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

According to me, digital payment is a good step for the Indian economy. It takes less time and more effective. I agree that it is a very easiest method for us. But in India, most of the people are from poor family or rural area. They don't know about digital payment. Nowadays, Internet hacking is a big problem for us. So they will face many problems. It is not secure for them.

Current two-step authentication system is a basic security provided for digital payments (or Online Transactions). As, the data is not secure anymore due to the increased use of smartphones and technology. Especially the two-factor authentication the OTP which is generated can be read using some third-party apps from the person's phone to hack his/her account. Also, the data is not so secure in the online world and payment wallets as well. This is where the need for security arise; the digital identity solution would be helpful in these cases. The Digital identity Solution (similar to the Digital Signature Certificate) for transactions is the next level security for online as well as offline transactions. Digital Identity solution uses cryptographic encryption technology for making the payments secure through digital signatures for each and every transactions. It helps in securing the transactions as well as the channels used for transaction making it more secure and an only authorized person can complete the transaction.

Indian government should implement the digital identity solution, at least with some banks on a trial basis to check the feasibility of the solution and implement it eventually to make the payments more secure.

Hello everyone,

According to me, digital payments is a new way forward. In a country where the people are developing and are ready to take on the world you need these innovative steps without worrying about its effect. Digital payments can help people save time and at the same time reduces the complexity of the problem of carrying large cash in their pockets and thus reduces the danger of pickpocketing. I don't think their is any problem in applying digital payments as the mode of payments as long as most of the people know how to do it. People should be educated about it and demos should be organised about how to make digital payments safely and Easily.

Thank you.

Well,

As per my opinion, digital payment is not fully secured for our economy as there are many hackers who are doing there job and will do they their job one way or the other, no doubt digital payments are helping.

The individuals who all are not having cash in hand at a point of time. But the matter of fact is security which as far as I concerned is not purely secured.

Thanks.

Well,

As per my opinion, digital payment is not fully secured for our economy as there are many hackers who are doing there job and will do they their job one way or the other, no doubt digital payments are helping each individual who is not having cash on hand at a point of time with the use of this we are able to pay. But the matter of fact is security which as per I concerned is not secure for our economy.

Thanks.

Going cashless and being secure are two different things. The Indian government has taken a good step towards digital payment but on same hand it should take proper steps to make people aware that digital payments are totally secure. There are people who think that they would loose their money by digital payments.

In my point of view, digital payments are secure not enough because it is new to us and people who are using digital payment are less and awareness must be created among the rural people so that it can be used effectively and to add a point on it the security must be provided by the website in which we transact and it's must not be easily hacked.

According to me, digital payment is a nice step for economy. But in India, mostly people earn their livelihood in cash. Whether it be a trader or small shopkeeper everyone is involved in cash payments for years. And, suddenly switching to cashless is a very big thing. Many people don't know about cashless payment. Online frauds, scams etc are taking place so frequently that people are fearing to adopt cashless. Digital payment requires security. Digital payment requires security, awareness and dedication of whole nation. We should create awareness among people about digital payments. So I think cashless payment is not the current need of our country right now but it may be good after some years.

Yes, it's important but before go cashless, the Indian government does should homework.

I mean digitalization is good for our country because of its benefits in many ways and many things like Time-saving, not stand in long queue and so on.

But Indian cyber securities not so good, and a large number of rural areas people don't know even how to use a smartphone. So, how can India go cashless easily first Indian govt should make training teams train those peoples who do not know how does digital money or cashless transaction.

I agree with you guys that digital transaction is secure and fast, ok that's good but in opinion, banks are becoming faster because if we cancel any transaction but it takes time to come back to a bank account. An example if we ordered anything online and if you cancel it and it takes too much time to refund.

I think its a big problem.