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.

With the implementation of demonetisation, payment methods became a hot topic of discussion. While some side towards

credit

cards, many people still prefer to stay with

cash

citing the reason that

credit

is still a newer concept in the long history of finance.

This

essay elaborates on why I feel that

credit

cards are a preferred payment method as compared to physical currency.

To begin

with, there are definite advantages to the virtual exchange of money.

Firstly

, there is no need to carry rupee notes in your wallet and just a card is sufficient.

Secondly

, there is a limit to the amount of

cash

that one can practically carry with himself, a drawback not faced by virtual money.

For example

, when I visited the Apple store to buy a phone which costs 150,000 rupees, it would have been mighty inconvenient to carry

this

large amount in

cash

. But as I had a

credit

card, I could travel with a lighter pocket.

Moreover

,

cash

also

has some inherent disadvantages.

First

of all,

cash

transactions happen off-paper, without leaving any trail.

Thus

, paper money can be used as a source of corruption and bribery.

For instance

, I was once asked a bribe of Rupees 500 by a traffic policeman as I had forgotten to carry my driving licence. In conclusion, due to the advantages like convenience and safety offered by the

credit

card and the drawbacks associated with

cash

such

as fake currency and bribery, I believe that virtual payments are superior to physical notes.