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

Digitalization of payment in India is secure for economy only if the whole population of India Is literature about the procedure, and the crimes/frauds related to it.

Hello everyone, This is Dibyendu.

Going cashless is a need of time. Digitals payments are secured by 128 Bit end to end encryption. They are totally safe from the point of being robbed digitally. With Availablity of New technology, some precaution also comes; liking keeping the privacy and being aware of the fraud phone calls etc. Indian economy was very much liquid a few years ago but now the scenario is changing. Because of the increased faith in digital payments, the share of the digital money is increasing that shows the reliability and secureness of cashless economy in Indian Scenario.

Digital Payment in India or anywhere round the world is quick and convenient mode of payment keeping in mind the amount of crime happening round the globe for paper mode of payment and regarding safety, the government still need to figure out a way out to introduce virtual money/currency to neglect the amount of concern over safe and secure mode of payment.

The government though has taken major steps to avoid cyber crime, hacking and cracking through introduction of encryption and PIN introduction and later by OTP that has reduced the quantum cyber crime cases.

The digital payments are secure enough if you are aware and cautious at the time when you are making payment. Everyone's account is linked to mobile no. And you get an OTP every time you make a transaction and also the transaction pages are encrypted so by no means they are not secure but the thing is that only a person who knows you can betray you or the false callers saying they are calling from a bank. I've read some comments saying that people are illiterate etc. If they can use youtube etc. They can make payments also it's not a hard science just once you have to learn procedure to make payment and some word meanings while making the transactions.

I think it is secured enough for the Indian economy to go cashless but at the same time due to lack of awareness among people residing in rural areas, it is difficult for them to adapt themselves with this new mode of payment. The Government should come up with digital payment campaigns to educate the people residing in rural areas and help them to adapt to this new mode of payment so as to ensure a cash-free economy.

Well, I appreciate all of your views.

According to my view, India is still developing country. We can't say online payment is 100% is good.

But online payment is good. We can pay our bill by online, which consuming less time. And it also saves the cost of printing currency and cost of installing ATMs and their management.

But, when the government wants to release a new application they have to conduct some awareness program to teach about that particular for rural area people.

Change is necessary for anything from day by day.

Thank you.

Hi myself Roshan.

When drastic changes occur whether related to social tradition or technology some problems are created, we don't go for that one leaving behind the consequences look for its use, in transition period some difficulty will take place but you have to conquer on the situation.

Digital payment has a lot of advantages like better control on corruption, more transparent transaction, the money of government scheme will directly deliver to deservable and needy people.

Some advancement and awareness are necessary among people about e- transaction and digital payment system for a succession of the plan.

Dear friends! Digital money or we can say virtual money is safe as far as the physical theft or robbery is concerned. In cashless economy lakhs your money will be in your pocket more specifically in your mobile but you will not be feared of theft. But believe me " where is money there is robbers" if money will be virtual robbery will be virtual. Hackers will rob your money that too seating in very distant corner of this world. So every coin has 2 sides. But which side is have probably more possible that depends on preparedness of our country. So the question is that are we equipped enough to provide safe digital economy to India? Unfortunately the answer is "No" but can we be capable enough? The answer is "yes".

It is definitely true that the world is now moving towards being cashless and being one of highest growing developing economies of the world, India has to follow it. Now there are plethora of advantages in going cashless such as.

-Time saving.

-Significant drop in corruption.

-Can be accessed through mobile, no need to go to banks to name a few.

Having mentioned the advantages my only concern is that how secure are the digital payments options that we have. We can transact cashless through apps like Paytm, freecharge and even apps of some banks but the question is how secure are these transactions because with these apps we are virtually carrying our bank accounts in our mobile.

I believe digital payments aren't secure enough for the Indian economy because there are people who don't know much about the functioning of digital payments can get into any fraud if they wish to somebody get the money Transaction done by somebody else.