Today, many people use the internet and smartphones to transfer money to friends, family, and businesses. Is this a positive or negative development?
The 21st century is an era of technological advancement, and many advancements are proven to be boon, but of course, like every coin, it has two sides. These boons have a bane too. Nowadays, an enormous amount of individuals send money to friends, relatives and businesses using the internet and their cell phones. This development has many benefits and drawbacks, which I will discuss in upcoming paragraphs. Despite the drawbacks, in my opinion, overall it is a positive development.
With the help of the internet and smartphones these days, sending money to anyone has become an easy-going process. With just one click on the phone, money is directly transferred to the receiver’s bank account. Moreover, this can be done 24x7x365 days, unlike transferring money from a bank which can not be done anytime. This thing has provided security to many people. For instance, parents can feel relieved their children live overseas as they can transfer money to them whenever they need it and vice versa; children can also send money online to their parents immediately in case of any medical emergencies despite staying miles apart. Hence, this change is a boon for today’s lifestyle.
Albeit this change has a plethora of advantages, it has drawbacks too. With the increasing online transfer of money, there is also an increase in cyber crimes. Because this technology is new, many individuals try to fool people, especially elderly people and take money from their bank accounts. To cite an example, many cyber fraud cases are registered in police stations. To stop these, governments are doing many awareness campaigns and telling individuals never to share bank account details and passwords with anyone. Because of this, many people are becoming aware, but criminals are still able to fool many. Therefore, to make it a positive change, our cyber security needs to be stronger.
To conclude, in this technologically advanced scenario, using the internet and smartphones to send money to anyone is common practice. Most of the time, it is easy and safe. However, fraud still occurs, which needs to be taken care of to make it a completely positive development, isn’t it?
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