PLASTIC MONEY VS DIGITAL MONEY

In today’s rapidly evolving world there are only 2 types of transaction overpowering cash: plastic money(credit cards, debit cards etc…) and digital money( UPI, cryptocurrency …). Plastic money predating digital money by several decades has led the foundation of non-cash transactions whereas digital may have been a little late in its arrival has successfully integrated modern technology and innovation with money easing the life of the coming generations. Plastic money like the name suggests is thin providing convenience as it can easily find space in your wallet wherever you go. Every credit and debit card holder is given a pin- a social security number- which is required every time making a payment, so even if the card goes in wrong hands the payment will not pass through and the card holder can call their respective banks to get their stolen or lost cards blocked providing utmost safety and security. Plastic money offers its clients with cashbacks, significant discounts and many more perks making it a game changer for regular shoppers. Digital money eliminates the needs for physical cash and cards enabling the payer to pay from anywhere and anytime. Digital money provides banking assistance to a population with a natural disadvantage of lack of access to traditional banking facilities. Improves the cost efficiency of the country due to the lack of necessity of infrastructure like ATMs. All transactions are online ensuring tracking and transparency reducing tax evasion and corruption. However, this modernization in income can risk a certain level of disadvantages. Easy access to money can lead to people being careless and accumulation of debts destroying people’s livelihoods like especially credit cards and open and free online transactions. The need for a highly specialized security agency for online money is required since people’s credit/debit card accounts and online wallet accounts can be easily hacked. Limited accessibility is a concerning issue since a majority of our population is poverty stricken and residing in remote areas having no connection at all with technology. In the end, the ultimate choice rests with us and our needs. While plastic money is the need of today and digital money the trend of the future. It's our responsibility to make wise choices and use our choice responsibly. The onus is on us.