IELTS Essay 1205 - Plastic money replacements are extremely popular

IELTS Writing Task 2/ IELTS Essay:

You should spend about 40 minutes on this task.

Write about the following topic:

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. 

Model Answer 1:
Electronic transactions are gradually replacing the traditional banking system and the use of bank currency is being supplanted by credit and debit cards. The transformation towards a cashless society might be slow, but steady and widespread. This paradigm shift has both positive and negative consequences and this essay deals both with them.

Primarily, electronic transactions and plastic card payments are more convenient and they are processed on the go. People neither have to carry a bulk amount of cash nor write a check - which usually takes a couple of days to clear the payment. The electronic payment system is global in nature and hassle-free. Consequently, the eCommerce industry has flourished and many individuals have their own online business without any brick and mortar shop. For instance, nowadays it has become pretty easy to shop with a VISA or a Master card, virtually from anywhere in the world. Meanwhile, with PayPal and other online payment processors, someone can sell his products online. Personally, I hate standing in a long queue to pay my utility bills, and my cards let me do it from home - a time saver indeed.  

On the contrary, the trend does not come without negative aspects. Although we are able to use these cards due to technological advancement, the risks of using the plastic money, however, pertain to this technology. The primary threat to such payment mode is cybersecurity and hacking. For example, once a credit card is cloned or its sensitive data is hacked, the owner would suffer a great financial loss. A technology giant like Facebook has failed to protect its user data and the misuse of user data is a global concern. Same goes for the plastic cards and online payment systems which have the same vulnerability.

To conclude, albeit some adverse effects of the cards payment system, the use of plastic money for making and receiving payments is the need of the hour. It provides a plethora of advantages but we have to be careful of its use.

[By - Fahad Arif]

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