Partnership suppose you want to open a restaurant in your locality. Plastic money or polymer money, made out of plastic, is a new and easier way of paying for goods and services. Advantages of plastic money there are several advantages of plastic money as. Plastic money was introduced in the 1950s and is now an essential form of ready money which reduces the risk of handlings a huge amount of cash. You may then talk to your friends and all of you agree to run the.
Merits of a deficit budget helps in addressing public. The whole procedure of obtaining the plastic money needs to be authentic. Information and translations of plastic money in the most comprehensive dictionary definitions resource on the web. Money one of the most important factor for living life. Easy to handle it prevents to carry out heavy wallets, hence, reducing the chances of theft.
This makes it unsuitable for making a frying pan or stove. Merits and demerits of plastic money based on experiences of. This means that more the use of plastic money, more will be the income tax returns an offer that is hard to ignore. The issuer of the card grants a line of credit to the. Plastic money was introduced in the 1950s and is now an essential form of immediate payment, which reduces the risk of handlings a huge amount of cash. If the money is backed by something of value it is ok. Hence, the entire development expenditure cannot be met through public borrowings. Merits and demerits of cashless economy group discussion.
The answers provided by cason kim appear to hit the most immediate benefits so i wont repeat them here. As it is said, money can serve as a good slave, but not as a good master. Plastic cash was presented in the 1950s and is currently a basic type of prepared cash which lessens the danger of handlings a gigantic measure of money. The low heat resistant is a major drawback as it cannot be used for purposes which involve higher temperatures. Plastic money has not only provided us with convenience, but it has also eliminated the inconvenience that is caused in carry cash. Easy access to money in the situation of instantaneous want for money, one can withdraw debit the demanded cash amount from the account and. This is the group discussion on merits and demerits of cashless economy. Plastic money gives us an easy and extended purchasing capacity which results in an extra and unwanted buying. An analysis ofthe theory and practice ofconcurrent currencies. Internet banking is simply the access to new devices and is therefore ignored. 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. 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. So let us check it out some advantages and disadvantages one by one.
Contd the unnecessary formalities should be reduced in order to obtain the plastic money. Sudhagar assistant professor of commerce, mgr collegeperiyar university, india. Credits cards cost much more than other forms of credit, such as a line of credit or a personal loan, in case you are unable to pay them on time. 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. Plastic money definitely provides an alternative in some cases and compliments cash as a medium. Effects of internet banking on the financial performance. The saving capacity of the people is itself is limited. Advantages and disadvantages of plastic essay in points. The following arguments against public borrowings as sole source of development expenditure can be put forward i like taxation, there is a limit to public borrowings also. Unbacked money has always collapsed within forty years. What are the advantages and disadvantages of plastic money. Plastic money has provided us with the ease of conducting transactions in our. The seven advantages of plastic money called as the credit. What are the advantages and disadvantages of credit cards.
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. Merits demerits plastic money based experience people jobs. These were advantages and disadvantages of plastic in points as you have seen above. Pdf the significance of plastic money to the hospitality. Advantages of plastic money there are several advantages of plastic money as seen in the illustration above. Advantages and disadvantages of cosmetic surgery a lot of women these days are opting for cosmetic procedures as a means of enhancing their appearance. In order to curb black money and improve the security features, australia underwent demonetisation and replaced all paper notes by plastic currency in 1996. Internet money is the sum of stored value smart cards and network money value stored on computer hard drives. Merits and demerits of plastic money based on experiences.
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 or merits and. The reserve bank of india rbi is likely to begin an experiment in select few cities in india to test the possibility of replacing the regular paperbased currency notes with plastic currency notes. Plastic money free download as powerpoint presentation. In the beginning iron, copper, tin, bronze, nickel, lead, gold, silver etc were used. Based on experiences of peoples introduction introduction to plastic money plastic money or polymer money, made out of plastic, is a new and easier way of paying for goods and services. 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. Summary and conclusion 193 the study has been made to know the spending habit patterns of consumers and why they are not adopting the plastic money in their daily lives. We show that whenever money and credit coexist, equilibrium is. Advantages and disadvantages of plastic full essay in points disadvantages of plastic.
A study on perception and awareness on credit cards among bank customers in krishnagiri district dr. It is meant to the used in place of coins and banknotes for the purpose of making electronic payments of small amount fsa, 2001. Charge cards laid the groundwork for debit and credit cards. Benefits for a merchant merchants too will receive tax benefits for. Plastic money also keeps track of the transactions as they are incurred along. These cards mainly just kept customers loyal to the company. What are the benefits of using plastic money cashless. Suggest possible solutions to challenges in the adoption and use of plastic money in zimbabwe. Companyissued charge cards can be found as far back as the early 1900s. This eliminates the need to carry a huge load of cash that is risky and inconvenient as well. About some of the advantages and disadvantages of plastic in brief. For extremely valuable discussions and feedback throughout this project. A credit card is a small plastic card issued to users as a system of payment.
So for those who are not well aware of the cards and its disadvantages should always be careful to avoid themselves being in trouble. Peter, a young mba graduate joins a large software firm as a business development executive. Underlying evilsthough it may look all trendy and flashy to own plastic money especially credit cards, you may be surprised to know, owning it is extremely harmful and risky as well. A case study of rainbow towers group of hotels rtg article pdf available june 2016 with 3,214 reads how we measure reads. This existed during the town economy stage or during the premachine age. After the world war most of the countries on on gold standard did not obey the rules of gold standard and even all the new forms of gold standard failed to function smoothly. Chargit chargit was the first actual bank card and was issued in 1946. Merits and demerits of plastic money based on experiences of peoples free download as word doc. Plastic money or polymer money, made out of plastic, is a new and more natural way of paying for goods and services. Credit card reliance and have cooked up many ways to help you. Holders of a valid card have the authorization to purchase goods and services up to a predetermined amount, called a credit limit. It is also the number one trash of humans in landfills which took a lot of space. 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.
However, plastic money has its share of issues that one must be careful about. They were concerned about an increase in counterfeiting with the release of colour photocopiers that year. In situations like job loss or health emergencies credit cards can play a vital role by providing you with that extra money that you are desperately in need of. Through this research, i came to know about so many new things about these lovely polymerized pieces. The plastic money generally a credit or debit card with a magnetic strip many people carry in their wallets or purses is the end result of a complex banking process. Plastic consumes very less energy for recycle compared to glass. Plastic cash or polymer cash, made out of plastic, is another and simpler method for paying for products and enterprises. Advertisements should be given through tvs, magazines and hoarding to have maximum reach because the respondents perceive these as important promotional tools. It allows its holder to buy goods and services based on the holders promise to pay for these goods and services. It is true that plastics are cheaper and more durable but they are harmful and nonbiodegradable too. Conclusion study merits demerits plastic money jobs.
The way one looks has become an important part of social life. But governments have always reneged on the deal and slipped the people counterfeit money. 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. Like conventional money, plastic money can function as a medium of exchange, a unit of account and a store of value. Denationalisation of money satoshi nakamoto institute. Plastic is strong and water and chemical resistant. Like everything, plastic money also has its own merits and demerits. With a credit card, youre spending money you dont necessarily have yet. Plastic money its technical and monetary importance educba. They can come in many different forms such as cash cards credit cards debit cards prepaid cash cards instore cards 3.
Mode is the term that occur most in the series hence it is not an isolated value like median nor it is value like mean that may not be there in the series. There are times when money is the simple solution to an emergency. It all started with a simple credit card that allowed you to make purchases today and pay later. 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. And with the help of this, we did not want to carry a huge amount of money with us for. We should wisely use it keeping all the below points in mind. Most of us use plastic money today, but it is necessary that we clearly understand the merits and demerits of it. A study on the importance and popularity of plastic money. The significance of plastic money to the hospitality industry. Recycling plastic plastic recycling is a process in which old plastics is turned into another more useful products. Various products of plastic are available for household and other purposes. Conclusion of merits and demerits of plastic money. Conclusion of merits and demerits of plastic money 1500542 plastic money is the special term used for the hard cards in banks instead of normal paper money.
It has made it too easy for us to buy things we normally could not afford and in such a scenario it is important to understand the merits and demerits of plastic money. With a history of plastic money, you cannot ignore charge cards. If you are clever, you can make use of the cards but not everyone can be clever. It is not affected by extreme values hence is a good representative of the. So just play carefully with the tiny plastic thing that is placed in your. Plastic money had fascinated me from a long time and i was curious to go into the details about its usage,this project gave me ample oppurtunity to do so.
But if we observe the present day problems we find that money also played an important role in creating and promoting these problems. 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. Technology has changed the way we deal with money giving us more convenience and easy access to funds from anywhere. A study on perception and awareness on credit cards among. The money as medium of exchange played an important role by having put to an end the demerits of barter system. You may find that it is not possible to arrange the money required to start and run the business alone. With the drawbacks of commodity money and with economic advancement of the people, metals came to be used as money. See ante footnote nwankwo o, eze or, op cit, ejiofor ve. An abstract on plastic money pdf download by sasidhar karetimarch 01, 20 0. Since plastics can be considered indestructible or simply does not break down easily. Evaluate the possible benefits which plastic money can bring to rural communities in zimbabwe. Approval may take longer if additional verification documents are requested. Because of that access to reports and documents has also become easy. Study of merits and demerit of plastic money based on.
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