Technology has come very far in a very short span of time. Digital payments for buying goods and services were inconceivable3.4 only 20 years ago. In fact, 95% of the nations have made it possible so that three-fourths of the population prefer payments through mobiles rather than cash. This has advantages such as ease of payments, higher accountability in tax collection, etc. On the other hand, there are disadvantages too, such as increased cyber theft, higher infrastructure spending, etc. This essay will explain each of them in detail and provide a logical conclusion.