Cashless Transactions: Risks and Benefits
According to Visa Study, Filipinos, including providers as well as consumers, began to embrace and rely on cashless payments and/or transactions. The modernized and revolutionized utilization of mobile phones and other modes of devices make payments much more user-friendly and nearby.
These operations do not abandon traditional methods of payment but maneuver in a modern way. To generate transitions and shifts that announce convenience and security.
Benefits
Technology advancements and consumer adaptation are both ready to generate mobile payment services. The results of these primarily lead to convenience and compatibility that causes benefits to purchasers, and sellers.
- Faster Transaction
- Convenience
- Easy Accessibility
- Budget Discipline
- Timesaving
These moderating effects encourage target markets and audiences to use and rely on online transactions. It gives easy accessibility and innovated form of interaction with other individuals
The growing advancements of mobile phones provide enormous opportunities for financial development, and the internet and the modern era have become the most frequently used tool to support and/or to carry out various financial cashless transactions.
Risks
These activities have so much significant influence on the progression of the country – further empowering the reality of discovery and reliance on the growth of smartphones and internet advancements these recent years.
However, it also has disadvantages such as:
- Fraud
- Security Concerns
- Service Fees
- False Identities
- Technological Illiteracy
However, the abovementioned risks can be prevented through a moderate and safer use of digital transactions – when encountered, quickly report to the nearest office.
Overall, digital payment methods are evolving fast across various countries including the Philippines, one of the developing countries. Adopting and learning several studies of technological payments could be evident progress.
The majority of countries embrace the new normal or electronic payment for it reaches rapid service advantages provided to improve buying goods and services.
Relevant to the pandemic protocols because digital transactions are hygienic and safe – do not require you to interact with other people outside, and cashless payments are much more comfortable and time-efficient than cash withdrawals.
The aim of this particular change is highly significant and timely as a new normal routine comes and as people perceive social distancing as a protocol.
Want a much faster and more flexible way of transactions? Try digital payment!
