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

In my opinion, digital payments are not secure enough. In support of my opinion there were many frauds, robberies happened, when people have been using it. People are victims in the case, as intelligent cyber criminals are playing it safe and ease.

As it is very much productive by saving our time and energy, going cashless is always helpful.

Digital payment apps are playing a key role as we can do money transfer within minutes from anyplace if we have internet connectivity. The another feature is that we can keep track of our bank account i.e, we can check balance amount, block the atm card if it was lost.

Hello Everyone. !

Just to add some views with regards to the security of payments for Indian economy to go cashless, it is most important to keep the aspects of digital rather cyber threats in mind. The hacking community is always there for the so called cyber threats considering the potential points like URL manipulation to hacking of passwords. But unfortunately all these are considered for the privilege class who are interested in viewing a smarter India. However, there also remains a class of people who don't even posses a mobile to indulge themselves e-payments and being exposed to the digital world.

In my opinion, India can adopt cashless transaction but there are many hurdles in its way.

1. We will require better connectivity till rural places. Though 4G came to India 2 Yrs back still many companies are not fully capable in bringing the technology to its fullest.

2. Even if we bring the technology people should at least have a smartphone and should have the knowledge to use it and do transactions.

3. Even if technology comes in a more digital way so the more secure network will be required.

4. Further, it will be a more preferred way to track black money and corruption will reduce too many folds.

Yes, Digital payments are much more secured form of payment than cash but every coin has two sides, In our country, most of the people are reluctant to go cashless yes this is the bitter reality governed by many factors like lack of awareness, fear of not knowing the process, no proper guidance and promotions plus illiteracy is an add-on to it. India has a diverse range of population some rely only on cashless transactions others don't have enough money to even arrange their two times bread and butter. So, yes going cashless is secured but those who don't have cash, who are thinking about them?

Thank you.

Digital payments are secured enough or not is depend on hands of users.

There are two type of users:

1. Customer.
2. Merchant/Service provider.

If both of the users are aware then, in general, we can say it is safe but when we talk about the Indian economy, it is not safe because we don't have our own data servers on which we can store all the digital payments details and whatever payment details data we store in server those are mostly located in Europian countries or the US. So, if someone from somewhere attacks our data it will be very difficult to manage it because servers are located outside India.

I'm apriceate to all my viewers.

A significant percentage of people live in rural areas where the knowledge is assumed to be less for using digital payment modes.

Also many people in rural areas peoples are still not using smart phones as they cannot afford it.

Another hurdles which came towards the digitalisation is networks in India is not up to that level to go India for cashless.

So from my point of view, we should have an eye like in coming next 10 years we have to make India cashless but for that need to put focus and attention towards the activities, policies, laws etc required to implement it.

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.

Hi, friends.

Digital payment means all our money in the banks accounts not in our home so we can think our economy status. Whenever we face any financial problem before us so we knock some banks and bank helps us so if we give our all cash to banks so we think that our condition can be much better. We all know that each coin has 2 faces good and bad but in this time if we keep our major focus on good points in place of bad points so we can make our country developed. There is no poverty in our country only there is a need to better think for each situation so that we can gain even from the bad condition.

Hello, everyone.

One of the most important advantages of digital payments is that it will reduce and eventually end the circulation of fake currency, thus improving our economy and increasing the GDP.

Secondly, it will reduce tax thefts.

Talking about security, and even cash transaction is not secure enough as it involves circulation of fake currency, tax thefts, corruption and many other drawbacks.

Finally, I think digital payments should be initiated and should be implemented gradually along with educating people about its merits and how to use it.

In the long run, it will be a revolutionary step.

Yes, I am in support with the view that digital payment is secure for the Indian economy to go cashless because everything is so easy and confidential so that people feel secure and invest more in any good. Also, it's not only contributing in financial perspective but also from the social perspective the people from the village to the city are now more literate about the bank and its services and this will help to build trust in government and its policies. The incident of being theft reduce because of the transparency and accuracy in government services its all lead to a secure caseless system in India.