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. Include your personal opinion and examples based on your own experience.

In this modern era, people are readily accepting new practices. This is no more evident than people using plastic money instead of traditional notes and coins. Many a times people carry number of debit and credit cards rather than cash. Plastic money has revolutionized the way trade is being conducted. This essay will discuss benefits and drawbacks of using plastic money.

To begin, undoubtedly, unlike cash cards are easy to handle and provide flexibility. They also help in reducing resources which are used in producing notes and cash. In addition to that, unlike cash it is easy to keep track of all credits and debits in the bank statement. For example, many companies provide credit card expense information on email therefore making it easy for consumer to check all the detail online. Popularity of these cards is evident from the fact that growing number of people posses them and use it while shopping online.

On the other hand, there are certain drawbacks for using the cards. Firstly, as these transactions are done over the Internet there is possibility of theft. For instance of user credentials are stolen in a minute hackers can erase all the money from the account. Secondly, plastic money is not acceptable everywhere. Small vendors , kiosks for example do not have the infrastructure to accept the cards. Thirdly, while dealing in cash there is a possibility of corruption as there is not electronic proof for the transaction.

To summarize, although there are some drawbacks, benefits are numerous .In years to come it may be possible that entire trade and commerce will be done by plastic money.