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 greater than the drawbacks of this development.
There are advantages of replacing tangible money, including ease of transfer, ease of saving, and no threat of robbery. When people have their own bank accounts with credit and debit cards, then obviously they will have the option of instaling bank digital apps from playstore. They can use these apps eveywhere. It is 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 challans and taxes. For example, everyone has their own mobile phones. If an individual goes out in an emergency situation, he also needs money there for medicines or a doctor’s fee. At that time, he can use mobile phone apps for transactions. Likewise, when people have only credit or debit cards during travel, they would not have a threat of robbery.
Also, there are some disadvantages of this development, such as unawareness. 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 transactions, he may transfer money to the wrong person or for the wrong purpose. Therefore, it might be possible, he lose his money
In conclusion, plastic money is converting 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.