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.


Write at least 250 words. 

Model Answer 1:
Electronic transactions are gradually replacing the traditional banking system and the use of banknotes 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. 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 can use these cards due to technological advancement, the risks of using 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, for example, and the misuse of user data is a global concern. Same goes for the plastic cards and online payment systems that have the same vulnerability.

To conclude, albeit some adverse effects 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.

[Written by - Fahad Arif]



Advantages of using plastic money (i.e. credit and debit cards):

1. The convenience of doing transactions from home.
2. Has global acceptance.
3. These cards easily fit into our wallet.
4. Reduce the risk of carrying a huge sum of money.
5. Facilitates online payments.
6. Enable small business owners to run business 24/7.
7. Offer credit facility and instalment facility.
8. The risk of theft and loss is minimised.
9. Support the growth of eCommerce.
10. Less time to process the transaction.

Disadvantages of using plastic money (i.e. credit and debit cards):

1. Not accepted by small vendors.
2. Sometimes the payment is rejected due to technical problems.
3. Such cards may impose high-interest liability to the owner.
4. Plastic cards often are responsible for impulsive shopping habits of people.
5. Vulnerable to hacking, data theft, misuse and fraud.
6. High-value transactions are often not possible.
7. Sometimes impose additional service charges.

1 1 1 1 1 1 1 1 1 1 Rating 4.50 (23 Votes)
Plastic money has supplanted the traditional methods of the banking system, banknotes and shopping and services. It makes our life more convenient as we can avail cash in less time, do not need to carry money so there is no chance of snatching. The paradigm shift, I believe, has both positive and negative consequences. In this essay, I will deal with both aspects.
Introduction sample:

Credit and debit cards as an instance of artificial money are getting handy and so much functional versus the banknotes and coins these days. Using modern technologies for transferring money could be so much helpful for saving energy while nothing can take the place of cash in our everyday life.

Please evaluate my essay and give me some advice.

Essay 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.

Using plastic money, including debit and credit cards instead of cash, offers significant benefits to us such as convenience and safety. However, their limited acceptance and misuse are two major drawbacks we cannot ignore.

To begin with, nowadays, debit and credit cards are widely used by many to make life easier. Personally, I am one of them who use such cards every day to pay the fees, complete shopping and pay utility bills. As a user of plastic money, I do not worry about carrying a large amount of cash and that makes my life a lot easier. A great number of merchants and online shops - both local and international, accept these cards and users even enjoy special discounts and rewards for making such transactions. Due to the inception of plastic money, the eCommerce industry flourished which is slowly replacing the traditional shopping methods.

However, cash is still a prefered mode of transactions by many small vendors and transactions involving big amount are still not possible using cards as they have a limit. Besides, transactions made by cards, especially credit cards, involve additional charges, which is inconvenient to many users. On top of that, such cards are prone to misuse if fallen into the wrong hands and cause financial disaster to the owner. Since we often use debit or credit cards to make online payments, cyber-criminals and hackers may gain our card details and misuse them to gain financially.

To conclude, plastic money is one of the most effective methods of transactions to make our life easier but we have to be careful so that it does not fall into the wrong hands.