Advantage and Disadvantages of Digital Payment You have a lot of disadvantages and advantages in digital payment More Information visit https://digitalsameerkhan.com/

1. Advantage and
Disadvantages of
Digital Payment

2. Advantages of Digital Payment
• You have a lot of disadvantages and advantages in digital payment
• In digital payment, you have the convenience of paying anywhere and anytime.
• digital payment and convenience Since demonetization, the country is constantly moving towards
a cashless system. Although the initial problem had created many concerns in this way, but now
gradually people are getting used to digital payment and the regulator is also removing the
obstacles coming in this way.
• digital India will be In order to increase the participation of people in making India a cashless
economy, the government had announced several benefits for digital transactions. Ease of
financial transactions is a good thing about digital payment systems. You don’t need to carry cash,
or plastic cards, or stand in line at banks or ATMs. This is a safe and easy option to spend,
especially when you are on the go.
• digital payment account If all the transactions are being accounted for then it becomes easy for
you to control the expenditure. It will also help you in your income tax return as all your expenses
will be in front of you and all will be accounted for. One advantage of this will be that you will
learn to budget and it will help in controlling the expenditure
• .spending cap If you do transactions with an e-wallet or card, then it will remain with you in the
form of a statement. With this, you can control your expenses. There are many apps and tools
which analyze your spending pattern and help you by giving great analysis in a few years.
• Discount will be available on the monthly pass of the railway Monthly/seasonal ticket holders will
get a discount of 0.5 percent for digital payment for the suburban railway network. It will start in
Mumbai on 1st January 2017.
• No need to go to the bank, we can send money to anyone sitting at home.
• Online shopping has also become very easy through digital payments.
• Digital payment also saves us time. We do not have to stand in long queues at the banks.
• Through digital payment, we can easily pay all the bills.

3. Disadvantage of Digital Payment
• problems for low-income people If we leave the low-income people in the country, then it
has many benefits for everyone else. However, people with low incomes may face problems
due to digital payment. Until the end of the country, it is basic and valuable.
• identity theft risk The biggest risk in digital transactions is identity theft. We are not used to
digital transactions, whereas even very educated and intelligent people get trapped in the
fishing trap. In the era of the increasing threat of online fraud, the risk of hacking will
increase as more people come to the digital transaction platform.
• bank hacking Due to the tedious process and weak complaint redressal system, people have
no option to deal with online fraud. Apart from this, there is no strict law to deal with this
type of fraud. In the year 2019, the Indian banking system had to become a victim of data
theft, such incidents can prove to be like a financial earthquake.
• There is a risk of fraud in digital payments.
• Through digital payment, we can get addicted to spending more.
• Technical problem There are many technical problems in digital payment. It depends on
your internet and your technology.
• The biggest disadvantage of digital payment is that people have stopped keeping money
in their pockets. People have become completely dependent on digital payments. If
people’s mobile is lost, then this problem can take a very serious form.
• Do not use social sites on public WiFi networks. Through this, hackers can cheat by taking
your personal information.
• There is a constant threat of password theft in digital payments.
• In digital payment, we have to pay an extra charge for the service.