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

In recent times, mobiles have become more useful than ever and facilitate many use cases

such

as calls, texts, video conferences, jotting down notes, taking pictures and even making transactions. Some argue that the technological advancement in

payment

via phones has many drawbacks,

however

,

this

essay agrees that the advantages are stronger and will

further

elucidate the reasons why. The most obvious benefit of making payments via applications on cellphones is that it is extremely convenient. The indispensable need to carry around cash is completely eliminated so individuals do not have to worry about not being able to make purchases solely because they forgot their wallets.

Moreover

, these simplistic cashless transactions enable people to track their finances more easily.

For example

, to find out how much was spent in a day or a month, one can just view the statement in the app.

Lastly

, some latest software even

provide

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provides

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the option of centralised

payment

,

for instance

, all the credit and debit cards linked under one account so that the user

do

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does

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not need to bring many cards or install multiple applications for separate bank accounts. Admittedly, it is

also

true that

payment

via cellphones has its own risks and

hinderance

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hindrance

.

Firstly

, cellphones are small,

hence

, it is prone to theft. In the case of being stolen, the user may have to follow tedious procedures

such

as contacting the bank to disable the account, reporting to the police and changing passwords of the bank applications.

Otherwise

, if the passcode were cracked, the balance could be stolen easily.

Secondly

, despite the popularity among youths, the senior generation may find difficulties adapting to

the

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apply

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cashless payments.

Moreover

, it may cause them distress as they easily forget their passwords or when falling victim to online scams. To summarise, drawbacks

such

as

high

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the high

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risk of theft and distress in

older

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the older

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generation are not to be ignored.

Nonetheless

, the advantages of

this

new

payment

method are more robust as it promotes ease of use, enhances people’s

cashflow

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cash flow

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monitoring and the possibility of centralised

payment

.