Nowadays plastic money replacements such as credit and debit card are extremely popular, even more than banknotes and coins. Discuss the advantages and disadvantages of this.
Debit and credit cards are plastic cards that are issued by the banks to the people. With the help of these cards, people can easily transfer their money. It is generally observed that in present time plastic money is used by people more than banknotes and coins. This trend has both merits and demerits which I am going to discuss in upcoming paragraphs.
To begin with, there are some benefits of credit and debit card. Firstly there are many places in counties where carrying cash is not safe whereas carrying credit and debit card is easy and safe. People can easily transfer their payment to others.
To continue with more points credit and debit cards are also beneficial for international transactions. To elaborate it, in present time so many student study abroad and sometime they do not have enough cash so their parents easily transfer some cash to them with the help of credit or debit card.
Alternatively, there are some drawbacks to like firstly there are many people in society who do not know how to use these card and some people are not aware of technology so , they can face difficulties and fail to pay their money.
Last but not the least, in present time with the advancement of technology, most of the people prefer online shopping when people make online purchase there is risk involved as they share their bank detail which is not safe.
To sum up, plastic cards confer both advantages and disadvantages these cards make the transactions and life hassle free but it is very important to be cautions while using them.
By : Ramanpreet – a Student