With the advancement in technology, processing a financial transaction has become easy, and development of payment apps have made it much faster and more convenient.
While using payment apps has its own pros and cons. In this essay we will be discussing the advantages and disadvantages of using app-based payment methods.
Firstly, making payments through digital applications is a very convenient way to make transactions. This method is very handy and user-friendly. Secondly, Digitalisation of payments have made our lives easy as we don’t have to be dependable on cash anytime if there is a need. In fact, there are few apps which saves the credit card details too, this helps us travel without worrying about carrying the cards. For instance, last week when I was leaving for work and somehow, I missed to carry my wallet and my car was running low on fuel, I was able to use my phone to refill fuel, It was very convenient.
We cannot negate the fact that mobile payment apps offer numerous benefits, however at the same time there are some potential risks too. The payment applications are mostly third-party software and, there are always risk of data theft associated with it. These applications store the credit card and other financial information of the customers which the authorities claim to be safe, but there are always hackers seeking an opportunity to crack the data and misuse information. For Instance, my neighbour always used Zapp app for most of the purchases, two months back the day he got his salary, his account was hacked along with the transaction pin and his entire bank balance went to Zero in a fraction of seconds.
While using mobile based application has become one of the most common mode of payments and it has lot of benefits to offer, also it has some demerits too, but I believe, with little more precaution we can make it foolproof. To conclude this development definitely as more advantages than disadvantages.