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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. Give reasons for your answer and include any relevant examples from your own knowledge or experience. Write at least 250 words.

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. gE2l

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 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. The same goes for the plastic cards and online payment systems that have the same vulnerability. To conclude, albeit with 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.

Electronic transactions are gradually
 replacing the traditional banking system and the This phrase/word (depending on the context) can be potentially replaced with :exploit
use
 of banknotes is being supplanted
 by credit and debit You use this word too often, consider replacing it withsheetposterlabelprogramcalendarticket
cards
. The transformation towards a cashless society might be slow, This phrase/word is too simple and can be replaced with:on the contrary
but
 steady and widespread. This paradigm shift has both This phrase/word is too simple and can be replaced with:beneficial
positive
 and This phrase/word is too simple and can be replaced with:adverse
negative
 consequences and this essay deals both with them.

Primarily
, electronic transactions and You use this word too often, consider replacing it withelasticmolded
plastic
You use this word too often, consider replacing it withsheetposterlabelprogramcalendarticket
card
You use this word too often, consider replacing it withrefundreturnsettlementrestitutionwagefee
payments
 are more convenient and are processed
 on the go. This phrase/word (depending on the context) can be potentially replaced with :individualsnationsociety
People
 neither This phrase/word is too simple and can be replaced with:ought to
have to
 carry a bulk amount of cash nor write a This phrase/word (depending on the context) can be potentially replaced with :monitor
check
Consider using an m-dash if you do not want to join two words.—
-
 which usually
 takes a couple of days to This phrase/word (depending on the context) can be potentially replaced with :apparent
clear
 the You use this word too often, consider replacing it withrefundreturnsettlementrestitutionwagefee
payment
. The electronic You use this word too often, consider replacing it withrefundreturnsettlementrestitutionwagefee
payment
 system is global in nature and hassle-free. Consequently
, the Possible spelling mistake found.e-commercecommerce
eCommerce
 industry has flourished and This phrase/word is too simple and can be replaced with:a plethora ofa number ofnumerous
many
 individuals have their This phrase/word (depending on the context) can be potentially replaced with :possess
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 You use this word too often, consider replacing it withsheetposterlabelprogramcalendarticket
card
, virtually
 from anywhere in the world. Personally
, I hate standing in a long queue to pay my utility bills, and my You use this word too often, consider replacing it withsheetposterlabelprogramcalendarticket
cards
This phrase/word (depending on the context) can be potentially replaced with :authorize
let
 me do it from home Consider using an m-dash if you do not want to join two words.—
-
 a time saver indeed
.

On the contrary
, the trend does not This phrase/word (depending on the context) can be potentially replaced with :approacharrive
come
 without This phrase/word is too simple and can be replaced with:adverse
negative
 aspects. Although we can This phrase/word (depending on the context) can be potentially replaced with :exploit
use
 these You use this word too often, consider replacing it withsheetposterlabelprogramcalendarticket
cards
 due to technological advancement, the This phrase/word (depending on the context) can be potentially replaced with :hazardsdangers
risks
 of using You use this word too often, consider replacing it withelasticmolded
plastic
 money, however
, pertain to this technology. The primary threat to such You use this word too often, consider replacing it withrefundreturnsettlementrestitutionwagefee
payment
 mode is cybersecurity and hacking. For example
, once a credit You use this word too often, consider replacing it withsheetposterlabelprogramcalendarticket
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. The same goes for the You use this word too often, consider replacing it withelasticmolded
plastic
You use this word too often, consider replacing it withsheetposterlabelprogramcalendarticket
cards
 and online You use this word too often, consider replacing it withrefundreturnsettlementrestitutionwagefee
payment
 systems that have the same vulnerability.

To conclude
, albeit with This phrase/word is too simple and can be replaced with:a number of
some
 adverse effects the This phrase/word (depending on the context) can be potentially replaced with :exploit
use
 of You use this word too often, consider replacing it withelasticmolded
plastic
 money for making and receiving You use this word too often, consider replacing it withrefundreturnsettlementrestitutionwagefee
payments
 is the need of the hour. It provides a plethora of advantages This phrase/word is too simple and can be replaced with:on the contrary
but
 we This phrase/word is too simple and can be replaced with:ought to
have to
 be careful of its This phrase/word (depending on the context) can be potentially replaced with :exploit
use
. 