indian economy future will be. It is also necessary that each and everyone should use digital payment system to exit corruption.

What I think is we are here to discuss are digital payment secure enough not about digital payments pros or cons. So, coming back to the topic I think the technology we have today for security is still not good enough to cashless as we see everyday fraudulent cases and the measures taken to stop them are still not enough catch them. There are some digital payments which are safe like one of SBI but still with such less no of digital payments secured we cannot implement it for whole Indian economy.

In my point of view,

It requires skills and technology to access all the digital transaction. India has taken a great initiative to adopt digital transaction. For the people who are from a village background and illiterate, it is nearly impossible for them to trust these methods of the transaction as one required knowledge of basic technology. It also requires to upgrade their smartphones which can be costlier for many people. So now India is not ready now. But maybe in the future.

The Cashless Indian economy, rather quoting cashless I would rather say less cash economy. 31.16% is the urban population of India, the urban population rapidly get used to e-wallets, netbanking and other digital payments but what about rural areas.

Coming to the safety, the actual online transaction is 128 bit which is the second most secure with compared to 256 bit. Initial the use of digital payments was so low because of the fear of hackers hacking our bank details. But as the time change, the present generation is rapidly getting used to it. Eg: Paytm which had come out with an idea of online banks.

If you are aware of the types online threat lurking in cyberspace, you can guard yourself against most financial frauds. Here, only awareness is the key. Follow all the safety norms and you are good to go. There's no such good time for going cashless. Threats are present today, they'll be present tomorrow. Need is to keep yourself updated and know what to expect. Here's a Pro-tip: Maintain a secondary account with just the amount you need to carry out online transactions. This way you keep your primary account beyond reach, in the event you're a victim of online fraud.

Good evening friends,

We all are heading towards digitized world which is making our life easier and easier but do we exactly know that it is secured enough to rely on it. According to me they are using hardware level security which is mandatory for secure online transactions, if we are aware of the little little points which is prescribed generally which we ignore usually to stay secure so its not very difficult to stay secure with digital payment system. Its our duty to be upgrade or update our application when new version with new security and facility available. These digital payment are secured till we are alert on digital security and make other people aware too. It should be rectified on a daily basis and improvise continously otherwise India as a cashless society is a 'dream'.