Cashless India? We’re Still Scared of Using Phones for Net Banking

The cash crunch may have forced us to opt for digital wallets, but Indian users are still unsure of their safety.

What Do Indian Users Think of Mobile Banking?

• Not sure about safety of internet banking via mobile
• Lot of users still use it to check bank balance
• Some don’t mind using it to pay electricity, water and mobile bills
• Few are already comfortable transferring money via mobile banking

It’s been 50 days since the currency ban came into effect in India. In that time, the stated aims have shifted from curbing black money, to fulfilling the dream of a cashless economy.

Also Read: Cashless Already? Thank Ethical Hackers for Protecting Your Money

But for the post-demonetisation, cashless India to become a reality, people need to have trust in the system. Unfortunately, there’s a lot of work to be done before India can go truly cashless.

India is a country where more than 950 million people are yet to get their first taste of internet (yes, that’s right). And those of them who are using it aren’t sure whether mobile is a safe way for them to buy goods via platforms like net banking, or digital wallets like Paytm.

This Deloitte study, after surveying Indian consumers across the country, has told us that for mobile wallets and e-cash to succeed, they need to become foolproof.

Also Read: Debit Card Fraud: How Safe Are Mobile Banking And Digital Wallets?

These are the people who have given their inputs for the survey:

Long Way to Go

These numbers clearly show why the government feels the need to incentivise its digital money initiative. The DigiDhan lucky draw campaign gives users the impetus to make the digital leap, especially when the ATMs are running dry.

Mobile wallets like Paytm, FreeCharge and MobiKwik need to beef up their security and giving users the assurance that their money is going nowhere. The government needs to do justice to products like UPI, which has the potential to become the one-stop, safe mobile payment option, which we’re yet to see happen.

Instead, they are keen on rolling out an Aadhaar-based Payment system, which they claim is safe, secure, and foolproof... but there are detractors out there who think otherwise.

All isn’t lost yet, but things do need to be fixed, and fast.

Internet and cyber safety needs to be front of mind for banks and for the cyber division of the Indian government, or we’re looking at a landmine that could end up hurting the economy.