In many countries, paying for things using the mobile phone apps is becoming increasingly common. Does this development have more advantages or more disadvantages?
Technical advancement in all aspects of human life is developing rapidly. The financial area is
also
not untouched, technology changes the way we pay for things by developing mobile phone Linking Words
apps
. Use synonyms
This
essay will discuss both the advantages and disadvantages regarding the increase in the use of Linking Words
apps
in day-to-day life.
On the one hand, there are a plethora of advantages for the increasing trend of paying for things using mobile phone Use synonyms
apps
. The most important one is, the exact Use synonyms
amount
that could be paid and no dependency on returning the change for a certain Use synonyms
amount
bill. Use synonyms
Such
as, Oxford university research said that every year grocery store makes 10% of the revenue by either providing chocolate in exchange for an odd Linking Words
amount
needed to pay back after deducting the bill Use synonyms
amount
or keeping the change due to lack of exact Use synonyms
amount
required to pay back. Use synonyms
Furthermore
, as physical currency is not carried by an individual, the threat of theft is mitigated. Linking Words
For example
, Times24 articles claim that snitching and running of valuable items crime rate has dropped significantly due to digital payment Linking Words
apps
. To buy expensive items people do digital transactions Use synonyms
instead
of hard cash.
Linking Words
On the other hand
, there are many disadvantages associated with Linking Words
this
process. Linking Words
Firstly
, cybercrime is very prevalent and mobile applications could be hacked easily, finding some loopholes. Linking Words
For instance
, the OTP is a very sensitive piece in the money transaction process, if it gets in the wrong hands by any means financial loss could be easily caused. Linking Words
Moreover
, a lack of regulations on private company products could cause regulatory issues. To illustrate, a technical survey stated that more than 30 million private startup gets created every year and 99% of them get closed due to various challenges caused due to unforeseen reasons. Linking Words
This
99% of companies could cause various issues or losses to common individuals who get attracted by lucrative offers provided by these applications.
To conclude, after analysing Linking Words
this
development from both angles, it seems that, it has more advantages than drawbacks and could be worked on by the concerned authorities and companies to overcome these challenges. Linking Words
Hence
, digital payments using mobile phone Linking Words
apps
should be promoted and used widely to remove physical currency dependency.Use synonyms
Submitted by manishkj007 on
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