05-12-2017, 09:33 AM
Plastic money or polymer money, made of plastic, is a new and easier way to pay for goods and services. Plastic money was introduced in the 1950s and is now an essential form of easy money to prepare that reduces the risk of handling a large amount of cash. Includes credit cards, debit cards, ATMs, smart cards, etc. This allocation in plastic money is divided into two parts titled Concept and Experiences. The first covers the appearance of plastic money, different types of plastic cards, their growth in India. Plastic money is the alternative to cash or standard "money". Plastic money is used to refer to credit cards or debit cards that we use to make purchases in our daily lives. Plastic money is much more convenient to carry, since you do not have to carry a large amount of money with you. It is also much safer to take it with you or travel with it as if it were stolen. You can consult the bank whose service you are using and block it, which will prevent you from being robbed or even lost. Nowadays, even developing countries like India are encouraging the use of these plastic funds rather than cash because of these reasons. In addition, these credit and debit cards also have plastic used in their manufacture and hence the name "plastic money".
Advantages of Plastic Money
There are several advantages of plastic money as seen in the previous illustration. The advantages include
1. Eliminates the need to carry large amounts of cash: this eliminates the need to carry a large load of cash, which is risky and inconvenient as well.
2. Risk of loss or theft minimized: in the case of cash there is a high risk of losing cash and the possibility of it being stolen. However, in the case of a debit / credit card, you can report the matter to the bank and block the card to prevent misuse.
3. Access at any time / anywhere With the cards, you have the unique advantage and convenience of using it anywhere in the country or even abroad.
4. Credit facility: in the case of a credit card, you have the option to buy on credit or pay later. Although the charges are high, it helps in case of emergencies and contingencies.
5. Online payments: You can use cards for online payments, funds transfers and various other transactions.
Disadvantages of plastic money
So far I have sounded like a nice and pleasant bank executive who convinces him to open an account. Consider some points before seeing the disadvantages of plastic money
• Plastic cards / money is not a complete replacement for cash
• The use of cards can also be risky in some cases
