Question

What is plastic money? Give example.

Answer 1

1. The latest type of money is plastic money.
2. Plastic money is one of the most evolved forms of financial products.
3. Plastic money is an alternative to cash or the standard “money”.
4. Plastic money is a term that is used predominantly in reference to the hard plastic cards used every day in place of actual bank notes.
5. Plastic money can come in many different forms such as Cash cards, Credit cards, Debit cards, Pre-paid Cash cards, Store cards, Forex cards, and Smart cards.
6. They aim at removing the need for carrying cash to make transactions.