With the advancements in technology, today we are saying no to the traditional mode of payments and shifting to Digital payments for quick bill payments. A mode of transaction in which no physical form of money is needed and instead of that, payment is done through digital cards or mobile applications with the help of technology.
The government is aiming to create a digitally empowered economy as a part of the Digital India campaign which promotes to go cashless, paperless, and Faceless. There are several types of digital payments which include UPI Services, internet banking, E-payments, digital and mobile wallets, etc.
So, what do you think about moving to a cashless society? What are their pros and cons?
Let's have a look at that:
Pros:
● It is more convenient
- A digital wallet lets you store your money digitally to a digital wallet or mobile wallet. You no more need to carry cash in your physical wallet. You do not need to go ATM again and again for doing any purchase. Just with your smartphone ease out the process and do quick bill payments.
● Enhanced Security
- Unlike physical wallets, mobile phones have passwords and biometrics to ensure security and it cannot be stolen. Also, there will be low crime rates because of no tangible money to steal.
● Good for Industry
- It is helping in decreasing operational costs and increasing the efficiency of the workforce that in turn is leading to the growth in industries at a faster pace.
● Track your Expenditure
- The mobile applications and digital wallets have a history of transactions that will help in going your budgeting and tracking your expenses.
Cons:
● Dependency
- Everything will only be possible if you will have your smartphones with you. Your stored money in a digital wallet will be useless if your phone battery dies.
● Security and Threats
- Online transaction is prone to many cybercrimes. Hacking, phishing emails can take your data unknowingly and make use of it.
Everything in this world comes with its merits and demerits. So, Always using it wisely is the option let with us No doubt Digital wallets are great for quick bill payments but they have their own weak points also. Before switching, get to know everything about it and be safe! Visit https://tezzpay.in/ for more information and details.
