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
,
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transactions
are carried out electronically, there are no limitations in locale, and
also
the activities are performed in
real time
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.
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
,
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financial institutions record details of all the
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
Ensure consistent use of formal language to maintain an academic tone throughout the essay.
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.
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