Today, many people use the internet and smartphones to transfer money to friends, family, and businesses. Is this a positive or negative development?
People
no longer need to send cash in person since transferring money
is getting easier. Because of technology, people
use
their smartphones to transfer
money
for their personal or business transactions, especially for online shopping and bill payments. Is that sort of transfer
method really safe? In this
essay, I will examine both points of view on current development with the facts.
First
, transferring money
is not anything new as people
are using it for many years through banks, moreover
, new approaches are introduced in recent years. For instance
, the waiting time for receiving money
is reduced a lot compared to last
20 years ago, which used to take a few days. Since the transfer
is instant, people
can operate their businesses
faster than ever for payments. Furthermore
, the banks are promoting to use
of online money
transfer
services not just for businesses
but also
for personal usage. In contrast
, transfer
services are available for computers, tablets and mobile devices, people
prefer to transfer
using their smartphones most.
On the other hand
, some people
believe that uncontrolled activities can lead towards illegal businesses
, such
as money
laundering, betting and corruption. Therefore
, they introduced many new regulations for transferring money
, which may create extra work for typical use
cases. Even though the safety of people
is as important as preventing illegal businesses
, people
do not want to provide additional details to banks regarding their transfer
activities. In some cases, unknown transactions are made using compromised smartphones without the awareness of the account owner. Thus
, online money
transfer
is no longer the safest method as people
think before.
In conclusion, people
should use
online money
transfer
services via the Internet with extra caution, while securing their accounts as per the bank's guidelines. I strongly believe that approach will be the only option for transferring money
in the near future.Submitted by tthtoonmm on
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