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

Nowadays in various nations, making
o
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an
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nline
payment
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
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
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
clearance.
Further
,
such
digital
payment
can be handled
easy
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easily
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as there is no requirement to physically carry the currency.
Moreover
,
such
payment
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
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
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
form of
payment
despite its growing popularity.
Hence
, some vendors do not take up the risk of accepting online payments. To conclude,
although
there are few disadvantages related to online payments, there are many more benefits like quickest modes of
payment
, convenient in handling and is always available.
Therefore
, online
payment
through mobile phones
have
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has
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been growing popular.
Submitted by aizazdosani on

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