Coins And Paper Will Soon Be Replaced By Credit And Bank Cards IELTS Writing Task 2

First and foremost, we are grateful for online banking's innovative technology. Which has enabled it to be incredibly simple and safe to use our money. People are no longer needed to constantly rely just on notes and keep it safe inside or outside the home. A significant amount of time is also saved by internet banking. Because there is no need to physically meet with a person in authority to exchange funds. Additionally, it saves us time by allowing us to shop online at our convenience. Our monthly salary, which we obtain electronically rather than having to waste time heading to the bank with a check, is a prime example. Online transactions have thereby advanced financial security.

On the contrary, a small percentage of the elderly and disadvantaged in our society still struggle to comprehend how online transfers work. Illiterate workers typically utilize notes to pay for their costs because their meager daily wages cannot be kept in a bank account. Additionally, older people who lack the intellectual capacity to comprehend the workings of the internet find it difficult to keep up with the times. And are more likely to use money as a store of value. To demonstrate this. Let's look at how my grandfather decided against using an internet system to manage his finances. Because he found the process to be too complicated.

In conclusion, despite the fact that digital banking has been on the rise for years, many people are still against it. However, as technology advances, these issues will no longer exist. And it will be much easier and more appropriate for each group in varied places to handle.

No one can argue that having cash in your pockets makes you vulnerable to theft. But we are all aware that ATM fraud is among the most significant forms of online crime. It is also extremely challenging to regulate. As an illustration, when some fraudsters called my paternal uncle and requested for the data of his debit card. He also gave them the pin number. As a result, his account was drained. This incident took place about three months ago. Cyber-cell and police have been unable to locate the victim up until this point. Therefore, using these cards without the necessary understanding is not safe. Utilizing paperless currency is an extremely horrible concept, especially in a country like India where the rate of illiteracy is high.

Additionally, there are instances where due to network or server downtime, No debit or credit cards are accepted. For instance, last month when my family and I went to a mall to shop, I decided to pay for my purchases by swiping my card on the point of sale system. But regrettably, there were some problems with the back end, so my card stopped operating. I was depressed about this circumstance. I now always have some physical cash on me in addition to my plastic money to prevent any more inconveniences.

Furthermore, those digital cards are considerably more portable and user-friendly. They also perform quickly when changing even a large quantity of money, allowing consumers to manage their finances while lounging on their sofa. Smart cards are plastic, Moreover, it will harm the ecosystem.

As a result of its vulnerability and impending replacement by credit cards. I think paper currency and coins should be reduced.

On the one hand, I fully acknowledge the many advantages that credit cards and debit cards have brought to individuals. We can effectively monitor accounts, conveniently combine invoices into a single payment. And even choose a designer handbag or another item from an international store and pay online. Additionally, credit card providers offer added services like payment insurance, shopping safeguards, etc. People are becoming accustomed to using plastic money, which has prompted various companies. Including Apple and Alibaba, to offer additional virtual payment methods like the mobile wallet. In the end, this trend will usher in a new age of cashless society.

On the other hand, there have been multiple transitions in the forms of money throughout human history, from shells through precious metal to plastic money. Nobody can guarantee that living in a cashless world will make transactions safer or entirely better for the person. News reports and media coverage indicate that some people abuse their credit cards and do not rotate their accounts. Additionally, there are numerous ways that fraud with credit cards can occur. And it can be challenging for individuals to stop it alone or simply manage it.

Not always is online banking completely secure. The existence of computer viruses, hackers, and crimes is well documented. Paper currency and coins have come to have a special emotional connection with people. After the complete replacement of conventional money and coins, coin collectors, for instance, will inevitably suffer harm.

In conclusion, I believe that plastic money enhances our quality of life and that a cashless world is quickly approaching. I do not believe they will be significantly safer and of a higher quality for regular people.