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Introduction to plastic
money
Debit cards
Credit cards
Introduced in 1980 by Central BOI
Banks acted as clearing houses for transactions and
promoted their own brands
Addition of magnetic strip introduced to enhance
security measures
Launch of ATM machines for ready access
Present scenario - A household name
Credit cards
Credit cards
1. Issuing bank logo
2. EMV chip on
"smart cards"
3. Hologram
4. Credit card number
5. Card brand logo
6. Expiration Date
7. Card Holder Name
8. Contactless chip
Transaction steps
Parties involved
Cardholder
Card-issuing bank
Merchant
Acquiring bank
Credit Card association
Transaction network
Related terms
Interest charges
Benefits to customers
Grace period
Benefits to merchants
Rewards
Interchange fee
Discount fee
Debit Card
1.
2.
3.
4.
Always
Pay
Donts
Dont
Dont
etc.
Dont
Dont
Debit Card
Funds taken from the
money that you have in
your bank account.
(Spending your "own"
money)
Needs checking
Account/Savings Account
No interest to be paid
Limit: Equals your
account limit
Thank You!