The introduction of technology is definitely one thing we can't stop evaluating, especially when it comes to areas where competition has occurred since its introduction.
There has been a lot of opinions as regards how far technology has changed plenty of things, especially when it comes to the finance part, unlike the traditional mode of payment, which includes taking physical cash to markets or places to get goods and services needed. The introduction of e-payment has reshaped that, with numerous individuals now doing various transactions on their bank's mobile app, thanks to technology.
Even at that, some individuals still have another opinion about this; some provided some insight on how it has helped, while a friend of mine and some other individual shared their opinion, explained how bad it has been too.
A brief look at how e-payment has eased our mode of transaction
(1) Fast mode of payment: Making payments for goods and services is now much faster and easier than ever before. Now people can pay for what they purchased without having to bring out cash or move huge amounts of value around unlike how it was before it introduction.
(2) Proper accountability for money paid: There has always been an issue when it comes to payment for goods and services using cash; on numerous occasions, there have been complaints of cash missing during the process of counting or verifying, which might lead to dispute between the buyer and the seller, but with the introduction of e-payment, such incidents no longer exist as money will be transferred to the receiver's account with ease.
(3) Online shopping: Another thing that e-payment has done to ease the burden of getting our needs met is the introduction of online shopping. The existence of e-payment brought about online shopping, in which individuals can buy and make payment from the comfort of their house and also get it delivered to them.
Today, there are plenty of transactions done between numerous individuals who don't know each other, thanks to e-payment.
There are numerous other advantages attributed to e-payment, even at that, so many individuals are debating whether it can be totally regarded as a total step forward when it comes to making transactions among individuals fast and smooth.
Some loopholes were discussed, and that as been seen as a major factor that has kept this debate going for a while.
(1) Enhance fraudulent payment: This is one of the many incidents that numbers of individuals have pointed out as to why e-payment is very dangerous at times. Countless fraudulent transactions can be tagged to this development, especially when it comes to vendors getting fake alerts and having issues with declining transactions, which at times do cause dispute between the seller and the buyer on most occasions.
(2) Network delay: This is another factor that has indeed increased this debate. There are issues with the network, that at times result in to delay when payment is being made. On most occasions, this leads to consumers being unable to get what they need due to the seller's inability to confirm payment.
This can sometimes lead to a seller losing sales just because the mode of payment network is malfunctioning and goods can't be released without full assurance that payment will be received when the network is good.
(3) Fund Reversal: This is one bigger issue that has been talked about, and at times it has led to sellers losing plenty of funds.
There are occasions when payments made for goods purchased by a consumer do get reversed due to financial institution networks. This is another act that is causing a lot of concern, as some individuals do end up losing such money when a consumer refuses to resend it.
Aside from all of this, other drawbacks have been mentioned that occasionally put people's business and accounts at risk, particularly when paying for goods and services that can require entering bank information.
Conclusion
Nevertheless, there is further evidence in favor of its existence, and it has been asserted to be yet another advancement that has aided Human methods of conducting business in the twenty-first century, which I also fully embrace.
***So, what are your thoughts on this? Advances or setbacks in the use of electronic payments.****