Plastic Money

Plastic money is a real term in finance. Is it referred to the wire transfers of funds from bank? Let us get a more holistic idea of what is plastic money. It may sound strange but plastic money is a real term in finance. Here is what you should know about it.

Money is an indispensable part of our lives. But where did the need for money arise from? You may recall learning about a barter system, in which commodities were traded for goods, followed by an age when gold and silver coins were introduced. As humanity progressed, we began to use paper notes and coins for commercial transactions. With time, we also used technology to pay for commodities.

The use of plastic money came through technology. Plastic money is your debit or credit card, although it can also refer to the wire transfers of funds from one bank to another.

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. It has replaced cash payments across the world and established itself as a necessary form of instant money. It has made it simpler for us to buy items with some of the best credit cards in the market, which we could not otherwise afford.

Benefits of plastic money: 1. Cashless living: Plastic money has not only made our lives easier but has also alleviated the hassles that come with carrying currency. 2. Better security: One advantage of using credit or debit cards is the decrease in robberies and crimes. Hacking a card’s PIN is difficult and necessitates the knowledge of certain procedures. 3. Financial freedom: Credit cards allow a person to make a transaction and pay for it even when they do not have the funds. It is incredibly beneficial especially when you are short on cash. 4. Ease of doing transactions: Credit cards and debit cards can help make online payments, fund transfers, and other transactions with ease. 5. Exciting deals and discounts: Every credit and debit card providers offer deals and discounts on shopping.

Editorial Desk