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

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.

Hey guys,

Digital payments means transaction for money online means you can send money with internet. And definitely it is good idea to cashless. You don't have to stand in long queue which is you know time consuming and annoyed. And it is very easy to go cashless and you can send money within a minute.

According to me, digital payments are much convenient than the traditional method.

It completely reduces the human efforts.

As of now, it's not that usual across all the areas of India.

But if we just follow some of the surveys about the number of people using internet and smartphones, it definitely states that the days are not so far when everyone will start using the digital platform for transactions.

Hi everyone.

In my point of view, digital payment is good for Indian economy but not sent percent. Nowadays, in rural area, people don't know how to use gadgets, the system that government has taken these are the dream for those people. Before apply government should know about these things. Otherwise, this is very good for all the people except rural area people.

I conclude that government should apply for 60-70% digital payment.

Thank you.

Digital payments according to me are more secure as compare to that of paying the payments offline but as we all know that the people of India are literate rather than educated so if the government is planning to shift these offline payments to digital payments fully so they have to create some awareness programmes so that the people those are not aware or have some fear to lose their money, will able to shift themselves from offline to digital one. Offline payments are much time consuming and in place of it the digital payment is the option that is time-saving and secure enough to pay. As we all know most of the developed countries like USA, RUSSIA are following the digital payments and are the examples of the secure payments so if we want to be the developer from the developing one than this change can also be the reason for us.

In my opinion, Digital payment is not secure enough to go cashless at present but it might be in near future.

It is not secure at present because there are various issues that need to be addressed like cyber security and awareness of digital payment among villagers. At present in villages, most of the people transact by cash and without them, we can't think of a cashless economy. We need to educate them about technology and digitization. But at the same, we could we secure enough in near future as the government is promoting cashless economy and recently launched BHIM and UPI for a quick transaction. We have witnessed that cashless transactions have increased after demonetization.

A few pointers missing above in support of cashless economy are;

1) Cost of printing the currency (Raw material, machines, human resources)
2) Transportation of the currency (logistic cost)
3) Downtime of the ATM for uploading currency (Cant ignore human efforts in this)
4) Installing ATM's and their maintenance cost (Capital cost and variable cost)
5) Limited currency types in ATM's (Issue with the change)

The present era is about digitization. It gives a boost to newer and easier ways to perform our tasks. As far as India is concerned, this is definitely the right time to shift towards cashless transactions to be on par with the technological advancements seen in other countries. Security has been raised as an issue but this is not limited to a single country. All countries face the challenge of cyber threats. New ways are continuously being developed to address the issue. Also, extra care has been taken to India to make digital payments secure. There is an authentication procedure to transact digitally. National Payments Corporation of India is also assigned with the role to regularly monitor the integrity of digital payments. So, yes, digital payments are definitely secure enough for India to head towards cashless transactions. The ease of hassle-free transactions provided by digital modes is really unparalleled.

From my aspect, there is so many advantages go go cashless. But I know in our country literacy rate is being so high and poverty rate to that's why many of Indian citizen can't effort the gadgets or they can't be understand how this can we word.

But the case of demonetization, intention should be good but infrastructure not good. Digital payment is good because you may easily transfer the money at instant or very secure medium for payment. But this was all happened when our people will debate about how this digital payment beneficiary about us. Through digital payment India will improve gdp rate and reduce illegal gratification.

Hello everyone,

I according to me if we want to make any economic development there will be pros and cons. I would like to say pros first if Indian economy go with cashless it is good step towards Indian economy growth. If Indian government take this step there is no necessary to do demonetization. In the beginning there may occur some problems it when time goes on it will be adopted. By doing these government can easily track black money and robbery, snatching can be reduced.

In other hand there are some cons also this may be problematic in rural areas according to me but it is not much problematic and some security issues like hacking may occur for that some other precautions should be taken care by government.