Top Three Myths on Digital Payments

Do you dread the idea of standing in lengthy queues? Do you want to complete transactions from where you are? If yes, you are longing for digital payment channels.

By definition, digital banking is all about using an online payment account and the internet to complete transactions without going to the bank. Digital banking has revolutionized the way we send and receive money. It has helped us accomplish money transfers, data updates and more from our smartphones. Currently, you can accomplish 80% of your banking chores digitally. This includes activities like making electronic bill payments, transferring funds, and even verifying your account balance.

However, there are a few common myths around digital payment. And, this post focuses on these myths.

Myth #1: Digital Payments are unsafe

For decades, people have spread the news that digital payments are always unsafe. This is not true. You can be sure of the fact that digital payments are prompt and extremely secure. Application developers inject multiple layers of security to digital payment apps. This means all your personal data and transactions will be kept safe. Even when your personal device gets lost or stolen, no one will be able to access your banking details. This is because passwords, OTPs and security questions should be answered before a digital payment is successfully made.

Myth #2: Doesn’t Service a Major Purpose

Once again, people spread the news that digital payments don’t cover all possibilities. Well, this is quite absurd. That is because digital payment gateways are carefully designed with many use cases in mind. These payment applications are loaded with advanced functionalities, which couldn’t have been possible by visiting the branch too!

For instance, some digital payment apps generate notifications when you have to pay your utility bills! With these alerts, you wouldn’t miss paying a bill. Doesn’t this sound wonderful?

Myth #3: The Personal Touch is missing

Now, when you need to make a transaction, there is no such thing as a personal touch. Transactions are all about sending and receiving money. This is a one-way channel. The idea of going to a bank, filling forms and opening an account can be a lengthy and tiring process. The only personal touch in this process would be tiredness! And, who would want to endure this? Transactions will not become impersonal when you use digital payments. Instead, the entire process will become seamless and efficient.