Difference between paper money and plastic money
Answers
The difference between paper money and plastic money is that paper money is a traditional form of currency and can be available in designated denominations only whereas plastic money is a more recent invention and there is no limit on denomination herein.
Explanation:
- Plastic money depicts the credit and the debit cards that are so widely associated in today’s world.
- These are easy to carry and convenient to use. Paper money is the traditional notes that people used to carry in the form of cash.
- It is definitely more cumbersome to carry paper money to carry a certain amount the number of notes of cash to be carried is more.
- In comparison, a credit or a debit card can carry vast sums of money and does not take any place too.
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Difference between paper money and plastic money
Explanation:
Money is a medium of exchange that helps us in facilitating transactions. it can be in the form of paper money or plastic money.
Paper money- Paper money is a representative money which is generally issued by the central bank of the country and is backed by reserve of gold and foreign exchange. they are also called fiat money because they can be converted in gold or silver on demand and they have general acceptance.
Plastic money- plastic money on the other hand is the name given to all plastic cards like debit card and credit card issued by bank. the holder of such card can use them for various transaction up to the prescribed limit. hence they act as an alternative to the traditional money.
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