Today, many people use the internet and smartphones to transfer money to friends, family, and businesses. Is this a positive or negative development?
Transactions
of money
among people and businesses have been a daily occurrence for many millennia. Although
in the past transferring was a tangible activity involving notes and coins, with the advancements in internet and mobile technologies, the physical aspect of fund transferring has now mostly transitioned into electronic means. In my opinion, I believe that this
transformation is a favourable evolution due to
several key benefits.
one of the main benefits of performing money
transfers with the aid of technology is the high level
of convenience experienced. Since,
Remove the comma
apply
transactions
are carried out electronically, there are no limitations in locale, and also
the activities are performed in real time
. Add a hyphen
real-time
For example
, if family members living in separate countries are required to move funds amongst each other, now they can achieve this
using a mobile banking app. Thus
, such
features provide a hassle-free and convenient means of carrying out such
activities.
Another advantage of electronic fund transferring can be linked to the high level
of security provided to money
. In the past transfering cash required people to physically move money
from one place to another, which increases the chances of a theft occurring. For instance
, at present money
can be digitally transferred between bank accounts, and these transactions
are end-to-end encrypted ensuring a high level
of security.
Furthermore
, as electronic money
transferring creates a digital footprint of all the activities, it can be used in terms of valuable information for budgeting purposes. Since,
financial institutions record details of all the Remove the comma
apply
transactions
people or businesses can use these data for analysis purposes for future
plans. Thus
, to illustrate this
can be related to a household where the family use past transaction data to understand unnecessary past expenses that they can avoid in the future
to improve their savings. Therefore
, such
data is very valuable when planning for the future
.
Thus
in conclusion, I strongly believe that the shift of money
transferring from traditional methods to the current electronic means has many benefits ranging from an individual perspective to global e-commerce, due to
the convenience, level
of security, and opportunities to support future
fund management that such
means provide.Submitted by kanishka.wimalasuriya on
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Tone consistency
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Examples variety
While you've provided clear, comprehensive explanations, incorporating a wider variety of examples on how electronic transfers benefit different sectors could further enrich your essay.
Grammar & Spelling
Pay attention to minor grammatical errors and spelling to enhance the professional quality of your writing.
Content
Your essay successfully outlines the benefits of electronic money transfers, showing a deep understanding of the topic.
Structure
The logical structure of your argument, including a clear introduction, body paragraphs, and a conclusion reinforces your points effectively.
Examples Use
Specific examples used, such as the family members living in separate countries, illustrate your points vividly and make your argument more relatable.