PLASTIC MONEY
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Information Technology and Digital Banking (Elective) — CAIIB.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
What is 'plastic money' in the context of digital banking?
Plastic money refers to payment cards (credit, debit, prepaid) made of plastic that serve as a substitute for cash in financial transactions.
What is a charge card and how does it differ from a credit card?
Charge card requires full payment each month; no revolving credit.
Which Indian regulator governs the issuance and operation of credit and debit cards?
The Reserve Bank of India (RBI) regulates card issuance and operations in India through its Payment and Settlement Systems Act, 2007 and related master directions.
What is a store card or retail card in the context of plastic money?
Card issued by a retailer usable only at that store or chain.
What is the difference between a credit card and a debit card?
A credit card allows the holder to borrow funds up to a credit limit and repay later, while a debit card directly debits the linked bank account at the time of transaction.
What is a fleet card and who typically uses it?
Fuel and vehicle expense card used by corporate fleets and logistics companies.
What is an EMV chip and why was it introduced for payment cards?
EMV (Europay, Mastercard, Visa) is a global standard for chip-based payment cards that stores encrypted data on an embedded chip, introduced to reduce card-present fraud and counterfeiting compared to magnetic stripe cards.
What is a corporate credit card and how does it benefit organisations?
Card issued to employees for business expenses, billed to the company.
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