Question

Aims and objective on plastic money

Answer 1

Plastic money has brought a
revolutionary change in the economy. While using plastic money modern
technology is used for digital transactions.

The term plastic money refers to
the hard plastic cards which are used instead of actual bank notes. For
example, cash cards, debit cards, credit cards, pre-paid cards, and store
cards. These cards can be used to buy things from the market.

Aims and objectives of using plastic money are:

1. To reduce the expenditure on
printing notes.

2. To make the monetary
transactions more transparent.

3. To provide convenience. There is
no need to carry big bulks of cash in the wallet. Saves the time spent on
repeated visits to the banks.

4. To ensure safety and security. If
a card is lost the owner can ask the bank to block the payment. In this way he
does not lose any money.

5. To obtain a durable form of
money. Plastic money is more durable than paper notes