In recent days, numerous countries have implemented cashless payment to purchase goods by mobilephones. Some individuals argue that it is beneficial because they do not have to carry cash, while some people put a lot of concerns about trackably remote transactions.
The proliferation of interconnected devices has unabled communities to link every facet of daily lives, including payment methods. In the recent digital era, regulation of central Bank has simplified people to transact cashlessly by application installed in smartphones. Prior to the emergence of touch-screen phones, payment methods are restricted to only card-based payment, such as credit or debit card. Although it offers customers with an abundance of convenience, the individuals will incessantly provide distinct types of cards when purchasing another product. Thus, Bank has conducted a newly innovative solution in which they create a mobile banking application connected with handphone to ease a cashless transaction. It is convenient and portable. In addition, it does not require to possess different cards for distinctive goods.
Despite having a myriad advantages, cashless payment by cellphones has posed a significant challenge in correlation with private information. As predicted, due to its connectivity with digital network, the possibility to hack the user’s data is remain vulnerable. Computer viruses, for example, are capable of infiltrating electronic device to steal data. Furthermore, it can retrack customer’s transaction without notifications, disrupting and leading to digital robbery. The hacker is easily manipulating and altering the passwords that are utilised to enter the applications. The detriments, however, are able to minimise by generating dual-cheking passwords in which the user should register their bank account so that the perpetrators could not alter the password.
In conclusion, the benefits of harnessing the power of mobilephones could ease payment methods, while its drawback has become a pressing issue required to discover a solution and fostered a more secure banking systems.