It is considered that, most of the individuals transfer money to close ones and traders by the using internet and digital phones in nowadays. The following paragraphs shall analyze the reason behind this and it can be positive and detrimental evolution.
To start with, the roots of this development are found in a myriad of reasons: technology help to sending money to anyone has become an easy going. With just one click on the phone, money is directly transferred to receivers bank account because this thing has provided security to many people. For instance, there are numerous apps available to sending money to friends and family member and traders-like paytm, phone pay, google pay and so on. In this apps, many parents or students send money in anytime. Thus, all websites are useful for every persons in this modern era.
In contrast, there are plethora of drawbacks, the increasing number of online transfer of money, there is also increase in cyber crimes, because this technology is new, and many cyber criminals try to fool people, especially elderly people and take money from their bank accounts. For example, a survey carried out by cyber crime department revealed that day by day online fraud increase, if any person open any unknown link and enter any password and another personal information, or criminal track all the personal thing and hack the accounts. Hence, many humans not aware about this information , so thief’s make a stupid anytime.
To conclude , in this advanced technology scenario, it is a easy and safe way to transfer money to any special ones. However, humans must be aware about the cyber criminals and not share any kind of personal information to any person.