Today, many people use the internet and smartphones to transfer money to friends, family and businesses. Is this a positive or negative development?
The advent of smartphones as well as the world wide web has changed many aspects of people’s lives, and online banking isn’t an exception. These days, a large number of people use online services with the help of smartphones to send money to family, friends and businesses. While this trend can be described as positive, I am of the view that it is generally a change for the worse.
Admittedly, the trend towards wiring money to others using online services can be seen in a positive light due primarily to its convenience. Such services have rendered the need to physically pay a visit to banks or other financial institutions to make a transaction obsolete, because the transfer can be made in a span of seconds given the internet connection. This shift, in turn, can save users’ valuable time and effort, as they are no longer required to wait in long queues; in this sense, it is a hassle-free experience. Another explanation for its convenience is that distance, once being deemed a barrier, is no longer an issue. Today, it is possible to transfer money to digitally to any corner of the world having access to online apps like Western Union or Venmo. As a result, the recipient doesn’t have to wait for days or weeks, as was the case in the past, to receive the money sent and experience delays to solve their concern.
Convenient as it may seem, I personally consider this trend as negative for various reasons. Chief among them is safety concerns, meaning that people can easily lose money. Online banking systems rely heavily on servers, which can be remotely attacked to steal people’s identity and empty their bank accounts. Throughout recent history, while it has been possible to trace and find some of such mischief makers, the majority, having used sophisticated disguise technologies, have still not been detected, nor the money they stole has been returned. Moreover, there are accessibility issues with online money transferring. Despite living in this technology-led age, some people find it tricky to use smartphones and many more just don’t have the internet connection. This means that this new system might not be as preferable as using cash.
To sum up, although wiring money to others using online services can be convenient, it is vulnerable to hacker attacks and not accessible universally to all people. Therefore, from my perspective, this development is an unfavorable one.