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

With the advancement of technology, countries have started accepting electronic

payments

in exchange for products. Some might believe it adds greater value to the country's economic growth,

whereas

, others might feel differently.

This

essay will talk about both the pros and cons of using mobile phones for funds transfers. To commence, I would spare some light on the advantages of using electronic

payments

.

Firstly

, it is fast, followed by reliable and can be tracked.

For instance

, a recent study has shown a profitable growth of Gross Domestic Product for developing countries through funds generated by the taxpayers, because the government has replaced cash

payments

with wire transactions which can be tracked for every single penny.

For example

, the Indian Prime Minister introduced multiple online banking applications helping government officers to keep an eye on business transactions for local shop owners who were hiding their actual income by making deals in cash.

However

, there are even disadvantages associated with these online fund transfers. One of them which comes to mind is an adverse effect on local shop owners.

For instance

, there are many apps easily available on the Play Store or the Apple Store where one can create a fake screenshot indicating that the payment has been successfully transferred which could be misleading and can even lead to shut of the small-scale business owner

due to

the lack of funds to pay in return of the product requested by the supplier.

Therefore

, these applications should be banned by the countries and their developer should be fined a hefty amount.

To conclude

, online

payments

are the future, but some measures have to be taken by government officials and training sessions are required make to generate awareness about the possible problems with these wire transactions.