You should spend about 40 minutes on this 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 and include any relevant examples

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

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trend, but, according to me, benefits

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as customer convenience and cashback offers outweighs the security issue, which is the only disadvantage that can be tackled easily.

This

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essay will discuss these points in greater detail, and support it with relevant examples.

Firstly

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, 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.

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, 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.

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, in recent years, the ATM withdrawals have seen a drastic fall as compared to the sharp rise in wallet transactions.

Secondly

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, for every online transaction, the customer earns cashback points, which was never heard off earlier.

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immediate gratification has convinced people that

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payment option is better and more rewarding.

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, in India, Google Pay has become the preferred alternative to currency on account of its offers and reward points.

On the contrary

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, security is the gravest concern with

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alternative. People are sceptical and worried about the breach

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plausible on

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this apps

Change the determiner

this app

these apps

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, which can result in fraud and a loss of their hard-earned money.

Consequently

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, for countering

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problems, companies have already added multiple layers of firewall,

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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

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as convenience and rewards that are enjoyed by the customers.

However

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, there is a security issue, but

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already taken care of by the governments and organisations.