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

In the contemporary world, it is irrefutable that the mode of money transactions have changed around the globe. These days, credit and debit
cards
have become quite popular replacing
the
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coins and notes. In
this
essay
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we shall discuss
about
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the positive and negative impacts of
this
development. On one hand,the mushroom growth in the usage of transaction through chip
cards
have many benefits on the customer part.
Firstly
, it is very convenient for the buyer as there is no need for
bulk
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a bulk
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fund to be carried all the time. If an individual has to pay a handsome deposit for hospital charges,
for instance
, he can easily make a transaction through his
card
.
Secondly
, it is a time-saving method for huge bills and big investments. Illustrating
this
, one can do online shopping through bank
cards
and there is no need to go and clear the bill physically.
This
makes the transactions accessible and time-friendly.
On the other hand
,
this
approach has had many downsides for the customers. The
first
and foremost drawback is online fraud of cash through hacking of
card
pin codes. Many instances are there
,
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when capital has been forged through bank
card
money transfers. Other than that, lack of knowledge about the usage of these
cards
is a great hindrance for the old generation. To cite an example, an aged person is unaware of the complex procedure of using these
card
.
As a result
, online theft and inability to use can add to the negative aspects of bank
cards
. In conclusion, it can be said that
this
trend has many positive and negative developments. In my opinion, one should take into consideration both the pros and cons of using credit and debit
cards
in place of coins and physical money.
Submitted by kk1710015 on

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