Study of merits and demerits of plastic money suggestion
Answers
Merits of Plastic Money are as follows:
1. Easy to use.
2. Saves time wasted on visting banks frequently.
3. Its Safe as its protected with secure password/PIN.
4. Easy to carry in comparision to taking large amount of cash.
Demerits of plastic money is as follows:
1. Security conecerns due to hacking.
2. Risk due to card cloning by frauds.
3. Not accepted every where so at times its hard to find a place where it is accepted.
Merits of Plastic Money are as follows:
1. Anytime/Anywhere Access Using cards you have the unique advantage and convenience of using it anywhere in the country or even abroad.
2. Online Payments: You can use cards for online payments, fund transfers and various other transactions.
3. Risk of Loss or Theft minimized: In case of cash there is a high risk of losing cash and a chance of cash getting stolen. However, in case of debit/credit card you can report the matter to the bank and block the card to avoid mismanagement.
4. This eliminates the need for carrying huge load of cash which is risky and inconvenient too.
Demerits of plastic money is as follows:
1. Unless you are a person who shops only in supermarkets and hypermarkets you will be forced to use cash
2. Cannot be used for all daily needs you cannot pay your milkman, servant, paper wala (newspaper guy), etc by card.
3. Service Charges In some cases the outlets charge additional service charges for cards. So this can be another burden on your pocket.
4. Once a card is lost you have to immediately report it and get the card blocked to avoid misuse. Sometimes when you are not aware that you lost the card….the chances of misuse is higher.