Security Concern
Although stringent measures such as symmetric encryption are in place to make e-payment safe and secure, it is still vulnerable to hacking.
The most common threats include viruses, worms and Trojan horses. Viruses are spread via email or by downloading infected files.
Increased Business Costs
E-payment systems come with an increased need to protect sensitive financial information stored in a business's computer systems from unauthorized access. Enterprises with in-house e-payment systems must incur additional costs in procuring, installing and maintaining sophisticated payment-security technologies.
Overspending
When you spend with cash, you feel the “pain” of every dollar you spend. But with electronic payments, it’s easy to swipe, tap, or click without noticing how much you spend. Consumers will need to renew their efforts to manage spending.
Other drawbacks
Service fees:
Payment gateways and third-party payment processors charge service fees.
Inconvenient for offline sales:
Online payment methods are inconvenient for offline sales
Technical problems: Online payment methods can go down due to technical problems.