A study about plastic money and its different forms

Due to the technical revolution in financial sector, the payments in banking system have undergone a tremendous change. Plastic money has played a pivotal role in the economic growth of India. Over the years, plastic money has managed to make it to almost everyone's folder and has thus changed the way of spending. Plastic money or polymer money, made out of plastic is a newer way of paying for goods and services. It reduces the handling a huge amount of cash. Plastic money entered the Indian market, promising the cashless society. Apart from this, use of plastic money instead of cash also helps in protecting trees and thus creates an eco-friendly environment. Plastic money thus is an integral part of modern India and the percentage use of plastic money is increasing day by day. Plastic money includes ATM card, debit card, credit card, global card, Amax card, master card, smart card etc. The current study presents about the plastic money and its different forms in Indian banking sector. The study also highlights the role of these cards as electronic payment tool to be used by customers.