Digital wallet advantages and disadvantages: We have several methods for keeping and paying money. Today, Digital payment has a very good role in our daily life. Because it took minimal for payment. Some times back, people mostly rely only on the cash but as time passes out, the trend of card payments becoming popular and it’s secure and more comfortable. Now, the trend of digital money or most of the people might be using Digital wallets. Also, our government supports Digital banking.
Yes, online payment easier than payment through direct banking. Let’s discuss the digital wallet advantages and disadvantages( merits and demerits) of digital wallets.
Digital Wallet Advantages
Lower Costs: In the case of business, the digital wallets removes the need for intermediaries. Also, Purchases in-store may no longer require a cashier because the purchasing process becomes as simple through the use of digital wallets. Just tap or scan of a mobile device.
Time-Saving: If you are a person making online payment many times in a day, you even wouldn’t have time or tired to enter your credit card details or net banking username or password. So, If you keep some amount in your digital wallet, it will be easier to make payments online without having to enter the card details and save your time and energy.
Security: Some of the peoples are thinking that the money is insecure in digital wallets, it is wrong because all the wallets secure with a password. And most of the wallets provide the extra security to keep your money secure from unauthorized access.
Track the Expenditure: You can easily track your transaction details through Digital wallets. The amount of money you add to your wallet from your bank account, how much you spend each day, and everything you can track through your e-wallet account.
Attractive Discounts: Like online transactions you can get discount offers for buying products by using e-wallet of any online wallet provider, you may find some discounts but for this, you will have to make payments only with your digital wallet. So, it can also be a great benefit of having an e-wallet account.
We discussed some digital wallet advantages above, Now the time to share Digital wallet disadvantages.
Digital wallet Disadvantages
Investment: The initial investment for building a functional digital wallet application for a business is quite large. It requires the initial development of the software as well as the continual maintenance, updates, and fixes associated with it. Upon acquiring software, the business would also need to install the corresponding hardware in its stores, which leads to a further increase in costs.
International Restriction: Every country has different services and so the different Digital wallets are they provide. So you can”t use your country’s e-wallet to make payment while you’re in another country. So, it can be an issue for those who often need to travel to different countries.
Limited Merchants: Day to day increasing the number of mobile wallets supporting merchants but now they are not that more. Some platforms supporting Digital wallets are Paytm, Mobikwik, Rupee, Payumoney and more. Still, many online stores don’t offer digital wallets.
Dependent on the Devices: Digital wallets are highly dependent on your devices like mobile phones, laptops, tablets, etc. Also, Digital wallets only you can use online. If you are unable to reach your device due to any reason like a battery problem, digital wallets are of no use. This is the main reason why digital wallets can’t beat credit and debit cards.
The danger of Losing your Money: Digital wallets are not as safe as much as credit or debit cards because most of the banks provide a 3D secure password and without knowing your 3D secure password, anyone can use your card for making payments. But, In the case of digital wallets, It does not give the security like card payments. If you miss your device or anybody stole it, then they can use your wallet money with your digital wallet app if there is a password, there are lots of ways of cracking the password. So, Not keep a large amount of money on your digital wallets.