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

Nowadays, mobile payments have become increasingly popular, mostly among youngsters. The following paragraphs discuss the benefits and demerits of using mobile apps for financial transactions. To commence with, there are a lot of advantages in

such

applications and most of the

banks

now converting their regular in-house payments methods

such

as bill payments, remitting to other accounts and even applying for bank loans to perform with the mobile.

Hence

,

this

provides immense convenience for people with a busy lifestyle since they can execute any transaction without commuting to a branch.

For instance

, in Singapore,

this

gives a much convenience using only one app with several functionalities.

Furthermore

, anyone can remit money rapidly and more secure than going to a physical site with a huge amount of money at present with the increasing amount of burglaries.

In addition

, if an individual performs numerous transactions,

banks

will provide rewards to the customers.

On the other hand

, there are few risks involved in using cell phones for financial transfers.

Firstly

,

this

will cause unemployment due to the fact that, replacement of human work. To elaborate, one mobile app can perform many services that are provided by a few bank staff, which

banks

have a tendency of less number of staff of some

banks

.

Moreover

, these financial transfers can easily be tracked so hackers or any intruder can be involved in white-collar crime. To conclude, once an individual gets used to mobile apps for money transactions, they never want to dig back to the wallet or sign papers to apply for a loan, since it has eased all of our lives.