In many countries paying for things using mobile phone (cellphone) apps is becoming increasingly common. Does this development have more advantages than disadvantages?

The technological tools like

payment

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apps have radically transformed the way business transactions take place throughout the world today. Payments of goods and services through fin-tech mobile apps are a widespread phenomenon in not only the developed, but

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in many developing countries across the globe. While there are various drawbacks and risks involved in mobile payments, they are far outweighed by the convenience and efficiency provided by digital payments.

One

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of the most significant lacuna of mobile apps is that they are inherently prone to cyber hacks. Unlike banks, which provide multiple layers of checks and balances before processing a transaction, the

payment

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apps mushrooming every other day are not strictly regulated. As a consequence, the credit card or bank details entered in

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apps are at the risk of being cloned. Not only is

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a massive exposure to

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's savings, but

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can inadvertently lead to money-laundering thefts. Another drawback is that shop-owners of the older generation are not as tech-savvy to get the hang of these new

payment

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methods. Unfortunately, due to lack of cashless

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options,

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, they often face loss of business to competition. To address

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concern,

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, the Singapore government has recruited around 1000 Digital Ambassadors who will assist the hawker centres and enable them to accept digital payments.

On the other hand

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, the efficiency and convenience of digital payments through mobile apps are manifold.

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,

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does not have to carry cash or have the exact change to make

payment

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for a product or service.

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, payments through a digital platform are automatically recorded.

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Therefore

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Therefore, one

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does not have to keep track of the transaction, which makes expense management a breeze.

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, the time taken to transfer funds between parties is almost instant.

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,

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does not have to wait for days or even hours to get a

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confirmation.

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, mobile payments are extremely useful for purchases while travelling abroad.

One

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does not have to get into the hassle of currency conversion as the

payment

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is made simply by waving

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's phone across the reader machine. The massive increase in these payments was

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illustrated by a recent Gartner report, which cited mobile transactions projected to jump by almost 500% in the

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5 years. To sum up, the increasing popularity of mobile payments is going to get pervasive across all businesses and industry segments. It is

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imperative, that people start imbibing the same because the benefits and future advantages will wipe off the measly disadvantages of digital mobile payments.