Nobody would dispute the fact that electronic transactions are replacing the traditional methods of payment. The use of plastic money such as credit and debit card is the emerging trend in the present era. This transformation towards cashless society is being slow, but widespread. In this essay, I will discuss both advantages and disadvantages of this pardigm.
Firstly, it suggest that the electronic transactions and card payment is conventient and hassle-free method. People neither to carry a bulk amount of cash or write a check, which takes a couple of days to make payment clear. The electronic transactions payment technique is global in nature and easy to go. The e-commerce industry has a major contribution in today world, many individuals have their own business without any brick and morter shops. With the use of Visa and Master card payment can be make anywhere in the world. Finally, people not need to stand in queue for utility bills because cards let them to pay online, which is a time saver indeed.
On the other hand, there are those who argue that the benefits of this plastic money come with some negative impacts as well. Specially, the primary threat of this payment mode is cybersecurity and hacking. For instance, onec the card is hacked and the information is leaked, it could be a big financial loss of user. A technology giant like facebook is unable to save the data of the users. The same go with the plastic money and cards payment, that have same vulnerability.
To conclude, there is no doubt that dispite some adverse effects of plastic money for making and receiving payment, this is need of hour. It provides the plethora of advantages but we ahve to be careful of its use.