Plastic Money Introduction

This essay sample on Plastic Money Introduction provides all necessary basic information on this matter, including the most common “for and against” arguments. Below are the introduction, body and conclusion parts of this essay.

WHAT IS PLASTIC MONEY? •Plastic money are the alternative to the cash or the standard ‘Money’. •Plastic money is the generic term for all types of bank cards, credit cards, debit cards, smart cards, etc. DEFINITION The :plastic” portion of this term refers to the plastic construction of credit cards, as opposed to paper and metal of currency.

The money portion is an erroneous reference to credit cards as a form of money, which they are not. Although credit cards do facilitate transactions, because they are a liability rather than an asset, they are not money and not part of the economy’s money supply. INTRODUCTION:

Paper money was first used in China around the seventh century AD, only to be outlawed in 1455. The use of folding currency re-emerged in England in 1694.

The biggest problem which was occurring with the paper note is the wear; the paper note has very small life due to shifting of ownership by time to time and their usage. Firstly Australia was the first who develop the plastic note which have longer life but after wore they are recycled for further utilizing. The plastic notes also secure the government for copying because paper note easily copied but plastic note cannot be copied. PLASTIC MONEY OR POLYMER MONEY WAS FIRST INTRODUCED IN 1950S

What Is Plastic Money

The plastic note are same as paper but the only difference is that they are made of plastic and more secured but in traveling and shopping people used to carry huge cash which was very unsecured and also increasing crime rate.

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Then the cards are introduced in the world to resolve the issue of carrying huge cash. Then the cards are known as Plastic Money. The usage of plastic money(Cards) has increased in the mode of payment of huge amount and time by time there are lots of different types of plastic money has introduced which enhanced the features of plastic money like we can use it to anywhere in the world and etc.

Now the world is becoming globalize so every card is accepted everywhere with the power of VISA which interconnect the different countries. As we have the different type of card as listed below: * Credit Card * Debit Card * Charge Card * Amex Card * MasterCard ; Visa * Smart Card * Dinners Club Card * Photo Card * Global Card * Co-branded Card * Affinity Card * Add-on Card. These cards are performing the function of money with different ways. These cards are accepted worldwide, in which you can utilize your own money and also bank’s money. The card through which you spend your own money is known as debit card.

The card through which you spend the amount of bank as loan is called credit card. 1. Credit cards and debit cards as an alternative to cash. People prefer using plastic money as it reduces chances of being misused The plastic money brought in a lot of joy to every American home, buy today and pay later, seemed to have worked wonders for some time. Although it is easy to be careless using a credit card, the plastic moneycan be useful for more important purchases. CREDIT CARDS One of the most important financial tools in modern times is the credit card. Their uses in varied places are opening up new avenues of personal finance.

People prefer using plastic money as it reduces chances of being misused. The use of credit cards operates on a complex network that ensures safety of the user. Many websites are enabling credit card processing for increasing their client base. Online business is booming. Credit card processing has enabled consumers to purchase items without moving out of their houses. To be able to accept credit cards has taking online business to another level. Credit card processing is now deemed as the key to successful online business. The primary function of credit card processing is to accept credit cards.

The online business efficiency is also increased manifold. Payment procedures are automated through credit card processing. When a website owner is able to accept credit cards, he is making money transactions for his customers and himself easier. The experience of buying online has never been so simple. Gone are the days when one had to place orders over the telephone or use checks for payments. Now, all one needs to do is enter the details of his/her credit card and the rest is handled by the credit card processing service providers. Credit card processing has been able to save a lot of time and energy.

Online business operates 24×7. Consumers from all time zones avail the products and services of online business. Credit card processing has rendered this simpler. Being able to accept credit cards has made it possible to transact 24 hours a day virtually. Automation has proved to be a contributing factor in the success of online business. Credit card processing has given online business owners freedom from sitting at the desk constantly to monitor the transfer ofmoney. Online business owners need to have an online merchant account to be able to accept credit cards from consumers.

This service is needed for processing all the orders. Various kinds of online merchant account providers are available to cater to the different kinds of online business needing credit card processing. The changes of online merchant accounts may vary from the number of payments to monthly payments. The constant competition of the various service providers and the launch of new service providers are expected to pull down the rates in the near future. Online business owners should consider the reliability, the customer support system and security of the credit card processing service providers before they zero in on one of them.

Choosing the cheapest service provider is not always a wise decision. Free credit card processing services are also available. These are meant for newcomers in online business. Website owners have to go through verification of the credit card number, its expiry date and other details after they accept credit cards. Beginners have to pay a nominal amount for every transaction and enjoy the services. They do not need to purchase costly credit card processing software or pay huge fees for customer services like regular credit card processing services.

A good amount of research is needed to know about the best service providers. Did you find this article useful? For more useful tips and hints, points to ponder and keep in mind, techniques, and insights pertaining to computer Virus, do please browse for more information at our websites. Dinner It is not until 1950 that the Dinner Club Card was created by a restaurant patron who forgot his wallet and realized there needed to be an alternative to cash only. This started the first credit card specifically for widespread use, even though it was primarily used for entertainment and travel expenses.

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Plastic Money Introduction. (2019, Dec 06). Retrieved from

Plastic Money Introduction
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