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.
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.
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.
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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I like that you pointed out how the use of digital payment platforms is significantly faster than the old payment methods such as cash or checks. I was shopping in the mall the other day and I noticed that digital payment is actually very common nowadays. It seems there are a lot of convenient things when it comes to digital payment, so I could see why a lot of businesses and consumers are using it now.