Although traditional payment methods exist, with the user penetration and technological development, paying from mobile phone apps are becoming increasingly popular in many countries. Even though it is easy and so many advantages are clearly visible, disadvantages are impossible to overlook.
Mobile payment apps allows us to travel cash and card free while providing us a sense on comfort in terms of safety. In my experience, this would be the biggest advantage apart from the ese and the time saving. These apps are being used to share money, donate, fund transfers, and use other banking products our fingertips which have made users to be on top of their payments and to buy products instantly. In terms of security, since the cash is not available physically it can not be stolen and mobile phone itself is a highly secure device to store information and money.
Unless a person is very strict on spending limits and budgets, it is very tempting to buy products and pay from the easily available mobile wallet as unnecessary expenses are common among everyone who uses these apps and services. Another dangerous disadvantage is that these wallets can be hacked, or user details can be stolen to use the someone else’s money since the system is online. Automated subscriptions are also another problem faced by users as it automatically renews subscriptions because it is already saved to the particular service or product. Furthermore, children purchasing goods online accidently from their parents’ phones have also increased due to the same reason and have led to bigger problems at the end.
In conclusions, users must use these mobile payment methods wisely to get the best out of the technology while being aware of the disadvantages and potential threats which could cause from the same apps that gives you so many advantages. By continuously changing the password with a complex structure and allowing the app to send payment notifications with two factor authentication, users can reduce the threat of losing money and make their mobile wallet safer.
Although traditional
payment
methods exist, with the
user
penetration and technological development, paying from mobile phone apps are becoming
increasingly
popular in
many
countries.
Even though
it is easy and
so
many
advantages are
clearly
visible, disadvantages are impossible to overlook.
Mobile
payment
apps
allows
us to travel cash and card free while providing us a sense on comfort in terms of safety. In my experience, this would be the biggest advantage apart from the
ese
and the time saving. These apps are being
used
to share money, donate, fund transfers, and
use
other banking
products
our fingertips which have made
users
to be on top of their
payments
and to
buy
products
instantly
. In terms of security, since the cash is not available
physically
it can not
be stolen
and mobile phone itself is a
highly
secure device to store information and money.
Unless a person is
very
strict on spending limits and budgets, it is
very
tempting to
buy
products
and pay from the
easily
available mobile wallet as unnecessary expenses are common among everyone who
uses
these apps and services. Another
dangerous
disadvantage is that these wallets can
be hacked
, or
user
details
can
be stolen
to
use
the someone
else’s money since the system is online. Automated subscriptions are
also
another problem faced by
users
as it
automatically
renews subscriptions
because
it is already saved to the particular service or
product
.
Furthermore
, children purchasing
goods
online
accidently
from their parents’ phones have
also
increased due to the same reason and have led to bigger problems at the
end
.
In conclusions,
users
must
use
these mobile
payment
methods
wisely
to
get
the best out of the technology while being aware of the disadvantages and potential threats which could cause from the same apps that gives you
so
many
advantages. By
continuously
changing the password with a complex structure and allowing the app to
send
payment
notifications with
two factor
authentication,
users
can
reduce
the threat of losing money and
make
their mobile wallet safer.