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

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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
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applications and most of the
banks
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now converting their regular in-house payments methods
such
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as bill payments, remitting to other accounts and even applying for bank loans to perform with the mobile.
Hence
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,
this
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provides immense convenience for people with a busy lifestyle since they can execute any transaction without commuting to a branch.
For instance
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, in Singapore,
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gives a much convenience using only one app with several functionalities.
Furthermore
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, 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
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, if an individual performs numerous transactions,
banks
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will provide rewards to the customers.
On the other hand
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, there are few risks involved in using cell phones for financial transfers.
Firstly
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,
this
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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
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have a tendency of less number of staff of some
banks
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.
Moreover
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, 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.
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