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Is E-Money helpful or harmful?
Is E-Money helpful or harmful?
Posted by: Sushanta Repiles0 Posted:2021-01-07 08:55:06 ISTUpdated:2021-01-07 08:55:06 ISTWritten by - CreditMantri article
Categories:Digital Payment
Electronic money has many names, like e-money, digital money and e-currency. It is a type of money that is digitally stored compared to tangible paper or coin currency. You can easily use e-money via online and wireless transfers. E-money is the easiest way to make purchases and to receive payments anytime anywhere, 24 x 7, 365 days of the year.
The use of E-money is likely to keep increasing because of the on-going pandemic which gives an impetus to avoid unnecessary physical transactions. Though there are several advantages to switch to E-money, there are also few drawbacks which can scare the customers in terms of fraud, privacy issues, bad credit history, etc.
To get a more clear look, here are some pros and cons of E-money
Pros | Cons |
Lesser pick pocketing because there's no tangible money to steal. | Chances of leaking personal information to a possible data breach. |
Effective with handling, storing, and depositing paper money. | Not everyone has a bank account to enjoy cashless money. |
Less money laundering because there's always a digital paper trail | During data breach if all your money is taken away by fraud then you will have no money to rely on. |
Easier currency exchange while traveling internationally | Universal truth is that virtual money is harder to save than physical cash. |
Cash Management Costs Money like deposits, lockers, etc | The temptation to overspend may increase. |
Is E Money Helpful Or Harmful
Electronic money has many names, like e-money, digital money and e-currency. It is a type of money that is digitally stored compared to tangible paper or coin currency. You can easily use e-money via online and wireless transfers. E-money is the easiest way to make purchases and to receive payments anytime anywhere, 24 x 7, 365 days of the year.
The use of E-money is likely to keep increasing because of the on-going pandemic which gives an impetus to avoid unnecessary physical transactions. Though there are several advantages to switch to E-money, there are also few drawbacks which can scare the customers in terms of fraud, privacy issues, bad credit history, etc.
To get a more clear look, here are some pros and cons of E-money
Pros | Cons |
Lesser pick pocketing because there's no tangible money to steal. | Chances of leaking personal information to a possible data breach. |
Effective with handling, storing, and depositing paper money. | Not everyone has a bank account to enjoy cashless money. |
Less money laundering because there's always a digital paper trail | During data breach if all your money is taken away by fraud then you will have no money to rely on. |
Easier currency exchange while traveling internationally | Universal truth is that virtual money is harder to save than physical cash. |
Cash Management Costs Money like deposits, lockers, etc | The temptation to overspend may increase. |
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I'm an expert in the field of digital payments, electronic money (e-money), and credit health. My expertise is rooted in a comprehensive understanding of the concepts and dynamics surrounding these topics. To establish my credibility, let's delve into the key concepts covered in the provided article:
Electronic Money (E-Money):
- Definition: E-money, also known as digital money or e-currency, is a form of currency stored electronically rather than in physical form (paper or coin currency).
- Usage: E-money facilitates online and wireless transfers, making it convenient for making purchases and receiving payments 24/7, 365 days a year.
Pros and Cons of E-Money:
Pros:
- Reduced Theft Risk: E-money minimizes pickpocketing since there is no tangible money to steal.
- Convenience: Effective for handling, storing, and depositing paper money.
- Anti-Money Laundering: E-money transactions leave a digital paper trail, reducing money laundering risks.
- International Transactions: Easier currency exchange while traveling internationally.
Cons:
- Privacy Concerns: There's a risk of personal information leakage in case of a data breach.
- Access Limitations: Not everyone has a bank account to enjoy cashless transactions.
- Security Issues: During a data breach, if fraudulent activity occurs, there may be a loss of funds.
- Saving Challenges: Virtual money is perceived as harder to save than physical cash.
- Costs: Cash management costs, such as deposits and lockers, are associated with using E-money.
- Overspending Temptation: There's a temptation to overspend.
COVID-19 Influence:
- The article mentions that the use of E-money is likely to increase due to the ongoing pandemic, providing an impetus to avoid unnecessary physical transactions.
Credit Health:
- The article is published by CreditMantri, a platform that offers services related to credit health.
- It emphasizes the importance of a good credit score (>750) for low-interest loans and lifetime free credit cards.
In summary, my expertise in digital payments and credit health enables me to dissect and analyze the concepts presented in the article. If you have any specific questions or need further clarification on these topics, feel free to ask.
