Money Transfers
Today, many people use the internet and smartphones to transfer money to friends, family, and businesses. Is this a positive or negative development?
Today, online money transfers have become increasingly pervasive in both day-to-day operations and the business world. In my opinion, this development is a positive on the whole due to the increased convenience and efficiency despite the negative prospect of potentially rampant online fraud.
The shift towards embracing internet transactions empowers the average individual. In the past, a cash-centric society only allowed for the local exchanges of goods and services for most individuals. The advent of the Internet has ushered in a borderless world, enabling global transactions regardless of geographical location. The average person today can transfer money to their friends via internet banking, purchase products from all parts of the world on online platforms, and even send money back to their home countries in the form of remittances using cryptocurrencies. Though online transactions are not without their pitfalls as banks and online exchanges have, in the past several decades, reported rising cases of fraudulent activities and deliberate attempts at stealing customers’ money, the development of recent technologies such as the Blockchain has engendered an improved sense of security relative to the total number of these transfers.
Moreover, using the Internet and portable devices for transferring money also greatly benefits businesses. Companies have to frequently carry out numerous transactions significant in value and this renders online payment the optimal, if not, only viable method for most corporate businesses. These payments come in many different forms ranging from overhead costs and staff wages to third parties’ contract payments and various types of investments. Regarding all these transactions, not only is precision required, speed is also a point of concern, which, in turn, makes online transfers the only feasible option, far superior to cash. Though there are conservative individuals arguing the case for paper money as a safeguard against online scams which could result in the loss of millions in extreme cases, this could be mitigated by businesses investing greater resources in ensuring the security of their transactions.
In conclusion, the cashless society benefits both individuals and businesses in terms of a heightened sense of empowerment and greater efficiency. Businesses should therefore divert more funding to the research of future technologies for money transactions such as Blockchain technology.
Essay Breakdown
Structure
Introduction
[1] Today, online money transfers have become increasingly pervasive in both day-to-day operations and the business world. [2] In my opinion, this development is a positive on the whole due to the increased [2.1.] convenience and efficiency despite the negative prospect of [2.2.] potentially rampant online fraud.
1. Write a general statement to rephrase the topic
2. Write a clear opinion to state personal viewpoints and signpost what will be discussed in the essay
2.1 The positive prospect of online money transfers – convenience and efficiency
2.2 The negative prospect of online money transfers – online fraud
Body
Paragraph 1
[1] The shift towards embracing internet transactions empowers the average individual. [2] In the past, a cash-centric society only allowed for the local exchanges of goods and services for most individuals. [3] The advent of the Internet has ushered in a borderless world, enabling global transactions regardless of geographical location. [4] The average person today can transfer money to their friends via internet banking, purchase products from all parts of the world on online platforms, and even send money back to their home countries in the form of remittances using cryptocurrencies. [5] Though online transactions are not without their pitfalls as banks and online exchanges have, in the past several decades, reported rising cases of fraudulent activities and deliberate attempts at stealing customers’ money, the development of recent technologies such as the Blockchain has engendered an improved sense of security relative to the total number of these transfers.
1. Write a clear topic sentence illustrating the main idea – the positive effects that online transactions bring to each individual.
2. Display a specific example in the past to point out the drawbacks of a cash-centric society (a society that only uses cash).
3. State the benefit regarding the internet transaction – global transactions regardless of geographical location.
4. Continue to develop the displayed idea by citing some examples of the advantages of online money transfers.
5. [Counter-argument] Introduce a counter-point to mention the negatives for individuals and then negate them by offering a solution.
Paragraph 2
[1] Moreover, using the Internet and portable devices for transferring money also greatly benefits businesses. [2] Companies have to frequently carry out numerous transactions significant in value and this renders online payment the optimal, if not, only viable method for most corporate businesses. [3] These payments come in many different forms ranging from overhead costs and staff wages to third parties’ contract payments and various types of investments. [4] Regarding all these transactions, not only is precision required, speed is also a point of concern, which, in turn, makes online transfers the only feasible option, far superior to cash. [5] Though there are conservative individuals arguing the case for paper money as a safeguard against online scams which could result in the loss of millions in extreme cases, this could be mitigated by businesses investing greater resources in ensuring the security of their transactions.
1. Write a clear topic sentence illustrating the main idea – the merits that online transactions bring to businesses.
2. Display the first supporting idea gearing toward online money transfers – online payment is the optimal method for businesses.
3. Continue by giving examples for the mentioned idea – some forms of payments that are carried out by a company.
4. Show the outcome of the example – making a comparison with its cash payment counterpart.
5. [Counter-argument] Introduce a counter-point to mention the negatives for individuals and then negate them by offering a solution.
Conclusion
[1] In conclusion, the cashless society benefits both individuals and businesses in terms of a heightened sense of empowerment and greater efficiency. [2] Businesses should therefore divert more funding to the research of future technologies for money transactions such as Blockchain technology.
1. Conclude the topic – emphasizing your opinions again.
2. Extend the topic with further details.
Vocabulary
Today, online money transfers have become increasingly pervasive in both day-to-day operations and the business world. In my opinion, this development is a positive on the whole due to the increased convenience and efficiency despite the negative prospect of potentially rampant online fraud.
The shift towards embracing internet transactions empowers the average individual. In the past, a cash-centric society only allowed for the local exchanges of goods and services for most individuals. The advent of the Internet has ushered in a borderless world, enabling global transactions regardless of geographical location. The average person today can transfer money to their friends via internet banking, purchase products from all parts of the world on online platforms, and even send money back to their home countries in the form of remittances using cryptocurrencies. Though online transactions are not without their pitfalls as banks and online exchanges have, in the past several decades, reported rising cases of fraudulent activities and deliberate attempts at stealing customers’ money, the development of recent technologies such as the Blockchain has engendered an improved sense of security relative to the total number of these transfers.
Moreover, using the Internet and portable devices for transferring money also greatly benefits businesses. Companies have to frequently carry out numerous transactions significant in value and this renders online payment the optimal, if not, only viable method for most corporate businesses. These payments come in many different forms ranging from overhead costs and staff wages to third parties’ contract payments and various types of investments. Regarding all these transactions, not only is precision required, speed is also a point of concern, which, in turn, makes online transfers the only feasible option, far superior to cash. Though there are conservative individuals arguing the case for paper money as a safeguard against online scams which could result in the loss of millions in extreme cases, this could be mitigated by businesses investing greater resources in ensuring the security of their transactions.
In conclusion, the cashless society benefits both individuals and businesses in terms of a heightened sense of empowerment and greater efficiency. Businesses should therefore divert more funding to the research of future technologies for money transactions such as Blockchain technology.
Vocabulary Highlight
- become increasingly pervasive: become increasingly ubiquitous
- day-to-day operations: the activities that a business and its employees engage in on a daily basis
- on the whole: in general
- rampant (adjective): existing or spreading everywhere in a way that cannot be controlled (unchecked)
- fraud (noun): the crime of cheating somebody in order to get money or goods illegally
- the shift towards: the trend towards
- empower (verb): to give somebody more control over their own life or the situation they are in
- a cash-centric society: a society that only uses cash as a method of payment
- the advent of something/somebody: the coming of
- usher in (phrasal verb): to be the beginning of something new or to make something new begin
- borderless world: without limitation
- regardless of somebody/ something: not being important/ paying no attention
- remittance (noun): a sum of money that is sent to somebody in order to pay for something
- cryptocurrency (noun): any system of electronic money, used for buying and selling online, and without the need for a central bank
- pitfall (noun): a danger or difficulty, especially one that is hidden or not obvious at first
- fraudulent activity: any act that constitutes a violation of a penal law and is part of an attempt or scheme to defraud any person
- deliberate attempt: something that has been planned or decided to do it beforehand, and so it happens on purpose rather than by chance
- portable (adjective): easy to carry or move
- carry out: to do/ to complete
- render (verb): cause somebody/something to be something
- overhead costs: any expenditures not directly associated with the creation of a product or service
- precision (noun): accuracy
- feasible option: practicable option
- far superior to something: far better than (in quality)
- mitigate (verb): to make something less harmful, serious (alleviate)
- divert (verb): to use money (materials, etc.) for a different purpose from their original purpose
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