(12)What are the advantages of digital payments?

Answer: Following are some of the advantages of digital payments:

(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.