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.

.

.

.

.

.

.

.

Vocabulary:

electronic transactions/electronic trading/paperless transactions
replace/extensively popular/common/need of the hour/widespread
traditional banking system/standard money/
paradigm shift/change in financial transactions/
results/consequences/implications/outcome
positive and negative/ benefits and drawbacks/boon and curse/setbacks and cautions
.
.
convenient/hassle free/pretty easy/ecommerce/anywhere
safe/risk of theft is less/no need to carry a large amount of cash/secure method
payment is cleared immediately/no need to wait/no long queues/save time/from home/speed of transaction
examples: travellers/tourists or students
.
.
.
On the contrary/however
this development/this trend/
does not come without some concerns/also includes some drawbacks/also brings along some negative points
.
.
cybersecurity/hacking/vulnerable/invasion of privacy
small shops do not accept it
credit cards, when used out of proportion, can become a dangerous liability/impulsive buyers/debt trap/forget affordability
High end payments are not possible
some people are still not comfortable with technology
.
.
.
.
.
despite some drawbacks, the use of plastic money is an inevitable reality.
Multiple advantages but one needs to be careful for hackers.
be wise, while using its advantages/boons.