In contemporary times, in numerous countries the rapid advancement of technology especially smart phone has revolutionized various aspects of our lives, reshaping the way of money transaction or transfer, along with plethora of individuals consider as most proven method to transferring cash. This paradigm shift has sparked debates regarding its implications on society.
Initiating the discussion, it is imperative to acknowledge the myriad benefits that cell phone innovations bring to society. Primarily, smart phones and their payment application enhance efficiency and productivity in various sectors, ranging from healthcare to manufacturing including common people. Additionally, online payment advancements have facilitated globalization, breaking down barriers of payment life cycle and fostering interconnectedness among individuals and various local business. Subsequently, the integration of technology into payment apps has revolutionized fund migration, providing access to information and resources like never before. Furthermore, mobile apps provide plenty of discount vouchers for transaction which attract consumers. For instance, many tabloid found that application such as Google Pay and Phone Pay are captured approximately 90% marketplace in India, just because of it provide easy and confident application for fund transfer.
Conversely, amidst the marvels of technology mainly in payment application, concerns have arisen regarding its negative ramifications. Moreover, there are various cause such as plenty of individuals can not able to understand and access application. Secondly, the proliferation of automation and one tap payment poses threats to online frauds as well as scams. Additionally, some applications may require user bank information and some handling fees which also add additional costs into net amounts. As a demonstrative example, Paytm changes up to 2-3% processing fees in over all bill on rechange and booking movie tickets.
To encapsulate, while the benefits of payment apps are undeniable, it is essential to approach its integration into society with caution and foresight.