In
contemporary epoch, online payments are becoming expeditiously popular, and
is largely due to their convenience over the traditional
methods.
, every new phenomenon in
world has both its merits and demerits, both of which need to be thoroughly discussed before being implemented. Personally, I consider
advancement, to large extent, to be a positive one.
,
essay will be demonstrating the underlying factors of
contention as well as my intuition.
On the one hand, conventional
techniques remain the backbone of many transactions around the globe despite
new technology. To illustrate, when business owners and sellers are asked which
tool they prefer, most of them demand their customers to pay using cash as they trust it more.
can be exemplified by the country of Germany, where many monetary interactions across the nation are still being done using banknotes and physical money even with the tremendous technological advancements.
, it can be said that even though the cashless paying technique is more convenient it is not a reliable way of doing business because not everyone accepts it.
, using online
methods
as Apple Pay has provided consumers with extra options.
, if a person wants to make a transaction, he can use one of these internet-based money transferring techniques
as Google Pay or Samsung Pay as well as the old-fashioned technique of using a credit card. All of which give the customers, who prefer not to keep cash on hand, the chance to utilize them. As a matter of fact, according to an article that has been published in The Economist magazine, the largest proportion of funds sending and receiving actions are being made
using the SWIFT system.
,
to the security, speed,
and the ability to track any transaction using all-time records, has made online money transferring unquestionably superior.
In conclusion, after
essay has manifested the abovementioned points, it can be reiterated that despite the current resistance from some parts of the population towards using mobile gadgets as the main method to make payments, it is only a matter of time until it becomes the dominating technique in
regard, and I am a staunch believer of that.