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

The digital medium has revolutionized the conventional cash

payment

method in the world.

This

mode of

payment

has gained much popularity in recent times in many countries. I believe the advantages of the using cellphone application for

payment

have more advantages than disadvantages as there are certain security concerns associated with it,

however

, it has immense power in building a sustainable and resilient

economy

. On one hand,

i

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ncreasing practice of digital medium has many advantages to the country. Undoubtedly, the exponential increase in the adoption of mobile apps in making payments is primarily because of the convenience that people feel.

Additionally

, the increased use of digital transfer of funds has helped the government in tracing the

money

transaction very efficiently and

thus

it has resulted in a reduction in

money

laundering and illegal activities happening from fake currency.

For instance

, in November 2016, the prime minister of India has announced demonetization due to increasing influx of black

money

in the country,

this

action was followed by digital promotion through digital India scheme to promote a practice of non-cash transactions for the better functioning of the

economy

.

On the other hand

,

this

development in the financial sectors has faced many security concerns for the citizens.

For example

, online fraud has increased by 100% since the increased use of mobile apps in handing

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inances of an individual. There are added security features in the transactions but the modern theif is capable to pursue citizens in giving their passwords or unique code which initiate the

money

transaction from their bank account. because of

this

reason people have become reluctant in using

this

mode of fund transfer. To conclude, the use of the digital mode of

payment

resulting in supporting the

economy

of the nation is more advantages than

otherwise

as it helps the government as well as citizens to uplift the

economy

of the nation.

However

, to mitigate the negative implications government has already made strict rules against online fraud and at the same time started educating people through advertisement at a very large scale.