Merits And Flaws Of Digital Transactions

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Merits And Flaws Of Digital Transactions

Digital payment and convenience
Since demonetization, the country is continuously moving towards a cashless system. Although the initial trouble had created many concerns in this path, now slowly people are also getting used to digital payments and the regulator is also removing the hurdles in this path.

Digital India will be made
In order to increase people's participation in making India a cashless economy, the government has announced several benefits on digital transactions. Ease of financial transactions is the best thing about digital payment systems. You do not need to stand in line for cash, plastic cards, banks, or ATMs. This is a safe and easy option to spend, especially when you are traveling.

Digital payment convenient
In digital payment, you have the facility to pay anywhere and anytime. Sometimes you do not even have to be there to make the payment and there is no hassle of payment during office hours. If you are in an emergency, such as in a hospital, then this can prove to be very helpful.

Digital payment account
If all the transactions are being accounted for, then it becomes easier for you to control the expenditure. It will also help you in your income tax return because 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 expenditure.

Curb spending
If you do transactions through an e-wallet or card, then it will be with you in the form of a statement. With this, you can control your expenditure. There are many apps and tools that analyze your spending patterns and help you by giving a good analysis over the years.

Identity theft threat
The biggest risk in digital transactions is identity theft. We are not used to digital transactions, while even the most educated and intelligent people fall into the phishing trap. In the era of the increasing threat of online fraud, the dangers of hacking will increase with more people coming to the digital transaction platform.

Problems for low-income people
If we leave out the low-income people in the country, then it has many benefits for everyone else. However, people with low income may face problems with this digital payment. For the rest of the country, it is simple and constructive.

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