Negative Impacts

E-Payments have indeed brought many positive impact into the world today. However, together with this positive impact, negative impacts that was never there emerged as well. Resulting in questioning whether E-Payment should be used in current society. Scroll down to see more!

Positive Impacts

Impacts

Negative Technological Impacts: Intro

Errors

Technology cannot function as humans. Technology does not have the ability differentiate right or wrong. Thus, it can give rise to unauthorized or erroneous e-payment transactions. Despite it being fast and efficient, chances of error remains.

Negative Technological Impacts: Body

High Costs for Merchants

Fragmentation is an inconvenience for everyone - consumers can't always use their preferred method of payment, and technological complexity leads to higher operating expenses for merchants.

Negative Technological Impacts: Body

Security

While electronic payments offer a convenient and inexpensive method of banking, they may pose a serious risk to consumers and financial institutions.

Electronic payments are susceptible to fraud because payments are made after entering a pin or password as well as answering a security question.
Hackers use phishing attacks to obtain the log in details of unsuspecting users and then proceed to use the details to make transactions and access the victim’s personal and financial information.
Website Sabotage and Defacement
Degradation of Performance by decreasing network connectivity and response speed

Negative Technological Impacts: Body