Technology can make things happen we have not even thought of. Mobile phones have evolved from just being a mere talking gadget to one in all device. Apart from a bird from talking we can surf, click best quality pictures, track health progress, pay bills and quickly swipe your phones to pay it any small to big outlets for goods and services. Today in this war of technology, paying for goods and services through smartphone is adopted by many developed and developing countries.
This has its own pros and cons, the introduction of this new technology has allowed the governments to eliminate many cash transactions. This has created transparency in the market, which has enhanced the economic development of many countries. For a common man, due to this open nis they can go to the banks and ask for loans due to a visible credit history. If a person or a form has a positive credit history, it opens many doors for businesses to find investors and contribute to the progress of the country.
But as every coin has two sides this invention too has some backdrops. Due to this invention there is hike in number of mobile crimes, banking frauds and many other financial frauds. These frauds are mainly due to the easy access to financial details off an individual. Once the details fall in the wrong hands people faith plenty of economic losses through credit and debit card frauds. There is also or risk of raising an extra payment do too typo errors, which me end up in many undesired outcomes. Many seniors may not be as technology savvy as others which may put them in the difficulty off adopting this new way of making payments.
I personally am in favor of this technology but with the caution by not using it in open public networks installing apps that issues warning for risky or unsafe networks. If appropriate safety features are developed to stop the crime against this invention people would be more open to accept this technology.