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

With the advent of technology, digital payments have gained a lot of popularity in several developing nations. Few consider

this

as a disadvantage due to the malpractices that are involved in cyberspace.

Nevertheless

, purchases through mobile applications can simplify the

payment

process dramatically by reducing the usage of currency notes, and contribute to a greener environment. In my humble opinion, these advantages far overshadow any disadvantages involved in

this

transformation. Along with the enormous growth of mobile phone usage, payments though various applications have

also

increased. There are several benefits of

this

phenomenon, and one of them is, it reduces the dependency on bulky currency notes.

In other words

, people can avoid carrying physical money along with them and make purchases of goods and services from their mobile phones itself.

For instance

, after demonetisation in India, the circumstances have forced the public to move towards cashless transactions due to a crunch in the hard cash, and

this

trend continued to emerge as the most preferred

payment

method today.

Also

,

this

helps in protecting our money from the thieves who preying for extra income.

Consequently

, online expenses contribute to a greener environment by reducing the demand for paper-based legal tender which is produced by bringing down the trees.

However

, drawbacks should not be overlooked. Many feel hesitant adapting to the digital space due to the potential frauds involved in it. There are a lot of hackers trying to invade the Online

payment

ecosystem. Principally, vulnerable mobile applications that are used for payments can result in heavy economic losses to their users. Similar to thieves, there are a lot of attackers online who try to exploit the unsafe applications, and try to cheat the consumers by laying enticing traps. To clarify, a recent study on the

payment

space reveals that approximately 15% of the monetary transactions made online are fraudulent.

Moreover

,

this

is not advisable for beginners who can be easily manipulated. In conclusion, the mobile applications that are being used for purchases of things can serve as a flexible

payment

option, and the disadvantages mentioned above cannot outweigh the benefits.