Nowadays plastic money replacements such as credit and debit cards are

Nowadays plastic money replacements such as credit and debit cards are extremely popular, even more than banknotes and coins.
Discuss the advantages and disadvantages of this.

– Bài viết mẫu IELTS –

Model Answer:

Electronic transactions are gradually replacing the traditional banking system and the use of banknotes is being supplanted by credit and debit cards. The transformation towards a cashless society might be slow, but steady and widespread. This paradigm shift has both positive and negative consequences and this essay deals both with them.

Primarily, electronic transactions and plastic card payments are more convenient and they are processed on the go. People neither have to carry a bulk amount of cash nor write a check – which usually takes a couple of days to clear the payment. The electronic payment system is global in nature and hassle-free. Consequently, the eCommerce industry has flourished and many individuals have their own online business without any brick and mortar shop. For instance, nowadays it has become pretty easy to shop with a VISA or a Master card, virtually from anywhere in the world. Personally, I hate standing in a long queue to pay my utility bills, and my cards let me do it from home – a time saver indeed.

On the contrary, the trend does not come without negative aspects. Although we can use these cards due to technological advancement, the risks of using plastic money, however, pertain to this technology. The primary threat to such payment mode is cybersecurity and hacking. For example, once a credit card is cloned or its sensitive data is hacked, the owner would suffer a great financial loss. A technology giant like Facebook has failed to protect its user data, for example, and the misuse of user data is a global concern. Same goes for the plastic cards and online payment systems that have the same vulnerability.

To conclude, albeit some adverse effects the use of plastic money for making and receiving payments is the need of the hour. It provides a plethora of advantages but we have to be careful of its use.

[Written by – Fahad Arif]

– Bài viết mẫu IELTS writing band 9 , bài IELTS essays mẫu band 9 , bài viết mẫu ielts band 9 , ielts writing task 2 , học viết ielts writing task 2, học viết ielts, học ielts online , cách viết bài ielts