The usage of Credit cards and Debit cards seems to be a growing trend. Will plastic money completely replace the currency notes and coins used at present? Do you think this is a positive development?

The popularity of
credit
and debit cards has increased tremendously over the years.
This
is definitely a positive development because cards have eliminated the need to carry
cash
in our wallets.
However
, I
don’t
expect cards to replace paper currency in the near future. If
credit
and debit cards are popular,
that is
because they are very convenient. Carrying huge amounts of
cash
in one’s wallet is not very safe. Cards eliminate
this
need. What’s more,
credit
cards allow people to buy things even if they
don’t
have any balance in their bank accounts. Cards have
also
made online transactions possible. If there were no
credit
cards, the e-commerce industry would not develop at
this
pace. On the flip side, data
security
is a concern when you make payments using your cards. Hackers are after your
credit
card
details and
security
breaches can wipe the entire amount in your bank accounts.
However
, banks and
card
companies are working hard to fix
this
problem. And thanks to
security
measures like two-factor identification
card
payments have become much safer over the years. Still, I
don’t
think that
cards
Suggestion
the cards
will completely replace
cash
. Many small businesses do not have the technology required to accept
cash
payments. If you buy things from a roadside vendor you will have to pay
cash
. I
don’t
think that they will be in a position to accept cards any time soon.
In addition
, we are emotionally attached to paper currency.
This
may
also
prevent the total adoption of cards. To conclude, the growing popularity of
credit
and debit cards is indeed a positive development.
However
, even
today
Suggestion
today's
security
concerns prevent many people from making
card
payments.
This
might change in the future, but until everyone has the facility to accept cards, they are not going to replace traditional currency.
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