In contemporary era, more and more people are opting to chose online and digital payment methods instead of traditional cash payment. while it can be convenient and easy, it might also have some drawbacks such as cyber crime. However, I believe, the advantages of this trend outweigh the disadvantages.
Generally, there are a variety of reasons for which some support the online payment method because it is convenient and can be done from anywhere. To illustrate it further, anyone can pay by their phone or using a simple bank card which saves them from the hassle of carrying money. Also, using digital payment method can also reduce the crime rates such as robery and thief. For example, digital payment do not require carrying cash everywhere which might decrease the rate of robery. Few years ago, my dad got robbed because he was carrying a large amount of money to pay for my brother’s tution fees. But nowadays, he pays through modern methods. Furthermore, digital payment methods also saves people from penalties. Such as, online mobile bankings enables people to pay for rent and other essential bills without physically visiting the centres before the deadline which saves them from having to pay the penalty money. Electric transictions can also reduce the hassle of counting money which it mitigates the risk of miscalculation.
On the flip side, there are also commentators who are of the view that, traditional payment method which is by cash is more beneficial than the modern electric one. One the main reason of this view is because, they believe it may increase the risk of cyber crime. For example, because of the advancement of technologies, hackers can interrupt with individual’s personal financial data and the money. Another reason is, it is hard for elder people to use modern technologies and they might not be able to understand the digital payment method. Elder people are generally less familiar with electrical devices which might be a setback for them. On the other hand, sometimes, the electronic devices might face some functional and technological issues while making an important payment which will lead to a delay. For instance, recently when I was paying for my IELTS exam, I faced a delay while paying online because we had a blackout in our area. It happened when I was in the middle of my payment process and as a result, my desired booking date was booked and I had to go for a later date. So, it is clear that there are detrimental sides of this trend as well.
To sum up, I believe, the meritorious side of this trend is far greater than the detrimental side. With proper and careful use, the disadvantages can be mitigated.