Question

With each new technological revolution comes the loss of a present business or function. For example, using the e-wallets takes business away from companies such as Western Union and Moneygram. For many years, this was the mainstay of people sending money back home to families still in another country. This required a person to come and with identification and provide a password or pass code to demonstrate you are the correct person to pick up the funds. With e-wallets, you can now transfer the money directly to the e-wallet, with less security and tracing ability, which brings out security and terrorism concerns (in all countries).
What are your thoughts on this?

Answer 1

No I don’t agree with this thought as Digital payment companies ensure that the transactions are safe on their apps. There're checks like two-factor authentication for ensuring secure transactions for consumers. This has made the life easier and a massive push towards adoption of digital payment methods. On eating that needs to be taken care is that Due to such advancement in technology the probability of cybercriminals adding fake apps on app stores remains high. So while financial institutions like banks and mobile m-wallet companies take steps to protect customer information, users also need to take precautions