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

I like to say about the cashless transaction that everything has merits and demerits.

- It helps to reduce corruption. When our government announce some scheme it's amount will reach directly at the target site. So agents concept will be demolished.

- It will reduce the time. Help people to do transaction inconvenient way.

-It benefits to literature. But in our country, so many people are there who unable to read a single word without Thier own name. It harms to those people.

-There are too many chances of cybercrime. Even some cyber experts may start to coach person how to theft money.

As we know Indian Economy is a fastest growing economy in the world so I believe the balance between Cashless and printed Currency will be stepping stone to become developed country. Digital Transaction are secure enough to do transaction as we haven't heard any hacking in Indian Banking System till now. We have 2-factor Authentication which makes it more secure. But I believe anything on the internet can be hacked like we have seen in apple cloud case which was assumed more secure. But If we keep Updating ourselves to security threat around the world then surely our payment will be secure.

Yes, digital payments are more secure than manual payments. Because it saves hard currency and also easy to transfer money from one account to other rather than money order etc. Also the trees can be saved through encouraging digital transactions. As well as, we know that there are many obstacles in our country viz. Poor internet connectivity in some areas, poor knowledge of computer in middle age people, costly internet data packs. Because for digitalized transactions internet connectivity is mandatory, so internet data should be available in lower price. Cyber safety could not be ignored.

In my opinion, digital payments are secure. Digital payments have made easier for us to go cashless. We don't have to carry money everywhere with us, so we don't have to worry about money being stolen. We can pay everywhere easily with one click and it is the most efficient and easiest mode of payment. On the other hand, the digital payment mode should be protected so that hackers and crackers do not steal our information. Morever, the people who are not aware of digital payments should be made aware of this mode of payment and how to use them. Slowly, our country will be a digital country.

Hi everyone,

According to me, I agree with this statement. Because, we can go anywhere in the world without cash. But, think one thing that is in our economy there is illitarate people also. They don't know how to use these technology, also they don't know how to use a smart phone. So, firstly governmnent initiate to take first step to take awareness class to illitarate peoples.

So, other thing is digital payments is technological system we can access this with smart phones easily. We can purchase and buy things without payment of cash. It was very confidential with password.

THANK YOU.

Nobody can witness the security behind a certain decision. Before taking an action the government should help to learn those who even don't know how to operate a smartphone, and also there are people who have cell phones but no internet available. In this busy life no one even cares for each other then there is no point to say that literate people go to the rural place and arrange a study camp for those people. India is full of middle-class society they want to save money by not taking the internet connection and even bargaining at the shop this will not be possible when India go cashless.

Digital payments are already in existence before implemented but the usage is low, after demonetization the transactions were registered more in number terms of online transfers, paperless transactions. Compared to China, the digital transactions of India is gradually increasing. Before demonetization, we have strong numbers in cheque transactions and debit card usage. The cardless transactions were secured nowadays by sending OTP codes while transactions were happening. So there is no problem for security purpose but, we have to be careful regarding sharing of details with unknown people.

As India is a developing country, digitalisation helps in growing India to become a more powerful economic country. But there is a lot of problems associated with it, in one of them is security. Nowadays lot accounts have been hacked. It should be provided more security so that people can able to put trust and go for it. And the second one is illiteracy, In many rural areas, people don't how to read and write. How can they go for it?

So they should be provided proper information and awareness of it. The Third one is, we can carry more money with us, In this point of view, it helps a lot.

India is in a growing phase. For a nation, to be globally competitive, it must embrace the technology like going cashless. It's valid that there's been a cyber security issues. But nothing can be done if we keep on highlighting the negative things. We, as a country, manage to tackle these things by considering where want to at 20 years down the line. In short, run any task seems to a challenge. If we withstand this, We'll stable enough in the long run in adopting much better safer technologies like Block chain. For that, we must have the basics right. Going cashless is absolute necessary.

Hello Myself Shubham,

These days Indian business environment is changing continuously and a big change in the economy is Digital Payment. That's good for the country to do business online and their transactions also, But as we know India's 30% population is Urban and 70% is rural. Out of that 30%, only 20% is access to the Internet and 10 out of 70 from rural. That's is Big Concern for Indian Governments to innovates those people toward Digital economy. This would take more time and huge cost. But if we Totally grab these changes. One day India reaches at the place of top most countries.