DISADVANTAGES OF E-PAYMENT

Digital wallets are widely used by customers and large business organization to make purchases easier. In this era of modern technology, it has become very common for people to follow the electronic ways of selling and purchasing. Not only this, but many other payments like bill payments for gas, electricity, and other services are done through digital payments. Digital wallets have a crucial role to play here because it allows people to pay the bills while sitting at home. People are more attracted to using digital payments through their digital wallets systems because:

  • Digital wallet systems help people to keep their cash in a more convenient way. Instead of carrying a lot of money, you just have to keep a card like debit/credit card or just your phone with a wallet app will be enough.
  • Such systems allow you to keep the track of your purchases and where your money has been used.
  • Consumers can also keep their payment information securely as well as compactly.
  • Digital wallets also service remittances by helping people to send and receive the money within huge distances.
  • Digital wallets can be potentially used by companies to collect consumer data. This would help them to know more about consumer’s purchasing habits.

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