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ABSTRACT
Today it is impossible to imagine modern bank operations, commercial transactions and other payments without using the plastic cards. Plastic currency is now gradually becoming the norm across the globe as more and more developed countries are opting for plastic compared to paper as there are several inherent advantages. The growing incursion of smart phones has made technology applications much more accessible to users. The Government's also move forward for a "Digital India" and its focus on growing electronic payments is significant drivers of growth in replacing physical payments with technology-backed solutions. India is at the cusp of a tectonic shift towards electronic money from traditional cash. for instance the Pradhan Mantri Jan DhanYojana (PMJDY), is slowly building recognition among people to move from paper to electronic money. The PMJDY alone has seeded over 150 million Rupay cards in the last year, in addition to the 400 million debit cards already in circulation. There is still emergence for significant increase in the usage of debit cards in the years to come as card. This paper focus on the challenges and future prospects of plastic money in India.
Keywords: Credit Card, Debit Card, Future prospects, Plastic money.
INTRODUCTION
India is one of the world's fastest emergent economies, the electronic transactions have also become more secure, more convenient, authentication and made ecommerce safer. The forthcoming next five years will be a very exciting period in the payments space in India. It is expected more development, innovation and infrastructure building coupled with adoption of more dynamic technological innovations. The country's robust demand growth will necessitate the need for quicker, simpler, frictionless payments and we will see not only a shift from cash to electronic payments but newer modes of electronic payments growing and replacing existing technologies.
The growth of plastic money can be divided into two main perspectives, infrastructure and consumer perspective. Making a strong pitch for promotion of electronic payments in the country and making India a cashless economy.
PLASTIC MONEY SYSTEM
The evolution of plastic money industry was quite obvious as people are getting more dependent on technology and plastic money business is just the best outcome of technology in banking business.
The banking system of India should not only be hassle free but...