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Question
Which of the following is known as Plastic Money?
A. Demand Draft
B. Credit Card
C. Debit Card
Which of the following is known as Plastic Money?
A. Demand Draft
B. Credit Card
C. Debit Card
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Solution
The correct option is D Both (B) and (C)
Payment for purchases can be made in cash, cheques or cards. In respect of cash, there is the limitation that bigger payments cannot be made in cash on account of the need to carry bulk. Cheques are not often accepted as the credit standing of the person issuing a cheque is not apparent. In the circumstances, plastic money in the form of credit and other cards has become a preferred mode of payments and has wide acceptance among public. With the increasing use of the plastic money, the financial system is moving more towards cashless transactions. There are different types of plastic money, some of which are Credit Cards, Charged Cards, Premium Cards, Smart Cards, Debit Cards, ATM Cards etc.
Payment for purchases can be made in cash, cheques or cards. In respect of cash, there is the limitation that bigger payments cannot be made in cash on account of the need to carry bulk. Cheques are not often accepted as the credit standing of the person issuing a cheque is not apparent. In the circumstances, plastic money in the form of credit and other cards has become a preferred mode of payments and has wide acceptance among public. With the increasing use of the plastic money, the financial system is moving more towards cashless transactions. There are different types of plastic money, some of which are Credit Cards, Charged Cards, Premium Cards, Smart Cards, Debit Cards, ATM Cards etc.
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