The present day is the time of digital cash. It comes in the form of debit card, credit card and prepaid card. Most convenient to use, these cards provide the easiest mode of transaction to users. One can spend money anytime and anywhere, all over the globe without any hassles. The debit card, credit card and prepaid card provide the user utmost ease as he or she does not have to stand in long queues at banks in case of physical money withdrawal. These plastic cards are hugely popular because of small size and light weight. They easily fit into wallets and handbags.
Among the three types of cards, the prepaid cards are loaded with specific sum which gets deduced on each payment. Another advantage of these cards is that they can be recharged again. These cards are also popular because it enables controlled spending because of the fixed amount of money loaded onto it. This is extremely helpful as it does not allow for spending more than the amount loaded. In this way, it helps in preventing debt trap. Another one is
debit card which allows for spending as per account balance. The third one, credit card, is used to spend money more than that in ones account. Under credit card, one should be careful as he or she has to fulfill the extra debt money back to the account.
All these cards are extremely easy to operate as it merely involves inserting the card in to the slot at the Automatic Teller Machine. These machines are operative all the time in a day. Moreover, an account holder in a bank can withdraw money from ATM of another bank. The user can withdraw cash from the nearest ATM irrespective of the bank. Most excitingly, this method of operating at a banks ATM, other than ones own is provided free of cost by many banks. These cards can be MasterCard, Visa etc. They are provided by banks while opening account with them.So, the arrival of digital banking or plastic money has solved many problems of bank account holders. These cards have made transaction easy and secure. There are no hassles of going to bank located far away and then standing in queue and waiting for turn. It could even create a mess when one is in urgency. So, the seemingly simple task of going to the bank and withdrawing money can snowball into a major problem which has been solved with digital money.
