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

The advent of mobile phones has replaced a lot of time-consuming activities performed by grown-ups,

for example

- visiting banks. The modern world is stepping towards digital

transactions

, as many countries are progressing rapidly toward online

transactions

. Mobile phones with banking applications are new ways of transacting.

Such

novelty in the banking world is considered to ease the mode of exchanging

money

, but one question

also

arises with that: Does it have more advantages than downfalls? For sure, it eases our day-to-day

transactions

, but the caveat is increasing online fraud and theft.

First,

we will discuss the advantages, and later, we will shed some light on warnings to be considered. Mobile has become an integral part of us, and we never step outside without it. Banks were wise to analyze

this

emotional attachment and introduced mobile banking, a way of making payments over the phone.

For instance

, people don't need to carry a wallet all the time just to hold

money

. All they need is an application that acts as a wallet. These applications have simplified everything in the banking world. From paying for merchands to lending

money

to a friend, life has become easy with

this

novel innovation. It

also

helps in maintaining a ledger of all expenditures, assisting us in analyzing our expenses later. But it's equally important not to ignore warnings and cautions that should be taken in order to escape damages that might occur if we use mobile wallets frivolously. Online theft is one example. It is advisable never to share your digital credentials with anyone. Another thing is, with the ease of

transactions

, more expenditures are expected. People should have control over their budgeting skills.

In addition

to that, if you ever lose your mobile phone, a sudden sensation of hysteria is expected to be experienced, mainly because we have our mobile wallet holding all our

money

in it, which could be misused.

Hence

with great power comes greater responsibilities. In conclusion, we have discussed both sides of paying

money

using mobile phones. Simplifying our life and easing the mode of

transactions

, mobile banking and mobile wallets have prominent advantages over disadvantages. I would say if we are aware of all mishappenings and carefully use

such

applications, it could help us in our daily life and improve our lifestyle.