Mobile payment is more suitable for people's life than cash payment

An interesting phenomenon is that mobile payment develops rapidly in recent years and becomes one of the payment methods in people's life. According to Samsukha (2021), the number of mobile payment users in stores in the US increased by 29% during the COVID-19 pandemic, while the number of mobile payment users worldwide also increased rapidly, from 900 million to 1. 48 billion. Despite the increasing number of people using mobile payment, Panetta (2021) shows that cash is still one of the payment methods people use. Although cash and mobile payments are both payment methods, there are specific differences in recording, the range of people who use them, and security. One difference between mobile payments and cash payments is in the recording. After buying the goods, people will generate a bill, which is about people's consumption record of the goods. Some people like to use this bill to manage their daily consumption (Lyra, 2022). People who pay in cash have limited access to records, such as by writing a purchase log or copying receipts in a notebook (Witt, 2020). This means that while people are looking for cash and waiting in line to pay, they also pay extra time sorting through and keeping track of their bills. In contrast, mobile payments are recorded more flexibly than cash payments. Because when people complete the payment, they can get the electronic bill in the digital wallet, and they can also check the consumption record in online banking (Jason&Arthur, 2020). Specifically, people can check their consumption records in digital wallets or online banking anytime and anywhere, and it doesn't need extra time to record consumption bills. In summary, the recording method of cash payment is limited and requires more payment time to record, while in mobile payment, the recording of bills is flexible and convenient. Another difference between mobile payments and cash payments is the range of people using them. According to Samsukha (2021), the range of people using mobile payments is limited, and young people are the main users of mobile payments, such as millennials. Compared with mobile payment, cash payment is suitable for all people, especially disabled people, and cash payment enables them to carry out transactions smoothly (Panetta, 2021). In general, different people's choice of payment method is different. Perhaps, for young people, using mobile payment may be their first choice, but disabled people's choice may be the opposite. The third difference between the two payment methods is security. The security of mobile payment is reliable. The first reason is that using mobile payment methods can reduce consumers' need to carry cash, in other words, reduce the chances of losing or stealing cash. Secondly, mobile payment provides consumers with the technology to check their identity. For example, when people need to pay, the mobile phone system needs to scan the consumer's fingerprint or face to ensure that it is the consumer who is making the purchase. This technology improves the security of mobile payments (Jason&Arthur, 2020). By contrast, cash payment is a relatively low-security payment method. This is because carrying cash, especially a large amount of cash fundamentally poses a potential danger to people's safety. Secondly, when people's cash is lost or stolen, in most cases, people's cash cannot be recovered, because the information on the cash cannot relate to people's information. People cannot prove whether these purchases were made by someone else (Witt, 2020). Therefore, some might argue that mobile payments tend to be more secure than cash payments. To sum up, although there are differences between mobile payment and cash payment in terms of record, range of users, and security, they both aim to help people conduct money transactions. Mobile payments may be more suitable for young people or companies that need to conduct large transactions; Cash payments may be preferred by older people or people with disabilities or for small daily transactions.