Going digital has made things so easy that you cannot resist doing everything online, right from buying groceries to booking tickets. Online transactions are so easy, convenient and addictive. You just need to fill in a few of your details and the product or service is available at your doorstep. But at the same time, they can have serious repercussions.
- A payment failure:
A lot of times while paying online despite money getting deducted from your account the transaction might still fail. This usually happens because of errors on the receiver’s side. Your bank will obviously refund your money but the process might take as long as 45 days. After that, if your amount still doesn’t get refunded you have to file a complaint describing your issue and an application has to be given to the bank containing the details of your complaint. Apart from this problem your card can also get blocked for 24 hours if multiple transactions fail. Unblocking the card is another task because you have to call your bank which means speaking to customer care. And I’m sure you know how fun that can be!
2. Sneaky charges
In this day and age, who still writes cheques or sends money via post when you can easily transfer it using your phone. But does it make sense paying someone a small amount of say Rs.500 if there is a charge for doing that?
Here are a few hidden charges that you should be aware of when you go digital
Banks charge you Rs.5-10 per transaction. Some banks might charge you even more. This amount could be higher for transferring money overseas. So before sending money to someone abroad make sure you find out how much you will get charged. You could use alternative modes like Paytm for this. Using net banking for transferring money only makes sense if the amount to be transferred is huge.
Swiping too often
Some banks levy an excess debit fee of Rs 10-100 if more than the prescribed number of debts are made from a saving account. Basically, this is to remind you that a savings account is not a current account!
Sometimes delivery charges are added to your bill depending upon the place where the product is to be delivered.
For e.g. – If you order a book for Rs.150 when you check out you will notice that your amount has increased to Rs.200 because of shipping charges.
Though these wallets do not charge for adding money from your bank account to the wallet. They charge for transferring the money from the wallet to the bank. So avoid doing this and pay wherever you can with the digital wallet instead of putting back the money in your bank. For instance, Paytm charges a flat 3 per cent for transferring money from your wallet to your bank account. Similarly, Mobikwik charges 4 per cent of the transfer amount.
3. Breach of privacy:
Sometimes you are not sure whether the site is genuine or fake. In case of a fraudulent site, there are chances that they can steal your confidential information. Many times they might install a virus on your desktop without your knowledge. Even duplication of your credentials is possible and that can lead to hacking for an illegal purpose. For all these reasons your bank might not be accountable since you’re making payments at your own risk. That’s why it is safe to use websites that have a secured symbol or buy things that are verified. For e.g. buy ‘Verified Amazon Products’ only.
4. These sites are addictive:
Once you login to any site using your contact details, next time you will see advertisements of the same site buzzing around on the Internet wherever you browse for information. Some may also call you to explain their offers and attractive discounts if you have added your phone number. You will receive many emails advertising their products.
When you click on any of the advertisement the company’s software calculates the algorithm of your interest and show you advertisements accordingly. So many times you would have put things in your cart but not actually gone ahead with it. The same items might appear all over your social media feed reminding you that you need it. But trust me you don’t!
To avoid these websites from stalking you online simply go private before browsing them. All you need to do is shift to an ‘incognito’ mode or ‘private’ mode on your mobile or laptop and you’ll be blocking your stalkers easily!
Security Tips to follow while shopping online
– Switch to Web Privacy Mode on your browser
– Untick the option “Save Password” which means you’ll have to re-enter passwords always
– Use Digital Wallets for paying online because you don’t need to fill your bank details every time
– Get an AV Software which will alert you about any virus presence before downloading any document online.
The power of the internet means that online shops can continue to engage you long after you’ve bought and left its store, and even if you’ve not bought from it. That’s why always remember when in doubt don’t check out.