WRITING TASK WE013

EXTENDED WRITING

Stimulus :

The technological explosion has encouraged the growth of online transactions.

Group 3 :

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The technological explosion has encouraged the growth of online transaction

As people who live in the 21st century, we can observe that the development of technology
has advanced and gave a big impact to people’s lives. It mostly gives a beneficial impact to human
beings as it eases our lives in this progressive world. For example, people in this generation are more
likely to purchase any necessity virtually or “online” through a shopping platform application such as
Lazada. Thus, I agree that the technological explosion has encouraged the growth of online
transactions because of the emergence of sophisticated digital payment applications, new avenues
and approaches to buying and selling and the convenience to access our account transaction
everywhere we go.

The crucial example of the development of technology is the evolution of digital payment
applications. Apparently, nowadays mobile wallets such as GrabPay, Touch n’ Go, PCNPal and
PayPal are relatively new payment options compared to cash and checks that can offer some serious
benefits. The smartphone apps where we can store our debit and credit cards absolutely smoothing
the payment process with a tap of our phone.This digital payment option continues to be known and
used by people as the superiority of speed and security protection are applied by most of the
applications in order to gain the users trust. They may help to reduce fraud. The data stored in mobile
wallets is encrypted, meaning our actual card account numbers are not transmitted while making a
payment. Mobile wallets use random payment codes that cannot be used again and often rely on
certain security features, including biometrics, to authorize a payment. Furthermore, our full card
account number is not displayed anywhere in a mobile wallet, meaning prying eyes will not be able to
capture our card number for future use. In addition,the transactions are covered by the same security
and privacy protections as our physical cards.As people become more comfortable using mobile
wallets in their personal lives, they also seek the same flexibility for work. Some mobile wallets allow
us to add small business credit cards to pay for business expenses. Therefore, people do show their
interest to use the digital payment application as priority compared to the traditional method.

Secondly, the technology explosion also provides new avenues and approaches for buying
and selling. As technology has advanced, more and more online stores are available in the Internet.
For instance, applications such as Lazada, Shopee and ZALORA have provided a platform for
retailers to sell their goods or products. This also allows the customers to place their online order
more easily. Also, the selling and buying transaction is completed electronically and interactively in
real-time. Since the transaction is conducted online, therefore every payment or transactions of
money are done through online banking. Moreover, a variety of electronic payment methods are
acceptable for the purchasers to pay their orders including credit card payments or bank-based
payments like direct debit or real-time bank transfers, processing those payments, and depositing the
funds to the seller’s account. Some even can pay by linking their E-wallet account with the
applications which all focus on making it more convenient for customers to purchases goods online at
any time via the Internet. As a result, many young generations are preferring for online purchase
rather than buying things from stores. Another example is on 11 November 2020, also known as the
single day, the Chinese e-commerce giant Alibaba Group Holding Ltd had surpassed $56.3 billion
with the order rate hitting a record peak of 583,000 per second. This shows that how much the
advance of technology has encouraged the growth of online transaction. To sum up, as technology
continues to grow, this in turn will contribute to the growth and sustainability of online transaction as it
gives an access in buying and selling through the Internet.

In addition, the technology explosion also plays a major role in the field of the online
transaction which it is provide convenience to access to your account transaction everywhere you go.
With just a click of the mouse, the user enables to gain access to their account history and
transactions through the Internet which it is easily obtainable 24/7 and also free of charge. This
convenience also include payment of bills online which you can use your bank's website to pay your
bills online. Most banks have a section in which you can set up payees. You will need to fill out the
information once, and then you can simply choose that payee every time you want to pay from that
company. This feature is helpful for an expense like a car payment or insurance policy that doesn't
change from month to month. Alternatively, you can authorize a payee, such as an electric utility or
mortgage provider, to automatically debit the amount of money you owe from your account. On top of
that, it is very convenient. Besides that, most banks offer a mobile app that allow us to more easily
take advantage of online banking in our phone. These apps include Maybank2u MY, i-Akaun, Touch
'n Go eWallet and CIMB Clicks Malaysia which functions are to withdrawals, inquiries and transfer as
easy as ABC everywhere you go. Through this, mankind of today does not need to spend hours
queueing at the bank just to view their own account. To sum up, current technology is an
inexhaustible source of information to access account transaction which make the online transaction
growth rapidly.