Digital payments are more convenient for both buyers and sellers is the true statement about Digital payments.
What is meant by term Digital ?
Electronic technology that produces, stores, and processes data in terms of two states—positive and non-positive—is referred to as digital. The number 1 expresses or represents the positive, and the number 0 the negative.
What is payment?
Payment refers to the interchange of currency, commodities, or skills for a good or service. Payments are generally made once all parties have agreed on the conditions. cash, cheque, bank cards, digital transfer are various modes or kinds of payments.
What is digital payment?
Digital payment, also known as electronic payment is a transaction or transfer that happens online or through other digital platforms without a physical exchange of money. this kind of payment take place with help of some device such as mobile phone, computer etc.
Digital payment which is also cashless payment offers variety of benefits, such as increased security, more convenient, offers and discounts, physical distancing, etc.
there are large number of benefits that buyer and seller gain by paying through digital mode.
Who is buyer?
A buyer is person who purchase or buys goods or commodity from another person in exchange of money.
Who is seller?
A seller is the person who sells any goods or commodity in exchange of money.
Digital payment provides convenience both to buyer and seller in following ways:
- exact amount could be paid and hindrance of change currency is solved.
- it removes hindrance of distance or place.
- it reduces hardship of carrying and depositing a lot cash at bank.
- it also reduce bank charges for depositing and transferring money which is costlier and lengthy process.
Supporting answer
Hence, option C is true and correct answer
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