(12)What are the advantages of digital payments?
Answer: Following are some of the advantages of digital payments:
(1)Easy and convenient:
(2)Anytime/Anywhere Transactions:
(3)Discounts:
(4)Record:
(5)More Secure:
(1)Easy and convenient:
- Digital payments are most convenient method of money transfer.
- Inconvenience of carrying physical cash is eliminated.
(2)Anytime/Anywhere Transactions:
- Digital mode helps to transact at any time and from any place.
(3)Discounts:
- Government has announced many discounts to encourage digital payments.
- User get discounts on fuels and other transactions.
(4)Record:
- One of the benefits of going digital is that all transaction records can be maintained.
- Customers can easily track each and every digital transaction.
(5)More Secure:
- Digital payments have less risk due to multiple level of authentication.
- No one can use anyone else’s money without MPIN, PIN or fingerprint in the case of Aadhar.