With the rise of digitalization, the use of the cutting-edge technology, especially smartphones and the internet, is becoming more and more prevalent among people, not least to make online transactions to send money to their social circle or companies. Although this shift is accompanied by several demerits, I contend that it is a change for the better.
One downside of using online payment platforms is the over-reliance on the internet. As all the operations and processes in such platforms are carried out utilizing the internet, they often face hinderances when it disrupts, thereby resulting in delays or malfunctions. If this occurs frequently, it can also lower customer satisfaction, reduce profits, and affect adversely the image of the company in the business landscape.
Another drawback of the trend is the vulnerability to cyberattacks. With the development of the state-of-the-art technology, cybercrime has also been on the rise, jeopardizing public wellfare via information leakages, blackmail, and bank account hacks. So, online payments are, more often than not, subject to such issues, since they are proceeded using the world wide web, where sometimes cybercriminals reign supreme, an aspect that undermines the reliability of such systems and compromise consumer trust.
Despite these disadvantages, I believe that the potential advantages bear more weight, rendering the online money transfering positive. Because online payment systems provide user-friendly interface of applications, instant access, transparent transfer information and sometimes loyalty programs – which offer refunds or financial bonuses – customers are facilitated with all the necessities to streamline their purchases, money transfer and easier financial assisstance to family members or friends. This, in turn, may leverage social proof – positive reviews and feedback – of enterprises, boosting their reputation, and contribute to customer satisfaction.
In addition to this is another merit – digital economy. Fortunately, when an increasing number of people turn to online payments, bodies in power become better positioned to intensify transparency of the flow of funds; this allows for taking timely action to deter illegal an outflux of money and making informed decisions to regulate financial relationships between various public and private sectors, economic branches and individuals in the digital world.
In conclusion, while making use of the internet and smartphones to make transfers of money to friends, family and businees confers some negatives, I assert that these are overshadowed by the benefits – such as conveniences of online payment platforms, a postive image of companies and better regulated relationships between the users, economic industries, authorities and the general public – making this tendency favorable.