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

In recent times, payment through mobile applications has become quite popular.

Although

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it has made banking easier and more accessible for people, it has made bank accounts vulnerable to hackers.

This

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essay will demonstrate both the merits and the demerits of

this

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system but will later show how the former outweighs the latter.

Firstly

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, with the onset of technology all over the globe, banking has become seamless owing to its advantages.

A

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With a

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few taps on the screen and the

money

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is wired from one place to another, without physically going to a bank. The Internet has made it possible for mankind to do monetary transactions in the comfort of their homes. For

this

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reason, more and more people are using these payment gateways.

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, a non-resident citizen can seamlessly transfer

money

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to their home country in a few seconds, without the hassle of paperwork and queues.

However

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, these banking systems

also

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have some disadvantages. They are more prone to cyber-attacks and one can lose large sums of

money

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in their account to malicious hackers.

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, India reports a hundred cases of cybercrime on a daily basis, accounting for major losses. In order to prevent these, governments need to have a strong network of security. Whilst there are some drawbacks, one cannot ignore the benefits of

this

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system. In conclusion, in my opinion, it has greatly improved banking infrastructures in many countries and made it possible to exchange a large

sum

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sums

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of

money

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easily. If it is implemented with proper regulations, it can do wonders for humankind.