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
f
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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.
Submitted by rrjoshi1993 on

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Topic Vocabulary:
  • convenience
  • safety
  • security
  • time-saving
  • cashless transactions
  • dependence on technology
  • privacy concerns
  • accessibility issues
  • financial vulnerability
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