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.

What I think about going cashless in India is,

As the literacy rate is more in cities, this system of going cashless should be initiated and enabled in cities only, this will leads to accumulation of more money in banks which will help people in villages, use this money and not going cashless. Along with this various programs of educating people about online cashless transactions should be enforced.

India is developing the country. In my view, it is a bold step taken by the government. In present architecture we can't say that digital payment secure enough. Because many haker can hake account and can do cyber robbery. People who are don't awear about online tranjection they can face problem. But by educating these people we can make it good decision. And if all rural aeras people would know that how to use digital payment. Then it really effectable.

By digital payment we can save our time and also can save trees beacuse in banking work many tonns of paper used. Paper made by tree so by digital payment we can save our environment.

Digital payment is like a double edged sword it has many advantages. But it is not secure. Around 40% peoples of India are illiterate and even those who are literate prefer cash transaction rather than digital payments. For digital transactions, peoples have to take care about their password, OTP, user id etc. Which is not possible for illiterate, rural peoples. Government has to create awareness among peoples to do cashless payment in an effective way (ie, they should not tell their password, OTP to anyone. And if our economy will become cashless it reduces the cost of printing of notes, decreases the cases of robbery and also reduces corruption. Cyber crime is also a major problem in the security of digital payment.

Hi, friends.

After the action initiated by the honourable Prime Minister Narendra Modi, many people supported this act because it will stop the flow of black money, fake currency, etc. But some poor people have faced many problems because they don't even have ATM's to use. But later on all the people believes that it was great acts provided by the government. It made that India as a digital country.

Digital Payment is technically a complex mechanism, but yet we ask if it is secure to carry out digital payments or not.

For a Bank to provide such a service, it must have -.

1. Skilled Employee on digital Technology.
2. IT Budget to provide an infrastructure.
3. Obedience to regulations from RBI and Ministry of electronics and IT.

And finally to make it more secure we must -.

1. Educate our family and friends about this trend and how to safely do it.
2. Strict regulation on banks to constantly upgrade their data centers or IT infrastructure.

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.

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.

Digital Payment is More secure then Cash payment but lots of people are don't have knowledge about digital payment they are Don't know how to Use Phone pe tez etc.

And lot's of people don't have INTERNET connection in their Mobile phone.

Yeah, definitely it is more secure than the previous transactions. Look at the back we have to carry our money with us and nowadays it is gone all through online payment or with cards. Although this happens from 'Demonitisaton' which is happened last year. But anyhow it is Insecure in the sense hackers will use to transact the amount from one account to another easily. So we will improve with our Firewalls, Encryption.

So lastly, Yes, it is very helpful to go forward for cashless in INDIA.