There is no denial to the fact that nowadays, majority of individuals use internet and their smart phones for their financial transactions. I believe this is an affirmative revolution demonstrating positive development for human society as a whole, in-spite of its misuse. The relevant notions will be explicated further in the subsequent paragraphs.
These days, people have the feasibility of sending or receiving money, by multiple modes such as, internet banking, bank mobile applications, transactions using mobile number or a specific id. Due to this, parents can instantly send money to their children living miles away from them and vice-versa. Unlike past, where families living apart, had to wait for the next working day for paying tuition fee or medical payment, they now need not to wait for money in case of emergency. Moreover, online money transfer is now part of everyone’s daily life, for instance, paying for the food from the streets, clothes, electricity bill payments, house rent transfer, almost every payment is being paid online, be it small or big.
Furthermore, every business transactions or donations are now traceable because of online transfers which prevents tax fraud. Time saving and authenticity of transfers are additional benefits. However, thieving money is increasing rapidly as form of frauds, phishing and hacking whereas banks have been adding extra security to online mode in terms of codes or one-time passwords for completing the transactions.
In conclusion, rewards of using internet and smartphones for money transfer are many which includes, easiness, time saving and traceability, outweighs the disadvantages. Hence, in today’s fast growing world, online transactions are clearly a positive development.