In the contemporary world, more and more people are using the internet and online applications to send money to their friends, families and for business purpose. From my perspective, although this trend has several drawbacks, they pale in comparison to the benefits.
On the one hand, transferring money via smartphones has its own disadvantages. In isolated or remote area, citizens are usually lack of such facilities to install internet network so they cannot benefit from it. Moreover, elderly people often struggle to use this kind of technology and they believe that using cash is more convenient. Beside, money sent through the internet is risky as hackers are continuously searching for security vulnerability to get money from victims. These disadvantages cause the inconvenience and frustration for customers.
On the other hand, exchanging money online has some merits that using by cash do not have. For instance, when people are in public place and they do not carry money with them, they can pay their bills in just a second by clicking on their phones, which is more convenient and help users to save time. Another benefit of transferring money online is that if people’s friends, families are away from each other, they do not have to travel such a long distance to send money, instead just doing this by smartphones. Best of all, apart from the convenience of mobile banking, customers can also instantly deposit and withdraw money from their saving accounts, offering a great way to manage and keep money for daily purchases.
In conclusion, using online applications to send money to other people may be unconvenient for some and possibly losing their money. But despite this, people can make a full advantage of this by using it in an appropriate and wise way.