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By:
Sunaina Verma
Shashikant
Mohd. Zeeshan
Shashank Tripathi
What is Plastic Money ?
Plastic money is a term that is
used predominantly in
reference to the hard plastic
cards we use everyday in
place of actual bank notes.
Again this card will permit the card holder to withdraw cash from
an ATM, and a credit card will allow the user to purchase goods and
services directly, but unlike a Cash Card the money is basically a
high interest loan to the card holder, although the card holder can
avoid any interest charges by paying the balance off in full each
month.
4. Funding: Once the acquirer has been paid, the acquirer pays the merchant.
The merchant receives the amount totaling the funds in the batch minus either
the "discount rate," "mid-qualified rate", or "non-qualified rate" which are tiers
of fees the merchant pays the acquirer for processing the transactions.
Merits
Convenience
Allows a short term credit to customer
Provide more fraud protection than debit cards.
Many credit cards offer rewards and benefits packages
Demerits
High interest and bankruptcy
Inflated pricing for all consumers
Weakens self regulation
Debit Card
What is Debit Card ?
This type of card will directly debit money from your bank account,
and can directly be used to purchase goods and services. While
there is no official credit facility with debit cards, as it is linked to
the bank account the limit is the limit of what is in the account, for
instance if an overdraft facility is available then the limit will be the
extent of the overdraft.
A debit card (also known as a bank card or check card) is a plastic
card that provides the cardholder electronic access to his or her
bank account(s) at a financial institution. Some cards have a stored
value with which a payment is made, while most relay a message to
the cardholder's bank to withdraw funds from a designated account
in favor of the payee's designated bank account. The card can be
used as an alternative payment method to cash when making
purchases.
Types of debit card systems
Online Debit System :Online debit cards require electronic
authorization of every transaction and the debits are reflected in
the users account immediately.