During this highly technological era, cash is trying to compete with electronic money as today many people choose to use their virtual wallets. Here, you’ll read about the pros and cons of using an electronic payment system.

It is clear that electronic payment systems have more advantages than traditional banking services. We’ll see:

• Save time

Transferring money from one virtual account to another can take just a few minutes, while an electronic or postal transfer can take several days. Also, you have to spend time going to the bank or post office and standing in line.

• control costs

Even if a person is willing to control their out-of-pocket costs, they can be very patient to write down all the expenses, and this takes up a large part of the total amount. On the other hand, the virtual account includes the history of all transactions, including the name of the store and the amount spent. Best of all, you can consult it whenever and wherever you want. In this case, an electronic payment system works in your favor.

• Reduced risks of loss and theft

You won’t make the mistake of losing or leaving behind your virtual wallet, and thieves will never be able to take it.

• Easy to use

All services aim to reach a larger number of audiences, so their interface must be easy for users to understand. Also, users can always ask for help from the support team as they work 24/7. You can also receive a response through the forums.

• convenient to use

As long as you have internet access, you can make transfers anytime, anywhere.

After discussing the advantages of using an electronic payment system, it is essential to also discuss its disadvantages:

• restrictions

In any payment system, there is a limit to the number of transactions you can make per day and the maximum amount you can withdraw.

• Risk of being hacked

Risks can be reduced by following safety regulations. This is comparable to the risk of being robbed. The situation can be made worse when the processing company’s system fails, as this can result in the leakage of confidential information from online cards, as well as from their owners. Although some electronic payment systems do not release plastic cards, however, they may be involved in identity theft scandals.

• The problem of transferring money from one payment system to another

Most of the time, electronic payment systems do not cooperate with each other. If that is the case, you can use electronic currency exchange services. However, it can be very time consuming when you don’t have a service you can rely on for this purpose.

• lack of anonymity

Since the payment system’s database stores all your transactions, such as the recipient’s name, amount, and time, the intelligence agency can access all your information. Decide if that is good or bad.

• The need for Internet access

When you don’t have an internet connection, you can’t make transactions on your online account.