The debate on cash versus credit card has been going on for some time. Credit is still a fairly new concept within the history of finance; so many people would rather stick with paper money. According to you, which is a better payment method, cash or credit? Give reasons for your answer and include any relevant examples from your own knowledge or experience. Write at least 250 words.

In the modern era, the digital payment has increased compared to the traditional modes of payment.

This

is an evolution in the finance industry and not completely accepted view as of now. I agree with

this

concept. In the following essay, I would like to highlight the advantages and disadvantages of the two modes of payment.

Firstly

, Digital transactions have been of great help to youngsters like me. Individuals of the current generation are accustomed to the technology and everything that comes with it has bee an add-on.

Additionally

, Multitude of activities can be completed just by a touch on the mobile phones. With concepts like "One-time-password" and "Unified-payment-Interface", life has become invariably simple.

For instance

, in my day-to-day life, I do not carry cash around that often, especially for grocery shopping or buying minimalistic household items or stationery goods.

Instead

, I make most of the payments with apps like GooglePay, Paytm, Phonepe and PayPal. The online mode of settlement has made my life easier.

Furthermore

,the Digital world has been quite an eventful and helpful environment,especially nowadays, with the pandemic in place, the no-touch policy would have been extremely difficult.

On the other hand

, there have been instances with online frauds and scams,

this

is a debatable concept. The main reasons for

such

unfortunate events are the website security and unawareness. If people are educated on these modes of transfer, they would be much careful and make payments on verified applications.

For example

, one of my colleagues lost his money after an online settlement on an unknown website.

Moreover

, the security breaches identified should be taken seriously and fixed immediately. The set of people behind

such

activities are referred to as hackers. These hackers should be given a punishment or should be barred from utilising

this

skill on negative events. In conclusion,

this

change in the contemporary era from cash to credit can be handy but has its demerits as well.

Nevertheless

, if the online payments are given more assurance and guidance, the usage of

such

platforms and the credit mode utilisation can be increased.