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

In my opinion, India is not ready to become a cashless economy, this is less because of technology more because of a security threat.

Not because one has not come across theft incident in this digital money transfer it doesn't mean it is safe. It is easier for a thief to steal money in this digital money transfer, just sit in front of computer do some hacking and within some time you may have lakhs of money in your bank account it is that simple actually but fortunately, not everyone can do it. The one who can, it becomes very difficult to catch him.

Security is a big problem that one can face here.

Hello everyone!

I think, digital payment is one of the safest mode of transferring money from anywhere at anytime. But, as we all know that India is a developing country so, digital payment may not be a good idea as the literacy rate in India is very low and most of the people still don't have any idea of using internet and smart phone. Apart from this, many villages and small towns have not proper electricity and internet connection so, it would be very difficult for the people to meet the demand of digital payment. Before expanding the digital payment, we have to sort out some basic problems first.

Hello.

I am Shravan.

According to me, digital payments online are secure in Indian economy. Became, technology not expanded allover India. Only metropolitan cities are have knowledge how to use the technology. I non metropolitan cities they don't have enough knowledge in digital payments. In just now Indian people are learning about the digital payments. People have to get more awareness how to use the digital payments. But digital payments are necessary for our country for the transaction to another country. People who are having enough knowledge of digital payments it's very secure and useful to.

Hello everyone. I agree that digitalization is secure than cash. But if we think in the direction of digitalization firstly we have to ensure that everywhere every corner of the nation facilities should be available for that. It is biggest challenge in the direction of digitalization. Some rural areas are so backward so it will be a long journey for our nation. Second thing is network. Network is also huge problem in step of digitalization. So we have to also step up communication system. If we overcome above problems than we can think about totally digitlization. And it will be really a great thing.

Hello guys,

I would say that probably it's the change that India is needing so far to make progress in every arena. As we all know that our country is previously recognised as the country of illiterate people's, but know the time has changed we are experiencing a rise in our GDP approx 7.2% in increasing manner whereas China's is lowering down. All credits go to the digitalisation happening at a very fast speed. An example of Digital payment can be taken from Delhi Govt's initiative of introducing a Single travel card which can be rechargeable so making less Ruskus in travelling and also saves time.

As per the basic definition of governance, it must be transparent ie when we make transaction cashless it would be under the supervision of bank and government so that government can track and impose a tax and vandalise the parallel economy as there is only 3% of the population pay taxes. But the thing which here concerned is that cashless transaction is only limited to certain urban people. Moreover, the government should focus for the cybercrime as some people are very less aware of that. A strong safeguard and IT professional should be there to avoid such crime and strict laws should be assigned.

According to me, it's a safe mode to use credit card instead of using paper money but on the end of poor people we see they even don't have the knowledge to use it even though many of vegetables and fruit vendor have swipe machines with them but they have to pay tax for that to let us take an example of a fruit vendor if he is earning a rs 100 profit after sailing fruit then he has to pay 20 rs tax on it because he is using swipe machine then is it possible for that person to survive. In my views, its is good but only on the part of the rich person but on another hand its bad for lower level people.

According to me, digital payments will definitely secure Indian economy but only when the literacy rate of India will increase. Government should take step to council the people specially in rural areas that how the cashless transection is important now a days. It may also reduce black money scams and robbery level. Somewhere I feel that we people also take initiative to go cashless. Because when we take decision it has its own positive and negative points. To go cashless I don't know I much time the India will take but this step can change the India from developing to developed country.

Thank you.

Yes, But some drawbacks and it is very important to consider such as In our country only 74% people are literate (According to Google) then how could they payment whose illiterate and the most important thing i.e. it is literacy % not whose fluent with Internet. And second thing is Internet speed In rural areas not good Internet connection so how to use in rural areas and you all of know very well In India how much areas is urban.

So, I think first start a free campaign for how to use the Internet and build towers in rural areas and also try to aware people what is the advantage of Digital payment.

According to my view, digital payments are secured and how I tell it was secured. Nowadays we are indulging in a lot of cashless transaction, for example, electricity bill and water bill even purchasing in the petty shop. We carry out these transactions without any mishap. Yes, there is a flip side also in the digital payments where the cyber thread is a horrible one which threatens the entire process feel insecure. Moreover, without our concerns, there is no security thread will arise it is everyone's responsibility to keep their payments options are safe and secure without the participation of us.