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 specific reason and explain them with examples from your own experience or knowledge.
You should write at least 250 words in IELTS writing task 2.
Question Overview
Topic : Money Type : Discussion
Model Answer:
Electronic transactions are slowly replacing the conventional banking system and also the usage of banknotes has been supplanted by debit and credit cards. The conversion towards a cosmopolitan society may be slow, but stable and prevalent. This paradigm change has both negative and positive consequences, and also this informative article deals both together.
Mostly, digital trades and plastic card payments are somewhat more convenient, and they are processed on the move. Individuals neither need to take a majority quantity of money nor compose a test – that generally requires a few days to clean the payment. The payment process is international in character and hassle-free. As a result, the eCommerce market has thrived, and lots of people have their very own online business with no physical store. For example, today, it is become relatively simple to shop using a VISA or a card, almost from any place on earth. As for me, I despise standing in a very long queue to pay my utility bills, along with my cards, allow me to do it in the house – a time saver.
To the contrary, the tendency does not come without damaging facets. Though we can make use of these cards because of technological progress, the dangers of using plastic currency, but pertain to the particular technology. By way of instance, after a charge card has been cloned or its sensitive information is hacked, then the proprietor would endure a fantastic monetary loss. A tech giant such as Facebook has neglected to secure its user information, by way of instance, along with the abuse of consumer information is a worldwide concern. Same holds for the cards and internet payment methods which possess the same vulnerability.
In conclusion, albeit some adverse effects using plastic cash for receiving and making payments is the requirement of the hour. It supplies an array of benefits, but we need to be cautious of its usage.
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