Nowadays plastic money replacements such as credit and

debit cards are extremely popular, even more than banknotes

and coins.

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.