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

Hi Friends.

I am glad to speak two lines about this topic, my point of view is that, this can't be implemented in India according to the current scenario of our country, the most important reason behind it is the education, as we all know that India's literacy rate is very poor if we talk inclusively, and for the case of digital payment in their all transaction in life, they must be aware of what it is and how it works and what may be the threats, and for that they should have proper knowledge of using Internet Connection and also about security, so that those people will not share their credential anywhere,

And the second point is there must be good Internet connection speed and good traffic management in this chaos of Internet world, this threat can be felt anyone even who are aware of everything about usage of net, and some of us have already come across the situation where we did payment from the bank getway side and for complete the transaction it has to return to merchant site, and the webpage loaded and loaded for a long time and at last it failed, saying your session expired or something like this. So for safe transaction speed must be increased and traffic must controlled.

So my conclusion is, although Digital Payment is good Idea, but can't be implemented as compulsory unless and util we do not solve these type of problem in the country.

Thanks.

When we say Indian economy, it's imperative to understand that we are talking about the nation as a whole comprising people from all classes. There seems to be a huge hype about digitalization while overlooking urgencies and necessities that need to be properly addressed. I mean more 56% of our population is living in extreme poverty consequently followed by other classes and their consumption patterns. Internet Protocol Infrastructure is gonna take time to become predominant, first and foremost pressing matters need to be addressed, i.e. extreme poverty, malnutrition, unemployability and unemployment, illiteracy and power.

Because even if digitalization is made plausible, still a large proportion of citizens wouldn't be able to capitalize on that.

Coming to the question, just a few months ago we have been made aware that Chinese mobiles and UC Browser are retrieving our personal data, and also hacking is on large and for people that are not tech savvy and cautious are bound to find themselves in that predicament. It might already be happening. Hypothetically let's say 3 in every 5 PayTm transactions are being hacked and 50 paise are being deducted, who is even gonna bother to report and it can very well happen on a large scale.

In my opinion, we need to approach digitalization with caution making people aware of every mishap in every step of the way.

Hello every one,

Our topic is very good and relevant in today's scenario. The government step towards the cashless is appreciable and needed to our economy. Why because India is a developing country, not developed so this is the best time to go to the cashless economy? Our IT sector is very boom stage and industries and developing in gradually and education sector also has some achievements. Every people are busy at their work anyone didn't get the sufficient time for doing their own works. That time the digital payment is very valuable. The digital payment reducing the time of transactions and the transactions are very clear to anyone, no one is going to make corruptions in the transactions. The major think is that the better using of the digital payments wants to some of the knowledge in using the system or smartphones regarding the banking transactions.

And now also the security of the transactions is in question marked. Why because of the huge amount transactions under the observation of some hackers. It has the chances of hacking account. So the government Wants to take the efficient precautions to prevent these kinds of activities. One more thing is that the awareness of the digitalization in the uneducated people. If the government Do these two works successfully then we can go to the cashless economy in simply and confidently.

Thank-you all.

Hai everyone, I think for every situation there are some benefits and as well as drawbacks. Fro this.

Advantages :- By digital payments time will save more, we no need to go anywhere, we can transfer money in minutes of time, if we forgot the wallet it will be no problem, if we remember our card details we can reach home from anyplace by using this particular payment type, no need to go to banks and no need of waiting hours and hours of time. And mainly it will done under gov control so there is a better chance to vanish the black money also. More advantages are there.

Disadvantages : in our country there are lot of uneducated people, lot of people even don't know how to use ATM cards and cash deposit machines at least, so if we introduced digital payment and card transaction, it will be so confusing to the people to understand even for the educated persons also, then what will be the people who are uneducated and villagers, so for this gov should conduct campaigns and educate the people, they have to aware of all this and know then facts and benefits of digital payments, and so many people don't know how to utilize the internet in a specific manner, even though not every one can effort a smart phone to do payments.

If villagers also know the payment process and gov providing internet and computers/smartphones for every person it may works better.

Hello, everyone! I am B.Chaitanya Srinevas. On a positive note, I would like to discuss the merits of the cashless economy. I would articulate my answer in a concise way rather than being verbose. It can have effects on regional scale and on a global scale as well. On a regional scale, it tries to remove the stress amongst people to stand in huge lines and wait for money near the ATMs. On the other hand, any form of an electronic device provides added security and less traffic congestion between the merchant and the customer. Provided if there is a good internet connection. On the contrary, the people should be aware of the process of the digital transaction and the process of buying any goods and services of a utility value. People should be subscribed to a good network connection and also should have bank accounts. This feature on a global scale provides a medium for privatization to improve in this country. It encourages all the banks and cellular subscribers to be poised towards the development of the economy. Liberalization, Privatization, Globalization is the backbone of any developing nation and the security of people is fundamental to every nation. Though there may be bitter hindrances towards the development, it has a brighter side as well. Hence in opinion, we should improve upon our liabilities and help our country to be a better place.

Hello Everyone,
In my opinion, digital payments decision is a good idea as well as a bad idea for the Indian economy to go cashless transaction.

Advantages of digital payments:
1) reduce terrorist
2) reduce corruption
3) reduce block money
4) time-saving
5) easy cashless transaction. For example; paytm, credit card and debit card using swipe machine, otherwise mobile apps etc.
6) growth.
7) reduce theft and easy convenience.


Disadvantages of digital payments:

1) increase unethical hacking
2) cashless transaction is not secure. For example; hacking Facebook, bank account details, otp number, Twitter, what's app etc.
3) This is not suitable for rural people.
4 )Main disadvantage - illiteracy and technology problem.
4) People's are lazy (due to cashless transaction - using anytime mobile phone, computer,etc.,)
5) Online purchase is not safe. Because of the main reason for ethical hacking.
6) Nowadays hacking technology is improved. So cashless transaction is not suitable.

Solutions:
1) Government take a safe decision and this decision doesn't affect the rural people and illiteracy.
2) online transaction should be safe.
3) reduce ethical hacking technology.
4) increase youngsters power and contact function.(eg : workshop, presentation and speech to people)
5) cashless transaction method the village people is understandable.

Thank you.

In India, Economy is the most important thing to be discussed. Today, India has become a digital Nation because everything is happening with Computers and other digital Machines. Earlier the people were withdrawing or depositing their Money by Cash and there was no such scope to deposit the currency with computers. Those days were not too much comfortable to pay Money with Cash. Carry hard Cash might be risky but now in digital India people use Computers. Digital payments have some advantages and some disadvantages like e-Banking. As we all know that we can transfer Money to someone's Bank account with the help of e-Banking that needs the person's Bank account details and other login details that will be so much easy to transfer but might not be secure. Hackers might hack someone's Bank accounts which will be the problem. To increase India's economy we have to pay Taxes for the development of the Nation and to increase the GDP rate. But with the help of Internet or net-Banking people might pay it easily. Everyone has Internet or net-Banking so that will be enough help for people to go Cashless. Other is PAYTM which is the best example of digital payments. We can transfer Money or pay Money or pay Taxes or any currency easily with the help of PAYTM. Digital payments can be electronic payments Like pay with Debit cards and credit cards.

Just like a coin has two sides similarly to the concept of digital payments has both negative as well as positive aspects. One one hand looking towards it positive aspects digital payment mode is the best method that benefits the people in a variety of ways. These include;

* Saves a lot of time.

* Contributes towards development of the country.

On the other hand, focusing upon the negative aspects more than 70% of the population of our country is primary activity based such as (agricultural, animal husbandry, fishery etc. ) which denotes that most of the population of our country is illiterate due to which it becomes very difficult for the people of the country to adopt the system of digital payment moreover the security system is not so much highly advanced that it can lead to safe completion of the process. In India before any system is made completely the ways of breaking that system are made first due to which it is unsafe to perform transactions through online mode.

Thus, it is not possible to completely transfer the economy in a cashless due to its disadvantages but slowly and steadily the dream of digital economy can be made true by spreading awareness about its benefits, making people literate that will serve the dual purpose of 100% literate India, providing training sessions so as to train them how to use the system.

In my point of view,

Transforming India into a cashless economy is impossible in the present condition of our country. On Nov 8 our honourable PM Sri Narendra Modi announced that RS 500 and 1000 will no longer be a legal tender. The main intention of this move was to make India a cashless economy.

The Majority of our population lives in the rural sector. According to them, cash is the king. They work daily for the running of their lives and also they are unaware of digital payments. The first step in the process of making India a cashless economy is educating the rural population about using the internet, smart phone and transacting through this.

This possible by the active participation of responsible authorities and the govt.

They have to introduce different schemes for Making this a reality.

Next is the security problems of digital transactions. We can't ensure that digital payments is more secure than making payments by cash physically.

Even our metro cities are also becoming preys of hackers. First of all strict measures should be launched to ensure the authenticity of digital transactions and security.

Govt also launched initiatives like PMDISHA, BHIM app for making India a cashless economy. Rather than introducing these types of initiatives govt needs to ensure the security of the digital transaction.

Thank you.

Hi everyone the digital payment I think for every situation some benefits and at the same time some problems.

I know some benefits:.

India is a developing country so use in digital payment is a faster and safest mode of transaction. It is time-saving in a business people and employees society. It is reduced the production cost of cash. Next, reduce the bank work and bank safety. The people don't still wait line in the bank. It reduces the robbery. So reduce the robbery related cases in a police station. It helps to reduce illegal transaction. It increases economy level in a world.

I know some draw backs:

All over India in some number of metropolis city but huge villages in our country. Huge uneducated people's in our country, so this uneducated people's how to pay digital payments? At the same time, the educated people no awareness in don't tell the secreat password and bank details in another person's. Increase technology in a current world so easily hake computer, mobile phone, direct hack bank accounting software etc. Nowadays increase hacking robbery. It is not easily found out criminals. Finally, small ex: 5 years old boy go to small shop buy 1 rupee candy the payment is easily paid in just 1 rupee coin that all. But digital payment method swipe the card and type a pin number and transfers 1 rupee. Is it passive?