In this contemporary era, substantial number of individuals prefer to use theinternet and their smartphone to send money to friends, family as well as inbusinesses. The essay will scrutinise various positive as well as negativeimplication of transferring money online though mobile phones and internet.
The prominent positive implication of sending money through internet is itprovides more conveniency. To detail it out, using mobile phones sendingmoney is much easier. There is no need to visit banks for transferring moneywhich is very hectic and time-consuming process. By using these digitalpayment option such as google pay and UPI people could save their time andcan utilize that time in other important work. Additionally, it helps to growbusiness. To explicate, using digital payment option people could expand theirbusiness in all over the world as they don’t need to rely on any physicalpayment option. They can manage and analyze all the transactions thoughtheir digital devices.
Conversely, There are paramount negative implication of using online paymentoptions. First and foremost one is, it increases the digital crime rates. Toelaborate, many civilians are targeted by these hackers who simply hack theirmobile phones and steal their hard earn money. As many individuals are notaware about the safety concerns which should be taken into considerationbefore using these digital payment methods. Another negative impaction is onthe conventional banking system because of these virtual banking system lessnumber of people rely one traditional banking system for transferring money.Which will reduce their customers and downgrade the banking business.
Conclusively, I insightfully cohere that the prime positive implication of thisonline banking is comfortability and reliability, however there are pioneernegative impact of digital payment methodology such as it increases thecybercrime rates which should not be over looked.