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Explain the disadvantages of electronic payment systems.

Explain the disadvantages of electronic payment systems.

Answers

Kavungya
- The need to record to the establishment in order to be empowered to perform money transactions with them. One needs to have a username and password, moreover, you also need to keep up an account per organization, which can be very irritating or pesky for you.
- To make sure that your online transactions are solid, it is essential that you observe strict security policies. If password is capable of being hacked, it can mean serious fiscal loss for you. Banks or financial institutes that have your financial information can expose it to cyber-terrorist. So, there is unstated risk of your personal and account particulars being stolen.
- The transfer of digital currency arouses questions such as how to impose taxes and the potential ease of money washing. There are also possible macroeconomic results such as exchange rate stabilities and shortage of money supplies.
- Moreover, you are always at a loss if your card is stolen. If the card falls in wrong hands, there is a danger of expenditure of entire bank balance.
Kavungya answered the question on May 9, 2019 at 13:38

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