(13)What are the drawbacks of digital payments?

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

(1)Non-technical person:

• Digital payment modes are somewhat difficult for non-technical persons such as farmers, workers etc.

(2)Data Theft:

• There is a big risk of data theft associated with the digital payment.
• Hackers can hack the servers of the bank or the E-Wallet a customer is using and easily get his/her personal information. 
• They can use this information to steal money from the customer’s account.

 

(3)Excess Spending:

• As compared to cash, digital mode may result in excess spending.
• In digital payment modes, one has an access to all his/her money that can result in overspending.