In our era, cellphones are an unseperateble part of our daily life. Since the improvement of electronic banking system in the recent years, people have prefered to substitute the form of their money transactions from conventional ways like paying by cash or credit cards to paying by their mobile phones. In this essay, I am going to compare the benefits of using this innovation and see if they outweigh its downsides.
To begin with, electronic payment has enabled us to pay for services and goods, easier and more convenient than before. Today, there is no need to have cash everywhere you go as you can pay for your purchases by utilising user-friendly applications like paypal on your smartphone from anywhere conveniently. This is because lightning-fast wireless hotspots and mobile data are accessible from almost everywhere. As a result, the danger of your cash being stolen or lost has been eliminated. Moreover, since the E-banking applications keep record of your payments, you can manage your budget according to your situation.To examplify, I have recently installed a new E-pay app which categorizes my spendings automatically and at the end of the month, gives me a report of my transactions and even compares them to the previous month just by a click. This is beneficial as it makes money management less time-consuming and more accurate than before for me.
Despite all its benefits, there is a trust issue with using online payment applications as the security of these softwares has its own limits. When we use e-paying applications, we send our bank account data to a source to be authenticated and if these applications get hacked, the privacy of our personal data might become at risk. Fortunately , software developers have been using all their resources to overcome these problems and they have managed to provide more secure applications. For instance, they have enhanced the safety of applications by using multi-factor authenticators (like fingerprint and face detectors)and encrypted protocols which has made the new applications much more safer than their prototypes.
In conclusion, I believe that this innovation has enhanced the quality and comfort of our lives to higher standards and its benefits clearly overpowers its downsides.