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PRESENTED BYSHABBIR HUSSAINCOMPUTERIZED BANKING (BBSYDP)TEACHER NAMESIR KAMRAN KHANMiss Sehrish

TOPIC:

PLASTIC MONEY

Introduction:Plastic money made out of plastic and new and easier way of paying for goods and services .plastic money was of paying for goods and services.plastic money was introduced in the 1950s and is now an essential from of ready money .which reduces the risk of handing a huge amount of cash.it includes debit cards ATMs smart cards, variants of plastic money ,are used as substitutes for currency .This book on plastic money is divided into two section titled concepts and experience.The former covers articles on the emergence of plastic money , different types of plastic cards and their growth in india and other relate issues.An experience discusses the experience of banks like standard chartered ,citi bank ,which deal with plastic money and growth in the market

MARKET SCENARIOCitibank had done a tremendous job to educate people of Pakistan, The financial industry about credit cards and its significance in today's worldit a very aggressive marketing and heavy investment in technology, Citibank is well deserve to be called the industry leader of Pakistan's credit card business

PLAYERS IN THE ARENAAllied Bank of Pakistan Master Card

American Express AMEX Card

Bank Of America Master Card

Citibank Visa Card

Diners Club International Diners Club Card

Habib Bank Ltd. Habib Bank Card

Muslim Commercial Bank Master Card

National Bank of Pakistan Visa Card -- Master Card

Citibank is the industry leader in credit card business here. In short span of time, Citibank had issued over 125,000 VISA cards and covers most of the potential market segment.

MEANINGPLASTIC money refers to credit cards, you use them when ever you want and pay later (with interest ,of course).it makes it too easy for people to buy things they normally could not afford, which makes it easier to get into debt.

HISTORY

Credit cards have envolved into a safe and secure manner to purchase goods and services .

Debit cards allow people the convenience of cards with out worry of racking up debt .

The convenience,security and reward offered by credit and debit cards keep shoppers using their cards as opposed to check or cash.

Types of Plastic Money Credit Card

Debit Card

Charge card

Amex Card

Master Card & Visa World card

Smart Card

Credit Card: A credit card is plastic money that is used to pay for products and services at over 20 million locations around the world. All you need to do isproduce the card and sign a charge slip to pay for your purchases.

Debit Card:Debit cards are substitutes for cash or checkpayments, much the same way that credit cardsare. The banks only issue them to you if you hold an account with them. Debit card isused to make a payment, the total amount charged is stantly reduced from your bank balance

A debit card is only accepted at outlets with electronic s wipe- machines that can check anddeduct amounts from your bank balance online

Charge CardA charge card carries all the features of credit cards.

However, after using a charge card you will have to pay off the entire amount billed,

it card you are not declared even if you miss your due date. A 2.95late payment fees this differs from one bank to another) is levied in your next billing statement.

Amex cardAmex stands for American Express and is one of the well-known charge cards. This card has its own merchant establishment does not depend on the network of MasterCard or Visa

MasterCard and Visa MasterCard and Visa are global non-profitorganizations dedicated to promote the growth of the card business across the world.

They have built a vast network of merchant establishments so thatcustomers world wide may use their respective credit cards to make Various purchases.

Smart CardNo identificate A smart card contains an electronic chip which isused to store cash. This is most useful when you have to pay for small purchases, signature or payment authorization is required for using this card.

The exact amount of purchase is deducted from the smart card during payment and is collected by smart card reading machines. No change is given.

Advantages of Plastic Money

Be more convenient to carry than cash.Help you establish a good credit history.

Offer free use of funds, provided you always pay your balance in full, on time.

Provide a convenient payment method for purchases made on the Internet and over the telephone.

Give you incentives, such as reward points

Disadvantages of Plastic Money Cost much more than other forms of credit ,such as a line of credit or a personal loan,if you don't pay on time. Damage your credit rating if your paymentsare late.Allow you to build up more debt than you can handle.

Have complicated terms and conditions.

How To Payment ProcessingWorks