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

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In most of the countries, mobile
payment
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options are widely used and it is gaining continuous popularity due to the flexibility and ease of use of these applications.
Such
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advanced and modern
payment
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applications have several advantages and disadvantages.
This
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essay will discuss both benefits and drawbacks with the examples from Harvard Business Review research and Oxford University experiments to prove the notion that the cellphone
payment
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applications have more benefits.
To begin
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with, cellphone
payment
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applications
Suggestion
application
usage is
continously
at every point
continuously
continually
increasing and the central reason for
this
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is two fold.
Firstly
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, the registration cost is zero dollars in mobile
payment
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applications
such
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as google pay,
paypal
Suggestion
PayPal
,
facebook
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Facebook
pay, and
transwire
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.
Secondly
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, the charges applied on money transaction
is
Suggestion
are
lesser than the bank charges.
In addition
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to
this
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, the
payment
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is processed in
few nano seconds
Suggestion
the few nanoseconds
few nanoseconds
which enables the customer to address the dynamic financial situations. In the same line of thinking, Harvard Business Review research, published an article that mentioned, online mobile payments will continue to increase at the rate of 20% in the near future as the applications are built with
best
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better
user interface, along with advanced
payment
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options with zero charges.
Although
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, online payments are appealing to many, it cannot be disputed that the
payment
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applications are vulnerable
for
Suggestion
to
hacking attempts, and viruses can
also
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be installed in mobile phones, which could steal the data and communicate to the hackers.
Additionally
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, if mobile phones are stolen without the security code set, anyone can initiate the payments through the victim's mobile phone. Consistent
to
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with
this
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line of thought process, Oxford university conducted an experiment that sent sample
applications
Suggestion
application's
application
installation files to set of people, which was installed by more than 50% of the targeted population without understanding the implications and
vulerabilities
the state of being vulnerable or exposed
vulnerabilities
.
Hence
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, it is clearly demonstrated that the vulnerabilities are high and people lack technical knowledge, which enable the hackers to steal money easily. But if security measures are exercised diligently,
then
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such
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incidents can be avoided. With the aforementioned views and examples, it is concluded that the mobile
payment
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applications popularity will continue to surge, despite few minor issues
such
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as hacking attempts which the government should address, it is predicted that the
payment
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applications will become more sophisticated and modern, which will
further
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raise the mobile
payment
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applications usage.
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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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