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

In

this

contemporary era, mobile payments have been increasing rapidly. Payment of goods and service via mobile phone apps is becoming popular not only in developed nations but

also

in developing countries across the world. Since everything has two sides,

this

essay will discuss the pros and cons of

this

type of settlement method.

To begin

with, there are enormous benefits of using

this

type.

Firstly

,

this

kind of trend brings more convenience and more comfortable to the population

such

as a cashless economy.

This

means people do not carry too much of the amount because nowadays everything is paid by an online transaction.

For example

, in Paytm, people can purchase goods and service through these apps and send and receive money from anywhere anyplace

as a result

, quick transaction. Ergo, the population have been using the most convenient

this

type of settlement

instead

of traditional methods.

On the other hand

, there are several drawbacks to using

this

kind of digital platform.

Firstly

, mobile-hacker might be misused our financial details

such

as save the password.

Secondly

, many fake digital platforms are available here repercussion, their main motive is dropping the money off without user knowledge because the bank is not supervised directly.

For example

, more than 40% of the digital platform is unauthorised repercussion, folks might be lost their capital from their bank account. To conclude, a cashless economy is the best idea nowadays because we can easily get all the benefits from

this

such

as buying stuff and service. I think online payment has more pros outweigh cons.

Moreover

,

this

kind of apps helps to reduce using capital and folks

also

used to practice electronic payment. I hope

this

trend is conducive for the

next

generation.