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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,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.