Add some other functions of money to the main ones.

Деньги – это особый вид универсального продукта, используемого в качестве всеобщего эквивалента, посредством которого выражается стоимость всех других товаров. Деньги представляют собой продукт, выполняющий функцию средства обмена, платежа, измерения стоимости, накопления богатства, образно говоря “продукт всех товаров”. Деньги проявляют себя через свои основные функции.

Мера стоимости. Разнородные товары приравниваются и обмениваются между собой на основании цены (коэффициента обмена, стоимости этих товаров, выражаемых в количестве денег).

Средство обращения. Деньги используются в качестве посредника в обращении товаров, преодолевая временные и пространственные ограничения при обмене.

Средства платежа. Деньги используются при регистрации долгов и их уплаты. Сходную роль играют деньги, когда в них выражают какие-либо экономические показатели.

Средство накопления. Функцию средства накопления выполняют деньги, временно не участвующие в обороте. Деньги, накопленные и не использованные, позволяют переносить покупательную способность из настоящего в будущее.

TOPIC FOR DISCUSSION

Do you agree that today’s monetary system is highly fiduciary?

UNIT 20

Internet Banking

LEAD-IN

Exercise 1. Before reading the text “Internet Banking” check the transcription in the dictionary and read the words listed below.

Transaction, account, obligatory, authentication, scenario, malpractice, unique, unauthorized, thoroughly, simultaneously, to facilitate, opportunity, prevalent, to enhance.

Exercise 2. Read and translate the following collocations:

To carry out, non-working hours, to be stuck in a process, to be free of cost, to log into one’s account, a welcome kit, account information, security tokens, to refer to smth, Internet banking frauds, to be on an increase, to evolve with smth, to be sparked off, banking data, the use of credit card through Internet, to abbreviate to smth, to be derived from smth, pros and cons.

COMPREHENSIVE READING

Internet Banking

1. Internet banking is used widely by masses, and has numerous benefits to offer. Nowadays, all banks provide online banking facility to their customers as an added advantage. Gone are the days, when one had to transact with a bank which was only in his local limits. Online banking has opened the doors for all customers, to operate beyond boundaries. Nowadays, people are so busy in their work lives, that they don’t even have time to go to the bank for conducting their banking transactions. Internet banking enables people to carry out most of their banking transactions using a safe website, which is operated by their respective banks. It provides many features and functions to their customers, and enables them to view their account balance, transfer money from their account to another account (be it in their respective bank or any other bank), view their account summary.

2. In this procedure, many financial transactions can be carried out by simply utilizing a computer with an Internet connection. The necessary things that a person needs for using online banking are, an active bank account with balance in it for transactions, debit or a credit card number, customer’s user ID, bank account number, the Internet banking PIN number, and a PC with access to the web. People using Internet banking are certainly benefited by the online services their respective banks are providing them with. The primary reason why it is so famous and mostly used is that customers are allowed to bank at non-working hours.

3. Banks create their banking interfaces and websites in a viewable and user-friendly manner, which enable customers to conduct their financial transactions with ease. If they are stuck in any process while performing their online transactions, banks have another helpful facility that is “phone banking”, wherein customers can call the bank’s toll-free number and get assistance in completing their transactions. Electronic bill payment, viewing and downloading financial records, and money transfers are some of the general transactions which the customers generally carry out. All online banking services, provided by some banks, are free of cost.

4. When a customer views the bank’s website, there are many options available, but to execute those transactions, he would obligatorily need to log into his virtual account. Without logging in, he won’t be allowed to carry out any kind of the transactions. Initially, when he opens an account with the bank, the bank gives a welcome kit which contains important documents that include the checkbook; a document with the customer’s user ID, online banking password, phone banking password, and account number is embedded. The kit also contains some other confidential data, the credit or debit card, and the card details. The website will prompt the user to enter the necessary details like the Internet banking password and account number, and then will display his account information. In this stage, he can carry out all functions that are available on the website.

5. With regards to the password authentication and encryption, high security is maintained, as there is a chance of hackers getting unauthorized access to the customer’s account and performing malpractices. However, banks keep their online security systems up-to-date to prevent such scenarios. Moreover, banks also suggest their customers to keep on changing passwords periodically. They also implement some security measures like using unique login IDs, transaction codes, using two passwords, security tokens which generate automatically changing passwords.

6. The Internet banking facilities provided by banks differ from bank to bank, and country to country. To know all online banking services and processes, one has to thoroughly refer to the guides which were made available in the welcome kit. Moreover, proper care has to be taken regarding the confidential documents as, Internet banking frauds are on an increase.