Nowadays plastic money replacements such as credit and debit cards are extremely popular, even more than banknotes and coins. Discuss the advantages and disadvantages of this?

The usage of cashless payments has indeed surpassed the traditional method of payments

such

as paper

money

and metal currencies in popularity.

This

essay will elucidate the pocket-friendly feature as a primary advantage, and

th

en describe h

Suggestion

then describes

ow it paves the way for frauds both online and offline. To start with, the easiest method to take a huge sum of

money

is in the form of credit and debit cards. Nowadays, people prefer to carry a card with them rather than having a heavy wallet or bag.

Moreover

, due to recent technological advancements, the financial bodies have provided the option of online access to the cards through mobile phones and computer applications

such

as Google and Apple pay. To make it effective, banks and credit companies have been investing on a large scale to develop new features in

plastic

money

.

For example

, recently a new chip has been inserted into cards to make the transactions quicker just by tapping it on the payment machine.

This

way, customers would not have to wait in long queues.

Thus

,

plastic

money

has proved to be more convenient in usage than paper currency.

However

, the major drawback of the modern currency is that it hikes the chances of fraudulent activities in

this

cashless world. To elucidate, hackers can steal all the personal details after decrypting the banking codes, and it takes solely a few moments to transfer the

money

to their card.

Furthermore

, thieves could withdraw thousands of dollars, if they find out any lost card. Not only

this

, cy

bercriminals c

an

also

create the cloning of

plastic

money

and can misuse it without being known to the owner. According to the report of the World Bank, every ye

ar 5 p

Accept comma addition

year, 5

ercent of people are deceived by fraudsters through fake cards worldwide.

Hence

, it has become a matter of concern for financial organizations to introduce new safety measures for capital protection. To conclude, undoubtedly digital payments have raised the level of ba

nking industry b

Suggestion

the banking industry

y inserting the

plastic

cards to the public’s pocket.

However

, there are still huge threats to

this

innovation from online criminals and thieves.

Thus

, a highly encrypted and technically secured system would be required.