Name: Exploring Money as a Medium of Exchange in Our World
Uploaded: 2019-07-19
Duration: 4 min 39 s
Description: We do different daily transactions. Let’s learn how money is a part of these transactions, how things are different than before with money, and how it is a medium of exchange.

Question

What are the various forms of Plastic money?

Accepted Answer

The two most widely used forms of plastic money are:

Debit Card: A Debit card also known as a bank card is a plastic card that provides the cardholder electronic access to his or her bank account. The card, where accepted, can be used instead of cash when making purchases. Mostly the debit card is used for ATM (automated teller machine) transactions.

Credit Card: A Credit Card allows the cardholder to pay for goods and services based on the holder's promise to pay for them. The issuer of the card creates a revolving account and grants a limit of credit to the consumer (or the user) from which the user can borrow money for payment to a seller as a cash advance to the user.

What are the various forms of Plastic money?

Important Questions on Money and Banking

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