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

has been transferred via cellphones and the

internet

to household members, friends and

businesses

.

However

, it has brought a few negative developments

such

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

this

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

smartphones

to has led to several gloomy progress for individuals.

Firstly

, 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

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

money

to her daughter via the

internet

and she entered the wrong details in the payment application.

Moreover

, 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

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

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

this

great function is available on their

smartphones

.

For example

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

internet

and

smartphones

to send

money

to their family or friends in minutes of an emergency.

Besides

this

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

money

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

internet

revolution, it has changed as

businesses

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

money

to their relatives but

also

it has grown the business trade as they started using the

internet

to send amounts. In conclusion,

although

sending

money

through phones and websites has a chance of losing

money

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

businesses

, when the amount gets transferred to friends , family or

businesses

through it.