Band 8 Sample: Today, many people use the internet and smartphones to transfer money to friends, family, and businesses. Is this a positive or negative development?
Introductory Statement
Money has always been the blood and veins of this economic world. The exchange of money, be it huge or trivial amounts can happen now in a few seconds with the use of internet connection and a smartphone. This essay intends to consider this a boon and an important evolution. Moreover, it will show the impact of this advancement that has moved civilization forward.
Body Paragraph 1:
Right off the bat, the instant money transfer has empowered the local shops and vendors which flourished their businesses. Moreover, they are able to move to the digital economy and track each transaction without having the responsibility to deal and maintain loads of cash. Furthermore, the ease-of-use has widened the circle of adoption and usability and gives the government more freedom to track the flow of money in the country. Recent survey done by NDTV in 2022 clearly showed that with adoption of UPI, there is a significant rise in businesses and overall GDP of India.
Body Paragraph 2:
The second blessing that came out of this is that people are now able to send money to their family and relatives in almost no time. Because the need for money among family and friends is always at a very short notice. It becomes crucial in such cases that money transfers happen as soon as possible, without subjecting to the unrelenting delays of standing in the queues in the bank. Punjab Technical University published a survey in 2021 where they showed a marvelous decrease in fees delays that happened due to late money transfers.
Conclusion:
As stated above, it is clear that technological advancement like the internet and smartphones is a revolutionizing change in the society, and we can hope to see more inventions like such in the future too. It is not an understatement, that the internet now has liberated the people from an economic cancer and is bound to do more.
Band 8 Sample: Today, many people use the internet and smartphones to transfer money to friends, family, and businesses. Is this a positive or negative development?