In many countries, paying for things using mobile phone apps is becoming increasingly common. Does this development have more advantages or disadvantages?
In
this
contemporary era, mobile payments have been growing rapidly. Paying for goods and services via mobile phones is becoming popular not only in developed countries but Linking Words
also
in many developing countries across the globe. Since everything has two sides, Linking Words
this
essay will discuss the pros and cons of Linking Words
this
type of payment.
Talking about the positives Linking Words
first
, the most obvious one is the convenience it offers to the community. Linking Words
In other words
, one does not need to carry cash or exact change to buy a product and can pay using a single tap. Linking Words
Secondly
, payments through a digital platform are recorded digitally. Linking Words
Therefore
, one does not have to keep track of the transaction, which makes expense management a breeze. Linking Words
For example
, Paytm, an online payment platform, allows people to send and receive money as well as pay for goods and services. Linking Words
Thus
, people tend to use these platforms more rather than relying on traditional methods.
Having said that, there are several drawbacks to using these digital platforms. Linking Words
Firstly
, Linking Words
such
apps are frequently prone to cyber-attacks. Linking Words
That is
to say, payment banks do not have the level of security features which a regular bank boasts of. Linking Words
As a result
, many people using these apps fall prey to hackers. Financial information saved on the mobile phone can Linking Words
also
get exposed and misused if the device is stolen.
To conclude, making payments via mobile apps certainly poses some security concerns; even so, in my opinion, the advantages offered by these platforms outweigh the disadvantages because they allow Linking Words
i
nstant transfer of money from anywhere and at any time. The security concerns can be mitigated to a great extent by taking adequate precautions.Add an article
the
Submitted by Anuradha on
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