Question

paragraph on plastic money​

Answer 1

Answer:

Plastic Money is the term used to indicate Credit cards & Debit cards. Before the advent of Credit cards and Debit cards a major portion of the business transactions were carried on through cash.

Even though there existed a very strong banking industry the business was more dependent on cash transactions than the banking channel due to the lack of information with regard to the credit worthiness o the customers and the inherent delay in collections.