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. Give reasons for your answer and include any relevant examples from your own knowledge or experience.
The cashless policy is increasingly on the rise. In recent times, many individuals prefer going around with credit and debit cards to having a truckload of cash in their wallets.
This
essay will discuss the pros and cons of this
new development.
First
and foremost, there are so many benefits of using the atm cards, one of which is security purposes. People feel safer walking around with a single card in their possession, these cards usually have passwords or pins that only the owner should know. For example
, bad people can notice that somebody is carrying a huge chunk of money around and rob. Also
, it is easier to make transactions with just the swipe of one's plastic money and input of pins. Furthermore
, each bank account, personal or business, is entitled to a credit or debit card which makes it easier to manage funds and balance expenses at the end of a given period.
On the other hand
, with the extinction of banknotes and coins and the advent of plastic money, thieves have devised more evil ways to get what they want. For instance
, when a thief gets hold of personal and sensitive information related to a person's banking. The funds could easily be moved. Additionally
, fraudulent transactions can be easily carried out using the atm. Individuals that are dubious device means to defraud legitimate businesses on a daily basis with the introduction of the atm. To mention the least, plastic coins are expensive to maintain as their maintenance fee is deducted from each account on a monthly basis.
In conclusion, the cashless policy is really great for those who need to carry out operations requiring large funds and are extremely careful but otherwise
, could be really detrimental as one mistake could cause bankruptcy. Both banknotes and going cashless have their advantages as well as disadvantages when it comes to the finances of an individualSubmitted by adeluvadeife on
Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Writing9 with appropriate and specific direction to the original content.
Your opinion
Don’t put your opinion unless you are asked to give it.
If the question asks what you think, you MUST give your opinion to get a good score.
Don’t leave your opinion until the conclusion.
Here are examples of instructions that require you to give your opinion:
...do you agree or disagree?...do you think...?...your opinion...?