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

Digital payment is a revolutionary thing that has been introduced and implemented by our government. There are several advantages of digital payment methods, you don't need to carry any paper currency while travelling so no theft concern, no more mutilated or soiled note. But with advantages there is always some room for improvement and criticism, and as we all know digital payments run over with huge IDs and PSW that itself is enough for making it vulnerable in terms of security. But with careful handling and supervision we can easily avoid such situation. But the question here asked is is it secure enough, I will optimistically say yes it is, with time and experience we will achieve perfection.

Hello friends.

India is a developing country and digital payments or cashless economy is a demand of time. So our goi takes some steps to implement digital payments in our country. The idea of implementing digital payment is very good but it should be implemented in a phased manner so that it doesn't create any problem for all people of our country.

In our a lot of people is not aware about the digital payment so we have to give them some education about the digital2 payment1 and transactions. But our population is so big and due to that we cannot give knowledge about the digital payment in 1yr or 2yr. We have arrange this also in a phased manner so that all people become digitally literate.

The most important thing in India is the security. Because in digit economy security plays a very important role. To make digital payment secure we have to protect the data from hackers. Nowdays hacking and cyber crime is a very big problem so for implementing digital payment our government should first focussed on security without which we cannot implement digital economy in a proper way.

Considering the point of veiw, of the government of India it's an enormous advancement towards the development of Indian economy. As known by all this movement has eminence potential to convert it into high-tech efficiency country.

As highlighted earlier about the potential this is in its growth phase but this point can't be avoided that security is the major issue but think about it once and question yourself doesn't it require a change. If yes nothing can be achieved without problems. Eventually, with increase in usage of this movement, it will certainly become possible to bring advancement in security systems as well.

The Government has taken various initiatives to make people aware of the technology available but it's completely an individual choice to adopt it or not.

Lastly, I firmly believe that challenges are followed by resistance &risk and this risk is worthwhile.

I think it's good step for Indian government for making India digital payment but government face some issues in rulers area because village people not know how to use digital payment and how to add money people think digital payments it's secure or not because before a day cyber attack in India and hack information digital payment good for India because your money is safe in digitally and it is to carry.

Hi friends,

Digital payment is the most revolutionary change, that is being implemented just after demonetisation.

In my point of view, its a great idea of making India go cashless. Just think over the circulation of paper money all over the world. Can we think that this paper money circulation is secure enough? I don't think so. Corruptions, usage of money in wrong deeds, by so called politicians of our country. Recently a huge black money being washed away and caught red-handed behind the mysterious walls of corruption. So now the newer idea is going cashless. Digital money is the easiest way for shopping, making small or big purchases, or monetary work. No paer money, no corruption, hence growth of economy will extend day after day. After the whole calculation, we can say that, going cashless is directly proportional to incresed economy and reduced corruption.

No doubts everything in this world has an exeptions, as nothing is ideal. And similarly, here the system have disadvantages, like online threats to digital money, hacking, loot, etc. So do you think that money is still secure in form of paper money. No, Therefore the fruitful decision for the Indian economy is, making Indian money cashless and digital.

Thanks.

Hello friends, according to me, digitisation is a great step taken by the government of India with a long futuristic vision. As every coin has two sides, even this idea of making India go cashless has advantages like fast convenient, transparent transactions, tax collection etc but brings along few major concerns like not so well established cyber security systems and illiteracy among our citizens.

Digitisation would definitely be a commendable move only when its concerns are understood and solved at the grass root level. Infact school and higher education curriculums should include knowledge about cashless transactions and usage of various applications for the same. At the same time government should focus on providing best in class cyber security to its citizens.

Overall I conclude it as a revolutionary move for the betterment of our economy in a long run with few conquerable challenges.

Hi friends.

We all would agree that cashless economy is need of the hour, and the current government has taken many steps to promote the online banking, mobile banking etc to go cashless.

Banks are making a lot of progress in providing securities to the online banking system. There is already 3 layer security for online banking i.e. your id and password, adding beneficiary via profile password then OTP. In my opinion, more attention is required from the consumer side. People are not aware of how to keep the account secure. There are a lot of fake websites looking exactly like originals and would store your user id and password. People who don't understand might fall into hands of dishonest people and give them passwords.

Apart from this, most of the people don't have antivirus on their mobiles and computers.

So friends, in my opinion, there is need to improve cyber security as we have seen in the case of the ransome ware virus created a lot of highlights. But more attention needs to be given to consumer sides.

Another point I would like to add is banking is very very crucial to the economy. Even if consumers go for online or not the need of secure communication is very very high.

Day by day with the increase of population queues in the banks to make transactions are also increasing. To avoid this, transactions through digital mode is a better alternative which saves time as well as it is convenient.

But security threat is one of the major problem attached with the digital payments. Recently, wannacry and security breach of cards, make people think whether the digital mode is secure or not. We need to improve our cyber security, make certain cyber laws for the safeguarding of data.

From my perspective, digital payments are good for the Indian economy, it saves our time like no one has that much time to go to the bank and stand in queues waiting for their number just for those transactions or payments that can be done by digital payments very easily and quickly in just a few minutes. It also decreases corruption, black money, fake currency because by using this digitisation the government has a full record about their civilians and about their economy.

But with the every pros there are some cons also, with India the major con is illiteracy and lack of awareness as still there are in India so much of people are not literate they are scared from these technologies. So we just need to aware them with new techniques and educate them and after that India will be the safest country for digital payments as it has brilliant programmers to save us from cyber hacking.

Yes, it is very secure today. The govt was taken a very good decision it will be helpful for the development of our country.

Not only development the corruption will be reduced.

It is possible to transfer the money from one place to another place with out cash by using paytm app. This is also an advantage to save the money from thefts. But some illiterate people's are not knowing idea about digital payments. This is the one disadvantage.

I give one example it occurs in our daily life ie for eg: you go to any shop to purchase any thing. The cost price of a thing is approximately 34.33p but you pay the money to seller 35 Rs. But the seller cannot give remaining 67 pauses. That money loss. But the seller gets a profit from you. By using digital payment you save you are money.

But there is an another disadvantage is hackers hack your bank account.

Finally, from my point of view, digital payments are more secure compared to cash. But govt before introduce govt should create awareness about the digital payments in villages. Then after it will be a success.