Meaning of plastic money pdf

Advantages and disadvantages of plastic essay in points. The term plastic money can refer to plastic credit cards, debit cards and eftpos cards, and in many countries, this is the only common meaning, but in some countries, it can refers to the banknotes notes or bills that are made out of a type of plastic that is is floppy and easy to bend, like paper, but it is waterproof, and difficult to tear. An analytical study on use of plastic money in india. May, 2019 by this definition, what we typically think of as moneycurrencydoes, in fact, fit the economic definition of money, but so do a lot of other items in the economy. Plastic money definition and meaning collins english dictionary. It provides security to individuals to meet contingencies, unpredictable emergencies and to pay future. Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socioeconomic context. A credit card is a form of plastic money, which allows people to spend now and pay back the money later. It is such an electronic module where all the information. They were concerned about an increase in counterfeiting with the release of colour photocopiers that year. Make up your mind of what kind of plastic waste will you recycle. The development of plastic money, or the use of credit or debit cards, is transitioning the world away from cash and toward a cashless society.

Project report on plastic money in india free download as word doc. To study the procedural aspect in the operation of plastic money. In eshopping, merchant should create trust and loyalty to customers which influence to purchase on. A plastic money card is a thin card that contains identification information such as a signature or picture, and authorizes the card holder to charge purchases or services to the card holders account. Money means more than the coin, paper or plastic to acquire goods and services.

Plastic money is much more convenient to carry around, as you do not have. It all started in the 1920s, when individual companies such as. The current designs, known as the polymer series, are actually not made of paper at all, but a sort of thin, flexible plastic known as polymer. It has led to the creation of financial institutions. Even critics of the mainstream financial system and governmentissued currencies favor doing away with cash. Pdf keeping in mind the changing technology replacing the traditional concept of paying not through cash but by plastic money credit and debit. A case study of rainbow towers group of hotels rtg article pdf available june. Money is linked to complex emotions, feelings and behaviors. All debit cards, credit cards, forex cards,prepaid cash cards,store cards which use in place of bank notes or actual currency for promoting digital transaction is known as plastic currency. Card issuer company has to make their advertisement more effectively to attract more number of people. Credit card reliance and have cooked up many ways to help you. In october, bank negara malaysia introduces a 5 ringgit polymer banknote into circulation, with the same design as the paper version. Money is a concept which we all understand but which is difficult to define in exact terms.

Apr 28, 2015 a slang phrase for credit cards, especially when such cards used to make purchases. The findings reveal that majority of respondents use plastic money in one form or another and out of them, they have been using it for over 3 years. Plastics are persistent largescale pollutants, and plastic debris such as bottles, straws, containers, and plastic wrap and particulates have been found in many environmental niches, from mount everest to the bottom of the sea. This is an excellent riddle which is tricky at the same time. Information and translations of plastic money in the most comprehensive dictionary definitions resource on the web.

Technology has changed the way we deal with money giving us more convenience and easy access to funds from anywhere. People exchanged services and goods for other services and goods in return. The term plastic money refers to the hard plastic cards which are used instead of actual bank notes. In the earliest period of human civilization, any commodity that was generally demanded. This means ensuring that benefits are distributed fairly. Plastic money definitely provides an alternative in some cases and compliments cash as a medium. Plastic money definition and meaning collins english. Meanwhile, fiduciary money depends for its value on the.

The 2nd objective was to study customers preference of plastic money over cash. In the united states, only a small fraction of the currency in circulation exists in. This study was conducted to know about the different types of plastic money and to evaluate relationship between the educational background and users of plastic money. Plastic money or polymer money, made out of plastic, is a new and easier way of paying for goods and services.

The 2nd objective was to study customers preference of plastic money over. Plastic money is a term that is used predominantly in reference to the hard plastic cards we use everyday in place of actual bank notes. Th is system has been used for centuries and long before money was invented. From december 2003 to august 2006, vietnam adopted polymer banknote in 10,000, 20,000, 50,000, 100,000, 200,000 and 500,000 d. Objects of gold and silver were used in religious activities, as sacrifices and gifts to gods and priests and. A credit card is a small plastic card issued to users as a system of payment. These cards mainly just kept customers loyal to the company. Several powerful forces are behind the move to a cashfree world, including governments and large financial services companies. Individual factors such as knowledge, consumer resources such as money, information, processing capabilities and lifestyle have an impact on the adoption of plastic money sathye. Plastic pollution, harmful accumulation of synthetic plastic products in the environment.

The mn stands for moneda nacional, meaning national currency. Charge cards laid the groundwork for debit and credit cards. During the same time period as the advent of high technology electronics, another major change has taken place in the world of economics that will also help to usher in a cashless society and the. Money as a store of value means that money can be used to transfer purchasing power from present to future. Fiat money, on the other hand, gets its value from a government order. With a history of plastic money, you cannot ignore charge cards. Cvv card verification value or csc card security code is the three digit number usually mentioned at the back of a mastercard or a visa card. Money definition is something generally accepted as a medium of exchange, a measure of value, or a means of payment. These photos of mexican bills in circulation will give you an idea of what mexican money looks like. Definition of plastic money, definition at economic glossary. Bankers, stores and finance companies have found newer and even newer ways to cross payment frontiers through ingenious and extraordinary development and application of plastic money. Today, bartering has made a comeback using techniques that are more sophisticated to aid in trading. To study consumers reasons for preference of plastic money over hard cash keywords.

Powerpoint presentation on money, paper money, plastic. Yes, the advantages of plastic money over cash has made it a best friend of many. Plastic money definition of plastic money by the free. There are different types of machine and methods required to recycle. The four most relevant types of money are commodity money, fiat money, fiduciary money, and commercial bank money. Plastic money is the name given to all types of plastic bank cards. Below you will be able to find all it is a form of plastic money. Pdf analysis the use of plastic money in hyderabad city. It allows its holder to buy goods and services based on the holders promise to pay for these goods and services. The significance of plastic money to the hospitality industry. Peter, a young mba graduate joins a large software firm as a business development executive. To analyse the risk factor involved in the usage of plastic money and legal protection available to card holders. You may later add pvc pipes, sheets, plastic tanks, and many others. Suggestion that requires for plastic money industry is that insurance and other security should be available for the security of plastic money.

Mar 17, 2020 credit money is any future monetary claim against an individual that can be used to buy goods and services. Plastic money aka polymer money is made out of plastic and has formed an important part of our daily life these days. Problems and prospects of plastic money in bangladesh. Jul 30, 2019 the four most relevant types of money are commodity money, fiat money, fiduciary money, and commercial bank money. Money serves as a unit of account or a measure of value. Synonyms for plastic money in english including definitions, and related words. To judge the comparative spending pattern of active and inactive card holders. Plastic money was introduced in the 1950s and is now an essential form of ready money which reduces the risk of handling a huge amount of cash. Most definitions of money take functions of money as their starting point. Today, the information on the card is read by automated teller machines atms, banks, and the internet. Plastic money free download as powerpoint presentation. Canadian paper money, also known as bills, banknotes, or simply notes, is used for larger currency denominations. Vikas sharma mandeep kaur vishal beri kuljinder kaur meaning of money. Evaluation methods for assessing value for money 3 the independent commission for aid impact adds a dimension of equity3 the 4th e.

Was it plastic money, plastic food, the decaying inner cities. Money acts as a medium of exchange as its generally accepted. The seven advantages of plastic money called as the credit. How did all start, in history you might have learnt batter system where goods were traded for goods, then came an era where gold and silver coins came into being, then we modernized we stared using paper notes and coins for trading of goods and services. Fiat money, if physically represented in the form of currency paper or coins, can be accidentally damaged or destroyed. Found a link between the diffusion of plastic money and reductions in the demand. Plastic money its technical and monetary importance educba.

Both these modes eliminate the need to have actual cash at hand during purchase. To trace out the origin and development of plastic money. Money one of the most important factor for living life. On the payment of money, purchase of goods and services can be made i. Islamabad the use of plastic money has witnessed rise in pakistan with increasing of awareness among. Plastic money is referring to the credit cards or the debit cards that we use to.

Jul 18, 2011 money performs five important functions. While using credit cards, people need to actively remember to pay up the card bill due else interest. However, fiat money has an advantage over representative or commodity money, in that the same laws that created the money can also define rules for its replacement in case of damage or destruction. Debit card, credit card, plastic money, paper money, transactions, and financial institutions introductionplastic cards have been a very recent substitution of. Although wealth can be stored in other forms also, but money is the most economical and convenient way.

Some of the major stages through which money has evolved are as follows. A slang phrase for credit cards, especially when such cards used to make purchases. The range of payment systems is as diverse as the range of banks issuing plastic money. Money is a current medium of exchange in the form of coins and banknotes. An abstract on plastic money pdf download by sasidhar karetimarch 01, 20 0. Nov 27, 2019 electronic money is money which exists only in banking computer systems and is not held in any physical form. Jun 29, 2018 advantages and disadvantages of plastic full essay in points disadvantages of plastic. The use of a mobile phone in order to transfer funds between banks or accounts, deposit or withdraw funds, or pay bills. Mar 26, 2020 a cashless society might sound like something out of science fiction, but were already on our way. Additionally, icai balances all of the four elements together to come to a judgement of value for money. Economists are quick to point out that money in an economy can take different forms, but these different forms usually carry different levels of liquidity. Money is anything that is generally acceptable as a means of payment.

Money has evolved through different stages according to the time, place and circumstances. The findings reveal that majority of respondents prefer using plastic money in one form or another, over cash. Definition of plastic money from the collins english dictionary. Canada purchases its plastic money from a company in australia, one of nearly two dozen countries where a plastic currency is already in circulation. Electronic money emoney is broadly defined as an electronic store of monetary value on a technical device that may be widely used for making payments to entities other than the emoney issuer. Credit money is any future monetary claim against an individual that can be used to buy goods and services. Chargit chargit was the first actual bank card and was issued in 1946. The use of plastic money be it credit card, debit, prepaid, or reloadable card is getting some traction as reflected by the increasing number of retail companies cobranding with banks. The plastic portion of this term refers to the plastic construction of credit cards, as opposed to paper and metal of currency. Money is any good that is widely used and accepted in transactions involving the transfer of goods and services from one person to another. Project on plastic money pdf plastic money full project free download as word doc. As like advantages the first disadvantages of plastic is the strong and durability is beneficial when it comes to protection but these same features turn evil when it comes to decomposition. Economists differentiate among three different types of money. Money as a standard of deferred payments has simplified the borrowing and lending operations.

These cards can be used to buy things from the market. This term is also used for the broader realm of electronic commerce. Electronic money e money is broadly defined as an electronic store of monetary value on a technical device that may be widely used for making payments to entities other than the e money issuer. Money bifurcates buying and selling activities separately so it facilitates the exchange transactions. Commodity money relies on intrinsically valuable commodities that act as a medium of exchange. For example, cash cards, debit cards, credit cards, prepaid cards, and store cards. Plastic money offers a safe, convenient and lowcost way to transact on a daytoday basis. A credit card is sometimes called plastic money or just plastic. Primary functions main or basic functions secondary functions subsidiary or derivative functions primary functions include the most important functions of money, which it must perform in every country, money, as a medium of exchange, means that it can be used to make payments for all transactions of goods and services. Plastic money definition at, a free online dictionary with pronunciation, synonyms and translation. There are many forms of credit money, such as ious, bonds and money market accounts. Plastic money mainly represents debit and credit cards that allow cash to be drawn from an atm booth or shopping to be done on credit.

It all started with a simple credit card that allowed you to make purchases today and pay later. However, plastic money has its share of issues that one must be careful about. Commodity money is a good whose value serves as the value of money. Pdf the significance of plastic money to the hospitality. Therefore, customers are well aware of plastic money and its usage, and have been using plastic money for a long time. The issuer of the card grants a line of credit to the. Electronic money is money which exists only in banking computer systems and is not held in any physical form.