Mobile payment, an increasingly ubiquitous mode of transacting, boasts both advantages and disadvantages. On the pro side, it offers unparalleled convenience, allowing users to make purchases swiftly and securely without carrying cash or cards. This fosters efficiency in daily life, especially during rush hours or in situations requiring minimal contact, crucial during pandemics. It also facilitates financial tracking and budgeting, providing detailed transaction histories. Moreover, mobile payment promotes digital inclusion, making banking services accessible to the unbanked. However, there are cons too. Privacy concerns arise as personal financial data is shared with third-party platforms, potentially exposing users to fraud risks. If mobile devices are lost or hacked, funds could be compromised. Additionally, not all merchants accept mobile payments, limiting its universality. Moreover, the digital divide exacerbates as those without smartphones or internet access are excluded from this system. Finally, overreliance on mobile payments can lead to addiction-like behaviors and a detachment from the value of money.
