• 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 recent times, electronic transactions are popular and it is replacing the traditional banking system and use of paper

money

which is supplanted by credit

cards

and debit

cards

. There are many benefits of

this

plastic

money

such

as it is easy to carry and a person can do transactions easily even in a foreign country.

However

, it cannot be able to use in small retail outlets and it creates massive problems when it is stolen or someone knew about your

card

details. In

this

essay I will discuss both the positive and negative consequences of plastic

money

and based on I will derive a conclusion. On the positive side, bank

cards

are easy to carry and more convenient to access. A person does not need to carry a bunch of hard cash.

For example

, if an individual wants to buy four-wheeler vehicles, so he cannot carry paper

money

with him.

Also

, there are many handsome discounts as well as offer available for purchase thins by

cards

.

Moreover

, it is accessible in every corner of the world.

For instance

, nowadays, it has become easy to shop with VISA or MASTER

CARD

, virtually from anywhere in

this

global village.

Also

, people do not need to standing in a long queue to pay their utility bills or convert their native currency to any other national currency. On the negative side, as every garden has weeds, plastic transactions have

also

drawbacks.

First

and foremost,

this

type of payments system is not accepted by small retailers or in rural areas people are not aware of it.

Also

,

this

cards

machines need an electric city to access them. It is not available 24×7 power supply in villages. To illustrate

this

scenario, about 6 months ago, I visited a village in Rajasthan state where I purchase cold drinks and I gave my debit

card

for payment but the shopkeeper denied it because he does not have swiping machine.

In addition

, it creates a huge issue if an anonymous is know about

card

details

such

as

card

number or password. For illustrate, in the present time, much news telecast on television that its sensitive data is hacked and the owner would suffer a great financial loss. To conclude,

although

having advantages

such

as it is the best and suitable payment method.

However

, the negative side cannot be ignored