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PLASTIC MONEY Everybody has talked about the checkless,cas hless society.
They said it would be here 10years from now. We think its here today.John G. McCoy,
banks have become a part and parcel of our life. There was a time whenthe dwellers of the
city alone could enjoy their services. Now banks offer access to every common man and their
business orientedfunctio ns, they have now come out to fulfill national responsibilities.
INDIAN BANKING SYSTEM: Banking system plays a vital role in the economic
development of acountry. The structure of the banking system in India consists of two parts:
sector comprises money lenders and indigenous bankers. Theorganized sector consists
COMMERCI AL BANKS: 3
PLASTIC MONEY Commercial banks are the oldest banking institution in the banking
sector they consist of the predominant segment of the banking system in India.
Theycater to the needs of trade, transportation and other activities with a widenetwork
functionor core function. They are as follow:1.Accep ting of deposits from the
Tellers system. Etc. CREDIT CARDS: Credit card is a plastic card that enables it
PLASTIC MONEY operating the plan. The bank assumes the risk and responsibility
Debit card is a plastic card issued by the banks to enable its customers toget access to
his or her bank account for payment by simply using the card.When a customer makes any
purchase using the card, his/her bank account isdirectly debited to the extent of the
purchase amount. ATM CARDS: Banks offer this card as a free service to its deposit
holders. ATM cardsare used to withdraw cash from bank accounts when bank counters
To study the convenience of plastic money in recent era. To identify the factors
which affect the status of paper money andincreasing the usage of plastic money & why the
SCOPE OF THE STUDY The study concentrates on the different types of plastic
money in brief. Itconcentrates more on credit card, debit card and ATM cards. The
project coversthe impact of plastic money and also the increasing use
Documents
People
Se
TO BANKIN G
SYSTEMa
s hitherto untouched. Apart from their traditional business
OBJECTIV E OF STUDY
The object of this research is:
the status of paper money andincreasing the usage of plastic money & why the plastic money
usage hasincreased
HYPOTHE SIS
different types of plastic money in brief. Itconcentrates more on credit card, debit card
and ATM cards. The project coversthe impact of plastic money and also the
PLASTIC MONEY
LIMITATI ONS
banks have been considered for undertakin g the study and the findings of
METHODO LOGY
Secondary data is collected by undertaking extensive library research aswell as from various
CHAPTE R 3AN
are like an average middle-class, living in ametropolitan you probably must have at
least one thin plastic card that you useto pay for things at many merchants. Take out one
long, by 2
1/8
wide, weighs about a fifth of an ounce, has amagnetic stripe on the back and has a 13 to 16 digit
cardboard, now plastic, the carditself may become an anachronism.T he plastic note is same as
paper but the only difference is that they aremade of plastic. They are more secured as
compared to that of paper notes.In traveling and shopping people used to carry huge
cash which was muchunsecure d and also increasing crime rate. Then the cards
were introduced in theworld to resolve the issue of carrying huge cash. These
cards are known asPlastic Money. The usage of plastic money (Cards) has increased in
the mode of payment of huge amount and time by time there are lots of different types
like wecan use it anywhere in the world and etc. Now the world is getting globalized soevery card is
e different countries.
8
PLASTIC MONEY
revolutionized how we pay for goods and services.It is increasingly common to find merchants
who do not take cash or cheques,and increasingly rare to find merchants who refuse payment
of when we purchase goods and services and when we pay for them. The popular media
often focus on how credit cards is making it much quicker and easier to borrow,
encourage people to spend beyond their means and get mired in debt.Although
removing the hassle from the process of borrowing has allowed some people to borrow too
much, credit cards have enabled many more of us toachieve a better standard of
living. The millions of people who finance purcha ses on credit cards want to enjoy life
earlier than their current incomesand savings permit. Credit cards enable them to do so.Payment
how long it takes people to pay with various paymentinstru ments at the counter. And
as we are all aware, there is a lot of varianceacross merchants depending on their particular
equipment and setupnot tomention their clerks. There is agreement that credit cards are faster than
checks, but there is disagreement as to how much faster.The answer will almost
certainly vary by retail category and other variables. One industry source suggests that the
difference in favor of cards is aslarge as fifty-six seconds. Whether cards are as fast as
cash is also a matter of dispute. To use cash, of course, requires spending some
time getting it. This iseasier today with the proliferation of ATM machines and cards, but for
CHAPTE R 4HISTOR Y OF
PLASTIC MONEY
The manner in which people pay each other has seen few
revolutions asfundamental as the spread of electronic money. Emoney has altered how
we pay for things: most of us now use plastic cards and their digits for many of our daily
purchases. And it has altered when we pay for things: most of us defer some payments until
our monthly charge or credit bills arrive, and many of usfinance some
purchases over time. History teaches us how significant both of these transformations have been.
The Evolution of Money Perhaps the only more fundamental development in the history
of moneyis the birth of money itself. Long before credit cards and checks, people foundways to
pay for things they wanted. Cash, Check, or an Ox? For many millennia, people
bartered twenty of my arrows for two of your bushels of wheat; six of your vases for
of money as ameans of exchange and a store of value. Over the next centuries, and
today,money is still being transformed, but always with a focus on improving itsconvenience
e. The Iliad and the Odyssey, which appear to reflect customs arounde,
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different banks have been considered for undertakin g the study and the findings of
Primary study has been undertaken on micro level basis on focusing onlya
OVERVIEW ON PLASTIC MONEY Look in your wallet. If you are like an average
middle-class, living in ametropolitan you probably must have at least one thin plastic card
that you useto pay for things at many merchants. Take out one of those cards. The card
wide, weighs about a fifth of an ounce, has amagnetic stripe on the back and has a 13 to 16 digit
cardboard, now plastic, the carditself may become an anachronism.T he plastic note is same as
paper but the only difference is that they aremade of plastic. They are more secured as
compared to that of paper notes.In traveling and shopping people used to carry huge
cash which was muchunsecure d and also increasing crime rate. Then the cards
were introduced in theworld to resolve the issue of carrying huge cash. These
cards are known asPlastic Money. The usage of plastic money (Cards) has increased in
the mode of payment of huge amount and time by time there are lots of different types
like wecan use it anywhere in the world and etc. Now the world is getting globalized soevery card is
e different countries. 8
PLASTIC MONEY
In the last half of the twentieth century, payment cardscredit, debit, andcharge
cardshave quietly revolutionized how we pay for goods and services.It is increasingly
common to find merchants who do not take cash or cheques,and increasingly rare to find
merchants who refuse payment cards.Payment cards have also revolutionized how we
coordinate the timing of when we purchase goods and services and when we pay
for them. The popular media often focus on how credit cards is making it much quicker
and easier to borrow, encourage people to spend beyond their means and get mired
in debt.Although removing the hassle from the process of borrowing has allowed
some people to borrow too much, credit cards have enabled many more of us toachieve a
better standard of living. The millions of people who finance purcha ses on credit
cards want to enjoy life earlier than their current incomesand savings permit. Credit cards
enable them to do so.Payment cards can save cardholders time. Different studies
providediffere nt estimates of how long it takes people to pay with various paymentinstru
ments at the counter. And as we are all aware, there is a lot of varianceacross merchants
depending on their particular equipment and setupnot tomention their clerks. There is agreement that
credit cards are faster than checks, but there is disagreement as to how much faster.The
answer will almost certainly vary by retail category and other variables. One industry
source suggests that the difference in favor of cards is aslarge as fifty-six seconds.
Whether cards are as fast as cash is also a matter of dispute. To use cash, of course,
requires spending some time getting it. This iseasier today with the proliferation of ATM
machines and cards, but for the cardindustrys first few decades it required trips
of only a few seconds per transaction become worth quite a bit when billions
The manner in which people pay each other has seen few revolutions asfundamental as the spread
of electronic money. Emoney has altered how we pay for things: most of us now use
plastic cards and their digits for many of our daily purchases. And it has altered when
we pay for things: most of us defer some payments until our monthly charge or credit bills
arrive, and many of usfinance some purchases over time. History teaches us how
Perhaps the only more fundamental development in the history of moneyis the birth of money
itself. Long before credit cards and checks, people foundways to pay for things they wanted.
arrows for two of your bushels of wheat; six of your vases for two of my loincloths.
exchange and a store of value. Over the next centuries, and today,money is still being
transformed, but always with a focus on improving itsconvenience and usability as a unit of
PLASTIC MONEY of value. The Iliad and the Odyssey, which appear to reflect
customs around850 800 BC, refer to exchanges measured in oxen. A large tripod (an
classicaltimes) was worth twelve oxen and a skillful female slave four. That didnt meanyou
had to pay twelve oxen for the large tripod; you could pay three skillfulwomen
or perhaps gold or silver worth twelve oxen.An ox wasnt money because, although a fine
unit of account, it wasnt agreat means of exchange or store of value. Around two
for exchanges, stamped out coins of fixed weights. Convenient to exchange, easilystored,
and readily counted, these were the first money.It took industrialized societies another 2,500
years to accept that moneywas valuable even if not made of precious metal as long as people
accepted itfor exchange and used the same unit of account. Trust replaced metal.Today, people
exchange units of account such as the dollar or the euro which they convert into goods and
services. Cash, checks, electronic transfers of funds among accounts, and payment card
systems are ways of exchanging theseunits. Each is a medium for facilitating the
unlike air, is not a free good for society. It requires resources: pro ducing physical
money, processing checks, or keeping the books for electronic money. One
way or another, people have always paid for the moneythey use. That is obvious
for private payment systems such as checks and cards.It is less obvious, but nonetheless
true, for government payment systems basedon coin or paperfor instance, mints
are usually impressive buildings withlarge staffs, and the inflation tax is one of the
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