In the present era, almost everything is done electronically. Technological advancements are ruling the world. Just like all other advancements, e-payment is ruling the world of economy. E-payment is widely used by people all around the world; not only by the buyers but also by the retailers. Everything has a negative impact. E-payment has its own.
- In e-payments, all your details are made online. This can eventually pave the path for some intruders to hack into your personal information. This can give you huge losses.
- Electronic money transfer is nowadays experiencing issues of data security and the threat of fraud.
- Due to its complex setup and demands of highly advanced technology, e-payment is not accessible to the underdeveloped countries.
- E-payments are not completely free because banks can charge you for using such services. Sometimes charges are applied on every transaction and sometimes bank charges you on a monthly basis.
- Businesses have to spend on setting up electronic systems as e-payments demands highly protective business’s computer systems.
There is a number of issues that need to be addressed and resolved. People still hesitate to completely rely on e-payment systems. It is, in fact, true that e-payment cannot replace the cash money completely without resolving such issues.