Using physical cash in this new tech based world seems outdated and inconvenient. Although using cash is much faster, but online payments have became a new method for sending and receiving money. Using online payment portals has a lot of benefits, but there are a few flaws that may even risk your data and money to the hackers.
Don’t need to worry about it now. Here in this blog, I will be talking about a few advantages and disadvantages of online payments that you didn’t know.
Advantages
1. Online payments are much faster than the old method of processing money. It can be done by just typing the address of the receiver and inputting the amount in it.
2. Online payments can also be done from anywhere around the world. And doesn’t need the receiver and the payer to be present at a particular place and time.
3. As it can be done from anywhere from the earth, it saves a lot of time and labour by cutting down the processing period into a much shorter and convenient way.
Disadvantages
1. Although it is more convenient than the offline method of transacting money, but there are many security issues in using online payment portals as well. Any hacker who got into your device may also have stolen the keys and passwords from your Online Payment Apps. Then the hacker can use it for their own advantage, and can either sell the data or can withdraw money from the app.
2. Transaction charges are also applied by the Payment Gateway Services for earning money. This is also another drawback of using an e-payment portal.
3. Along with the 1 point mentioned above, a criminal can hide his/her identity to cheat you and can also steal your money even without your knowledge.
That’s it!
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