In many countries, paying for things using mobile app is becoming increasingly common. Does this development are having more advantages or disadvantages?

The use of the internet and technology has grown to a greater extent in the

last

few decades and

as a result

of that, more people have started using different online platforms for the purpose of payment. I strongly agree that the benefits of online transactions clearly outweigh their drawbacks. There are numerous reasons for using the various apps for payment.

Firstly

, by doing an online transaction, the customers save a lot of time which is very important as they have a very hectic schedule throughout the day. Money can be transferred internationally within a few seconds.

For example

, the consumers have spent less than a minute paying for their goods in 2020.

Secondly

, these virtual banks tend to generate a digital receipt for an individual transaction and send that to the buyer through an email service.

Therefore

, the consumers do not need to worry about keeping physical receipts on file for future purposes.

Finally

, as currency conversion is quite easily possible through these apps, it encourages the locals to buy goods from the international markets which are highly beneficial to the global economy. In a recent survey, it was reported that international business transactions are accounted for 2.5% growth in the economy.

However

, the demerits of having availability to transfer money digitally cannot be ignored. Most importantly, there has been a dramatic rise in the number of frauds across the globe. The scammers, mostly from the countries

such

as Thailand and China, have figured out the various ways to manipulate people and force them to send money through digital platforms. To give a specific example, there has been a 40% increase in the number of scams in 2020 compared to the previous year. In conclusion, I firmly believe that

although

this

technological development has increased fraud, the benefits of online payment,

such

as time-saving, digital receipts and the growth of an economy, are way more than drawbacks.