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Question
What are the advantages and disadvantages of an Electronic payment system?
What are the advantages and disadvantages of an Electronic payment system?
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Solution
Some of the advantages of electronic payment systems are it is faster and easier, a person can make the payment from anywhere without visiting a bank, it is more efficient, it is less expensive, it reduces carbon footprint, it is easier to administer and it is convenient. Some of the disadvantages of electronic payment systems are there could be technical problems due to which payments may not happen, there is risk from cyber criminals, there is risk of fraudulent transactions, there could be disputed transactions, one has to pay service fees, it would be difficult to carry out electronic transactions if there is a problem with network connectivity in a location.
Some of the advantages of electronic payment systems are it is faster and easier, a person can make the payment from anywhere without visiting a bank, it is more efficient, it is less expensive, it reduces carbon footprint, it is easier to administer and it is convenient. Some of the disadvantages of electronic payment systems are there could be technical problems due to which payments may not happen, there is risk from cyber criminals, there is risk of fraudulent transactions, there could be disputed transactions, one has to pay service fees, it would be difficult to carry out electronic transactions if there is a problem with network connectivity in a location.
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