In many countries, paying for things using mobile phone (cellphone) apps is becoming increasingly common. Does this development have more advantages or disadvantages? Give reasons for your answer and include any relevant examples from your own knowledge or experience.

Advancement in technology has affected every sector and created new avenues. It has

also

transformed how we make

payments

today. Transactions using mobile phone applications

such

as digital wallets are becoming increasingly popular

due to

their convenience and accessibility. I agree with

this

change and will discuss how the advantages overcome the disadvantages.

To begin

with, there are various advantages to switching to online

payments

. First of all,

this

mode of transaction is convenient and hassle-free. The steps to pay are simple to understand and can be done by anyone with a bank account and a debit card.

Furthermore

, it reduces the need to carry physical cash when going outside.

Secondly

, it

also

provides an audit facility for the users, which allows them to keep track of transactions on a daily basis.

For instance

, a Mobile App called Paytm maintains a passbook, that can be accessed anytime to view the

payments

made from the account.

Hence

,

this

reduces any disagreement between parties related to any transaction.

On the other hand

, there are a few disadvantages to digital banking. The main problem is the rise in fraud and cybercrime. Criminals these days are quite innovative and keep on coming up with different ways to steal people’s money.

For example

, many incidents have been reported where lakhs of rupees were swiped from people’s accounts by tricking them into sharing their unique authentication PIN.

To conclude

, there are a plethora of benefits of paying through phones, that help the individual with their daily life. Evidently,

this

payment method is more convenient and transparent than carrying cash.

However

, one should be aware of the risks and be cautious

while

making

payments

.