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

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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

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through mobiles rather than cash.

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has advantages

such

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as ease of

payments

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, higher accountability in tax collection, etc.

On the other hand

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, there are disadvantages too,

such

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as increased cyber theft, higher infrastructure spending, etc.

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

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

payments

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

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

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

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

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increases accountability and more revenue.

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

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

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

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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.

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makes them susceptible to the debt trap. In conclusion,

payments

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

also

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exposed new kinds of threats.