Disadvantages of electronic payment systems

Electronic money, also known as electronic money, electronic cash, electronic currency, or digital cash, refers to money or vouchers that are exchanged electronically. Basically, electronic payment systems are key enablers for the mass acceptance of electronic commerce through insecure systems such as the Internet. In business-to-business (B-2-B) e-commerce, there is increasing interest in online payment processing.

However, these electronic payment systems also have a number of disadvantages. It is necessary to register with the establishment to be authorized to carry out money transactions with them. Now, you need to have a username and password, and for that you need to have the password aegis. In addition, you also have to maintain one account per organization, which can be very irritating or annoying for you.

To ensure that your online transactions are robust, it is essential that you adhere to strict security policies. If the password can be hacked, it can mean serious tax loss for you. Banks or financial institutes that have your financial information may expose it to cyber terrorism. Therefore, there is an undeclared risk that your personal and account data will be stolen.

The transfer of digital currency raises questions such as how to impose taxes and the potential ease of money laundering. There are also possible macroeconomic outcomes such as exchange rate stability and tight money supply.

Also, you will always be lost if your card is stolen. If the card falls into the wrong hands, there is a danger that the entire bank balance will be spent. Obviously, you will inform the proper authorities about the loss, but the time between the loss of the card and the notification to the authorities is critical.

The purpose of the above article is not to discourage people from making electronic payments, but rather to make them aware of the inherent dangers involved in such payment systems.