Electronic transactions are gradually replacing the traditional banking system and the
of banknotes is being supplanted by credit and debit cards. The transformation towards a cashless society might be slow, but steady and widespread.
paradigm shift has both positive and negative consequences and
essay deals both with them.
Primarily, electronic transactions and
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
. The electronic
system is global in nature and hassle-free.
, the eCommerce industry has flourished and many individuals have their own online business without any brick and mortar shop.
, 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.
, the trend does not come without negative aspects.
these cards due to technological advancement, the risks of using
, pertain to
technology. The primary threat to
mode is c
, 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
cards and online
systems that have the same vulnerability.
To conclude, albeit some adverse effects the
money for making and receiving payments is the need of the hour. It provides a plethora of a
we have to be careful of its
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