With the advancement in the field of the technology and artificial intelligence, it has become increasingly common for individuals to make a payment by digital services as opposed to paper money, particularly in developed countries. While there are clear drawbacks to this situation, I believe that it does more good than harm.
Critics of online financial transactions cite various reasons to support their stance. When people pay their purchases though virtual means, they are likely to spend a considerable amount of money due to impulsive spending, which can cause them to go beyond their means. as a result, they could find it increasingly challenging to make ends meet, let alone living in a comfortable lifestyle and saving for future emergencies. This is especially problematic for who people, who already struggle to lack of financial stability and literacy.
Despite these arguments, in my view, benefits of online payment take precedence. If people conduct online financial transactions, they have a chance to keep track of their income and expenses, thereby creating and sticking to a detailed budget, with online payment’s expenses section. This can develop strong financial management skills, potentially increasing people’s income. A case in point is my home country of Uzbekistan, where significant number of people use online services to make a payment, saving money for future emergencies and investing wisely in income-generating assets.
In conclusion, although online transactions can pose serious challenges associated with impulsive decisions, I believe that online payment advantages carry greater weight especially in terms of stay informed about their incomes and expenses.