Nowadays, the internet and digital gadgets are utilized to disburse funds to friends, family, and businesses by a large number of individuals. In my opinion, this is a positive development, as I consider it both time-saving and globally relevant.
First and foremost, the transformation of fund to friends, family, and businesses by digital connectivity and mobile devices would be time-effective. Due to the fast-paced development of web-based services and mobile platforms, almost all transactions are completed instantly, saving users from time-consuming processes, such as visiting physical locations or waiting for long bank transfers. As an example, when college students in the U.S. needed to pay their rent, they used Zella, a digital payment service. Instead of transferring funds through a bank wire, which could take several days, they managed to send the money to their landlord within seconds.
Apart from being time-efficient, distributing financial resources through online tools is beneficial because of its international scope. Individuals are able to allocate monetary support to their friends and family with just one click, which is advantageous for international transactions or sending money to family members abroad. By means of online transfer services, people needing to send money to family members or friends in different parts of the world, especially during emergencies, can do it efficiently. For instance, Venmo and Cash App, popular mobile payment platforms in the U.S., allowed users to send money to their relatives and friends immediately. During the COVID-19 pandemic, many users used these apps to help their family and friends residing in various global locations.
In conclusion, from my perspective, making use of internet connectivity and smart devices to transfer funds to friends, family, and businesses is a positive development for the reasons of being both time-efficient and globally relevant.