The advent of cashless policy has brought a lot of ease. However, it has a lot of downsides attached to it. Listed below are some of the downsides of cashless policy
- Online Fraud; The increase in fraudulent activities over the years has raised major concern for the usage of cashless policy. Cyber threat and theft has made majority feel very unsafe carrying out transactions through cashless policy channels. Online platforms are viewed unsafe because when password or pins gets into the hands of scammers, the can withdraw all your earnings within minutes. Also, there are websites (Phishing websites) that seem like the original website of maybe a store or a bank or a restaurant, whose main aim is to either get people details or receive payments. Therefore, one has to be extra careful when transacting to ensure that you don’t fall into the hand of scammers.
- Usage problem; some of these cashless policy mediums are technical to use. The lack of proper sensitization has made it unacceptable among some of the African countries. However, some cashless policy mediums have not eradicated the problem of long queue. For example, some ATM still have long queue. This has affected the general acceptability of cashless policy mediums.
- Machine Malfunctions; Since cashless transactions occur electronically, there are complaints that some of the machines don’t work properly. For example, an ATM can display an error code, and transactions will be halted for that moment unless given technical attention. Needing cash urgently and waiting for a machine to come up can be very frustrating at times. Some of these common malfunctions include getting debited and not receiving cash and sometimes been debited twice. These errors, however, take days and sometimes weeks to get resolved.
- High transaction Charges; the cost that accompanies some of the cashless policy mediums are alarming. Some get charged daily while some monthly. This can sometimes be discouraging, especially when the charges are on the high side.