Published - Sat, 31 Dec 2022
In summary, the majority of payments in India are done using plastic money, or with a debit or credit card.
Although it may appear weird, plastic money is a legitimate phrase in finance. Here's what you need to know about it.
Money is an essential aspect of our life. But how did the need for money arise? You may recall studying about a barter system in which commodities were exchanged for products, which was followed by an era in which gold and silver coins were introduced. We began to utilise paper notes and coins for economic transactions as humankind advanced. We also employed technology to pay for goods over time.
Cards are increasingly being used instead of cash. These cards are referred to as "plastic money." Plastic money is represented by debit cards, credit cards, or any other cards. Plastic money has made it easier for us to conduct daily transactions. It has mostly supplanted cash payments worldwide and has established itself as an essential source of rapid money. It has made it easier for us to purchase products that we could not otherwise afford using some of the best credit cards on the market.
The Advantages of Plastic Money
Plastic money has several advantages, including:
Plastic money has not only made our lives simpler, but it has also reduced the difficulties associated with carrying cash. Some of the greatest credit cards allow us to travel the world without carrying cash.
One advantage of using credit or debit cards is that robberies and crimes are reduced. Hacking a card's PIN is tricky and requires knowledge of certain processes. As a consequence, credit and debit cardholders may be relatively certain that their funds are secure.
Credit cards enable people to conduct transactions and pay for them even when they do not have the necessary finances. It is really useful, especially if you are low on funds. Credit cards help lessen the need for emergency financial assistance from others. You can fund your demand using a credit card and then pay it back in instalments. Furthermore, obtaining a credit card is simple. You only need to fulfill your bank's credit card eligibility criteria to get the card.
Credit and debit cards can facilitate online payments, fund transfers, and other activities. Making payments with plastic money from any place is quite straightforward. Furthermore, numerous online merchants provide discounts when purchasing using credit or debit cards.
Every credit and debit card issuer provides shopping bargains and discounts. They can assist you in saving more money and earning rewards on purchases.
Travelling without plastic money might be costly. Credit and debit cards grant access to lounges and fantastic discounts on travel reservations. You cannot enjoy the same perks while paying with cash, making plastic money essential when traveling.
Plastic money also has several drawbacks, including:
Certain establishments and shops may only accept cash. Purchasing goods from a tiny trader, for example, or purchasing veggies or newspapers.
When a person uses plastic money carelessly, they frequently exceed their spending limit and spend more than they can return. This may result in their incurring debt.
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