Nowadays, a lot of people transfer money to other people or companies by using their personal devices and the internet. After careful consideration, I am strongly convinced that this behavior can have some positive impacts on economic development within the country. My opinion will be elaborated further in the following paragraph.
To begin with, it is undeniable that many people use the internet for a variety of purposes, one of which is a financial transaction. Recently, people no longer have to waste time going to banks to transfer money to their families or friends. Alternatively, they can use the internet transfer or mobile banking which is a convenient and time-saving method to send money quickly and easily just by having smartphones or internet connected devices compared to the traditional ways. Apart from the convenience of mobile banking, customers can also instantly deposit and withdraw money from their savings accounts, offering a great way to manage and keep money for daily purchases.
On the paradoxical side, a downside of online transactions is still present. The biggest problem encountered on accessing mobile banking arises from technical issues. For instance, if an application has a freeze or the system breaks down during working hours, it might lead to a payment delay, potentially causing a hardship to customers or the companies involved.
To sum up, online banking offers people enhanced convenience and reduces time consumption in comparison to a classic method of depositing and transferring money directly at the bank. However, it still has a disadvantage on unstable internet banking systems. So, we should have to use this technology carefully.