Thursday 30 March 2017

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


2 comments:

  1. In my opinion NO.

    The reason behind my answer is-

    1. Illiteracy in India.

    Approximately 25% Indians are uneducated. They don't know how to read. And only 54% of Indians are having smartphones. And a small no of people knows how to use the internet. In such critical condition, it is not suitable for India to go cashless.

    2. And the uneducated ones are generally farmers and the labour classes they don't even know how to read. And obviously they don't know how to use smart cards and they are not ready to go cashless.

    3. In my opinion, govt. Is only trying to change the currency only. As we can see all of us are having cash now the demonetization takes a dig in taking the black money but it didn't make India cashless.

    4. SOLUTION to the problems are awareness programs. Which helps India to go cashless. And by making the digital transaction more reliable and secure it will help Indians to gain confidence in digital transactions.

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  2. Cashless transaction is generally good. According to Indian economy, it will make a huge improvement only if every citizen has the knowledge of digital transaction. Still, many people are illiterate in our country. It is difficult to make them understand and apply it in very short period. Even educated people are afraid of cashless payment as everyone knows that digital transaction is not as much as secured. This makes them oppose digital transaction. But main advantage is, we can overcome black money, corruption through this payment method. Many don't have the knowledge of using the ATM and internet in these days too. Those people suffer a lot and it affects the Indian economy. It will be better if the Government takes the necessary steps to make them know how to use. It takes time and it should be a continuous process, and eradication of illiteracy make this method effective. India is still a developing country. So, people who are in low economic status is impossible to have ATM cards.

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