Nowadays plastic money replacements such as credit and debit card are extremely popular, even more than bank notes and coins. Discuss the advantages and disadvantages of this. I IELTS I WRITING TASK-2

Nowadays plastic money replacements such as credit and debit card are extremely popular, even more than bank notes and coins. Discuss the advantages and disadvantages of this.

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Science and technology has grown by leaps and bounds over the past decade. It is believed that plastic money substitute the legal tender notes and there is prolific increase in the usage of credit cards and debit cards. However, it is a mixed bag of Boon and bane.

On the constructive part, society is blessed with numerous benefits because of presence of plastic currency which are worth mentioning. To begin with, people have welcomed warmly the advantages of credit and debit cards and it has substantial contribution in the distinct stages of life of people. It eliminates the need for carrying huge load of cash which is risky and inconvenient and subsequently minimize the chance of getting stolen. However, one can report the matter to the bank and block the cards in case of stolen or misuse. Secondly, plastic currency has Paramount significance in assessing and using as it has unique feature that people can use it globally. Moreover, credit facility has the option of buying on credit and paying later and people can reap the benefits in case of emergencies and contingencies. According to Forbes, 60% people around the world are using debit and credit cards and it is the contributing factor in making their life easier. Thirdly, it has benefited considerably for online payment and various other transactions and consequently, one can transfer the money to the close ones globally.

On the destructive path, there appears to be potential shortcoming from this trend. Is using the plastic money is always beneficial for society? Certainly no, it has potential problems associated with this. Chiefly , it cannot be used for all daily needs and conspicuously it is not acceptable at small shops, to vendors and hawkers. Moreover, people need to handle it carefully and if you are not aware that card has been lost, high chances of risk and misuse involved in it seemingly, one can lost entire bank balance through its misuse. Additionally, sometimes hackers can steal your confidential data and people might lose their heavy amount of balance and totally unaware about it. According to BBC, 40% of the people globally are the victims of cyber crime. However, damage of the cards magnetic strip or scratches make the cards unusable also. Sometimes stores can take additional surcharge on these cards which is a burden to your pocket.

Suffice to say, it is a double edged sword. Because of the plastic money, there is a paradigm shift in the life of people and consequently they can pay online to friend in abroad, easily access anywhere. But, it should be used carefully. It is crystal clear that one should use plastic money wisely for a global fraternity as well as for overall development.