1. Behind the Scene: The Pros and Cons of Digital Payment Apps

Behind the Scene: The Pros and Cons of Digital Payment Apps

The banning of Rs.500 and Rs.1000 notes and giving way to digitisation can ease and increase the efficiency of your workforce, but what if the situation goes adverse? If digitisation can improve the instant payment transfer system, it can also increase cybercrime, hacking, and e-thefts.

By: | Published: December 29, 2016 6:09 PM
Digitization, Demonatisation, hacking, cyber crime, cyber laws, banning, note, safety, digital payment app, data management Can your physical holdings commensurate to your e-holdings in terms of safety? Going digital will definitely have a positive and a negative impact on the society.

Can your physical holdings commensurate to your e-holdings in terms of safety? Going digital will definitely have a positive and a negative impact on the society.

The banning of Rs.500 and Rs.1000 notes and giving way to digitisation can ease and increase the efficiency of your workforce, but what if the situation goes adverse? If digitisation can improve the instant payment transfer system, it can also increase cybercrime, hacking, and e-thefts. Before going fully digital, the government should strengthen their cyber laws so that people do dare do these kind thefts, especially in the case of financial dealings.

Pros

Job opportunities will increase: Technical advancement will boost jobs in the IT sector, as more of tech experts will be required to have proper control over the digital world. Not only IT, but various other sectors will also gain from it, as the access to use technology is needed everywhere in this competitive world.

Easy payments: No need to take out the cash from ATM again and again for doing your purchase. Simply, smartphones will work and ease out to do the payment across any merchants stores. Various variants of apps are already launched, which are – mobile wallets, UPI application from banks, Aadhaar merchant app, NUUP’s USSD code. With just a few clicks, these apps will help you necessary transfer payments against any of your purchase.

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E- Commerce: In today’s hectic world when there is no time for shopping, going to banks, people can easily do their banking transactions, online shopping, buying and selling 24×7 hand in hand. It will give room to people to do their shopping or transaction settlement in busy hours. Moreover, e-platform gives you a variety of product line in a single window which saves your time even more, while going for a shopping in a brick and mortar to find the best outfit from one outlet to another, we generally consume a lot of time.

Good for Industry: Going digital decreases the operational cost and increases the efficiency of the workforce which will help industries to grow at a faster pace. At times, it also takes a time to clear a cheque payment from a bank which eventually delays your work and various other activities you want to perform with the short time frame. But with the launch of digital cash payments work moves at a faster pace. Instant payment gateways give you the liberty of paying money on quick basis because of which your work moves at a faster pace.

Reduce money theft: We often hear people saying that somebody has looted their money. Such things will become a thing of the past because, with the emerging usage of digital cash, people have started going cashless. Nowadays, people hardly keep money in their pocket because of which theft of money has reduced a lot.

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Cons

Internet Connectivity: Transactions or shopping cannot be held without internet facility. Therefore, the internet can become a constraint in facilitating e-commerce activity. However, payments can be done without using the internet, but then too, for buying a product online you need to have internet connectivity.

Security and threats: Before doing any online transaction make sure the gateway is highly secured. Beware of hacking, phishing emails which unknowingly can take your necessary details and make use of it. Although the transactions made are frequently initiated by the banks, but on a failure side, it can cost you high on your mental peace. It takes at least 3-7 business days for any revert of payment.

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Costly: While companies and merchants are giving their customers so much of discounts on the purchase of goods through digital cash, there are several hidden costs like maintaining servers, data storage cost, the requirement of machines which are actually loading heavy cash burden on them knowingly.

Confidential data management: It is important to know that who will be held responsible for managing the data. Every time we do transaction our personal details and card details are being shared with the third party. What if the data gets leaked? Or it gets misused by the third party itself.
The usage of digital apps can either rapture or accidie your mental peace. It is, thus, necessary to make the use of apps and card with precautions and at a place which is having an authorised e-payments system facility.

 

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