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Plastic Money

  • Date Submitted: 07/15/2011 10:35 PM
  • Flesch-Kincaid Score: 51.8 
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Plastic Money
Introduction
Plastic Money is designed for cashless payments and getting cash from one's bank account with ATMs all over the world. It is the most convenient way to carry money. It is safer to carry than to carry the paper notes. ATM around the world accept plastic card and dispense required amount of money. Plastic card can also be used for payment for most good and services although there may be a lower and upper limit of transaction. Bank charges on plastic transactions can often work out less than commissions on purchases of traveler's cheques.
Today it is already impossible to imagine modern bank operations, commercial transactions and other payments without using the plastic cards. Plastic money due to reliability, universality and convenience, which won the deserved recognition all over the world, have received a wide circulation. So, now, the Visa cards holders' number makes more than 300 million. Also, about 300 million clients are totalled by other largest payment system presented as MasterCard and EuroCard alliance. Besides there are a lot of international payment systems, such as American Express (AmEx), Diners Club (DC), JCB, and numerous national, regional and local (inter-and monobank) one-currency systems.
Approximately 90% of adults hold one or more cards in UK and USA.
In the sphere of financial services in Bangladesh during the last few years, the new kind of payment means - "E-cash" and "Q-Cash" is used on the plastic cards base (magnetic and chips) in addition to the proprietary cards of SCB, HSBC & DBBL, and branded cards from VISA and MasterCard issued by different banks.
Types of Plastic Money:
There are many varieties of plastic money, as listed below:
1). Credit Cards
Credit cards are issued once the customer has entered into an agreement with the credit card company. The card permits the customer to buy goods and services straight away up to an agreed amount. The customer then decides over what period to repay the...

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