In many regions, paying through mobile phone apps have grown significantly. This evolution carries both advantages and disadvantages. Platforms such as Paytm, Google Pay, etc, have made users life easier, as they do not need to carry cash or cards to make payments. Moreover, users can make payments from anywhere in the world without any time constraint. However, these platforms are not fully secured as most people are getting scammed as well.
On one hand, payments have become really easy and it just take few minutes to complete a transaction. It has become convenient for users to access these platform at any time they want, they can track their spendings, download the bank account statement without any charges, even use split option to divide the share among friends. For instance, A group of students going on a trip can easily track their expenses, also they can use split option to share the expenses among each other.
On the other hand, most of the people who are lacking behind and are not familiar to these apps are getting scammed by receiving fake payment links and calls. Additionally, these apps sometimes not respond and decline payments due to technical issues which needs to be taken care of. For example, a person receiving fake message stating that they have to make the credit card payment, else they will be charged a late fee on their bill, where a person will make the payment without verifying and end up losing money to scammers. However, these frauds can be stopped by implementing advanced security options.
In my opinion, I believe using online payment platforms are beneficial if they are used with proper understanding as well as platforms should conduct events spreading awareness amongst people. Technical issues should be rectified making it effortless for users.