Undoubtedly, development leads to changes in various factors. Over a period of time human aspects and priorities have changed a lot. These days people use internet and smart phones to make transaction of money. According to me this development helps to send money conveniently. However, sometimes hackers do fraudulent activities.
To begin with, making money transfers using mobile phone is an easy method. People can send Or recieve money anytime or anywhere. They do not need to carry cash with them. They can pay for their expenses by scanning a QR code or using UPI ID’s. It is a convenient method rather than carrying cash. Carrying bulks of cash these days is not safe. Increasing chances of thefts and crimes makes it difficult for individuals to have paper money with them. For instance, pick pockets can be found in any corner of world. If one’s wallet or phone gets stolen the money kept for online purpose will be safe in banks. Moreover, online payments save people’s time. They do not need to wait in long queues to send Or withdraw money. So new technology of online transactions has definitely made life easier.
On the other hand, the drawbacks can not be neglected. Increasing cases of frauds has made it difficult for people to trust on internet transactions. Hackers can access anyone’s account and withdraw money. Using online links and OTP’s hackers manipulate people and withdraw money from their account. For instance, a number of people got involved in frauds and lost their hard earned money. More importantly, only minor mistakes in making transactions can lead to bigger problems. Sending can be a matter of concern as it can be transferred to any other account. Online transactions only work on internet. In case of internet breakdown these transfers cannot be made. Also if other party does not have access to online payment methods then we cannot make it.
In conclusion, using online money transfer methods can be good and easy but one should be aware of it’s drawbacks.