You should spend about 40 minutes on this task.
There are an increasing number of people using the credit card which seems likely to replace the coins and notes in the future. Do you think it is a positive or negative development?
Give reasons for your answer and include any relevant examples from your own knowledge and experience.
Write at least 250 words.
It is argued that an increasing number of people today are using credit cards and this would make coins and currency notes to disappear in future. I think this is a part of the human progress, and hence it tends to be more positive.
The transition of exchange of goods and services from barter system to currency and coins has really transformed the field of business. This enhanced trade between communities and the business activities grew faster internationally. At present, humans are at a stage of another transition: from currency or coin exchange to transactions via credit cards.
The introduction and use of credit card system started a new wave of transformation in the field of commerce. Today, more and more people find it as a mode of easy and convenient financial transaction. This also enhanced online trade, which is considered as another landmark business activity. This type of transaction is often seen as faster and accurate, as there are less manual calculations involved. It also gives an assurance that the trade is genuine, as the risk of involvement of fraudulence like fake currencies is nil. However, critics often question its integrity by pointing at technical errors and its vulnerability to cyber thefts. Some others find it makes people spendthrifts.
Turning to the future of credit card usage, I think, more sophisticated technologies would solve the current issues and make it more popular among people, which would push their thoughts about currencies and coins to remote memory.
In conclusion, though there are some issues related to credit card usage at present, I think technology can solve these in near future, and this would make it more popular than now.
Word count: 279