Oops e-Payments delayed failed

 Oops e-Payments delayed failed

It is really bad to think even, that banking systems may also face software and internet connectivity issues. In December 2021, around the world, the banks became unable to send and receive payments. When banking customers raised the issues with the bankers, they gave assurance that they are trying to resolve the problem.

 The banking transfer system may stop working

Nobody expects that the full proof considered systems of banking may stop anytime. Isn't it?

Near the festival of Christmas, when around the world people were ready to celebrate it, suddenly in December 2021, the inbound and outbound transfer of banking money nationwide stopped. As per the news, hundreds of complaints and reports are lodged by the customers to resolve the issue at the earliest.

Customer Service of Banks

The customer service team of banks is not provided full access to the banking network. In case of any failure of the system or delay in the service by the system, the customer service team is helpless. The team if asked, in how much time any technical issue is expected to be resolved? The response is most of the time, it is not possible for them to fix a time limit regarding resolving any technical issue.

The banks with good to excellent customer service should be preferred to open an account instead of a bank with higher returns on deposit. 

What happened with Nationwide Banking in December 2021

The banks became unable to accept the payments in the bank accounts from the outside of nationwide. Even the bank transfers sent by the customers were also delayed.

The people withdrawing paper money in large quantities instead of doing electronic transfers may face problems in the days of festivals due to the lack of paper currencies available with the banks, but the electronic transactions failure or unnecessary delay can never be expected by the customers.

What can happen if you are asked to send or receive cash later?

The banks are always trustworthy and that is why people try to put their money in banking accounts than to keep it at home or in domestic lockers. 

In the case of electronic transactions, if a payment is delayed or takes more time to process, the customer face problems in life. Suppose, you sent an amount to someone using an electronic transaction thereafter, you wait for the message to be received that the money has been transferred. Usually, it is a real-time transaction but in case it is delayed, the system will show it that the transaction is under process and you have to wait.

Nationwide Banking System

The nationwide open banking systems are really a blessing for the people sending and receiving payment from one nation to another. Obviously, the accounts of all banks are connected with the system so that anyone can send or receive payments nationwide through an open banking system.

People can use banking cards to process the desired transactions in case the electronic transactions are delayed but it is expected that the electronic transactions are safer.

Banking apps are great

Every customer using banking apps shared good experiences of saving time in getting the transactions done. Most of the banks charge a nominal fees for enabling smooth e-banking exposure to the customers. The standing orders and direct debits are processed generally without charging any fee. 

*Copyright © 2021 Dr. Lalit Kumar. A few rights reserved. Use this information in the public interest.

This content is written by Dr. Lalit Kumar Setia; a renowned author and trainer. He completed his Doctorate in Commerce from Kurukshetra University Kurukshetra and MBA in Information Technology from GJU, Hisar. He also wrote two books, 15 research papers, and organized more than 200 Training Courses during his working period since 2006 in Haryana Institute of Public Administration, Gurugram. The article was published on 22nd December 2021 and last updated on 22nd December 2021. The writer can be contacted on lalitkumarsetia@gmail.com 

More Articles

https://drlalitsetia.blogspot.com/p/new-articles-study-material-notes.html