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

Hello everyone,

From my point of view, the digital payment system in our country is secure. The transactions which are made are fully encrypted. The details of the transaction is fully encrypted where there is less chance for the details to be hacked. The OTP which is sent to our mobile phones is valid only for couple of minutes. Therefore it is safe to pay bills through online payments. However if the payee is not aware of online transaction it might lead to many problems. Even if the transaction is not complete and the amount got debited from the account it will be credited within 3 working days.

For a country as populous as India this question is a debatable one. If we say yes it is secure enough for our economy to go cashless we might be forgetting about the numerous hacks pertaining to data, banks etc which have been happening because of technological advancements. On the other hand if we say no it isn't safe we might be hampering the main reasons behind such an initiative of the government. A cashless economy reduces the risk of theft, gives the government better understanding of the cash flow in a system which further strengthens its tax collections and can ultimately reduce corruption.

Yeah, I am agree India can go cashless as we know that earlier days we have to stand in bank and for 2-3hr waiting to transfer money, transit money but the time for doing this is too much and on the other hand digital India will have online transaction in which we can operate all types of payment with our mobile having internet connection.

As we all think that it not secure but in my point of view we have ltp and only right will going to operate account and we have apps like Bhim, paytm, google pay etc thus I wanted to say we have to take one step forward and support for the casheless transaction.

Hi all,

As per my point of view, this topic is very important for our country. Its positive step to improve our digitization. Most of beneficial thinks are include in this topic. One of the best benefit is, it is help to stop the corruption and black money. It is help to save the time.

Digital payment is very secure and helpful to use. We can use this easily and safely but some people need training. For that government should take step to guide the people. How to use the digital payment via mobile and computer.

According to me, digital payment secure enough for the Indian economy to go cashless.

Mode of digital payments have been enabled in India with a perspective to curb against the black money, to reduce corruption, to stop black marketing, to enable effective tax regimes but that doesn't actually works just because in India people's know how to exploit the opportunity they always find the loopholes against every government actions. Moreover the action they initiated they are not able to make it in process in effective manner due to lack of management and effective technology. No doubt it's been an effective move by the government but the results are in a long queue to come in actions.

As per my understanding.

It's a good start for Indian economy but lot of work still need to be done:

1 - Hardware-level security should be made mandatory for all providers.
2 - Usage know-how and training for end user.
3 - Balance between private service providers (Paytm, Free charge) and Govt backed digital platforms BHIM by NPCI. Initially startups will provide zero commission and other attractive offers to merchants but later on T&Cs are changed to turnaround the investments vs margins ratio :).

Overall yes, its a good start but lot more to be done for the Indian economy to go cashless.

Hello friend.

As digital payment have lots of advantages like it reduces corruption, saves time etc but in present scenario Indian economy can't go cashless completely, it can go partially.

But, I would like to appreciate the initiative taken by our Indian government in the field of digital payment like digital payment app like BHIM and scheme like Pradhan Mantri Gramin Digital Saksharta Abhiyan. The aim of this Abhiyan is to make 6 crore rural households digital literate.

So, to make Indian economy complete cashless, along with government, the educated citizen also have to take responsibility.

Helo everyone!

According to my point of view, digital payments are secure enough this days if it's a recognised organisation and trusted too. We should not trust any organisation. As we all know India wants too be developed country at an instant urge, so to have a developed country we should be now technology seeker inspite of any excuse. Literating about digital payment is tough but not an imposible task, it can be organised in every sector for rular areas. And we should show eveybody that digital payment is safe and a posible issue which can be done and even executed in right and positive ways.

Yes, it is a good step if it is implemented.

Pros: Lot of employees in banks are released -they can be utilised some other areas, no paper wastage-environment is protected, no worries on the theft of money, everything is on our fingertips.

Cons: as the illiteracy is high it should not be implemented at a stretch, technology on security is a constraint, most of the people think weather their money is safe or not.

So the people must be educated in this concern, govt should take the initiative - a special wing has to be formed at every place for some years, they need to give awareness.

Thank you.

It is evenly true that India is a growing country and it is also true that a growing country is not well equipped. So if we want to take advantages of cashless payment and other online transactions then we must grow our country to that point where it can fight with all wanted/unwanted online crimes. Besides that, all most 50-55% Indian lives in rural areas where they are unaware of online crimes and they are also not well educated, so before we go cashless transactions we should remind us that how to aware people about this.

Above all of this, I can say that it is a good step towards the future.