MUMBAI: A cashless economy + is possible only when a country has high internet speeds and high cyber security. Though India is going through demonetisation + , a major aim of which is to promote digital transactions, the country figures poorly in the global cyber stakes. The country is 96th in terms of download speed and 105th in terms of average bandwidth availability. It also has a record of poor internet security, which is progressively becoming worse.
While in download speed India is behind even Bangladesh and Nepal, it tops the world in terms of ‘ransomware’ attacks. These assaults target banks and establishments with sensitive, confidential information.
