Essay on Plastic Money | Plastic Money pdf – Plastic Money Example

Essay on Plastic Money | Plastic money pdf – Plastic money example and all the things related to plastic money in India or our side India. You can take it as an essay or take it as improving the knowledge.

Here are some questions which can come after listening plastic money. Many of us think that this is different money and they don’t know how to use them. Where to use that plastic money?

Plastic money is mode of payment, and as you know we use payment since the time immemorial. Payment can be done by any medium or method. In earlier time, we have used barter payment system when we did not have monetary system. Then we come to the monetary era. And today we use plastic money and  cryptocurrency (virtual money).
essay on plastic money

Essay on Plastic Money | Plastic Money pdf – Plastic Money Example

We have written essay on plastic money. And you will find pdf link below and will get some images as an example of plastic money.

You can write down same essay for your school assignment. If you are a student and you teacher gave you home work to write an essay on plastic money. Then it will help you to get some information. You can copy this essay on plastic money on your notebook.

Introduction of Plastic money

Plastic money is replacement of paper money and coins. You must have used plastic money on shopping malls, or ATMs filling stations and any other places. But do you know before that this card is called plastic money?. Yes, the card you called ATM card/Debit card/Credit Card or cash card is actually called plastic card.

Plastic Money called plastic money because of because of the material used to make it. As you can see all your cards like, debit card/credit card is made of plastic, and it has a small chip which stores information of your bank details and signatures.

Plastic card was started in 1920s. At that time it was used in oil company and hotels. These card was used in the business purpose only. And at that time they can’t used these card out side the company.

After 30 years, A company “Diners Club, INC” introduced a plastic card which has vast range of using it. People could use these cards in various location and different businesses. They have to pay it’s bill monthly or yearly and it has annually maintenance charges according to different plans and that was “Credit card”.

Later on the Bank Credit card system was introduce for public use and result is in front of you.

Where can you use the Plastic Money?

There is no limitation now, It comes with vast limitations and now you can purchase online with these cards, can use them anywhere everywhere. Online or offline.

How can You use these cards online?

In this modern era, everyone wants to look smart and want to do something new. So, doing payment through your Cash card, Credit card or debit card is normal. But it was not normal before when there was no plastic money.

You can use plastic card for online payment by entering card details. As you can see, there are some details on card, which is

  1. 16 Digit Card Number
  2. Account or card holder name
  3. CVV
  4. Expiry date of card or valid up to.

By putting these information in payment gate way you can purchase thing online.

Different type of plastic money

We have mentioned list of plastic money before but now we will describe it in short.

  1. Credit card
  2. Debit card
  3. Cash card
  4. Pre-paid cash card
  5. Store card

Credit card: Credit card can be used almost everywhere, in ATMs, shopping malls, and online translations. It has some limits and some advantages also. Bank gives you credit card with limit. Limit can be different for different card and you can only spend this money without having money on your bank account. You have to pay back it over the time.

Debit card: Debit card is also used every where but you can’t purchase with it when you have no money in your bank account attached with that card. You can’t borrow money on debit card, like you can on credit card.

Cash card: Cash card is only used for withdrawing money from bank or ATMs. But cash card holder can’t purchase directly with it.

Pre-paid cash card: Pre-paid cash card these are like sim cards, you topped up and use the money. Some of these card are re-usable or some of these are like cheque you can use them once and then disposed them.

Store card: As it names these cards are used in store for shopping only you can’t use them everywhere like debit card. Some time these card are used in a singular brand store the card issued by.

What is the Advantage of plastic money?

Advantage of plastic money is you don’t need to carry cash or money with you every time.

Money can be lost but in case of plastic money, If it lost you can block it immediately so you can safe your money in it.

At the time of emergency you can use plastic money like credit card, when you have no money in your bank account.

What is the disadvantage of plastic money?

Overspending is most disadvantage of plastic money. This is one of the biggest disadvantage of plastic money.

In this AI era, it is easy to make a clone of plastic money, which can result in loss of money.

Cyber crime happening through this also, hacker asks card no. and OTP and transfer all the money from your bank account with just these plastic money.

Conclusion

Plastic money is demand of the market. Having plastic money in this time is necessary but you need to be more aware it’s disadvantages. And holder should have knowledge of it that how can it be misused.

Plastic money can be dept trap for people but we should know that.

Updated: July 14, 2021 — 10:35 am

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