Today, many people use the internet and smartphones to transfer money to friends, family, and businesses. Is this a positive or negative development? Reported on IELTS October 18th

Electronic transfer of funds is quite common these days. People generally do this using their electronic hand-held devices. It has favourable and unfavourable impacts. Though I believe the merits significantly outweigh the demerits, the following paragraphs will help me explain my viewpoint.

First, it is not just convenient but swift to transfer money online. It also helps one access one’s bank transfer record conveniently. These money transfers have been saving time and have been of great help in an emergency. If one has to wire funds to one’s kiths or kin, one doesn’t have to go to the bank; it can be done there and then without wasting a minute. Due to the benefits of this progress, people are rapidly embracing the process of money transfer on the internet. The best aspect of this facility is it is available 24X7.

However, some feel that this process has many a drawback. Firstly, they perhaps believe that stealing passwords and money is possible while online cash transfers. Also, they might assert that online transfers have low limits.

I, for some strong ground, believe that this method is equally safe as physically going to banks or accessing ATMs, if not more. If hackers can intrude into someone’s account and take away their money, it is also possible for robbers to rob banks. There have been cases when faulty cheques have not just caused inconvenience and stress but have become reasons for money to land in the wrong hands. One can ensure the safety of passwords by being extremely discreet about their passwords. So, the risk is equally present in both modes.

Finally, due to the numerous benefits, electronic transfers offer, my vote goes for this mode. Thus I consider it a very positive development.