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Digital payment platforms have brought so much ease and importance that can’t be overlooked in our world today.

It’s a super amazing thing that, at the comfort of your homes, transactions can be made successfully on your devices, without having to move an inch, platforms like PayPal, Venmo, and Payoneer have enabled us to receive and send money to people in and out of the country.


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However, every set-up that brings comfort and has benefits has its shortcomings too. This piece enlightens you fully about the pros and cons of digital payment platforms.

The Pros of digital payment platforms include

1. Swift transactions

The use of digital payment platforms is significantly faster than the old payment methods such as cash or checks.

2. Location isn’t a barrier

You are not restricted by time or place when making online payments. You can effortlessly make payments from anywhere in the world at any time.

3. Safe and secure

They have eliminated the need to go about with wads of cash and this has brought some sort of assurance of safety and security.


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4. Record keeping is top-notch

They help you track your spending and be conscious of your budget, as transactions are usually well documented on these platforms.

5. It saves cost

Previous payment methods involved a whole lot of costs. Concerning logistics and paper works, they have helped to reduce this to the minimum.

The cons of digital payment platforms

1. Fraud

Sometimes things usually tamper with the processing and there’s a leak of information or unauthorised access. More often than not, this usually results in fraud.


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2. Identity theft

The use of these platforms has made impersonation really easy. Anyone who has access to your necessary details such as your pin and other card details could pose as you and rip you off your savings.

3. Not accessible to all

This isn’t a major disadvantage, but it still poses a disadvantage to digital payment platforms. Digital payment platforms can’t easily be utilised by illiterates or those that aren’t tech-savvy.

The beautiful thing about this subject is, that updates are made from time to time on most platforms and features that reduce the pitfalls and shortcomings to the minimum are put in place.

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This article was first published on 24th May 2022

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.


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