Payment systems: pros and cons

[CarderPlanet]

In the era of high technology development, cash is in serious competition with the advent of electronic money, because more and more people prefer virtual wallets. A modern person already has a rough understanding of the concept of payment, but what payment systems can be, their pros and cons are not so widely known.

Payment systems pros and cons: the positive side

Of course, electronic payment systems, in comparison with traditional banking services, have a number of advantages:

1. Saving time. A money transfer between virtual accounts usually takes only a few minutes, while a bank or postal transfer can take several days. Also, you will not waste time waiting in line at the bank or post office.
2. Cost control. Even with all the desire to control their expenses and income, not everyone has the patience to write down all their petty expenses, which often account for a large part of the total expenses. The virtual account has a history of all transactions with an indication of the store and the amount you spent.
3. Reducing the risk of loss and theft. You cannot lose your virtual wallet, robbers cannot take it away. Although there are also people who like easy money in cyberspace, in one of the previous articles we described in detail how to protect your e-currency account.
4. Low fees.
5. Ease of use. Typically, a service is created to reach the widest possible audience, so its interface is intuitive. In addition, there is always the opportunity to ask a question to technical support, which often works 24/7. As a last resort, you can always get an answer to a question on thematic forums.
6. Convenience. All money transfers can be made anytime, anywhere. All you need to do is have an internet connection.

Payment systems pros and cons: a little about the sad

But against the background of obvious advantages, electronic payment systems have their disadvantages, which are still worth mentioning:

1. Restrictions. Each payment system has its own limits regarding the maximum amount on the account, the number of transactions and the withdrawal amount.
2. Hacking risk. Subject to all the rules, it is minimal, about the same as the risk of robbery, but still it is there.
3. The problem of transferring money between different payment systems.
4. Lack of anonymity. All monetary transactions, including the amount, time and recipient, are stored in the payment system database.
5. The need for an internet connection. If your internet connection fails, you cannot access your online account.

In general, with all the disadvantages, the advantages of electronic payment systems such as seriously outweigh and surpass the capabilities of traditional bank transfers in all respects.