1. 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

At present

credit

and

debit

cards

are getting popular as a money replacement for banknotes and coins. As the

use

of

credit

and

debit

cards

brings a lot much comfort with it, their

use

getting widespread acceptance. For currency transactions you do not require to carry any cash ,just swipe or insert your

debit

or

credit

card and good to go, what a huge convenience!

Firstly

, the

use

of

credit

and

debit

cards

save lots of effort to carry and count currency notes and coins ,which gives freedom of movement. ,

Additionally

online payments with

credit

or

debit

cards

save your number of trips to banking institutions.

Furthermore

, the less you need to handle cash or coins the fewer chances of spreading infection so in the time of corona pandemic

this

prevents the spread of infection to some extent. Using your

credit

or

debit

cards

you can do online shopping, buy flight and movie tickets ,order groceries and pay fines just by entering your

credit

or

debit

cards

number in the

system

. With all the benefits, these

cards

bring some disadvantages too, like misuse of

credit

or

debit

cards

without authorisation or using stolen

cards

before getting noticed by banking institutions. Fraud using

credit

or

debit

cards

for buying online tickets or making payments. Hacking banking accounts using

credit

or

debit

cards

and withdrawing all the money is illegal. with the tap ,

system

some people steal money from other peoples

cards

by just using the contactless payment

system

. In ,conclusion though the

use

of

credit

and

debit

cards

bring huge convenience we should be more vigilant and follow all the safety measures recommended by the banking

system

including keeping alerts for payment transactions and the

use

of

cards

for auto-payments.