The advent of mobile phones has replaced a lot of time-consuming activities performed by grown-ups, for example - visiting banks. The modern world is stepping towards digital transactions, as many countries are progressing rapidly toward online transactions. Mobile phones with banking applications are new ways of transacting. Such novelty in the banking world is considered to ease the mode of exchanging money, but one question also arises with that: Does it have more advantages than downfalls? For sure, it eases our day-to-day transactions, but the caveat is increasing online fraud and theft. First, we will discuss the advantages, and later, we will shed some light on warnings to be considered.