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

No, I don't think so because our payment gateway s are not that much secure we can take example of Paytm we have seen in news that people s Paytm money is going off the companies itself are frauds there is no need of hackers to take your money away.

And sometimes it happens you paid online but you have not got the benefit you have paid for so the gateway's are not trustworthy also.

So before making public educated about digital payment thing we need to make secure, antitheft gateway's as well companies has to win the trust of the people.

Yes, I think so. Why because with the help of digital transactions, money rotation is less and the amount of black money generation is reduced. So that any transaction must be having a proper tax and then economy of the country is improved. As, if you observed the developed countries, the same system will be employed. So to grow as like a developed countries digital payments needed.

According to me, digital payment modes available in India are not safe enough to face the high risk of cyber crime. The case of transfer of 1 crore 32 lakh rupee from 641 credit cards and recent finding of loopholes in the upi system shows that these systems are not completly secure.

According to a university in britain, any information can be taken out by hacking credit/debit card within 6 sec.

Internet unavailabilty, lack of infrastructure, digital illiteracy and a weak cyber law are the maistream reason for failure of digi payment.

Although going cashless is a great move but it lacks proper implementation.

Yes, there is no contradicting the fact that digital payments are a safe and a secure method of transaction, recently PM Narendra Modi launched the app BHIM which is an online money transfer application. Speaking for the security reasons this app has a three-tier security system.

Firstly, it syncs to your bank account so that only you have access to it.

Secondly, it is registered through your mobile phone so you can manage app on your device if in any case the sim card is duplicated by someone fraud acquiring your documents for that the third and final tier is the 4 digit passcode so eventually the passcode is entered in order to access the application.

The major benefit of the app over other apps like paytm and mobikwik are, it doesn't require any device to the device transaction. The money can easily be transferred to a UPI linked bank account if not that, the sender can transfer money through IFSC Indian financial system code by just knowing VPN of the payee's bank account which adds one more benefit that is no long bank account numbers are to be remembered, just remember VPN and you can transfer money on the go.

Thankyou.

Yes, digital payments are secure enough in one way but along with the positive they are negative consequences too, being a developing country where the literacy rate is not up to mark digital payments can make people learn but beforehand a proper pathway is needed as many rural areas are still lack of electricity how can a digitalization possible. In other way, digital can reduce fraudulent money making, but the chances of increase in hackers cyber crimes are more. So the digitalization should not be a just a word but it has to be highly secured than only it can create a change.

One of the steps taken by govt to fight against black money by making cashless economy is a good idea but this is not the right time to implement it!

1) Because of most of the business man especially small retailers afraid of adopting online transaction as this may eat their profit margins due to high service tax.

To this Govt should introduce new tax reforms to encourage small retailers.

2) Most of the people are unaware of online transactions, especially in villages!

To this Govt should take necessary steps to educate people and make aware of online transactions!

And also Govt should implement high-security measures to stop online frauds and hacking!

Hello dudes,

In my point of view, I will go with cashless payment. Why because it is highly securable. The government is making the people adopt digital world, where both far-flung area, as well as rural people, are also part off. They may be uneducated, by giving some guidance, they can also learn certain things for our welfare of our country. As the government had promised to provide internet facilities for the villages, here is gonna to solve the problem of internet issue. See, to implement such a big process, the government will take time, we have to support these kinds of activities. To support, first of all we need some stuff like internet, smartphones, who told that nobody has smartphones?, all are having smartphones only, maybe 20% of the people will not have, this problem will get sorted out within a year, because this plan implemented for the motto of finding out the people who are not paying proper tax, who are involved in black money transaction. So, if we make those crime people come in front of the light, then if the government implement some strict schemes, then the people will pay proper tax and then low-class people will become middle class, like that they can expand their life in an honest way. As we people want to get free from this corrupted country, we must have to support cashless payment, which is going to offer us a purified life. No government so far treated this problem, still, they know how serious is this, they were not worried about that. Fortunately, the government starts focusing on black money issue so vigourously, so, we can expect a corruption free India very soon if we wait with patience.

Good Morning everyone, my name is Deepak Kumar and our GD topic is "Can India might go for digital and cashless economy". Well, as per my concern I think it's an absolutely a good step that is demonitization and some people earlier who don't go for online payment even some of us don't go for draw cash from ATM now some of them use ATM and some of them also use online system of payment and other. Colleagues we all know that there are a large no. Of people in India are uneducated and they don't use that digital system of technology even they don't use the ATM so how we can accept that they use digital system.

Conclusion I think there is nothing wrong if Modi g going for cashless economy our next gen. May be use it easily end its the platform for them they can go digital economy and other point is that uneducated people who can not use that digitalization so we all see after demonitizaton they also use ATM its great achievement for us.

Hi friends,

About my knowledge, digital payments are more secured way. But in India there are thousands of people who are uneducated in their point of view they don't how to transact their money by using Atm cards, and such netbanking services, so the government must provide awrness about the using of atms and some other services which are provided my government. In this way we can achieve some what of digital trasanctions in India and make our India as a Digital payments country.

By giving awareness about digital payments we must also explain security systems about how to secure theirs from hackers.

By making digital payments India also increases their annual income also and have chances to avoid corruption in India and make India as corruption free India.

Thank you.

Yes, I agree to the fact that, digital payment will reduce the correction and terrorism and also by this the incidents like pickpocketing, ATM robbery also can be considerably reduced. Moreover, the govt of India have taken a number of initiatives to promote digital payments like lottery prize for lucky online transaction and reduction of tax in online payments and much more. So being a citizen of India it is our duty to support digitisation and help the Indian economy to grow high.