A Paradigm shift; cashless payments to online payments!

Are you ready to pay online? It has been widely expanded the usage of mobile applications to conduct financial transactions around the world over past decade. This, nevertheless, has been often questioned due to the fact that the advantages and disadvantages it incorporate. These two perspectives will be elaborated in greater depth. At the very outset, online payment systems are the most fruitful result of rapid developments of technology and innovations. It is just ahead of a finger click. Saving the transaction time is a vital benefit where the lengthy queues are no longer necessary. Simultaneously, the indirect costs associated such as transportation is entirely eliminated. For instance, these mobile apps have played a major role during critical situations like Covid-19, where the world is going through a lockdown period and individuals are isolated at their own space. Despite the fact, it is convenient indeed to perform our daily payments through those platforms without risking ourselves. These new innovations, in contrast, is causing number of adverse effects on human lives as well. One of the fundamental threat is that the lack of data and network security which contains a huge risk on user’s privacy and data theft. Further, under developed countries have not yet invested in these latest technologies and high security systems due to poor economic conditions. In the final analysis, most of the countries have identified the benefits of mobile applications in the context of financial transactions. The advantages and disadvantages, on the other hand, has always been equally inquired.