Disadvantages of Digital Wallets

by SMEBOOK (admin) ยท November 4, 2020

The most relevant disadvantages of digital wallets are the following:

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

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