Apart from withdrawing money on an atm or transacting on a point of sale pos in a retail. A single person can have many attributes and belongs to many groups such as family, clubs, and organizations. 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. However, after using a charge card, it is necessary to. Suggestion that requires for plastic money industry is that insurance and other security should be available for the security of plastic money.
The plastic portion of this term refers to the plastic construction of cr. 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. 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. 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 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. Money one of the most important factor for living life. However, plastic money has its share of issues that one must be careful about. Card issuer company has to make their advertisement more effectively to attract more number of people. Credit cards, variants of plastic money, are used as substitutes for. Holders of a valid card have the authorization to purchase goods and services up to a predetermined amount, called a credit limit.
Project report an analysis of the use of plastic money in. Plastic money is referring to the credit cards or the debit cards that we use to. Chargit chargit was the first actual bank card and was issued in 1946. In the event of a chargeback, the issuerreturns the transaction to the acquirer for resolution. The development of plastic money, or the use of credit or debit cards, is transitioning the world away from cash and toward a cashless society. This means that more the use of plastic money, more will be the income tax returns an offer that is hard to ignore. Companyissued charge cards can be found as far back as the early 1900s. 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.
Benefits for a merchant merchants too will receive tax benefits for. Debris, rivers to sea project, implemented by the algalita marine research foundation amrf and the. 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. Affordable and search from millions of royalty free images, photos and vectors. 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. Pdf keeping in mind the changing technology replacing the traditional concept of paying not through cash but by plastic money credit and debit. In eshopping, merchant should create trust and loyalty to customers which influence to purchase on. Reserve bank of australia first developed the plastic money. Find plastic money stock images in hd and millions of other royaltyfree stock photos, illustrations and vectors in the shutterstock collection. As the history of money tells, the first people who are known to have used coins as money were the lydians this coin type, made of a gold and silver alloy, was in all likelihood the worlds first, minted by king alyattes in sardis, lydia, present day turkey, c. Types of plastic money financial transaction debit card scribd.
It was in the 1950s the concept of plastic money came into being. Plastic money a sound alternative to hard cash newsday. Found a link between the diffusion of plastic money and reductions in the demand. Chargebacks aretypically initiated by the cardholder. A study on the importance and popularity of plastic money.
Plastic money its technical and monetary importance educba. Pdf analysis the use of plastic money in hyderabad city. A credit card is sometimes called plastic money or just plastic. Introduction a credit card is a small plastic card issued to users as a system of payment. Credit card, plastic money, banking services and technology. 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. First, we report the characteristics of households that adopt electronic money. The first charge card was introduced by western union in the united states in 1914, but this was only an instore card. Peter, a young mba graduate joins a large software firm as a business development executive. A chargeback is an event in which money in a merchantaccount is held due to a dispute relating to the transaction. 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. The recent growth in the use of plastic money mainly credit and debit cards has been. If we take a look at the origins of the term credit card as plastic money, may be the.
When we say plastic money, it includes debit cards, atm cards, credit cards, prepaid cards, smart cards and so on. 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. Plastic money definitely provides an alternative in some cases and compliments cash as a medium. Plastic money is the name given to all types of plastic card which are. Plastic money free download as powerpoint presentation. Credit card reliance and have cooked up many ways to help you.
Pdf customers perceptions about plastic money towards. To study consumers reasons for preference of plastic money over hard cash keywords. 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. Plastic money or polymer money, made out of plastic, is a new and easier way of paying for goods and services. 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. 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. Debit cards can be used for shopping, paying for fuel, grocery, withdrawing money from the automated teller machine. These cards mainly just kept customers loyal to the company. Plastic money is referred to the credit cards or the debit cards that we use to make purchases goel, 2012. The acquirer thenforwards the chargeback to the merchant. A charge card has similar features of credit cards.
Polymer banknotes are banknotes made from a synthetic polymer such as biaxially oriented polypropylene bopp. Customers attitude towards plastic money surbhi jain. Plastic money can last up to 50 years, hagverdiyev told echo. With the drawbacks of commodity money and with economic advancement of the people, metals came to be used as money. Hayden, money educator and author of for richer, not poorer. An abstract on plastic money pdf download by sasidhar karetimarch 01, 20 0. His position in each group is defined in terms of his role and status kotler 1999, p. Analysis the use of plastic money in hyderabad city, sindh. This study was conducted to know about the different types of plastic money and. The significance of plastic money to the hospitality industry. The seven advantages of plastic money called as the credit.
Suggest possible solutions to challenges in the adoption and use of plastic money in zimbabwe. 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. This existed during the town economy stage or during the premachine age. A study on the importance and popularity of plastic money in aluva. The legal characreristics of plastic money a unanxmous court of appeal sir nicholas brownewilkinson v. Types of plastic money financial transaction debit card. Plastic money is referring to the credit cards or the debit cards that we use to make. 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. Types of plastic money credit card cash card or atm card debit card instore cards prepaid. The issuer of the card grants a line of credit to the. An analytical study on use of plastic money in india. It was in 1958 that the bank of america introduced what would become todays universal plastic money, though the first general. In the beginning iron, copper, tin, bronze, nickel, lead, gold, silver etc were used.
Pdf the significance of plastic money to the hospitality. A credit card is a small plastic card issued to users as a system of payment. Charge cards laid the groundwork for debit and credit cards. The former covers articles on the the emergence of plastic money, different types of plastic cards and their growth in india and other related. Plastic money refers to the use of credit or debit cards as an alternative for cash in making payments for goods and services. Polymer banknotes, which also feature security holograms and unique texturing, are.
Types of plastic money a credit card is a method of payment and it can make payments on behalf of cash. 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. The plastic banknotes are claimed to be more durable than existing currency and also apparently stay cleaner for longer, at least 2. Pdf the paper evaluates the issues and challenges of plastic money usage in india. But it should be an acceptable credit card for that merchant or service provider. To know different types of plastics money offered by banks.
The main advantage of plastic money is that it avoids the necessity to carry huge cash and is also difficult to mutilate. A case study of rainbow towers group of hotels rtg article pdf available june 2016 with 3,214 reads how we measure reads. Such notes incorporate many security features not available in paper banknotes, including the use of metameric inks. Credit cards and debit cards as an alternative to cash. Polymer banknotes last significantly longer than paper notes, causing a decrease in environmental impact and a reduced cost of production and replacement. To evaluate the risk involved in the credit card usage. Plastic money definition of plastic money by the free.
Thousands of new, highquality pictures added every day. Generic term for all types of bank cards, credit cards, debit cards, smart cards, etc. 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. 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. 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. Recently, banks are providing different types of plastic money cards. Plastic money ppt plasticmoney orientation elements. It allows its holder to buy goods and services based on the holders promise to pay for these goods and services.
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