Today it is impossible to imagine modern banking operations, business transactions and other payments without using plastic cards. Plastic coin is gradually becoming the norm worldwide, as more and more developed countries opt for plastic compared to paper, as there are several inherent advantages. The growing incursion of smartphones has made technology applications much more accessible to users. The government is also moving towards a "digital India" and its focus on the growth of electronic payments is an important growth factor in replacing physical payments with technology-backed solutions. India is at the cusp of a tectonic shift toward electronic money from traditional money. For example the Pradhan Mantri Jan DhanYojana (PMJDY), is slowly creating recognition among people to move from paper to electronic money. The PMJDY has only seeded more than 150 million Rupay cards in the last year, in addition to the 400 million debit cards already in circulation. There is still an emergency for a significant increase in the use of debit cards for years to come as a card. This article focuses on the challenges and future prospects of plastic money in India.
A credit card is a card or mechanism that allows you to buy goods, travel and dine in a hotel without making immediate payments. Holders can use bank credit cards up to 45 days. The credit card relieves the consumer of botheration cash and ensures security. It is a convenience of extended credit without formality. The general criterion applied is the spending capacity of a person and not only their income and wealth. The other criterion is the merit of the client and their monthly balance.