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.
Currently, electronic transactions are increasingly becoming popular, and it is gradually replacing traditional banking systems. The uses of paper money is being suppressed by the plastic money like credit and debit cards because it provides a range of convenience to mass people. However, this change has both negative and positive consequences, and this essay deals both with them.
To begin with, firstly, plastic money is successfully accepted by merchandisers worldwide because it takes less payment processing time. Plastic money offers instant and real-time transaction, which usually saves time in withdrawing cash from an ATM, and writing a cheque. Latter generally takes two to three business working days in clearance, and hence, making a payment slow and delay. For an example, according to a latest survey carried out in the Indian cities and Suburban areas, revealed that around 90% of people like to go cashless while shopping. They prefer to use plastic cards over cash cause instant payment. Personally, I also do not like to wait in a long queue to pay my utility bills and other expenses knowing to wastage of my time, which I can utilise on doing some other important task.
Secondly, it does not add an instant burden of paying payment on consumers. Facilities like pay later and EMI payments provide great flexibility to individual persons. As a result, it is much useful in managing finance for many. Lastly, electronic transactions are free from carrying cash, and therefore, it is helpful in adding a sense of security and reducing an amount of burden on individual people. Moreover, plastic cards are very relaxing at the time of emergency such as shortage of cash at billing counter.
On the other hand, with regards to online security, digital transactions have has some detrimental effects on each individual person. Data hacking are being rapidly increasing with the advancement of technology. Consequently, it leads to rising in digital crimes such as fraud and misuse of plastic cards. In addition, it is also considered as plastic debt by some people owing to collecting a huge amount of interest, if the payment is not made on time. For an instance, according to a recent survey carried out by State Bank of India, listed that 5% of its finance is earned from the interest oftenly not paid by credit card holders.
To conclude, although electronic transactions are possibly not secure due to increasing data theft, it is yet replacing traditional banking systems due to its Global acceptance, and others facilities particularly, less payment processing time, provides security for not holding cash, and supports in finance management.
| Post date | Users | Rates | Link to Content |
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| 2022-01-04 | Paralmani | 61 | view |
| 2021-03-23 | dhillonsukh | 89 | view |
| 2021-03-09 | Long Bui | 56 | view |
| 2020-11-12 | christy018 | 73 | view |
| 2020-07-17 | pushpak | 89 | view |
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Grammar and spelling errors:
Line 3, column 419, Rule ID: THE_SUPERLATIVE[1]
Message: Use 'the' with the superlative.
Suggestion: the
...and delay. For an example, according to a latest survey carried out in Indian cit...
^
Line 3, column 640, Rule ID: EN_CONTRACTION_SPELLING
Message: Possible spelling mistake found
Suggestion: don't
...use instant payment. Personally, I also dont like to wait in a long queue to pay my ...
^^^^
Transition Words or Phrases used:
also, consequently, first, firstly, hence, however, if, lastly, moreover, second, secondly, so, therefore, while, in addition, such as, as a result, to begin with, on the other hand
Attributes: Values AverageValues Percentages(Values/AverageValues)% => Comments
Performance on Part of Speech:
To be verbs : 16.0 13.1623246493 122% => OK
Auxiliary verbs: 1.0 7.85571142285 13% => OK
Conjunction : 17.0 10.4138276553 163% => OK
Relative clauses : 4.0 7.30460921844 55% => More relative clauses wanted.
Pronoun: 21.0 24.0651302605 87% => OK
Preposition: 68.0 41.998997996 162% => OK
Nominalization: 17.0 8.3376753507 204% => Less nominalizations (nouns with a suffix like: tion ment ence ance) wanted.
Performance on vocabulary words:
No of characters: 2246.0 1615.20841683 139% => OK
No of words: 429.0 315.596192385 136% => OK
Chars per words: 5.23543123543 5.12529762239 102% => OK
Fourth root words length: 4.55107846309 4.20363070211 108% => OK
Word Length SD: 2.84574622565 2.80592935109 101% => OK
Unique words: 241.0 176.041082164 137% => OK
Unique words percentage: 0.561771561772 0.561755894193 100% => OK
syllable_count: 709.2 506.74238477 140% => OK
avg_syllables_per_word: 1.7 1.60771543086 106% => OK
A sentence (or a clause, phrase) starts by:
Pronoun: 9.0 5.43587174349 166% => OK
Article: 1.0 2.52805611222 40% => OK
Subordination: 3.0 2.10420841683 143% => OK
Conjunction: 7.0 0.809619238477 865% => Less conjunction wanted as sentence beginning.
Preposition: 7.0 4.76152304609 147% => OK
Performance on sentences:
How many sentences: 20.0 16.0721442886 124% => OK
Sentence length: 21.0 20.2975951904 103% => OK
Sentence length SD: 56.5680784542 49.4020404114 115% => OK
Chars per sentence: 112.3 106.682146367 105% => OK
Words per sentence: 21.45 20.7667163134 103% => OK
Discourse Markers: 9.05 7.06120827912 128% => OK
Paragraphs: 5.0 4.38176352705 114% => OK
Language errors: 2.0 5.01903807615 40% => OK
Sentences with positive sentiment : 11.0 8.67935871743 127% => OK
Sentences with negative sentiment : 6.0 3.9879759519 150% => OK
Sentences with neutral sentiment: 3.0 3.4128256513 88% => OK
What are sentences with positive/Negative/neutral sentiment?
Coherence and Cohesion:
Essay topic to essay body coherence: 0.125333046276 0.244688304435 51% => OK
Sentence topic coherence: 0.0388054340995 0.084324248473 46% => OK
Sentence topic coherence SD: 0.0421330914716 0.0667982634062 63% => OK
Paragraph topic coherence: 0.0751473684218 0.151304729494 50% => OK
Paragraph topic coherence SD: 0.0552932678746 0.056905535591 97% => OK
Essay readability:
automated_readability_index: 14.0 13.0946893788 107% => OK
flesch_reading_ease: 41.7 50.2224549098 83% => OK
smog_index: 8.8 7.44779559118 118% => OK
flesch_kincaid_grade: 12.7 11.3001002004 112% => OK
coleman_liau_index: 13.11 12.4159519038 106% => OK
dale_chall_readability_score: 9.43 8.58950901804 110% => OK
difficult_words: 129.0 78.4519038076 164% => OK
linsear_write_formula: 11.5 9.78957915832 117% => OK
gunning_fog: 10.4 10.1190380762 103% => OK
text_standard: 14.0 10.7795591182 130% => OK
What are above readability scores?
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Rates: 78.6516853933 out of 100
Scores by essay e-grader: 7.0 Out of 9
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Note: the e-grader does NOT examine the meaning of words and ideas. VIP users will receive further evaluations by advanced module of e-grader and human graders.