RELEVANCE OF THE PLASTIC MONEY IN THE ECONOMIC GROWTH OF THE COUNTRY

Abstract

It is known that money is the basic need of every person as it is the medium of exchange or can be said as payment tool. In ancient days barter system was used by the people to make transactions. Latermoney replaced barter system which in turn itself changed into paper money from coins and from paper money to plastic money or in online transactions. Today plastic money has covered the whole market. Also, government is promoting cashless economy because of which the distribution of plastic money has increased. People do feel that plastic money or the money in the electronic form is much easier and more convenient. The present paper makes an attempt to understand the relevance of plastic money in the growth of economy of the country.

Keywords: plastic money, credit card, debit card, online transaction.