Plastic money is referring to the credit cards or the debit cards that we use to. This makes it unsuitable for making a frying pan or stove. The low heat resistant is a major drawback as it cannot be used for purposes which involve higher temperatures. Using a credit card regularly, and paying the bill on time, is one of the easiest ways to build your credit history and develop a strong credit score. Remember, initial cost is more, although it proves to be cheaper over a period of time. Plastic money is an alternative to the cash or the standard money. Both are reasonably secured compared to cash and are widely accepted. With the drawbacks of commodity money and with economic advancement of the people, metals came to be used as money. Plastic is used for building, construction, electronics, packaging gladwrap and transportation industries. Problems and prospects of plastic money in bangladesh. Pdf customers perceptions about plastic money towards.
With a credit card, youre spending money you dont necessarily have yet. Consequently, more and more are becoming selfemployed and spending all their time browsing through the internet in the search of the next money making gig. Plastic money its technical and monetary importance educba. They can keep their cash reserves against liabilities in this form, for currency notes are full legal tender. The number of innovative products for making payment has developed after the prevarication and globalization.
It is also the number one trash of humans in landfills which took a lot of space. Advantages and disadvantages of making money online. However, plastic money has its share of issues that one must be careful about. This is generally performed on the thin sheet of aluminum or thin sheet of glass or plastic. The internet is a cashfree zone, so having some sort of way to pay for online purchases such as bank debit cards or prepaid credit cards, allows you to take advantage of. Folds eventually become small tears, which turn into bigger tears. In eshopping, merchant should create trust and loyalty to customers which influence to purchase on. User friendliness and feasibility are the main features of plastic money that have made plastic money popular not only in. In fact, plastic has some benefits other materials generally believed to be ecofriendly, glass to name one, lack. It is rare to go a day without using some sort of plastic. Chargit chargit was the first actual bank card and was issued in 1946. 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. This articles deals in general about the main merits and demerits of polymer money. There are times when money is the simple solution to an emergency.
It is a multipurpose card, as it can be used as an atm to. Plastic money advantages and disadvantages due to the technological revolution in financial sector, the payments in banking system have undergone a tremendous change. When we say plastic money, it includes debit cards, atm cards, credit cards, prepaid cards, smart cards and so on. There are several advantages of plastic money as seen in the above illustration. Advantages and disadvantages of plastic essay in points. With replacement of the local money there is no longer a need to incur the expenses of currency conversion or hedging in trade and investment transactions between the partner economies. A credit card is a plastic card same as a debit card with a magnetic strip issued by a bank or equivalent authority or a financial company with an option by which you can borrow funds at the point of sale. It is durable, low cost, water resistant, lesser energy and heavy chemicals requirements in manufacture and are light weight. Lets say that after your cheap fence falls down, you decide to spend the money to have it repaired properly. The plastic money is one of those rare moments in history when that agreement shifts and one payment form overtakes another as the preferred way to pay. The properties of plastics bring clear benefits to our economy.
Found a link between the diffusion of plastic money and reductions in the demand. Suggestion that requires for plastic money industry is that insurance and other security should be available for the security of plastic money. Advantages and disadvantages of cosmetic surgery a lot of women these days are opting for cosmetic procedures as a means of enhancing their appearance. Since plastics can be considered indestructible or simply does not break down easily. The disadvantage being there are still many among us who do not know how to use a plastic card wisely. Plastic money or polymer money, made out of plastic, is a new and easier way of paying for goods and services.
Plastic is flexible transportation and storing plastic is easy and safe plastic takes up less energy to recycle some advantages and disadvantages of buying plastic packaging are. Official dollarization the main reason for dollarization is because of greater stability in the value of the foreign currency over domestic currency. Paper money is convenient because it makes it easy to transfer large sums of money. Review of related literature according to patil 2014, plastic money refers to the credit cards or the debit cards that we use to make purchases. Plastic money free download as powerpoint presentation. But at the same time there are few disadvantages which cannot be denied. The advantages of plastic cards are best judged by what you plan to use them for. What are the advantages and disadvantages of saving money. A modern war cannot be prosecuted by taxes or loans alone.
Plastic money definitely provides an alternative in some cases and compliments. The way one looks has become an important part of social life. The use of plastic products has increased significantly in the recent past, with many enterprises joining the industry and many more varieties of plastics being made. It allows the customers to pay in exchange for goods and services without carrying cash. These were advantages and disadvantages of plastic in points as you have seen above. Yes, it is plastic money in the form of debit or credit card that you carry in your wallet which gives you an easy access to your money. The answers provided by cason kim appear to hit the most immediate benefits so i wont repeat them here. Advantages and disadvantages of plastic linkedin slideshare. Advantages and disadvantages of paying with cash pocketsense. Plastics are durable that is why plastic chairs and tables are longlasting. Firms consider plastics easier and cheaper to manufacture as compared to other materials such as metals and stones because theyre produced.
Yet, plastic comes with serious health risks, too, and its very durability means it doesnt break down or erode easily, instead piling up in landfills and oceans. Anytimeanywhere access using cards you have the unique advantage and. Having cards made of plastic means they are more durable and longlasting, making them a better investment than paper options, and as we are committed to helping the environment at plastic card services we offer our customers the choice of degradable plastics. The downside of dollarization is that the country gives up its right to influence its own monetary policy by adjusting the money. The advantages and disadvantages of plastic packaging despite popular belief plastic packaging is not always the worst choice from an environmental viewpoint.
Today credit and debit cards have largely replaced cheques as alternatives to cash. Plastic debris poses a huge threat to our ecosystem, filling up our oceans and poisoning wildlife. Advantages of plastic are used to produce another product. The main advantage of plastic money is that it avoids the necessity to carry huge cash and is also difficult to mutilate. The disadvantage of paper money is that it gets mutilated faster than coins metal money.
Of course, for every disadvantage of saving money, theres an advantage out there. The use of plastic money raises many questions on technical security, control and audit systems, most favoured technology to detect frauds and operational problems, foreseeing and plugging the weak spots of the cryptography based system. What are the advantages and disadvantages of plastic money. They have low thermal expansion of coefficient and possess good thermal. These decisions should be based on your ability to repay credit debt, not just on what you want to buy at the moment.
This existed during the town economy stage or during the premachine age. To help you decide whether to use credit, consider the advantages and the disadvantages of credit. Advantages of plastic are corrosion resistant and chemically inert. A money market account, or money market deposit account, is a governmentinsured bank account that pays relatively high interest rates and. Credit card reliance and have cooked up many ways to help you. Easy to handle it prevents to carry out heavy wallets, hence, reducing the chances of theft. This is to certify that the thesis entitled an evaluation of business deals using plastic money in kerala by ms. It can be created whenever the government chooses, and its economical. Advantages and disadvantages of dollarization by kyial. Advantages and disadvantages of plastic advantages of plastic. Kltelt klt klt g1802 credit advantages, disadvantages. As money is handled over the course of months and years, it begins to break down.
The consept to make money online has become a way for many people to make ends meet and earn extra money, extra fast. What are the benefits of using plastic money cashless. The seven advantages of plastic money called as the credit. Printing too much money creates inflation, and its success relies on belief rather than any hard assets. Easy access to money in the situation of instantaneous want for money, one can withdraw debit the demanded cash amount from the account and. Suggest possible solutions to challenges in the adoption and use of plastic money in zimbabwe.
Your credit score is a measure of how creditworthy you are that is, how likely you are to pay money back on time when you borrow it. A study on the importance and popularity of plastic money. Do not rot and so are difficult to dispose of some type catch fire easily cheap to produce and so are often thrown away once released into the environment they can harm wildlife their manufacture uses up non renewable resources oil and coal. Plastic money, plastic cards, atm automated teller machine, debit card, credit card, electronic. Both these modes eliminate the need to have actual cash at hand during purchase. Eventually, the money can no longer remain in circulation. Companyissued charge cards can be found as far back as the early 1900s.
This eliminates the need for carrying huge load of cash which is risky and inconvenient too. Only you can decide how to spend your money and whether. 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. Paper money is of very great advantage to the banks. Plastic is a recycling process and it does not decompose. The advantages include eliminates the need for carrying huge cash. Pdf to build up a sustainable banking environment, technological implementation is. Card issuer company has to make their advertisement more effectively to attract more number of people. They can come in many different forms such as cash cards, credit cards, debit cards, prepaid cash cards and store cards.
Plastic money, unlike paper money, will not burn easily and can resist higher temperatures than. The disadvantages of using plastic products sciencing. Charge cards laid the groundwork for debit and credit cards. The advantages and disadvantages of plastic packaging. With a history of plastic money, you cannot ignore charge cards. 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. Limited shopping opportunities online shopping is 100 percent reliant on credit cards, debit cards and other paymenttransfer services that are internet based. In the beginning iron, copper, tin, bronze, nickel, lead, gold, silver etc were used. Countries have begun replacing traditional paper bills with polymer banknotes made from a. Money one of the most important factor for living life. Free essays on advantages and disadvantages of plastic. These cards mainly just kept customers loyal to the company.
Since plastic note lasts longer, the production cost is reduced and environmental impact is much lower as paper is saved. Plastic money definitely provides an alternative in some cases and compliments cash as a medium. Please note a few points before we look at the disadvantages of plastic money. The introduction of money came as a multifold blessing to mankind. It is such an electronic module where all the information. Plastic bottles can be reused and restored over again and again. Recycling plastic plastic recycling is a process in which old plastics is turned into another more useful products.
An analytical study on use of plastic money in india. Peter, a young mba graduate joins a large software firm as a business development executive. The strength, durability and flexibility of plastic makes life easier, improves and even saves lives, and also money. What are the advantages and disadvantages of money. Relevance of plastic money, study based on faridkot dist. They can be easily moulded and have excellent finishing. Many studies comparing plastic versus paper for shopping bags show that plastic bags have less net environmental effect than paper bags, requiring less energy to produce, transport and recycle. It is true that plastics are cheaper and more durable but they are harmful and nonbiodegradable too. Evaluate the possible benefits which plastic money can bring to rural communities in zimbabwe. 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. But although its definition is simple, which is reusing old or waste products or turning them into something completely new, getting it done is anything but. What are the advantages and disadvantages of credit cards.