Shell Script to Rename & Move files in Unix

Problem Statement: I have few files in source directory. I have to move them to another destination directory. The source directory have *.txt files that needs to be moved to destination directory. The destination filename should be *.txt.backup. So how to accomplish the above task in Unix Shell Script? Well the solution is simple:

cd source/
for file in *.txt
do
   mv "${file}" ../destination/"${file}.backup"
Code language: Arduino (arduino)

Run a loop for each txt file in source/ directory and call mv command with parameters. Does the above problem have a simpler solution than this?