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

Technology has revolutionized the way we make money payments by introducing electronic transaction apps. With more and more people equipped with mobile devices, virtual wallets and electronic payments become increasingly popular.
This
essay will discuss both the advantages and disadvantages of
this
trend and show that, indeed, online money
payment
is superior to the traditional
cash
base method. There are several important advantages that online
payment
by mobile phones possess. The most obvious one is a quick and fast mode of
payment
. Whether paying for goods online or even transferring
cash
between accounts, by using apps like Pay Pal and Paytm, electronic transactions take a matter of minutes, sometimes seconds. Another one is it eliminates the risk of handling large amounts of
cash
. In India,
for instance
,
cash
theft, which was a major concern on roads, has been significantly reduced due to the invention of online
payment
applications. Clearly,
cash
transaction via cell phone apps is extremely advantageous. Despite the benefits, there are some drawbacks associated with
this
trend. The main issue is the security concern. When you buy things online, you run a small risk of getting your financial information exploited by hackers.
For instance
, in the news, almost every week, we hear about cyber-attacks and hackers stealing money using the password as well as credit card details.
In addition
, there are a number of technical issues that could prevent e-
payment
from being successful. Slow internet and server, poor signal connection are some problems that can disable online
payment
methods. Overall, though, these two drawbacks pale in comparison to the benefits. To conclude,
this
essay discussed the positive and negative ways in which electronic
payment
affects those involved. In my opinion,
although
there are disadvantages associated with
this
development, the advantages clearly outweigh them
Submitted by chavanpranay1994 on

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