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.
Submitted by parvturna on

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Answer the 'Advantages and Disadvantages' topic

IELTS advantages and disadvantages questions normally give you a statement and ask you to comment on the advantages and disadvantages of that statement.

Answer structure for the type of essay

  • Introduction
  • Body paragraph 1 – advantages
  • Body paragraph 2 – disadvantages
  • Conclusion

Examples to start your body paragraph:

  • The main advantage is...
  • The disadvantage of this...
  • The main benefit...
  • Despite these advantages...
  • One possible drawback...

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