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<Topic> 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. |
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It is true to say that the electronic payment system has
become the rampant way, replacing the conventional banking system. Although many
people take magnetic cards or banking applications to make a payment, some researchers
differ in their opinion as to the trend. In this essay, the merits and demerits
of the plastic money will be discussed. On the one hand, there are arguments against using electronic payments. Firstly, as banknotes and coins usually contain the great names in history, people may emulate those great historical men by using paper money which is one of the most frequently used items in daily lives. However, due to the decreasing number of people who use paper money, there is a viewpoint that we are forgetting conservative spirits as descendants. Secondly, if the Internet banking system’s data hacked, customers’ valuable personal information may be revealed. Then enterprises are not able to be paid about their expenditure and banks may lose their faith from clients. On the flip side, the reason why the electronical payment system becomes a general trend is convenience. People do not have to carry a lot of cash in the wallet owing to the credit cards or mobile phones which are thin and smaller than hands. Subsequently, it is interesting to note that the whole criminal rate has declined. People tend not to be targeted by Burglars because once the purse is stolen, all bank customers have to do is making a call to the bank and stop the card activation. What is more, one of the expenses of administration is paying for rendering the new banknotes and coins. Owing to the prosperity of plastic money, governments can save costs not to make paper money. To conclude, albeit it is no doubt that electronic payment methods bring a plethora of benefits in people’s lives, we ought to take precaution to use it in a safe way. |
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