The term 'Plastic Money' refers to ___________________.ATM cardsforeign currency notesplastic-coated currency notestraveler's cheque (2024)

FAQs

The term 'Plastic Money' refers to ___________________.ATM cardsforeign currency notesplastic-coated currency notestraveler's cheque? ›

Plastic money is a technological invention that enables transactions without physical cash expenditure. It can be defined as the currency stored in plastic cards, such as debit and credit cards, facilitating transactions without cash and encouraging online payments.

The correct answer is a Credit card. The various Plastic cards include ATM cards, Debit Card, ATM cum Debit Card, Credit Cards, Smart Card, Charge Cards, Co-branded cards, add on cards and so on. Credit card is also known as plastic money.

Many people increasingly prefer using plastic money, sometimes referred to as credit and debit cards, as a form of payment. The new payment method is plastic money. Payments can be made with a credit card, debit card, or even your phone.

Polymer banknotes are banknotes made from a synthetic polymer such as biaxially oriented polypropylene (BOPP). Such notes incorporate many security features not available in paper banknotes, including the use of metameric inks.

a credit card or other card that can be used to pay for things or get money from the bank: If I have a plastic card in my pocket and it's stolen, I have more protection than if cash was taken. (Definition of plastic card from the Cambridge Business English Dictionary © Cambridge University Press)

ATM-cum-Debit cards are a kind of plastic money widely used and linked directly to your bank account. The specific thing about debit cards or ATM cards is that one can use them to withdraw money.

Credit cards are an example of plastic money. They are issued by financial institutions like banks. Plastic money is a convenient substitute for cash or the standard currency. Different forms of plastic money are Credit cards, Debit cards, ATM cards, Prepaid Cash cards, Forex cards, etc.

polymer banknote, form of cash currency made from polypropylene, a synthetic resin built up by the polymerization of propylene, that was developed as an alternative to traditional paper banknotes. Polymer banknotes were first widely issued in Australia in 1998 as a tool to prevent counterfeiters from replicating bills.

ATM cards are known by a variety of names such as bank card, MAC (money access card), client card, key card or cash card, among others. Other payment cards, such as debit cards and credit cards can also function as ATM cards. Charge and proprietary cards cannot be used as ATM cards.

What Is a Banknote? A banknote is a negotiable promissory note which one party can use to pay another party a specific amount of money. A banknote is payable to the bearer on demand, and the amount payable is apparent on the face of the note.

Who uses plastic money? ›

Thin plastic material called Polymer is used in Currency printing of Australia, New Zealand, Canada, UK and even Vietnam. Since 1988, Australia, the first nation to do so, started printing Currency in thin Polymer material.

Convenience - The invention of plastic money has introduced a cashless lifestyle and made our lives easier. Today, you can simply swipe or tap your debit or credit card to make easy payments without having to carry a wallet full of cash.

Answer: Plastic money depicts the credit and the debit cards that are so widely associated in today's world. These are easy to carry and convenient to use. Paper money is the traditional notes that people used to carry in the form of cash.

When Copag says plastic, it means the cards are 100% plastic. The feel of these two variations of cards is very different. Right out of the box they will feel the same, but after a few hours of play, the 100% plastic cards will feel brand new, while the plastic-coated cards will become difficult to shuffle and play.

Why do people use debit cards? For many people, it is more convenient to carry a small, plastic card instead of a bulky checkbook or a large amount of cash.

A banking product that enables you to make purchases now and pay for them later, Credit Cards are also referred to as plastic money. Each Credit Card comes with a pre-approved limit. When you buy something, your creditor pays the money upfront to the retailer and sends you a detailed bill on a later date.

Plastic is a material consisting of a wide range of synthetic or semi-synthetic organic compounds that are malleable and, therefore, can be molded into solid objects. Plasticity is the general property of all materials that involves permanent deformation without breaking.

Plastic Money: Money made out of plastic or polymer predominantly referring to all kinds of cards- credit card, debit card, pre-paid cash card and store card. E-Wallet: An electronic wallet which is used for making transactions electronically either through a device – smart phone or online service.

Key Takeaways. Fiat money is a government-issued currency that is not backed by a commodity such as gold. Fiat money gives central banks greater control over the economy because they can control how much money is printed. Most modern paper currencies, such as the U.S. dollar, are fiat currencies.