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.

Gone are the days, when electronic transactions were eminent among a few people. These days, owing to globalisation and modernisation, the use of banknotes supplanted by credit cards and debit cards.

Although

this

has a plethora of merits yet numerous demerits are

also

there which will be elaborated in the upcoming paragraphs. . Initiating with the best possible benefits, the most significant one is transaction with plastic money can be done from home as individuals do not have to worry about going to places in person.

Consequently

,

this

mode of payments can process on the go and people neither have to bother about carry a bulk of cash in a wallet.

Accordingly

, electronic payment system is global in nature and hassle-free. Along with it the risk of theft and loss is minimized and apart from it cashless flow of money will

also

help in the growth of the economy of the country.

As a result

, online payments require less processing time rather than their offline counterparts. On the paradoxical side, there are many drawbacks as well. The

first

and foremost one is that instant payment has often been responsible for impulsive shopping habits since some people even buying things even if they do not need them.

Subsequently

, ease of using online payment methods, not only makes a hole in one’s pocket, but

also

more vulnerable to data hacking, misuse and theft. A recent research suggests that, 80 percent of duping cases relate to online transactions.

In addition

to

this

, sometimes payments, get declined due to technical problems which will cause to an embarrassing situation. In fact, it is more likely that high-speed internet is required all the time, but small vendors sometimes do not have

this

facility. To recapitulate, after having

this

great deal of discussion and deliberation on

this

topic, I arrive at a decision that plastic money has both adverse and favourable outcomes,

therefore

, it is the sole liability of human beings to utilize it carefully when required