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

With the advancements in the latest technology, particularly in financial technologies, several people are opting to pay for things using their cell phone apps. My view is that the benefits outweigh the drawbacks.
This
essay will discuss the advantages as well as the disadvantages to prove my arguments. Financial apps,
such
as Stripe or Google Pay, make it extremely convenient for their customers to pay for things within seconds.
For example
, rather than waiting in queue to pay your rent at the housing agency, a customer can go to the mobile app to pay the bill, which will save him or her several hours.
Moreover
, the chances of losing your wallet with all the credit or debit cards are limited.
Consequently
, keeping you away from lengthy conversations with banks and police officers.
However
, despite
this
, there is one major drawback, which is security. All the mobile phone transactions are connected to the internet and stores all your data in the cloud. The chances of getting hacked by some random hacker are immense. To exemplify, in 2018, one of the hackers stole all the bank information of the users from an online payment company.
As a result
, all the customers were in agony concerning their bank accounts, as they might lose their savings to a random hacker.
Nevertheless
, companies providing these online payment services are continually trying to mitigate
this
issue by hiring ethical hackers and high-end software engineers. To sum up,
although
there is a significant disadvantage to using online transactions
that is
security
Suggestion
secure
secured
, the advantages of using online payments will save time, and not losing a wallet outweighs them.
Submitted by Phew on

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Topic Vocabulary:
  • convenience
  • safety
  • security
  • time-saving
  • cashless transactions
  • dependence on technology
  • privacy concerns
  • accessibility issues
  • financial vulnerability
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