Disadvantages of Digital Wallets

by SMEBOOK (admin) · 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.

Share it on social networks: Tweet Share

Disadvantages of Digital Wallets

SMEBOOK is reinventing the management of tech companies’ assets by providing a matchmaking algorithm capable of recommending partnerships according to needs and interests.