Disadvantages of Digital Wallets
by SMEBOOK (admin) · November 4, 2020
The most relevant disadvantages of digital wallets are the following:
- Needs Connectivity: Digital wallets cannot be used when offline that makes it inefficient in low network areas or without internet connectivity
- Needs Smartphone or other Compatible Device: Digital wallets can be accessed only using digital devices like smartphone/ laptop or other compatible device.
- Transaction Charges: Sometimes such wallets charge certain fee for carrying out transactions.
- Security Issues: Digital wallets store users sensitive payment data which can be compromised if the device is stolen or accessed without permission.
- Impulsive Spending: Digital wallet payments are quick and simple. This seldom leads to impulsive spending.