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

Technology has come very far in a very short span of time. Digital

payments

for buying goods and services were inconceivable3.4 only 20 years ago. In fact, 95% of the nations have made it possible so that three-fourths of the population prefer

payments

through mobiles rather than cash.

This

has advantages

such

as ease of

payments

, higher accountability in tax collection, etc.

On the other hand

, there are disadvantages too,

such

as increased cyber theft, higher infrastructure spending, etc.

This

essay will explain each of them in detail and provide a logical conclusion.

To begin

with, faster internet speeds coupled with government regulations have made cash

payments

obsolete. People prefer to pay through apps on their phones rather can carry physical currency, because of security.

For example

, even the smallest of vegetable hawkers carry QR codes with them, as receiving money through

this

mode is easier rather carrying cash to exact change and facing a constant threat of it getting stolen.

Moreover

, these transactions require a bank account, helping the government in taxation.

This

increases accountability and more revenue.

For instance

, in India, the number of taxpayers has increased from 3% to 11% in just 2 years.

On the contrary

, technological advancements have given rise to digital theft. Hackers are becoming more sophisticated in their approach to stealing money, because of increasing online transactions.

For example

, it has been reported that today, more than 10,000 cases of cyber theft are reported every day.

This

necessitates the fact that technological infrastructure spending has to be increased for security purposes. Poorer countries are not in a position to handle these expenditures on their own, making them vulnerable and forcing them to take loans from rich countries.

This

makes them susceptible to the debt trap. In conclusion,

payments

through cellphone apps have become more common which is beneficial in many ways, but it has

also

exposed new kinds of threats.