In recent times, mobile technology has transformed modern life particularly through paying from online applications and mobile tap features for shopping or to purchase any items. I believe that it consumes many positive impacts than negatives one for social economy.
On the one hand, there are several benefits of having mobile technology which makes an individual life feasible to go through. This technology enhanced our mindset from physical acts to online platforms. For instance, at before people was doing physical shopping and do everything physically such as paying money in cash which can be a victim of loss or theft, but in recent times we have opportunity to order anything virtually and as well as we can pay online feasibly to the owner of the product which saves our money from robbery or theft. Furthermore, paying from online applications also saves extra time in without waiting for the shopkeeper to provide us change or leftover.
On the second hand, there might be some negative side effects of using mobile applications for paying. In some non-network areas we cannot access to these modern technologies so in that case we might face struggles or drawback to go through these applications. Moreover, in recent time bank applications often occur surprising errors like sometimes they were in maintenance for updating or adding new features which can be counted as another drawback of this modern technologies. By doing online transactions our data might be breached or hacked due to a number of hackers and scammers in our society.
In conclusion, using online applications for payments or transactions have both positive or negative impacts and it also a major factor in recent time. It is much beneficial like in hurry situation while in shopping or driving but also have some drawbacks.