Today,  many  people use  the internet and  smartphones to transfer money  to  friends, family, and businesses.

Is  this a positive or  negative  development?

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Internet has proliferated in all aspects of  our lives, and  financial transactions is one of  them.

Unlike the  past, when cash or bank transfers were the only  means to transact money, nowadays online payments are popular among  all spheres of life. Being more convenient and safe, it  is definitely  a welcome change.

 Due  to convenience in payment along with safety, online transactions are gaining  ground among people. It is certainly a better  option compared to old cash payments.

First and foremost, convenience of payment  allures most  of the people to make online transactions. Since many payment applications like Google Pay and Paytm are easily available on phones, anyone  regardless of one’s location can transfer money to friends and  family. There  is no need at all to learn or remember long  hectic procedures to  make payments.  This  customer friendly approach makes it a better  choice than old payment methods  which  were  complex and difficult to understand.

In addition  to convenience, saving time  is  another  factor in favor of online payments. Now, there is no need to visit a bank or post office for sending money to the loved ones. Moreover, businessmen also prefer this method as it has  saved the time  that was  earlier wasted in long queues at banks, along  with the  travelling time  required  to hand over the  money to clients. Saving of time, especially in today’s  hectic life, is definitely  a boon for people,  whether in families or business houses.

Furthermore, online  transactions  are  comparatively safer for people. Carrying cash for businessmen or housewives alike, is  always a risky  proposition. There  is a constant threat of  theft, which  is not the  case  for  online  payments. As payments are done instantly, so the risk of frauds is also minimized. Source of payment can be traced, even  after months, very  easily which helps law enforcing authorities to  track any suspicious payments.

To conclude, the shift from  cash  and  bank  transfer to online payment is definitely positive. Ease of  making the  safer payments as well as  saving of time are the major reasons behind it.