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Question
What is plastic money? Give example.
Solution
- The latest type of money is plastic money.
- Plastic money is one of the most evolved forms of financial products.
- Plastic money is an alternative to cash or the standard “money”.
- 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.
- 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.
- They aim at removing the need for carrying cash to make transactions.
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