You should spend about 40 minutes on this topic. Write about the following topic In many countries, paying for the things using mobile phone (cellphone) apps is becoming increasing common. Does this development have more advantages or more disadvantages? Give reason for your answer Write atleast 250 words.
Recently, people across the geographies are becoming more and more comfortable with a phenomenon of making payments for their purchases using the application installed on their cellphone. Many are sceptical about this trend, but, according to me, benefits such as customer convenience and cashback offers outweighs the security issue, which is the only disadvantage that can be tackled easily. The essay will discuss these points in greater detail, and support it with relevant examples. Firstly, customer convenience is the biggest benefit of its popularity. Paying through an app has made the cash redundant, making the payment process simpler and safer for the consumers. Moreover, customers neither have to worry about carrying change nor they have to hold too much currencies or cards in their wallets, making the later very light. For instance, in recent years, the ATM withdrawals have seen a drastic fall as compared to the sharp rise in wallet transactions. Secondly, for every online transaction, the customer earns cashback points, which was never heard off earlier. The immediate gratification has convinced people that this payment option is better and more rewarding. For example, in India, Google Pay has become the preferred alternative to currency on account of its offers and reward points. On the contrary, security is the gravest concern with the alternative. People are sceptical and worried about the confidentiality breach, that can result in fraud and a loss of their hard-earned money. Consequently, for countering the problem, companies have already added multiple layers of firewall, that is impossible to invade by any fraudster. To exemplify, in India, RBI has already mandated all the wallet companies to install two-factor authentication on their platform. To conclude, mobile payment is only going to see an exponential rise in the future because of the advantages like convenience and rewards that are enjoyed by the customers. However, there is a security issue, but it is already taken care of by governments and organisations.
Submitted by Ashish on