Importance of plastic money
Answers
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.
Plastic money has brought a revolutionary change in the economy. Modern technology is used for digital transactions.
Importance
1. Less expenditure on printing notes.
2. More transparent transactions.
3. It is more convenient. There is no need to carry big bulks of cash in the wallet. Saves the time spent on repeated visits to the banks.
4. It is more safe and secure. 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. Plastic money is more durable than paper notes.