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

Recent technological advancements have made things more accessible for everyone on the planet, the physical copy of

money

has gradually been replaced by

internet

applications and mobile banking.

This

opens the door to transferring

money

through the

internet

with the help of smartphones, and

while

this

may be easier to do than other alternatives, safety concerns have been brought up by many. Drawbacks from

this

new method do exist,

however

, they can easily be overcome with ample development and a cautious attitude.

To begin

with, the use of smartphones for transactions means that wallets are no longer a priority. Mobile banking is easier to use with records of their own.

This

allows anyone to manage their finances a lot more easily and effectively without having to take notes of every transaction they do and without having to worry about forgetting their wallet at home.

This

convenience is even more crucial for those with smaller businesses as transactions can be done quickly with less transaction costs.

On the other hand

, many concerns have been raised about the safety and security of mobile banking. When cybercrimes

such

as hacking and identity theft happen more with the development of technology, there is no reason to believe that anyone with

internet

access can be safe from these dangers. If passwords and account information can be stolen by someone from the other side of the world,

then

mobile banking information and in turn the

money

connected to it can be taken out of their hands as well.

To conclude

, transferring

money

through the

internet

Capitalize word

Internet

show examples

is a more accessible way of doing transactions for businesses and individuals alike.