Nowadays, using digital platforms to make payments is
gaining immense popularity in some countries. This trend has both positive and negative aspects, but in my opinion, the advantages far outweigh the disadvantages.
On the one hand, using mobile phones for e-transfers is not considered safe because it often involves adding personal and banking information, which can be used by scammers to steal money from users’ accounts through fake calls and links. For instance, in recent years, several instances of online fraud have been reported in India. Secondly, these online platforms require a stable internet connection and digital literacy, which makes them difficult for people in rural areas to use. Lastly, these mobile applications are totally dependent on the phone battery; if the phone battery dies, these applications become useless.
On the other hand, one of the major benefits of using these payment methods is that they reduce the chance of theft. For example, a person does not need to carry a huge amount of cash or credit and debit cards to make payments. Instead, they can use these applications, which now come with safety features such as face recognition, fingerprint authentication, and two-factor authentication. Therefore, even if the phone is stolen, the money will remain safe. Moreover, digital payment systems help a person to manage their budget because these applications show both savings and expenditure on one page. Furthermore, they also reduce the operational cost of banks, as people nowadays make small e-transfers and can check their account balance on their phone.
To conclude, although these online payment methods have a few disadvantages, such as online fraud and limited access, better cybersecurity laws and digital literacy can resolve these. However, the advantages, such as convenience and security features, far outweigh the downsides.