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

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Nowadays in various nations, making
o
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an
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nline
payment
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for the purchases has become a normal practice. Despite, there are few cons like
s
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the
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ecurity of these payments and nonacceptance of digital
payment
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by
f
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a
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ew vendors, the benefits of faster payments, ease of handling and 24 hours facilities outweigh them. With the help of decent internet connection, online
payment
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can be completed within
f
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a
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raction of seconds whereas
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,
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under the traditional method, it would take at least 3 business days for
such
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clearance.
Further
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,
such
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digital
payment
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can be handled
easy
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easily
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as there is no requirement to physically carry the currency.
Moreover
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,
such
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payment
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can be made at any hour of the day including non-business hours and thereby making it more convenient for the users to pay via
m
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a
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obile phone application. Recent study exhibits that number of walk-in customers in the bank have been reduced to half the numbers due to the usage of online
payment
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modes. On the other side, there is always a risk of whether the payments are securely made to the right beneficiaries because of which few sellers hesitate to accept the digital transfer. They are not confident
on
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about
in
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the entire
payment
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mechanism. Let’s us take the case of textile traders wherein entire wholesale market does not
accepts
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accept
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such
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form of
payment
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despite its growing popularity.
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, some vendors do not take up the risk of accepting online payments. To conclude,
although
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there are few disadvantages related to online payments, there are many more benefits like quickest modes of
payment
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, convenient in handling and is always available.
Therefore
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, online
payment
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through mobile phones
have
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has
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been growing popular.
Submitted by aizazdosani on

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