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

Nowadays, most people around the globe own a mobile phone, and they normally bring it along everywhere they go. They have been increasingly depending on mobile

payment

apps

for their everyday spending.

This

development is definitely a positive trend as it offers more convenience, accessibility, and better management in personal finance. The significant advantage of

payment

apps

is everyone with a mobile can use and pay at their fingertips without the need to carry loads of physical cash and cards.

Subsequently

,

this

can prevent them from getting stolen and losing cash and cards.

Additionally

, international purchases and peer-to-peer (P2P) transfers regardless of different geographical presence aren’t possible without mobile

payment

technology.

For example

, a person residing in Singapore can buy goods on Taobao from China using famous mobile wallets like Alipay and WeChat.

Finally

, lots of mobile

apps

have an inbuilt analytic system which allows users to track and plan their spending.

However

, some users have valid concerns over personal data leaks and cyber-attacks

while

using mobile

apps

. Those concerns have been handled by lots of

payment

companies by making significant investments and efforts in security infrastructures to make sure data are well maintained and prevent any cyber-attacks.

This

can be seen as mobile

payment

apps

using 2-factor authentications, sending push notifications not to share log-in details with others. In conclusion, using mobile payments can help people in many countries gain plenty of benefits in terms of accessibility, convenience, and personal wealth management.

Therefore

, I strongly believe

this

development trend has more advantages than disadvantages.