What is plastic money and its types?

Various forms of plastic money include debit cards, credit cards, Money access cards, client cards, key cards, and Cash cards. The purpose of using these cards is only for the ease of customers so that they can make large transactions and also for their own safety.


What is plastic money class 12?

Plastic money refers to the hard plastic cards we use every day in place of actual bank notes. For example ATM cards like credit card and debit card are electronic generated card that acts as plastic money at the time of buying of goods and services.


What is plastic money in business?

According to Business Dictionary, plastic money is a generic term for all types of bank cards, credit cards, debit cards, smart cards, Automated Teller Machine cards and charge cards.

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What is money types of money?

Money comes in three forms: commodity money, fiat money, and fiduciary money. Most modern monetary systems are based on fiat money. Money functions as a medium of exchange, a unit of account, and a store of value.


What is plastic money Slideshare?

• WHAT’s 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.


What are Fiat funds?

Fiat money is a government-issued currency that is not backed by a commodity such as gold. Fiat money gives central banks greater control over the economy because they can control how much money is printed. Most modern paper currencies, such as the U.S. dollar, are fiat currencies.


What is plastic money class 11 business studies?

Plastic money is an electronic card issued by bank to the customer for withdrawal of cash..2 types of card 1.debit card 2.credit card. 0Thank You. Related Questions. CBSE > Class 11 > Business Studies.


What is plastic money in e commerce?

Plastic money refers to the substitution of currency money at the time when the transaction can take place by the usage of Plastic cards. These cards act as a vital tool for day-to-day transaction.


What is plastic money card?

A plastic money card is a thin card that contains identification information such as a signature or picture, and authorizes the card holder to charge purchases or services to the card holder’s account. Today, the information on the card is read by automated teller machines (ATMs), banks, and the internet.


Which countries use plastic money?

Polymer is now used in over 20 countries as diverse as Australia, Canada, Fiji, Mauritius, New Zealand, Papua New Guinea, Romania, and Vietnam. The Bank of Canada began its move to polymer banknotes in 2011, after assessing the environmental impact of producing paper and plastic bills.


What is banking over Internet known as?

Internet banking, also known as online banking, e-banking or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution’s website.


What is a digital cash?

Digital Cash acts much like real cash, except that it’s not on paper. Money in your bank account is converted to a digital code. This digital code may then be stored on a microchip, a pocket card (like a smart card), or on the hard drive of your computer. The concept of privacy is the driving force behind digital cash.


What is Plastic Money Wiki?

Plastic money is a term used to represent the hard plastic cards used in day-to-day life in place of actual banknotes. Plastic money refers to the hard plastic cards we use every day in place of actual bank notes.


What are the two types of Plastic Money?

The various form of plastic money is credit cards and debit cards. Plastic money is defined as the hard plastic cards which are using daily in place of actual bank transactions. Credit and debit cards are electronic generated cards, that helps to buy goods and services.


What is Plastic Money PDF?

Plastic Money. Plastic money is referred to the credit cards or the debit cards that we use to make purchases (Goel, 2012). Various other types of. plastic cards provided by banks in India are ATM cards, Smart cards, Visa, master card, Rupay card (Patil 2014). The National.


What is US dollar backed by?

Currency Backed by Gold For almost 200 years following the founding of the United States, the value of the U.S. dollar was officially backed by gold. The gold standard was a system agreed upon by many countries during that period, in which a currency was determined to be worth a certain amount of gold.


Is Bitcoin a fiat?

Bitcoin (BTCUSD) is often referred to as digital currency and as an alternative to central bank-controlled fiat money. However, the latter is valuable because it is issued by a monetary authority and is widely used in an economy.


What is Bitcoin backed by?

All Bitcoin transactions are verified by a massive amount of computing power via a process known as “mining.” Bitcoin is not issued or backed by any banks or governments, nor is an individual bitcoin valuable as a commodity.


What is E business class 11?

E-business, also known as electronic business, is the conduct of business on the internet. Its scope is not only confined to buying and selling of products but also servicing customers and collaborating with business partners. In simple words, it can be defined as the administration of conducting business via internet.


When was plastic money introduced India?

2013. In April, the Reserve Bank of India introduce plastic/polymer currency note of ₹ 10 on a field trial basis in five cities in India. On 22 August, the Bank of Mauritius issued new 25-, 50-, and 500-rupee polymer banknotes which will circulate in parallel with the existing paper notes of the same denominations.


What is plastic money advantages and disadvantages?

The main advantage of plastic money is that it avoids the necessity to carry huge cash and is also difficult to mutilate. The disadvantage being there are still many among us who do not know how to use a plastic card wisely.

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