Most countries are trying to embrace cashless payment methods over the past few years. Therefore, it has been in talks of the society about its significance or importance. Although, there are a number of pros and cons of it.
The Digitalization of society has brought solutions to various aspects; one of which is carrying out online transactions. For instance, in India, UPI (unified payment interface) payments are advertised and encouraged for seamless transactions. Additionally, it also promotes transparency in the money chain to avoid any corruption in society. Moreover, for the common man, it has become easier to buy products without worrying about keeping change in coins or smaller denominations.
Apart from being a solution for an important cause, it also has certain demerits. For example, online money transfers are dependent on the Internet; which can be interrupted by any unforeseen circumstances and lead to a failure of the transaction. Furthermore, in controlling and monitoring these transactions on a national level it may cause loads of pressure on the banking interface and the server can go down as well leading back to a payment failure. In fact, interestingly, in India, according to the researchers, there has been an exponential rise in transaction failures within the past few months.
In summary, drawing from the aforementioned explanations online transactions support a greater cause apart from facilitating a seamless payment option for the people. Hence, despite the compelling negative side of it, the benefits that it provides for society outweigh all the disadvantages.