Purchasing goods and services has significantly popular through smartphone apps in mostly countries. Although it’s very easy to buy anything from the cellphone apps, they still have potential risks of fraud. As far as, i am concern, users have hassle-free experience purchasing through phone despite some risk.
One of the most important benefit for using mobile phone for payment is convenience. With this method, customers doesnt have to carry cash with them, which elminate the risk of losing them. Not only does paying through apps very fast, but it can also be done from anywhere. You can quickly pay it without withdrawing money from your card or bank. To illustrate, in busy cities carrying cash or credit cards can be inconvenient or risky where you can pay it through your digital wallet. That’s why it’s believed that paying through digital wallet such as amazon pay, google pay or apply pay can be very simple and time-saving.
Another advantage of mobile phone payment are that they are more secure than traditional method if used properly. User can add extra layer of security by adding pin code, it can save you from hacking.
On the contrary, one possible disadvantage of using mobile phone applicaiton is the potential risk of fraud and cybercrime. Hackers and cybercriminial can steal personal information and access people’s digital wallet account which can lead to financial losses and other serious consequences such as using funds for terrorist activities. These concerns can discourage people to using e-wallet especially those who are not aware of the technology. For Instance, If you have added your digital wallet details in the food delivery website for purchasing goods and the website gets hacked then it means your wallet details are also hacked. Thats why certain group of demographic don’t trust mobile wallet.
To conclude, using mobile wallet for payment has become incredibly common all over the world. While mobile wallets have no doubt various risks of hacking, it can have more advantages like favourable experience and more security through pin code. Therefore, it proves that it provides greater experience than traditional methods so it has more advantages than disadvantages.