Plastic money or ploymer money, made out of plastic, is a new and easier way of playing for goods and service. plastic money was introduced in the 1950s and is now an essential from of ready money which reduces the risk of handing a huge amount of cash.
Its include debits cards, ATMs, Smart card, etc…
Factors Affecting Utilization Of Plastic Money
Security (less cash burden)
Add – on – facility
Home and online shopping
Age of the customer,
Education level of the customer,
Monthly income of the customer,
Age of the bank,
Reputation of the bank,
Ø Lower bank charges.
Advantages of Plastic Money
Offer free use of funds, provided the customer to pay full balance in time.
It is more convenient to carry than cash.
Helps in establishing a good credit history
Provide a convenient payment method for purchases made on the internet and over the telephone.
Give incentive, such as reward points, thatwe can redeem.
Disadvantage Of Plastic Money
Cost much more than other forms of credits, such as a line of credit or a personal loan, if the customer does not pay on time.
Damage customer credits rating if payments are late.
Different Forms Of Plastic Money
A Plastic card used to withdraw money from a banking institution‘s called automatic teller machine. Sometime this card may also be used as a debit card, but not all ATM card have this capability.
A credit card is plastic money that is used to pay for product and services at over the 20 million locationaroundworld.
Debit card are substitutes for cash or check payment, much the same way that credit card are. However, bank only issued them when the customer have an account with them.
A Charge card is mean f obtaining a very short – term (usually around 1 month) loan for a purchase.
International visa and master card are commonly used by the travellers to bear their expenses on their tripe. Believe it or not, most of travellers financial their trip with their business credit card.
MASTER CARD WORLD WIDE
Master card worldwide is multinational corporation based in purchase, New york, united states.
A Smart card is a plastic card embedded with a computer chip that stores and transacts data between user. This data is associated with either value or information or both and stored and processed within the card‘s either a memory or microprocessor.
A Very special GOLD VISA CARD with all its prestige, and additional service especially designed for people looking for peace of mind in their second home.