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

To begin

with, there is no doubt that smartphones are an inevitable part of our lives now. They are so many things that a person can enjoy because of these devices. Many people are of the view that mobile phones are wonderful when it comes to transferring money.

However

, there is a section of the population that believes that using the internet can do more harm than good. I think in today's era of globalisation,

this

is a positive change that needs to be appreciated.

Firstly

, since cyberspace makes everything borderless, it does not matter what country you are living in as long as you have an account, a credit or a debit card. You are free to buy anything and everything online.

This

saves a lot of time. To illustrate, some humans have kids that live abroad. So in a situation where they have to send some capital, they can always rely on online resources

such

as bank transfers.

Moreover

, the innovation of applications

such

as Paytm and Phonepay has made it more convenient for a layman.

Additionally

, the introduction of these has helped a lot of businesses to go cash-free.

For example

, the government of India came up with the idea of digitalising India in 2018 to curb the situation of black money.

Subsequently

, changes were made in the banking sectors and people were motivated to install these apps and go cashless.

Although

there are many advantages to using digital payment methods, there is one major disadvantage that we can not ignore. When we use any of these payment gateways, our personal information like our name and card details end up getting saved on the Internet.

This

can be hacked and leaked by other people.

Similarly

,

this

also

leads to a higher chance of getting scammed. In conclusion, even though there are both positive and negative sides to using the information highway for payment purposes. I feel its merits outweigh the demerits which makes it an optimistic development indeed. After all, convenience always triumphs over everything at

last

.