When we say plastic money, it includes debit cards, atm cards, credit cards, prepaid cards, smart cards and so on. A single person can have many attributes and belongs to many groups such as family, clubs, and organizations. The seven advantages of plastic money called as the credit. Credit cards and debit cards as an alternative to cash. The acquirer thenforwards the chargeback to the merchant. It was in the 1950s the concept of plastic money came into being. Polymer banknotes are banknotes made from a synthetic polymer such as biaxially oriented polypropylene bopp.
The former covers articles on the the emergence of plastic money, different types of plastic cards and their growth in india and other related. To know different types of plastics money offered by banks. In the beginning iron, copper, tin, bronze, nickel, lead, gold, silver etc were used. Pdf the paper evaluates the issues and challenges of plastic money usage in india.
Companyissued charge cards can be found as far back as the early 1900s. Debit card, credit card, plastic money, paper money, transactions, and financial institutions introductionplastic cards have been a very recent substitution of the normal method of paying through paper money. Plastic money is referring to the credit cards or the debit cards that we use to make. Debit cards can be used for shopping, paying for fuel, grocery, withdrawing money from the automated teller machine. It allows its holder to buy goods and services based on the holders promise to pay for these goods and services. Benefits for a merchant merchants too will receive tax benefits for.
Plastic money its technical and monetary importance educba. Types of plastic money financial transaction debit card. An analytical study on use of plastic money in india. Find plastic money stock images in hd and millions of other royaltyfree stock photos, illustrations and vectors in the shutterstock collection. A credit card is sometimes called plastic money or just plastic. The generic term plastic money predominantly refers to the plastic bank cards that are issued to account holders for their every day use, in place of hard cash bank notes or coins or cheques. Pdf the significance of plastic money to the hospitality.
Charge cards laid the groundwork for debit and credit cards. Credit card reliance and have cooked up many ways to help you. His position in each group is defined in terms of his role and status kotler 1999, p. But it should be an acceptable credit card for that merchant or service provider. Credit card, plastic money, banking services and technology. How did all start, in history you might have learnt batter system where goods were traded for goods, then came an era where gold and silver coins came into being, then we modernized we stared using paper notes and coins for trading of goods and services. Customers attitude towards plastic money surbhi jain. The plastic banknotes are claimed to be more durable than existing currency and also apparently stay cleaner for longer, at least 2. Polymer banknotes, which also feature security holograms and unique texturing, are. To evaluate the risk involved in the credit card usage.
Plastic money refers to the use of credit or debit cards as an alternative for cash in making payments for goods and services. The plastic money is one of those rare moments in history when that agreement shifts and one payment form overtakes another as the preferred way to pay. The main advantage of plastic money is that it avoids the necessity to carry huge cash and is also difficult to mutilate. The money book for couples hci, 1999 jean chatzky, financial editor at today, blogger, director of education for the money school online series, and author of money rules. Found a link between the diffusion of plastic money and reductions in the demand. Share of wallet study among cardholders across the six cities of delhi, mumbai, kolkata, chennai, bangalore and hyderabad reveals that card usage is highest for dining and shopping, while it is also popular for travelrelated expenses such as air. All debit cards, credit cards, forex cards,prepaid cash cards,store cards which use in place of bank notes or actual currency for promoting digital transaction is known as plastic currency. Such notes incorporate many security features not available in paper banknotes, including the use of metameric inks. An abstract on plastic money pdf download by sasidhar karetimarch 01, 20 0. Suggestion that requires for plastic money industry is that insurance and other security should be available for the security of plastic money. This study was conducted to know about the different types of plastic money and. Generic term for all types of bank cards, credit cards, debit cards, smart cards, etc.
Polymer banknotes last significantly longer than paper notes, causing a decrease in environmental impact and a reduced cost of production and replacement. And you can use your credit card in any time for to buy a product or a service and itll be the standard payment method to your merchant or service provider. If we take a look at the origins of the term credit card as plastic money, may be the. With the drawbacks of commodity money and with economic advancement of the people, metals came to be used as money. A chargeback is an event in which money in a merchantaccount is held due to a dispute relating to the transaction. The potential for the plastic card is best reflected in the fact that close to18% of the personal expenditure globally now goes through this method, as against a measly 0. Suggest possible solutions to challenges in the adoption and use of plastic money in zimbabwe. Project report an analysis of the use of plastic money in. Plastic money or polymer money, made out of plastic, is a new and easier way of paying for goods and services. Debris, rivers to sea project, implemented by the algalita marine research foundation amrf and the. Types of plastic money credit card cash card or atm card debit card instore cards prepaid.
It was in 1958 that the bank of america introduced what would become todays universal plastic money, though the first general. Plastic money ppt plasticmoney orientation elements. However, after using a charge card, it is necessary to. The significance of plastic money to the hospitality industry. This existed during the town economy stage or during the premachine age. Apart from withdrawing money on an atm or transacting on a point of sale pos in a retail. Card issuer company has to make their advertisement more effectively to attract more number of people. The recent growth in the use of plastic money mainly credit and debit cards has been. A charge card has similar features of credit cards. Plastic money is the name given to all types of plastic card which are. Review of related literature according to patil 2014, plastic money refers to the credit cards or the debit cards that we use to make purchases. Plastic money is a term coined keeping in view the increasing number of transactions taking place on the part of consumer for paying for transactions incurred by them to purchase goods and services physically and virtually.
The plastic money generally a credit or debit card with a magnetic strip many people carry in their wallets or purses is the end result of a complex banking process. Plastic money definition of plastic money by the free. Hence, the need for plastic money is totally indifferent for both men single and married. The issuer of the card grants a line of credit to the. The legal characreristics of plastic money a unanxmous court of appeal sir nicholas brownewilkinson v. Plastic money free download as powerpoint presentation.
After indias government took 86% of currency out of circulation a couple of months ago, its main policy thinktank has a new plan for the country. This study was conducted to know about the different types of plastic money and to evaluate. In the event of a chargeback, the issuerreturns the transaction to the acquirer for resolution. Plastic money is referring to the credit cards or the debit cards that we use to. In eshopping, merchant should create trust and loyalty to customers which influence to purchase on. These cards mainly just kept customers loyal to the company. Affordable and search from millions of royalty free images, photos and vectors. Plastic money is a very recent context replacing the traditional concept of paying though cash. Types of plastic money financial transaction debit card scribd. Money one of the most important factor for living life.
A case study of rainbow towers group of hotels rtg article pdf available june 2016 with 3,214 reads how we measure reads. Evaluate the possible benefits which plastic money can bring to rural communities in zimbabwe. Holders of a valid card have the authorization to purchase goods and services up to a predetermined amount, called a credit limit. The issuer of the card grants a line of credit to the consumer or the user from which the user can borrow money for payment to a merchant. With a history of plastic money, you cannot ignore charge cards.
Whats plastic money plastic money or polymer money, made out of plastic a new and easier way of paying for goods and services introduced in the 1950s and is now an essential form of ready money it includes credit cards, debits cards, atms, smart cards, etc. A study on the importance and popularity of plastic money in aluva. This means that more the use of plastic money, more will be the income tax returns an offer that is hard to ignore. Plastic money was introduced in the 1950s and is now an essential form of ready money which reduces the risk of handling a huge amount of cash. Analysis the use of plastic money in hyderabad city, sindh. A study on the importance and popularity of plastic money.
A credit card is a small plastic card issued to users as a system of payment. Hayden, money educator and author of for richer, not poorer. Introduction a credit card is a small plastic card issued to users as a system of payment. It was the fact that thirty years ago, if you had a credit card and many people didnt you probably had only one, but now days the use of plastic money has become so common that according to the stats today, the typical american adult has four or five cards and uses them in one out of every four transactions. Plastic money definitely provides an alternative in some cases and compliments cash as a medium.
Types of plastic money a credit card is a method of payment and it can make payments on behalf of cash. First, we report the characteristics of households that adopt electronic money. Chargebacks aretypically initiated by the cardholder. Credit cards, variants of plastic money, are used as substitutes for. To study consumers reasons for preference of plastic money over hard cash keywords. Plastic money fraud has become a global business and he made an attempt to track down fradulent and crime activites involved in the usages of the debit and credit card, but it is found difficultbecause the development differs from country to country and moves on fast. The use of plastic money raises many questions on technical security, control and audit systems, most favoured technology to detect frauds and operational problems, foreseeing and plugging the weak spots of the cryptography based system. The plastic portion of this term refers to the plastic construction of cr. Thousands of new, highquality pictures added every day. Plastic money a sound alternative to hard cash newsday. During the same time period as the advent of high technology electronics, another major change has taken place in the world of economics that will also help to usher in a cashless society and the. Chargit chargit was the first actual bank card and was issued in 1946.
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