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 banking has become increasing in terms of popularity in many parts of the world.
payment method has both benefits and drawbacks, I reckon that its merits outweigh the demerits. On the one hand, it is undoubtedly that online transactions pose certain threats to users. To be more specific, when doing e-transfers, individuals are required to disclose their personal information on the Internet, facilitating hackers to steal the necessary data and access their bank accounts, causing financial loss and other serious consequences. To illustrate, a great number of Vietnamese people reported that they lost all their money in their bank accounts after making some strange online payments and the total loss was expected to be millions of dollars.
On the other hand
, I firmly believe that the new payment approach brings numerous benefits to customers. The first advantage is related to its convenience. More specially,
transaction can be done with the assistance of smartphones and an Internet connection.
, clients no longer have to bring cash with them, preventing the risk of being robbed.
, with some simple clicks, they can make certain remittances without the need to commute to banks,
reducing transportation costs.
, online reimbursement is
beneficial to businesses, especially in the banking sector. As people can do some money transfers by themselves, banks can save their resources allocated to teller or cashier departments,
reducing the
operational costs
remaining the revenue which in turn leads to higher profits. In conclusion, it is true that online payments cause risks to users to some extent, I firmly believe that it has more merits because of its convenience for customers and its ability to create higher profits for businesses.
Submitted by nguyenlyacbd on

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Topic Vocabulary:
  • convenience
  • speed
  • eliminate
  • biometric verification
  • encryption
  • cashless society
  • environmentally friendly
  • impulsive buying
  • overspending
  • dependency
  • battery drain
  • technical issues
  • digital divide
  • access
  • smart technology
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