In many countries paying for things using mobile phone (cellphone) apps is becoming increasingly common. Does this development have more advantages than disadvantages?
The technological tools like payment apps have radically transformed the way business transactions take place throughout the world today. Payments of goods and services through fin-tech mobile apps are a widespread phenomenon, in not only the developed but also in many developing countries across the globe. While there are various drawbacks and risks involved in mobile payments, they are far outweighed by the convenience and efficiency provided by digital payments.
One of the most significant lacunae of mobile apps is that they are inherently prone to cyber hacks. Unlike banks, which provide multiple layers of checks and balances before processing a transaction, the payment apps mushrooming every other day are not strictly regulated. As a consequence, the credit card or bank details entered in such apps are at the risk of being cloned. Not only is this a massive exposure to one's savings, but also can inadvertently lead to money-laundering thefts. Another drawback is that shop-owners of the older generation are not as tech-savvy to get the hang of these new payment methods. Unfortunately, due to lack of cashless payment options, as a result, they often face a loss of business to the competition. To address this concern, for example, the Singapore government has recruited around 1000 Digital Ambassadors who will assist the hawker centres and enable them to accept digital payments.
On the other hand, the efficiency and convenience of digital payments through mobile apps are manifold. Firstly, one does not have to carry cash or have the exact change to make payment for a product or service. Secondly, payments through a digital platform are automatically recorded. Therefore, one does not have to keep track of the transaction, which makes expense management a breeze. Thirdly, the time taken to transfer funds between parties is almost instant. Hence, one does not have to wait for days or even hours to get a payment confirmation. In addition, mobile payments are beneficial for purchases while travelling abroad. One does not have to get into the hassle of currency conversion as the payment is made simply by waving one's phone across the reader machine. The massive increase in these payments was further illustrated by a recent Gartner report, which cited mobile transactions projected to jump by almost 500% in the next five years.
To sum up, the increasing popularity of mobile payments is going to get pervasive across all businesses and industry segments. It is therefore imperative that people start imbibing the same because the benefits and future advantages will wipe off the measly disadvantages of digital mobile payments.
Comments
Essay evaluations by e-grader
Grammar and spelling errors:
Line 3, column 417, Rule ID: ONES[1]
Message: Did you mean 'one's'?
Suggestion: one's
... Not only is this a massive exposure to ones savings, but also can inadvertently lea...
^^^^
Line 5, column 287, Rule ID: SENT_START_CONJUNCTIVE_LINKING_ADVERB_COMMA[1]
Message: Did you forget a comma after a conjunctive/linking adverb?
Suggestion: Therefore,
...al platform are automatically recorded. Therefore one does not have to keep track of the ...
^^^^^^^^^
Line 5, column 747, Rule ID: ONES[1]
Message: Did you mean 'one's'?
Suggestion: one's
...as the payment is made simply by waving ones phone across the reader machine. The ma...
^^^^
Transition Words or Phrases used:
also, but, first, firstly, hence, if, second, secondly, so, therefore, third, thirdly, while, for example, in addition, as a result, to sum up, on the other hand
Attributes: Values AverageValues Percentages(Values/AverageValues)% => Comments
Performance on Part of Speech:
To be verbs : 19.0 13.1623246493 144% => OK
Auxiliary verbs: 3.0 7.85571142285 38% => OK
Conjunction : 14.0 10.4138276553 134% => OK
Relative clauses : 7.0 7.30460921844 96% => OK
Pronoun: 12.0 24.0651302605 50% => OK
Preposition: 60.0 41.998997996 143% => OK
Nominalization: 18.0 8.3376753507 216% => Less nominalizations (nouns with a suffix like: tion ment ence ance) wanted.
Performance on vocabulary words:
No of characters: 2244.0 1615.20841683 139% => OK
No of words: 425.0 315.596192385 135% => OK
Chars per words: 5.28 5.12529762239 103% => OK
Fourth root words length: 4.54043259262 4.20363070211 108% => OK
Word Length SD: 2.90559750926 2.80592935109 104% => OK
Unique words: 239.0 176.041082164 136% => OK
Unique words percentage: 0.562352941176 0.561755894193 100% => OK
syllable_count: 710.1 506.74238477 140% => OK
avg_syllables_per_word: 1.7 1.60771543086 106% => OK
A sentence (or a clause, phrase) starts by:
Pronoun: 4.0 5.43587174349 74% => OK
Article: 8.0 2.52805611222 316% => Less articles wanted as sentence beginning.
Subordination: 3.0 2.10420841683 143% => OK
Conjunction: 2.0 0.809619238477 247% => Less conjunction wanted as sentence beginning.
Preposition: 4.0 4.76152304609 84% => OK
Performance on sentences:
How many sentences: 21.0 16.0721442886 131% => OK
Sentence length: 20.0 20.2975951904 99% => OK
Sentence length SD: 34.7352148027 49.4020404114 70% => OK
Chars per sentence: 106.857142857 106.682146367 100% => OK
Words per sentence: 20.2380952381 20.7667163134 97% => OK
Discourse Markers: 7.66666666667 7.06120827912 109% => OK
Paragraphs: 4.0 4.38176352705 91% => OK
Language errors: 3.0 5.01903807615 60% => OK
Sentences with positive sentiment : 11.0 8.67935871743 127% => OK
Sentences with negative sentiment : 1.0 3.9879759519 25% => More negative sentences wanted.
Sentences with neutral sentiment: 9.0 3.4128256513 264% => Less facts, knowledge or examples wanted.
What are sentences with positive/Negative/neutral sentiment?
Coherence and Cohesion:
Essay topic to essay body coherence: 0.203276537705 0.244688304435 83% => OK
Sentence topic coherence: 0.0580979570746 0.084324248473 69% => OK
Sentence topic coherence SD: 0.0423903275039 0.0667982634062 63% => OK
Paragraph topic coherence: 0.119817051697 0.151304729494 79% => OK
Paragraph topic coherence SD: 0.0334924405769 0.056905535591 59% => OK
Essay readability:
automated_readability_index: 13.6 13.0946893788 104% => OK
flesch_reading_ease: 42.72 50.2224549098 85% => OK
smog_index: 8.8 7.44779559118 118% => OK
flesch_kincaid_grade: 12.3 11.3001002004 109% => OK
coleman_liau_index: 13.34 12.4159519038 107% => OK
dale_chall_readability_score: 9.12 8.58950901804 106% => OK
difficult_words: 121.0 78.4519038076 154% => OK
linsear_write_formula: 11.5 9.78957915832 117% => OK
gunning_fog: 10.0 10.1190380762 99% => OK
text_standard: 14.0 10.7795591182 130% => OK
What are above readability scores?
---------------------
Rates: 78.6516853933 out of 100
Scores by essay e-grader: 7.0 Out of 9
---------------------
Note: the e-grader does NOT examine the meaning of words and ideas. VIP users will receive further evaluations by advanced module of e-grader and human graders.
Grammar and spelling errors:
Line 3, column 417, Rule ID: ONES[1]
Message: Did you mean 'one's'?
Suggestion: one's
... Not only is this a massive exposure to ones savings, but also can inadvertently lea...
^^^^
Line 5, column 287, Rule ID: SENT_START_CONJUNCTIVE_LINKING_ADVERB_COMMA[1]
Message: Did you forget a comma after a conjunctive/linking adverb?
Suggestion: Therefore,
...al platform are automatically recorded. Therefore one does not have to keep track of the ...
^^^^^^^^^
Line 5, column 747, Rule ID: ONES[1]
Message: Did you mean 'one's'?
Suggestion: one's
...as the payment is made simply by waving ones phone across the reader machine. The ma...
^^^^
Transition Words or Phrases used:
also, but, first, firstly, hence, if, second, secondly, so, therefore, third, thirdly, while, for example, in addition, as a result, to sum up, on the other hand
Attributes: Values AverageValues Percentages(Values/AverageValues)% => Comments
Performance on Part of Speech:
To be verbs : 19.0 13.1623246493 144% => OK
Auxiliary verbs: 3.0 7.85571142285 38% => OK
Conjunction : 14.0 10.4138276553 134% => OK
Relative clauses : 7.0 7.30460921844 96% => OK
Pronoun: 12.0 24.0651302605 50% => OK
Preposition: 60.0 41.998997996 143% => OK
Nominalization: 18.0 8.3376753507 216% => Less nominalizations (nouns with a suffix like: tion ment ence ance) wanted.
Performance on vocabulary words:
No of characters: 2244.0 1615.20841683 139% => OK
No of words: 425.0 315.596192385 135% => OK
Chars per words: 5.28 5.12529762239 103% => OK
Fourth root words length: 4.54043259262 4.20363070211 108% => OK
Word Length SD: 2.90559750926 2.80592935109 104% => OK
Unique words: 239.0 176.041082164 136% => OK
Unique words percentage: 0.562352941176 0.561755894193 100% => OK
syllable_count: 710.1 506.74238477 140% => OK
avg_syllables_per_word: 1.7 1.60771543086 106% => OK
A sentence (or a clause, phrase) starts by:
Pronoun: 4.0 5.43587174349 74% => OK
Article: 8.0 2.52805611222 316% => Less articles wanted as sentence beginning.
Subordination: 3.0 2.10420841683 143% => OK
Conjunction: 2.0 0.809619238477 247% => Less conjunction wanted as sentence beginning.
Preposition: 4.0 4.76152304609 84% => OK
Performance on sentences:
How many sentences: 21.0 16.0721442886 131% => OK
Sentence length: 20.0 20.2975951904 99% => OK
Sentence length SD: 34.7352148027 49.4020404114 70% => OK
Chars per sentence: 106.857142857 106.682146367 100% => OK
Words per sentence: 20.2380952381 20.7667163134 97% => OK
Discourse Markers: 7.66666666667 7.06120827912 109% => OK
Paragraphs: 4.0 4.38176352705 91% => OK
Language errors: 3.0 5.01903807615 60% => OK
Sentences with positive sentiment : 11.0 8.67935871743 127% => OK
Sentences with negative sentiment : 1.0 3.9879759519 25% => More negative sentences wanted.
Sentences with neutral sentiment: 9.0 3.4128256513 264% => Less facts, knowledge or examples wanted.
What are sentences with positive/Negative/neutral sentiment?
Coherence and Cohesion:
Essay topic to essay body coherence: 0.203276537705 0.244688304435 83% => OK
Sentence topic coherence: 0.0580979570746 0.084324248473 69% => OK
Sentence topic coherence SD: 0.0423903275039 0.0667982634062 63% => OK
Paragraph topic coherence: 0.119817051697 0.151304729494 79% => OK
Paragraph topic coherence SD: 0.0334924405769 0.056905535591 59% => OK
Essay readability:
automated_readability_index: 13.6 13.0946893788 104% => OK
flesch_reading_ease: 42.72 50.2224549098 85% => OK
smog_index: 8.8 7.44779559118 118% => OK
flesch_kincaid_grade: 12.3 11.3001002004 109% => OK
coleman_liau_index: 13.34 12.4159519038 107% => OK
dale_chall_readability_score: 9.12 8.58950901804 106% => OK
difficult_words: 121.0 78.4519038076 154% => OK
linsear_write_formula: 11.5 9.78957915832 117% => OK
gunning_fog: 10.0 10.1190380762 99% => OK
text_standard: 14.0 10.7795591182 130% => OK
What are above readability scores?
---------------------
Rates: 78.6516853933 out of 100
Scores by essay e-grader: 7.0 Out of 9
---------------------
Note: the e-grader does NOT examine the meaning of words and ideas. VIP users will receive further evaluations by advanced module of e-grader and human graders.