Need of the Study Essay

It is rightly said plastic silver is need of the hour. large number are using these cards on a vast scale. But after considering the material accessible on the subject, it is seen that the whole payment process of processing these cardsIntroductionMoney is any detail or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context.123 The main functions of money are distinguished as a medium of exchange a unit of account a store of value and, perhaps, a amount of deferred payment.45 Any item or verifiable record that fulfills these functions can be considered money.Money is historically an emerging market phenomenon establishing a commodity money, but nearly all contemporary money systems are base on club money.4 Fiat money, like any check or note of debt, is without intrinsic single-valued function value as a physical commodity. It derives its value by being declared by a government to be legal tender that is, it must be accepted as a give of payment within the boundaries of the country, for all debts, public and private.citation needed Such laws in practice cause fiat money to acquire the value of any of the goods and services that it may be traded for within the nation that issues it.The money supply of a country consists of currency (banknotes and coins) and usually includes bank money (the balance held in checking accounts and savings accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of broad money in developed countries.678