In many countries, paying for things using mobile phone apps is becoming increasingly common. Does this development have more advantages or more disadvantages?

Many developed countries are going cashless these days and paying for things is usually through cellphone applications. This trend has more advantages, however there are few disadvantages. People usually get their salaries or paycheck directly in their bank account. Huge transactions are performed via banks nowadays. Due to the technological advancement certain cellphone apps are developed which enable people to make the payment directly to the service provider. For example, grocery stores, salons, gas stations, restaurants and other public places accept touchless or online payments through apps. Certain apps are developed by banks and merchant gateways themselves. Hence, cashless economy can be achieved and extra expenses of handeling cash can be reduced. There are many advantages of going cashless. Firstly, transactions are recorded thus no Black Money will be generated and various tax can be collected by Government on time. Secondly, Government will have to print less cash. Thirdly, one does not have to go to ATM everytime and take the cash out, carry loads of cash or cards everytime. Lastly, there is no delay of payments for the services provided. Few drawbacks of this development could persist as it involves software, for instance, spyware or some hacking virus can cause the fraudulent activities. It seems that anti-virus or anti-spyware can prevant this activities and it can be handled properly by IT technicians. In conclusion, paying through mobile phone apps is a wonderful way and has more pros compared to cons. It leads to cashless economy, clear, easy, transparent and fast transactions.