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

After demonetization of 8th Nov 2017, the government pushed efforts to make Indian economy cashless and less dependent on cash. From past few months, Digital transactions have surged in the range of 400-1, 000 percent in different sections. According to the government data, the number of daily transactions through e-wallet services such as Oxygen, Paytm and MobiKwik has shot up from 17 lakh " recorded on November 8 when demonetization was announced " to 63 lakh as on December 7 (a growth of 271%). In terms of value, the surge has been 267%, from Rs 52 crore daily to Rs 191 crore now.

With a multitude of digital transactions happening via mobile phones, the chances of a security breach exist, particularly when many mobile wallets and banking applications are not deploying hardware-level security to make online transactions more secure. Virus released by hackers like ransomware are a global threat for digitalization. Without proper knowledge of online payment, we can easily become a victim of cybercrime. Most of the rural people are either unaware or beginner on internet world. So they become an easy prey for hackers. Security measures have been not standardised by RBI properly. Most online apps companies do have strong security on transactions. Even Indian railway and airways have been hacked before. In India, cyber crime branch is not active in many parts of the country.

So, I conclude that going cashless is very important for the country;s development as it increases tax collection and counters cash crisis. Digital payment is not secure enough in India. Government and RBI should first make laws and cyber crime branch more effective.

According to my perspective, digitalization in India is very important as it will reduce the risk of robbery, corruption and fake currency. As a result, it will improve our economy. We know that, in today Era 33% (app) youth population are present and they all know that how to use these digital methods to make payment online. So it's a good idea which is started by our government to make caseless.

But the drawback is its unawareness among people. Most of the people in rural areas don't know about digital payment due to illiteracy.

So, it is necessary to increase the literacy rate first and spread awareness about the cashless transaction.

1. Yeah, in my opinion, digital payments are secure as they are protected with the 128bit encryption key. Due to which it is difficult to hack the password.
2. Digitalization helps to save papers and the trees from which papers are made.
3. Digitalization helps our country to enter into a mordern era of digitalization.

No, the digital payments is not secure enough for the Indian economy because in India at least 70%. Or more population lives is rural areas and most of these rural areas can never even think about going cashless because what they believe is that green or nowadays purple and solid paper money. Most of them don't know how to use even mobile phones so how can they handle sudden change It won't happen until we develop those areas. I use the word 'we' for a reason because it's only we the people of India who are literate or educated or in commanding position who can make the change possible can develop those rural areas and then talk about these changes such as digital India.

For me it's too far from reality to go cashless yes it's a positive move but it will take at least 25-30years of hard work (that is first to develop those rural areas, teach youth as much as possible, upgrade the schooling system) then we can talk about the change (a complete change).

Now the little change is a good thing and it will be helpful for the future. But saying about complete cashless is too much to ask and far from reality.

Hello Guys.

In my views, Digital payment is very secure and easy for the transaction of money.

But I think India is not ready for the digital transaction because it is very difficult for those people don't have an android mobile and also for those people who are uneducated. In a rural area, we can see that people do not believe in the digital transaction because of fraud.

Even now some people go to the bank and they deposit or withdraw in the bank. Because they trusts the bank, not in digital payments.

HI Friends. , I am Divya.

In my point of view, Digital payments are a secure and time-saving process. Nowadays we are spreading the virus through cash by hand (COVID19). So through the online transaction, we can decrease the virus. Banks have a time limit to do a transaction, but by a digital transaction have no time limit, we can transfer and receive money at any time and from any place. In some rural areas are facing problems of digital payment, But we should know bout one thing no one has knowledge by Born. So, life is a journey of learning. If we learn, we can move otherwise we can't go through the world. Educated people have to demonstrate about the digital transaction in rural areas. Thank you.

In my point of view, Digital payments are good for Indian economy because the corruption level in India will decrease. But the digital payments increases side by side cyber crime will also increases and insecurity for digital payments. We have to increase digital payments with better security. Digital payments save time, money, petrol etc compare to cash payment.

Hi,

Yes, Digital payments are secure. India is a developing country and development indeed, calls for changes. Gone are the days when people had to carry hard cash in brief cases. In today's world, it is highly risky and life threatening sometimes.

Digital Payments are safe and the path of transaction can be traced. It even helps control corruption to a great extent. With digital payments employed for any or every transaction, the black money generated can be regulated. The Digital Payments can be made very secure by the use of various anti-theft firewalls or technology being invented. We are part of an IT era and this can be used for our benefits. Therefore, Digital payments are secure enough for the Indian Economy to go cashless.

Talking about going cashless by making digital payment is enough for making India economy digital, I really don't think so. As we all aware of the fact that India is around 70% based on agriculture sector, only the 30% of the people of India is in non-agricultural. And lots of the people are uneducated, talking about that 30 to 60% of Indian, it is very good for them that India is going in the way of cashless but what about the rests? India is still a developing country.

- For making the digital payment the people should know at least the basic of digital education like to work with mobile, to work with an ATM, and other things. But if the people have no education system in the rural areas then how we can expect that Indian economy can go cashless? first of all, we need to aware them with digital education and then any other digital prospects.

In my opinion, digital payments are secure enough for the Indian economy to go cashless. In order to become one of the developed nation, India should adopt digitization in almost all the fields. Digital payment methods are secure enough to make the payments and it provides safety to the money that is being kept in the accounts. With the advent of these technologies, there is no need for carrying money in large bags. This itself reduces robbery and thefts to a great extent. Moreover, the digital payment methods are convenient to use, 24/7 availability, user-friendly, and also it saves time and money.

Yes, that's right my friends a meager percentage of the population are illiterate and even don't have smartphones. We can find a solution to this problem by introducing various schemes that are beneficial for poor people in India. And If we go cashless it will definitely save our environment from a big crisis, that currencies are made using the pulp of the trees. If we opt digital payment methods we can save our earth by preserving trees.