What are the merits and demerits of plastic money?

What are the merits and demerits of plastic money?

The main advantage of plastic money is that it avoids the necessity to carry huge cash and is also difficult to mutilate. The disadvantage being there are still many among us who do not know how to use a plastic card wisely.

What are the advantages of plastic money?

Advantages of Plastic Money

• Eliminates the need for carrying huge cash: This eliminates the need for carrying huge load of cash which is risky and inconvenient too.
• Risk of Loss or Theft minimized: In case of cash there is a high risk of losing cash and a chance of cash getting stolen.

What is plastic money Mcq?

Solution(By Examveda Team) Credit card is also known as plastic money. Credit Card is a small plastic card that is issued by financial institutions such as banks.

What are the disadvantages of plastic?

Disadvantages of plastics

• Typically, plastics are created from non-renewable resources.
• The pollution in the world’s waters is predominantly plastic.
• Multiple economic costs could result from plastic pollution.
• Unable to infinitely recycle plastic products.
• In order to recycle goods, we must use energy to clean plastic.

Which of this is disadvantage of plastic money?

DEMERITS OF PLASTIC MONEY Too much spending – Plastic cards generally encourage overspending. People tend to buy unnecessary things even if they don’t have enough money in their bank accounts just by thinking that they have credit cards. It can lead to too much debt which might even lead to bankruptcy.

What are the drawbacks of plastic money?

One needs to remember that plastic money is not a cash replacement and can be risky in some scenarios. Some of the disadvantages of plastic money are: 1. Smaller retail shops and businesses usually prefer cash payments and may not accept payment via cards.

What are the features of plastic money?

Features of Plastic Money

• Easy To Carry. Plastic money is very easy to carry as it is very light in weight.
• No Paperwork Required.
• Secure Transactions.
• Various Payment Options.
• Flexible Credit Limits.
• Rewards and Benefits.
• Prepaid Cards.
• Charge Card.

What is plastic money PDF?

Plastic money is referred to the credit cards or the debit cards that we use to make purchases (Goel, 2012). Various other types of. plastic cards provided by banks in India are ATM cards, Smart cards, Visa, master card, Rupay card (Patil 2014).

What is the full name of ATM?

Automated teller machineAutomated teller machine / Full name
ATM’s full form is Automated Teller Machine which is a self-service banking outlet. You can withdraw money, check your balance, or even transfer funds. Different banks provide their ATM services by installing cash machines in different parts of the country.

Is cheque a plastic money?

Answer. Cheque is not plastic money.

What are the merits and demerits of plastic Class 6?

Advantages of Plastics

• Its production cost is low.
• It can be easily molded into various shapes.
• It is lightweight.
• It is resistant to corrosion.
• It can be translucent, transparent, and opaque as well.
• It is a poor conductor of heat and electricity.
• It can be used to make roads, utensils, wires, pipes etc.

What are 10 disadvantages of plastic?

The disadvantages are as follows:

• Plastics are not easily biodegradable.
• Plastics produce toxic fumes when it is burnt.
• They are bad conductors of heat and are not ductile.
• They are poor conductors of electricity.
• Plastics become brittle at low temperatures.

What is plastic money explain its types and benefits?

Plastic money is a term coined keeping in view the increasing number of transactions taking place on the part of consumer for paying for transactions incurred by them to purchase goods and services physically and virtually. It includes credit cards, debit cards, pre-paid balance cards, smart cards etc.

What is the second name of plastic money?

What is another word for plastic money?

What are the limitations of plastic money?

Some of the disadvantages of plastic money are:

• Smaller retail shops and businesses usually prefer cash payments and may not accept payment via cards.
• You may not be able to use your plastic money for daily household payments like the maid, milkman, newspaper man and so on.

What is plastic money and its uses?

How many types of plastic money are there?

Various forms of plastic money include debit cards, credit cards, Money access cards, client cards, key cards, and Cash cards. The purpose of using these cards is only for the ease of customers so that they can make large transactions and also for their own safety.