In most countries, transaction for things using mobile phone (cellphone) apps is agreeing gradually ordinary. In this essay I am going to describe the advantages and disadvantages.
To begin with, getting rid of physical money has helped people reduce the risk associated with carrying large sums of money in their wallets. In other words, a person can make a one-click payment without carrying physical cash, which helps reduce the risk of fraud. According to the New York Times article, soft money reduced crimes like theft and robbery by 58% in one year.
Moreover, making payments through the mobile app helps a person keep track of their expenses. For example, nowadays, an average person makes around 4-7 transactions per day. Paying using physical currency can sometimes mess up their budget due to lack of tracking or misclassification of the transaction. But with the use of these apps or software they do the work for you, they categorize each transaction and set the spending limit for each category, this entire process helps a person to keep a proper record of their spending.
In conclusion, mobile phone apps help youth manage their finances in a better way by keeping track of each transaction and eliminating or reducing the risk of robbery and theft. the positives of using payment applications for buying what they need, far outweigh the negatives including people do not have to carry cash, they are not worried about having enough money in their wallet while they are shopping and convenience for this method.