Definition of plastic money pdf

We defined money as anything that is generally accepted as a means of payment, is a store of value, can be used as a unit of account or a standard of deferred payment. It was in the 1950s the concept of plastic money came into being. Meaning and definition of plastic money stored value card debit. How nonbank lenders plan to utilise rbis second booster shot. These cards mainly just kept customers loyal to the company.

The device acts as a prepaid bearer instrument which does not necessarily involve bank accounts in transactions. This is why credit cards are excluded from the definition of electronic money. Money is anything that is generally acceptable as a means of exchange, and in the settlement of debts. We need a better definition of her responsibilities. They are the alternative to the cash or the standard money. Although my brief was to write a philosophy book, i did not make the definition of money a subject of direct analysis. Alternatives for waste management guide g314 fahzy abdulrahman1 cooperative extension service college of agricultural, consumer and environmental sciences introduction this publication provides an overview of the reasons and ways to better manage garbage or other household waste. Being nonperishable and also comparatively stable in value, the value of other assets can be stored in the form of money. A study on the importance and popularity of plastic money.

Commodity money is a good whose value serves as the value of money. Plastic money its technical and monetary importance educba. It has led to the creation of financial institutions. Definition definition, the act of defining, or of making something definite, distinct, or clear. This term is also used for the broader realm of electronic commerce.

Representative money has now been replaced by fiat money. The plastic portion of this term refers to the plastic construction of credit cards, as opposed to paper and metal of currency. Such systems can be understood as means of trading wealth indirectly. Plastic money is used to refer to the credit cards or the debit cards that we use to make purchases in our everyday life. Plastic money definition of plastic money by the free. Money is an officiallyissued legal tender generally consisting of notes and coin, and is the circulating medium of exchange as defined by a government. That is, unlike credit provided through a credit card, the customer pays for the spending power in advance. In this lesson, youll learn what money is and its four basic functions. Peter, a young mba graduate joins a large software firm as a business development executive.

It all started with a simple credit card that allowed you to make purchases today and pay later. Yes, the advantages of plastic money over cash has made it a best friend of many. Plastic money definition and meaning collins english dictionary. A study on the importance and popularity of plastic money in aluva. With this in mind, it is not surprising that there were different types of money throughout history. May, 2019 by this definition, what we typically think of as moneycurrencydoes, in fact, fit the economic definition of money, but so do a lot of other items in the economy. Plastic money is a term that is used predominantly in reference to the hard plastic cards we use every day in place of actual bank notes. Money being generally acceptable and its value being more or less stable, it is ideal for use as a store of value.

Mobile money services design and development for financial. Definition of plastic money, definition at economic glossary. Meaning and definition of plastic money free download as word doc. Greene, csu 7 medical plastics and composites use containers bottles, bags drug delivery iv bags, syringes tubing and tools for surgery implants, artificial skins the use of plastic materials in the medical field, about 4 billion dollars in 2000 us. Meaning definition functions of money, article posted by gaurav akrani on kalyan city life blog. The use of a mobile phone in order to transfer funds between banks or accounts, deposit or withdraw funds, or pay bills. Here the focus is primarily on the forces sustaining the development of e money and on the central bank ability to conduct monetary policy in the presence of e money.

An empirical analysis on italian households article in economic notes 421 february 20 with 671 reads how we measure reads. Model definition is a usually miniature representation of something. Plastic money definition and meaning collins english. They can come in many different forms such as cash cards, credit cards, debit cards, prepaid cash cards and store cards. Money is any good that is widely used and accepted in transactions involving the transfer of goods and services from one person to another.

Plastic money is the generic term for all types of bank cards, credit cards, debit cards, smart cards, etc. An abstract on plastic money pdf download by sasidhar karetimarch 01, 20 0. This part of the definition means that electronic money is a prepaid product. Economists are quick to point out that money in an economy can take different forms, but these different forms usually carry different levels of liquidity. The money portion is an erroneous reference to credit cards as a form of money, which they are not. Electronic money e money is broadly defined as an electronic store of monetary value on a technical device that may be widely used for making payments to entities other than the e money issuer. Throughout the ages physical money in the form of objects, coins and notes has increasingly been replaced by more abstract means of payment such as bills of exchange, cheques and credit cards. Information and translations of plastic money in the most comprehensive dictionary definitions resource on the web. Now, people can remotely access their money through these plastics.

Pdf to build up a sustainable banking environment, technological. Generic term for all types of bank cards, credit cards, debit cards, smart cards, etc. Every country has its own exchange system of coins and paper money. Zimbabwe had no access to plastic money facilities and therefore transacted mainly using cash and mobile money. Development of electronic money and its impact on the.

The history of money concerns the development of social systems that provide at least one of the functions of money. Nov 07, 2019 money is an officiallyissued legal tender generally consisting of notes and coin, and is the circulating medium of exchange as defined by a government. Hence cards were introduced in the world to resolve the issue of carrying huge cash. The future of money the future of money the future of money moneys destiny is to become digital.

The loss which a country suffers from the wear and tear of metallic money is also avoided. Credit cards and debit cards as an alternative to cash. Electronic money is money which exists only in banking computer systems and is not held in any physical form. Money is now given its value by government fiat or decree, ushering in the era of enforceable legal tender, which means that by law, the refusal of legal tender money in favor of some other form of payment is illegal. Plastic money includes atm cards, credit cards, debit cards etc.

A slang phrase for credit cards, especially when such cards used to make purchases. Currency notes, therefore, are the cheapest media of exchange. 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. Again, there is no uniform standard across jurisdictions on the definition of simplified. It is meant to the used in place of coins and banknotes for the purpose of making electronic payments of small amount fsa, 2001. Plastic money definitely provides an alternative in some cases and compliments cash as a medium. Like conventional money, plastic money can function as a medium of exchange, a unit of account and a store of value. Plastic is material consisting of any of a wide range of synthetic or semisynthetic organic compounds that are malleable and so can be molded into solid objects plasticity is the general property of all materials which can deform irreversibly without breaking but, in the class of moldable polymers, this occurs to such a degree that their actual name derives from this specific ability. Money as a store of value means that money can be used to transfer purchasing power from present to future. Money as a standard of deferred payments has simplified the borrowing and lending operations. Legal tender, or narrow money m0 is the cash money created by a central bank by minting coins and printing banknotes. The issuer of the card grants a line of credit to the. In the united states, only a small fraction of the currency in circulation exists in.

Companyissued charge cards can be found as far back as the early 1900s. 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. The total value of liquid assets available for an individual or other economic unit, such as cash and bank deposits. The recent growth in the use of plastic money mainly credit and debit cards has been. Development of electronic money and its impact on the central. Chargit chargit was the first actual bank card and was issued in 1946. Money is a mechanism that facilitates this process money may take a physical form as in coins and notes, or may exist as a written or electronic account. A credit card is a small plastic card issued to users as a system of payment.

Plastic pollution, harmful accumulation of synthetic plastic products in the environment. The usage of plastic money card has increased in the mode of payment of huge amount and hence broth there are lots of different types of plastic money that can be used anywhere in the world. Money definition is something generally accepted as a medium of exchange, a measure of value, or a means of payment. If a country uses paper money, it need not spend anything on the purchase of gold or minting coins. Powerpoint presentation on money, paper money, plastic. Project report an analysis of the use of plastic money in. Youll also take a look at how it benefits society and explore the different types of money. Nov 27, 2019 electronic money is money which exists only in banking computer systems and is not held in any physical form. Charge cards laid the groundwork for debit and credit cards. The financial action task force fatf is an independent intergovernmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing. By this definition, what we typically think of as money currencydoes, in fact, fit the economic definition of money, but so do a lot of other items in the economy. Which means that you spend in foreign currency on the card but pay back in.

Mobile money operators typically leverage an agent network to. Pdf customers perceptions about plastic money towards. Debit card, credit card, plastic money, paper money, transactions, and financial institutions introduction plastic cards have been a very recent substitution of the normal method of paying through paper money. Aug 19, 2019 the basic definition of money is anything that is commonly accepted by a group of people in exchange for goods, services, or resources. To study consumers reasons for preference of plastic money over hard cash keywords. Technology has changed the way we deal with money giving us more convenience and easy access to funds from anywhere. Studycopter is the best way to get your best possible score on exams such as ibps po, clerk, so, ssc, rrb, sbi and gmat. Plastic money definition at, a free online dictionary with pronunciation, synonyms and translation. Money one of the most important factor for living life. Plastic money essay example free essays, term papers. With a history of plastic money, you cannot ignore charge cards. All debit cards, credit cards, forex cards,prepaid cash cards,store cards which use in place of bank notes or actual currency for promoting digital transaction is known as plastic currency. 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. Economists differentiate among three different types of money.

Money is not a cigarette1 reading the histories of money and finance written in recent years, and observing the confusion in much of the debate about quantitative easing and fiscal policy, left me with a regret. Does it make sense to introduce children to plastic money. M2 money supply a definition of the money supply that includes everything in m1, but also adds savings deposits, money market funds, and certificates of deposit money market fund. It allows its holder to buy goods and services based on the holders promise to pay for these goods and services. Plastic money or polymer money, made out of plastic, is a new and easier way of paying for goods and services.

Fiat money, if physically represented in the form of currency paper or coins can be accidentally damaged or destroyed. Money is a current medium of exchange in the form of coins and banknotes. Jul 30, 2019 virtually anything can be considered money, as long as it performs what we call the three major functions of money i. This was largely due to lack of plastic money facilities among rural service providers, lack of adequate knowledge on importance of plastic money, low income levels and lack of confidence in the overall financial system. However, plastic money has its share of issues that one must be careful about.

This paper will focus on the development of electronic money and its impact on the central bank role and monetary policy. Plastic money is the name given to all types of plastic bank cards 3. Bank money, or broad money m1m2 is the money created by private banks through the recording of loans as deposits of borrowing clients, with partial support indicated by the cash ratio. The plastic money generally a credit or debit card with a magnetic strip many. What are the advantages and disadvantages of money. While some of the loudest voices are proponents of a ban on plastic bags, there is evidence that shows these. Technological advances in electronic recordkeeping have made credit cards as ubiquitous as cash as means of payment in many economies. Plastics are persistent largescale pollutants, and plastic debris such as bottles, straws, containers, and plastic wrap and particulates have been found in many environmental niches, from mount everest to the bottom of the sea. Plastic money fraud has become a global business and he made an attempt to track down fradulent and crime activites involved in the usages of the debit and credit card, but it is found difficultbecause the development differs from country to country and moves on fast. The use of plastic money be it credit card, debit, prepaid, or reloadable card is getting some traction as reflected by the increasing number of retail companies cobranding with banks. However, fiat money has an advantage over representative or commodity money, in that the same laws that created the money can also define rules for its replacement in case of damage or destruction. Plastic money aka polymer money is made out of plastic and has formed an important part of our daily life these days.