Nowadays, many people use various apps to transfer cash via their phones or the Internet to family, colleagues, and friends. To a certain extent, I agree that it is a positive development for society. However, there are undeniably some disadvantages.
On the one hand, there are crucial drawbacks, including technological illiteracy or technical problems. Just as more and more people frequently use online payment, cyber-criminals numbers significantly increase, such as hackers, ID thefts, and database exploits. For example, frauds are popular among online customers, especially the older generation, who lack knowledge, so they are becoming a direct target for many hackers by saving their card details on their phones or using public wifi networks through online purchases. Furthermore, technical issues with the web server are one of the main cons. If governments cannot provide ultimate protection and guarantee equal access to reliable internet services, it will cost them tremendous losses.
On the other hand, from my perspective, I agree considerably that online payment has many vital effects on an individual lifestyle. Currently, most people use online transactions on a regular basis. People can comfortably transfer money for alternative activities such as buying from shopping sites, paying electricity bills, or even employees’ wages. For instance, there are different payment apps such as PayPal, Venmo, and InstaPay. In addition, trying to flourish the economy is another benefit of online transactions. In particular, gateways for online payments can operate globally with the customer base irrespective of geographical limitations. According to research, about 70% of online shops prefer shopping across borders. As a result of catering to a global client, integrating online payment alternatives on their websites will undoubtedly enhance sales.
In conclusion, although sending money by the Internet or cell phones to other people is more convenient and practical for accelerating sales and facilitating the payment process, there are many downsides, such as online fraud and database stealing.