In a Cashless Society People Use More Credit Cards IELTS Writing Task 2

Additionally, becoming cashless lessens the likelihood of theft and money loss. Because customers can easily make purchases through digital platforms. Even if they have no money in their bank accounts, the use of credit cards has expanded in the cashless society. In the cashless culture, credit card payments also have the benefit of numerous cashbacks and bonuses.

Customers can save some transaction value thanks to this. It has made it possible for clients to interact with people less frequently and to use hassle-free payment and transaction methods. However, using a credit card in a cashless society also has drawbacks. While making payments, transactions can occasionally become stopped. But the money is nevertheless taken from the clients' bank accounts. It takes time for the deducted money to appear on the customer's account. Due to several difficulties, not everyone can use credit cards to make payments. Therefore, those without cards may run into issues in a cashless society.

Because when the card is misplaced, still another issue could also develop. It could take some time and be challenging to replace the old card. Additionally, it could take some time for the cardholder to recall all the information on the new card. The concept of a cashless economy may be intriguing, but in practice it is impossible to completely replace currency. It is possible to use both cash as well as digital payment methods, with the usage of cash limited to emergencies only. Cashless payments would therefore continue to be used, despite the fact that the changing customer market has some advantages as well. However, the drawback of individuals not knowing how to use it needs to be eliminated. To fully benefit from the advantages of the cashless technique, the disadvantages related to a lack of user understanding must be removed.

The amount spent while purchasing items may increase than the expected amount. If the customer has limited cash, then it may cause problems for him. In such cases, cashless transactions come handy as the customer does not have to worry about the increasing cost and can spend more than the expected amount. For example, while purchasing groceries the cost may increase due to some extra items that you may want. Through cashless transactions it is possible to pay for such increasing costs. Further the advantage also lies in the fact that the customers can make payments through only a single click. The disadvantages of cashless transactions lie in the fact that the card details are vulnerable to theft. Once the card details are stolen the customer is at a risk of being exposed to theft and can lose all of his money. For example, many fake websites are present on the internet who may ask for your card details and can steal all your money. Another disadvantage of the cashless transactions is that customers may overspend as they do not have to carry large amounts of cash for spending. The customer may extend his limit of spending and may end up spending on items that they do not want. The customer may not be able to control his urge for spending while using cashless transactions. For example, while buying groceries a person may end up buying extra groceries that are not required. This leads to overspending. Coming to the conclusion, cashless transactions have both advantages and disadvantages. It is not clear if the advantages outweigh the disadvantages or not. So, it is upto the person to decide whether the advantages outweigh the disadvantages or not.

For example, while waiting for payment in a supermarket a customer can easily make payment without having to wait in a queue. Also, he can avoid the situation of running out of cash by using a cashless transaction system. Waiting for long queues at the ATM can be avoided through cashless transactions. This helps in avoiding chaos situations. Recent QR code scanning system has revolutionized the cashless transaction system. With the help of cashless payment options through credit cards it has been possible for the people to walk around and travel in public places without the fear of theft of cash. Moreover, in case one loses their credit card, they might immediately be able to block the card and apply for another. This can be done through one’s smartphone as well which ensures to keep everything protected. Hence, digital payment methods and digitized mode of cash in the form of credit cards can be considered highly advantageous. However, disadvantages of cards include risk of loss of payment. Stealing of the details may put the customer at risk and their payment may be lost. Also, sometimes the payments get stuck for a long time and this delays the payment time. Also, cashless transactions can lead to overspending and people may spend beyond their credit limits. Having possession of cards may lead to people being out of control in terms of spending. There are both advantages and disadvantages of cashless transactions but the advantages may be more for some people than the disadvantages. So it depends upon the people, if they adapt to cashless transactions or not.