Today, many people use the internet and smartphones to transfer money to friends, family, and businesses. Is this a positive or negative development?

Nowadays

money

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has been transferred via cellphones and the

internet

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to household members, friends and

businesses

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.

However

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, it has brought a few negative developments

such

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as cyber fraud and data loss, it has largely been evaluated in solving daily life problems. In

this

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,essay both effects have been elaborated on in the looming paragraphs. To commence with , wiring funds through

smartphones

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to has led to several gloomy progress for individuals.

Firstly

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, it has been seen in many cases where old age people have less knowledge of mobile phone applications, they have lost their hard-earned wealth because they have entered the wrong account number.

For instance

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, in Canada, a woman aged 64 lost 20000 Canadian dollars, as she was trying to transfer

money

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to her daughter via the

internet

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and she entered the wrong details in the payment application.

Moreover

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, it has been seen that hacking cases inclined in business as sites and applications are getting hacked by hackers and banking data has been easily stolen by them. Even though these

smartphones

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and websites have great security algorithms, individuals are losing their capital as their credentials are exposed to hackers. Alternatively, transferring funds through digital applications has solved many problems in daily life .

To begin

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with, family leaving in abroad has been transferring their fund to close one for their medical or daily expenses ,since

this

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great function is available on their

smartphones

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.

For example

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, The Remitly which is a mobile application has been used broadly by people on the

internet

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and

smartphones

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to send

money

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to their family or friends in minutes of an emergency.

Besides

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this

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, it has boosted trade, as it helped to trade internationally where firms are transferring

money

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at run time. In the past, the check was the most efficient way of transferring the amount, but after the

internet

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revolution, it has changed as

businesses

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adopted cellular phones and websites to clear their dues. Clearly, not only has it helped individuals to send

money

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to their relatives but

also

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it has grown the business trade as they started using the

internet

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to send amounts. In conclusion,

although

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sending

money

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through phones and websites has a chance of losing

money

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and data loss, it has major positive development in terms of solving real-life problems and

businesses

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, when the amount gets transferred to friends , family or

businesses

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through it.