Plastic money
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Transcript of Plastic money
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PLASTIC MONEY& IT’S ADVANTAGES
BYM.SHIVA
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PLASTIC MONEY
A PLASTIC MONEY is generally a credit or debit card with a magnetic strip many people carry in their wallets or purses is the end result of complex banking process
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BIRTH OF PLASTIC MONEY
• It all began in the year 1951• New York based bank called Franklin national bank
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Who can be the (credit & debit) card holder
A person who earns a salary of Rs.60,000/- per annum is eligible for card He should have a savings current account
A statement of annual or monthly income
He is considered credit worthy up on to Certain limit depending up on incomeassets and expenditure
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Advantages of plastic money to banks
Store feesInterest feesLate payment feesHigh annual feesReduced work at branches due to reduced handling of cash, and clearing transaction
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Advantages of plastic money to Customer
Convenience- It can save you time & trouble
Instant cash- cash advances are quick & convenient
Record keeping- CC statement can help you track your expenses
Purchasing power-cards made it easier to purchase things. Now we don’t have any need to carry hard cash in a large amount.
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Credit Limits-You get an extra amount to spend with your card. This extra spent money you can return before a fix time schedule
Mostly credit card offer additional benefits, as discount from some particular stores, bonus in airline fare, free insurance policies and much more
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Advantages of plastic money to merchants
Higher spending- Consumers spend an average of 68.5% more when they pay with a credit card instead of cash
Greater reliability-With the benefit of a merchant account, you could have guaranteed payments without fear of bounced or missing checks
Faster than invoicing- Invoice payments could potentially take up to 90 days and require more administrative time than card payment
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Makes you more competitive: A
recent survey found that 29% of customers preferred to pay for retail purchases with credit cards, while notably fewer (24%) preferred to use cash
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