Nowadays, many people use various apps to transfer money to friends, family and colleagues. To a certain extent, I agree that it is positive development for society. However, there are undeniably some disadvantages.
From my perspective, I agree that online transactions are considerably convenient. People can send money to various places with just a touch on their mobile screens. Cash transfers can be made anywhere and anytime. Sending funds to remote places or family and friends becomes conducive. Business sector mostly prefer online modes for relocation of resources. Furthermore, carrying cash is not safe these days. Increasing cases of thefts and robberies have become a matter of concern. For instance, if a person withdrew a large amount of cash to give to someone, it can be very risky and grab unwanted attention. It will become very difficult to carry the cash to desired place while with online transactions there is no fear of such happenings. Moreover, internet transmission saves a lot of time. People do not need to wait in long queues or go through bank’s old procedures that took hours. It can save time of busy scheduled masses. So online deportation is much suitable way.
Alternatively, the negative side cannot be neglected. The the risks in online transmission can be a cause of concern. The less informed or elderly people can fall into trap of hackers and become a victim of cyber fraud. The elderly people who does not know enough of today’s technology gets scammed. For example, there are number of cases filed at cybercrime complaint centres in which people have lost large sums of money. Additionally, even a small error in making transactions can lead to problems like money being transacted to different accounts. Also, making these transmissions is only possible in internet. In case of internet shutdown or in places without internet it will become difficult.
To conclude, despite the negative factors, online transaction is commodious and practical for accelerating sales and facilitating the payment process.