It is widely believed that in today’s digital age, making purchases, transferring money and even doing business have been greatly performed in the absence of face-to-face interaction. I personally think that there are many reasons why this trend is increasingly popular, having both positive and negative effects on various aspects of life.
On the one hand, there are a wide range of factors that cause online/ virtual business transactions. Firstly, the advancements of technology have made it easier and more convenient to conduct transactions online. In other words, the widespread availability of the Internet and mobile devices made it possible to shop and do business from anywhere around the clock. Secondly, COVID-19 pandemic has accelerated the shift towards online transactions, as social distancing measures and lockdowns have limited in-person interactions. This leads to a greater reliance on digital platforms for shopping, banking and doing business.
On the other hand, online business-related activities have many positive and negative impacts on both communities and individuals. One of the main advantages is that online transactions offer convenience and flexibility without jamming with other shoppers, allowing individuals to shop, bank and do business at their own pace and from the comfort at home. Another advantage is that conducting transactions online makes it easier for people with mobility issues or those living in remote areas to access goods, services and financial resources, enabling them to order goods and products unavailable in their local markets. In contrast, performing online transactions can be vulnerable to cyber attacks, fraud and data breaches, putting individual’s personal and financial information at risk. For example, many online fraudsters send users of e-banking OTP code or malicious email which contains a link to fake websites to get their banking account hacked, robbing a huge amount of money in just a few minutes.
In conclusion, people are more highly likely to perform business transactions without direct interaction due to the rapid development of technology. Moreover, I personally believe that online transactions offer both numerous benefits and potential drawbacks in some social aspects.