E-payments through mobile phones has gain popularity in several countries. There are various pros and cons associated with this technological advancement. Such as ease of business and security from street theft.
There are various reasons why people use mobile phone apps to make their bill payments, first is convenience. If mobile phone is used, people will not have to carry cards and cash, it becomes easier for the receiver and payee to maintain log of their payments and receipts and hence their precious time is saved. For example, cash counting machines in developed countries have now become outdated which allows the business to save extra labour and machine cost.
Second important advantage is security. In the past, people were concious of carrying large amounts of money because of the risk of theft. The advent of technology in e-payments have made it easy to make large and small payments. For example, In many Asian countries, the percentage of street theft is reduced because people don't carry purse/wallet full of cash for making their daily purchases.
Hence, the conclusion leads to the point that technological developments related to e-payments have made human lifestyle secure and hassle free. In future there will be more countries who would switch their entire payment system to e-payments through mobile phones. Because it allows many benefits such as data syncronisation and ease of business.
E-payments through mobile
phones
has gain popularity in several
countries
. There are various pros and cons associated with this technological advancement. Such as
ease
of business and security from street theft.
There are various reasons why
people
use
mobile
phone
apps to
make
their bill
payments
,
first
is convenience. If mobile
phone
is
used
,
people
will not
have to
carry cards and cash, it becomes easier for the receiver and payee to maintain log of their
payments
and receipts and
hence
their precious time
is saved
.
For example
, cash counting machines in developed
countries
have
now
become outdated which
allows
the business to save extra
labour
and machine cost.
Second
important
advantage is security. In the past,
people
were
concious
of carrying large amounts of money
because
of the
risk
of theft. The advent of technology in e-payments have made it easy to
make
large and
small
payments
.
For example
, In
many
Asian
countries
, the percentage of street theft is
reduced
because
people
don't carry purse/wallet full of cash for making their daily
purchases
.
Hence
, the conclusion leads to the point that technological developments related to e-payments have made human lifestyle secure and hassle free. In future there will be more
countries
who would switch their entire
payment
system to e-payments through mobile
phones
.
Because
it
allows
many
benefits such as data
syncronisation
and
ease
of business.