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Plastic money replacements are extremely popular


WRITING TASK 2

You should spend about 40 minutes on this task.

Present a written argument or case to an educated reader with no specialist knowledge.

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.


Sample Answer:

In today’s modern world, the use of plastic money replacements such as credit and debit cards has become increasingly popular, surpassing the use of traditional banknotes and coins. This shift towards digital forms of payment has its own set of advantages and disadvantages.

One of the main advantages of using credit and debit cards is the convenience they offer. With just a swipe or a tap, individuals can make purchases without the need to carry physical cash. This not only reduces the risk of theft, but also eliminates the hassle of counting and handling coins and banknotes. Additionally, credit and debit cards provide a record of transactions, making it easier for individuals to track their expenses and manage their finances.

Moreover, plastic money replacements offer a higher level of security compared to carrying cash. In the event of a lost or stolen card, it can be easily blocked and replaced, preventing any unauthorized use. This provides a sense of reassurance to cardholders, knowing that their funds are protected.

On the other hand, there are also disadvantages associated with the widespread use of credit and debit cards. One major concern is the potential for overspending and accumulating debt. With the ease of swiping a card, individuals may be more inclined to make impulsive purchases, leading to financial strain in the long run. Additionally, the reliance on digital transactions makes individuals vulnerable to fraud and identity theft, as cybercriminals continue to find ways to exploit weaknesses in the system.

Furthermore, the shift towards plastic money replacements may also have implications for those who do not have access to banking services or prefer to use cash for cultural or personal reasons. This could potentially exclude certain segments of the population from participating in the economy.

In conclusion, while the popularity of credit and debit cards offers undeniable convenience and security, it also comes with the risk of overspending, fraud, and exclusion. It is important for individuals and financial institutions to strike a balance and ensure that the benefits of plastic money replacements are maximized while mitigating the associated drawbacks.


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