Technology is advancing very fast these days. Times are changing rapidly. Similarly, the popularity of plastic money is not the same as it was a few years ago. It is replacing into another form, such as credit and debit cards. Even banknotes and coins are less popular now. I think that the benefits are higher than the drawbacks to this development.
There are the advantages of replacing tangible money, including easy to transfer, easy to save, and no threat of robbery. When people have their own bank accounts with credit and debit cards, then obviously they will have option to instalation of bank digital apps from playstore. They can use these apps at eveywhere. It is very easier to tranfer money to anyone. They can pay their social payments through bank applications, such as electricity and gas bills, online shopping payments, and traffic chalans and taxes. For example, everyone has their own mobile phones. If an individual go out in an emergency situation, he also needs money at there for medicines or a doctor’s fee. At that time, he can use mobile phone apps for transaction. Likewise, when people have only credit or debit cards during travel, they would not have a threat of robbery.
Also, there are some disadvantages to this development, such as unwareness. Everyone is not able to use these types of facilities because of their less education. They are unaware about the use of debit and credit cards. For example, if an uneducated person wants to use these sources of transaction, he may transfer money to wrong person or for the wrong pupose. Therefore, it might be possible, he lost his money
In conclusion, plastic money is converted into another ways, such as credit cards and debit cards due to rapidly advancing technology. Even banknotes and coins are losing popularity. In my view, the advantages outweigh the disadvantages.