While the entire world and businesses are moving towards digitization and online transactions, many are still hesitant to use online payment platforms.This resistance may be due to all the myths and misconceptions associated with electronic payments.
The risks like accounts and emails getting hacked, OTP-related frauds, and leakage of personal records being misused are some of the risks foreseen and prevent many of you from making digital payments. Although all these are true, you should also understand some common myths and debunk solutions to make the world safer for digital transactions.
Below are some of the myths and the associated facts.
Myth 1: Online payment platforms are not safe and secure. Your money will be lost.
Some of you are concerned about using an online payment platform due to safety concerns. However, such fears are completely unwarranted as these apps or portals have multiple layers of security to ensure your personal information remains safe. For example, even if your phone or laptop gets lifted or hacked, your details cannot be accessed without appropriate login information. In most cases, added permissions and security questions make it virtually impossible to abuse the banking app on your phone or online banking.
You should be completely aware of the misuse of your login credentials if revealed to others. Other than this, your transactions are safe and secure.
Myth 2: Electronic payments may derail regular payments and may mess up your systematic payment plans.
You may have fears that with little or no effort, completely trusting digital media for payments can cause trouble. However, if you are properly aware of the usage, you can ensure that all your payments can be pre-scheduled and tracked without even going to the place personally.
It is more trustworthy than manual payments as you get notified if you have opted for the services periodically and get notification post payment. In addition, you will also be notified if there needs to be more balance for the payment. Whereas manual payments can be stressful, you must remember every aspect of delayed payments before the due date, or else you have to bear the penalty.
There are facilities like card payment processorswhich act as a mediator between the merchant and the financial institutions involved.
Myth 3: Electronic payment process is only for the younger generation.
Although online and digital transactions are a pretty new concept, some of you might have assumed that these are not user-friendly and the older generation might find them difficult to handle. Unfortunately, it may be true in some cases and only during the initial stages.
With little interest and effort, a person from any generation can acquire transactional skills and find it easy.
Myth 4: Human-human touch is lost.
Although most banking and payments businesses have mobile banking and internet banking facilities, many wish to visit the branch to have a good relationship with a personal banker.
However, customers need not worry as most businesses have a facility of 24/7 authorized call centres to support those in need of help. This saves you time visiting the branch or outlet and completing the transaction at home.
Myth 5: Electronic payments are time-consuming.
Any transactions which are delayed can cause frustrations and may stop most of the activities. However, this is not true. Electronic payment is one of the fastest transactional processes due to technological advancement.
If you have login credentials, your online transaction gets over within a few minutes. If you have a swiped credit card, an instant connection occurs between the card processor and the cardholder’s issuing bank. Once approved, the money gets transferred from the bank immediately.
Conclusion:
Be it personal transactions or for your business transactions, it is the right time to switch to online payment platforms from traditional methods. It not only reduces human dependency and causes financial independence but also helps with cashless transactions that can be done anywhere and at any time.
