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

Making payments by using mobile phone apps has been increasing in terms of popularity.

Although

this

payment

technique has some disadvantages, I believe that

this

development has more merits than demerits.

To begin

with, one possible risk of using online

payment

is the potential risk of fraud and cybercrime. In the e-transaction, private information needs to be disclosed online, facilitating the hacker to steal necessary info and access the bank account,

hence

, financial losses or other serious issues are the ultimate consequences.

For example

, recently, many Vietnamese people have reported that they lose all their money in their bank accounts after doing strange online transactions and the total loss was expected to be millions of dollars.

However

, it is undeniable that online remittance has numerous benefits. The first advantage is its convenience.

This

payment

approach can be made by using a smartphone with an internet connection;

therefore

, people no longer have to bring cash with them, preventing the risk of being robbed.

In addition

, with just some simple clicks, customers are able to make transfers easily and quickly no matter where they are, leading to the reduction of the transportation expense to commute to banks for the transaction.

Secondly

, the new

payment

mode

also

brings benefits to businesses, especially the banking sector. Nowadays, when customers can do the money transfer by themselves without the need to go to banks, banks can save the resources allocated to the teller or cashier department,

thus

decreasing the operational costs which can ultimately improve the revenue and business performance. In conclusion,

although

paying using mobile phone apps has certain drawbacks,

this

method has more advantages in terms of convenience and benefit for both businesses and customers. With the booming of the internet and modern technologies, it is expected that

this

method will become even more and more popular in the future.