In this modern era, there is an escalating number of people preferring to pay for things via online methods instead of traditional ways. From my perspective, despite indicating a range of obstacles – cybersecurity and dependence on technology – over the use of e-trading applications, the adoption of these applications plays a fundamental role in the modernisation of society.
On the one hand, there are numerous drawbacks to the worldwide usage of e-trading applications. Specifically, the emergence of trading applications has substantially strengthened the versatile ability of smartphones, leading to the dependence of people on digital gadgets. Therefore, when there is no Internet connection or the smartphone is out of battery, trading or shopping is mostly impossible without traditional methods – cash and card. Furthermore, in tandem with the rising number of online financial application users, the risks of being attacked by cybercrime witness an all-time high because the more clients rely on financial applications, the more valuable and vulnerable their data becomes. For instance, in 2019, Capital One Financial Corporation experienced a data breach affecting approximately 106 million individuals in the United States and Canada. The breach exposed personal information, including names, addresses, credit scores, and social security numbers.
On the other hand, the swiftness and convenience of trading through applications can easily fit up with the speed of today’s fast-paced world, satisfying users’ instant needs. Particularly, with staggering shifts happening all over the world, each individual’s time has never been as valuable as now, so queuing up in a line of people to withdraw cash or using a card for purchasing seems inappropriate at present. As a result, the suitability of online trading applications, which is convenient and quick, is undeniable in the role of making citizens’ lives effortless and smooth. For example, MOMO, which is a common e-trading application in Vietnam Nam allows its users to receive and transfer money online via QR codes without any delay, and its total number of Vietnamese users is 40 million and continues to grow 10% annually. Moreover, online trading applications can also help users to manage their financial expenses by providing spending insight, indicating the inflow and outflow of money on each category. Thus, clients are able to control personal spending rates and savings, allocating their budgets properly and smartly.
In conclusion, although facing several threats from cybercriminal attacks and overly relying on digital gadgets, the benefits of online trading method clearly outweight its downside. In my opinion, by solidifying cyber security and promoting the use of e-bank, more steps can be made forward the modernisation and prosperity of society.