BANKING AFFAIRS

Detailed explanation-1: -Premium Cards, Smart Cards, Charged Cards, and ATM cards are also considered as plastic money.

Detailed explanation-2: -Cards are increasingly being used in place of actual cash. Plastic money refers to these cards. Debit and credit cards represent plastic money. Plastic money has made it easier for us to carry out transactions in our daily lives.

Detailed explanation-3: -Plastic money refers to the hard plastic cards we use every day in place of actual bank notes. For example ATM cards like credit card and debit card are electronic generated card that acts as plastic money at the time of buying of goods and services.

Detailed explanation-4: -Credit card is also known as plastic money. Credit Card is a small plastic card that is issued by financial institutions such as banks.

Detailed explanation-5: -Debit card is a plastic bank card used for payment for cash of goods and services available in your account, and withdraw cash from ATMs and cash desks.