Plastic Money

Plastic Money

"It is the generic term used for all type of bank cards i.e. credit cards, debit cards etc."

Plastic money & paper money are same but the only difference is that the plastic money is made of plastic n stores huge value of money in it as compare to paper money.

It was introduced to resolve the problem of carrying huge amount of money for shopping & traveling purpose also to decrease the crime rate. It is worldwide accepted & much more secured than the paper money & easy to carry. It stores more amount of value in it so it also reduces the burden on government of produce more paper money. Also it is much more used for making heavy payments & it is an advanced mode of payment.

Types of plastic money

In the modern world, there are many types of plastic money has been introduced for easy usage & payments in different ways. Like

ARY cash & carry card

Charge card

MasterCard & visa

Affinity card

Global card

Smart card

Add-on card

ATM cards

AMEX card

But two very basic types of plastic money which are being used in Pakistan are

Debit cards (in which you can utilize your as well as bank's money)

Credit card (in which you spend bank's money as loan)

Plastic money in Pakistan

In Pakistan plastic money was first introduced by HABIB BANK in 1995 which did not go well because there was not that much awareness about plastic money that people can accept the new idea. Then ALLIED BANK'S MASTER CARD was launched which became very popular among people then many banks came up with the different forms of plastic money.

It also has the great impact on the economy of any country as it makes it CASHLESS SOCIETY which is the step towards stability & advancement. Credit cards, debit cards & charge cards are the common types of plastic money which is used in Pakistan. There are different users of plastic money in Pakistan increasing day-by-day making Pakistan a cashless society e.g.

Nowadays students want to be more financially independent for that reason they have credit cards

Businessmen who can not carry their personal cash to abroad, use plastic money

People for huge