One of the most momentous leaps that shook the world was the invention of plastic money (credit cards, debit cards, smart cards etc). Thanks to these, you do not have to worry about cash or carrying cash anymore because these cards serve as your cash accessing mini pocket cards.
The concept of plastic money is a huge success because it has many benefits over paper money. The first and most important benefit being, easy access and convenience. Then there’s the safety factor. A person would hesitate to roam around with a bag full of paper notes but a credit card is not an issue. In fact, a credit card is not even visible or obvious to the other person whereas a bag full of money can be seen from a distance, which may alert thieves as well.
Seeing the rapid growth of plastic money all over the years, many currency experts believe that plastic money is the future. Without much ado, let’s have a look at why they think so.
- More Convenient Than Paper Currency
It’s not easy to have access to paper cash all the time but plastic money is easily reachable because it removes the physical of money. Money is required to deal with everyday expenses such as food, travel, purchases etc., but with credit cards, you do not really need actual cash to make these transactions as everything happens digitally.
In the past when there was no concept of plastic money, we had to physically be at places to make purchases, pay bills etc. However, gone are those days because today, we can handle such expenses no matter where we are.
We can make online purchases by simply entering our credit card number when asked by a website and even withdraw cash from ATMs.
Plastic money is more convenient than paper money because:
- It lets us make all kind of purchases online from grocery to movie tickets to hotel bookings.
- It keeps a record of all our transactions that can be accessed anything.
- Can be used 24×7.
- Works On A Global Scale
People who travel abroad don’t have to deal with carrying a lot of cash with them thanks to the invention of plastic money. This removes the need to convert currency.
You can use plastic money everywhere as cards as accepted internationally.
- Easy Tracking
Tracking paper money is almost impossible but in case of plastic money, it’s a piece of cake. All the transactions done with plastic money go through banks and electronic media. This way you have a record of all the transactions that can be accessed easily.
This reduces the risk of frauds as every transaction is being monitored. Even if a hacker steals or tries to make an attempt, the system can pinpoint the location with the help of advanced tools.
Paper money can be exploited, torn, stolen and faded but no such problems are associated with the use of plastic money. Credit cards and debit cards are made of high-quality material that does not bend or break easily. So it is a better approach to keep plastic money with you rather than paper currency.
Another advantage of plastic money is that even if your card gets stolen or gets lost, the stealer won’t be able to withdraw cash unless they know your 4 digit pin number. In such a situation, you can call your bank and ask them to block all transactions from your card so that no one can withdraw your money.
It should be mentioned that we lose millions of cash everywhere due to spoiled notes, which can affect the economy and such problem is solved when we use cards that can be swiped through card readers without any trouble.
These points prove that plastic money is safer to use than paper money.
- Credit Facility
Credit cards offer the benefit of making a purchase without actually having money in your account. When you buy on a credit card, you are given sufficient time to pay back for it. This is another advantage of plastic money over paper currency and a majority of people are actually doing it to manage their expenses.
This is a great way to deal with emergency situations when you have no money with you.
Can Plastic Money Be Replaced With Something Even Better?
It can but not anytime soon because improvements are constantly being made to make plastic money more secure and accessible. This points to the fact that plastic money will soon take over paper money in the future.