UGC Approved Journal no 63975(19)

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Published in:

Volume 5 Issue 10
October-2018
eISSN: 2349-5162

UGC and ISSN approved 7.95 impact factor UGC Approved Journal no 63975

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Published Paper ID:
JETIRH006003


Registration ID:
189668

Page Number

7-10

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Title

Plastic Money In India – Benefits, Issues And Its Security Measures

Abstract

The Government of India announced the demonetisation of all Rs.500 and Rs.1000 bank notes on 8th November, 2016 in order to control the deep-rooted “disease” of corruption and black money. Central bank’s core objective is to move people away from holding cash to the plastic money or virtual world (online banking) where it becomes easy to monitor the source of transaction. Likewise, the demonetization drive has made people cashless on their hands and forced them to go digital and then use alternative payment modes such as plastic money - credit and debit cards to meet their financial needs. A recent survey shows that there is 60% rise on overall growth in usage of plastic money in India and 70% rise in usage of debit cards in our nation. According to the winter survey of Yatra.com, there has been a rise in inclination to use credit or debit cards post demonetisation, as 37.4 per cent Indian travelers choose plastic money over cash for making bookings and during travel. There are various forms of plastic money includes credit cards, debits cards, ATMs, smart cards, charge cards, gift cards, etc. Plastic money has an advantage of eliminating the need for carrying huge cash, which is risky and inconvenient. It also minimizes the risk of loss or theft. In the case of plastic money like debit/credit card, people can report any issue of theft or loss to the bank and block the card immediately for avoiding misuse. This paper highlights the introduction, types, benefits, issues and security measures of plastic money in our nation.

Key Words

Plastic Money, Debit card, credit card, digitalization

Cite This Article

"Plastic Money In India – Benefits, Issues And Its Security Measures", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 10, page no.7-10, October-2018, Available :http://www.jetir.org/papers/JETIRH006003.pdf

ISSN


2349-5162 | Impact Factor 7.95 Calculate by Google Scholar

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 7.95 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Cite This Article

"Plastic Money In India – Benefits, Issues And Its Security Measures", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 10, page no. pp7-10, October-2018, Available at : http://www.jetir.org/papers/JETIRH006003.pdf

Publication Details

Published Paper ID: JETIRH006003
Registration ID: 189668
Published In: Volume 5 | Issue 10 | Year October-2018
DOI (Digital Object Identifier):
Page No: 7-10
Country: Coimbatore, Tamilnadu, India .
Area: Commerce
ISSN Number: 2349-5162
Publisher: IJ Publication


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