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

With the introduction of various online
platforms
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,platforms
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many people have started to go digital for making payments to
the
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apply
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vendors. May it be paying for shopping
clothes
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for clothes
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or transferring money to
the
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apply
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relatives, many opt for
digitalised
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a digitalised
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mode of settlement.I feel that there are multiple positives and only a few negatives. There are pros and cons of
this
method. Let us look at both, the benefits and the dangers. The foremost point that users consider while not using cash is that it is completely
hassle free
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hassle-free
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. One can make the payment with a click of a button from where ever he is. The
second
advantage is that you can track the transactions history and that enables
to
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you to
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keep
check
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a check
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on the unnecessary spending. One more important point is that liquid cash does not yield any returns.
On the other hand
, there are a few risks that people envisage in undertaking online settlements.
Digital
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The digital
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world is prone to hacking and once the account is hacked all your money can be wiped out within seconds and you can be only a spectator.
Also
, even today there are some people from the older generation, who believe that
goibg
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going
doing
physically to the bank is the only way of exchanging money. They feel comfortable that way as they get to interact with the branch officials and only
then
they
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do they
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feel safe about the funds in their accounts. For some, technology may come as a challenge and they may not be interested in learning something new. To conclude, I can say that persons who enjoy
ease
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the ease
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of doing anything will surely go for the online payments even after knowing the risks associated with it. Considering the technological advancements that are happening today, we can surely say that
app based
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app-based
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payments are here to stay.
Submitted by omkar.mhaskar on

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