At present days, there is a ongoing debate about the popularity of plastic money like credit or debit cards rather than banknotes and coins. While this trend has positive aspects including its convenience and ease to use and greater security, it is not without drawbacks in terms of technical problems and cybercrime or fraud.
Admittedly, one of the major advantages of plastic money becoming more common lies in its comfort and ease to use. Many people find it very easy to use, as they do not need to carry large amounts of money with them. A perfect case in point is online shops. This is mainly because people can buy their daily products and needs online and make payments quickly and effortlessly. If someone loses their bank card, they can immediately block it, even though cash is gone forever.
Nevertheless, the advent of plastic money is not devoid of drawbacks, with one the most pressing concerns being technical issues. There are some times individuals can came a cross system malfunctions, because card payments rely on electricity, internet source and banking systems. Moreover, this can be particularly problematic in remote areas. Secondly, turning cash money into plastic and online money can lead to the proliferation of fraud. Some hackers may easily log into online users’ accounts, they can steal money thorough online scams and fraudulent transactions.
To sum up, plastic money like credit cards offers convenience and greater security for people, whereas it also involves disadvantages like cybercrime and technological failure.