Advantages And Disadvantages Of Barter System

The liberalization of the money related divisions in Asia has brought about the fast spread of charge card organizations and monetary organizations giving different sorts of purchaser credit. The charge card market in general world has extended radically that the guarantors of outside nations has presented cellular telephone Visas for the comfort of their customers.(Amin, 2008) This, combined with the passage of remote banks, has enormously expanded the quantity of credit cards accessible, and consequently such spending in Pakistan. Despite the fact that charge card was presented in Pakistan decades prior when Habib Bank, the biggest bank in Pakistan, dispatched its gold card, however individuals had scarcely think about this card in view of its extremely restricted issuance. Several years back, Master card was introduced by ABL (Allied Bank of Pakistan), but that also was not get good attention. In year 1994, VISA Card is introduced by Citibank, that give a better turning point to plastic money industry in Pakistan. The working of Citibank no doubt was amazing that open doors for new offerings for the people of our country as well as for financial industry

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

The technology has been developing very fast in this modern world leading us to have very sophisticated life .With new inventions and new technology ,people are performing their work or duties so easily sitting at home. In olden days we have to always carry minimum cash with us ,where ever we go and we are afraid in case of carrying a large amount of cash with us because of security. After Getting the credit card facility ,it has become so easy for us to make use of money without running to get money from ATM or from banks for every situation by saving a lot of time and also having we have the track of amount we are using .These are all on one face, on the other side

Many countries all over the world have already started moving towards a cashless society, and the use of electronic payment methods are becoming more and more popular, however, becoming a completely cashless society will be problematic. Transactions made electronically can all be traced, and there are advantages and disadvantages to certain security aspects. The elimination of tangible money will introduce contradicting cost savings and added costs, as well as convenience but the system is unreliable in emergency situations. There is no doubt that electronic money will continue to exceed the use of cash, however it is unlikely that notes

During the past decade, we have undergone enormous changes in the way that we conduct business. ATM check cards, credit cards, and preferred customer cards are the most common buying tools today. Check, or debit, cards are ATM cards that function just like cash. Customers can now make payments with their check cards

In many countries, cash is preferred not only for security reasons but also because of a desire for privacy on the part of those engaged in tax evasion or those who simply do not want others to know where they are spending their money. Others worry that there is lack of legal protection against fraud (i.e., there is no provision for adjudicating fraud and there may be no legal limit on liability, say, for a lost or stolen credit card). It is necessary to distinguish these concerns from the general security concerns (i.e., transaction privacy, protection and security) since they may not be addressed by the employment of an effective encryption method (or other security measure).

In the modern era, credit card is being the efficient and secured form of payment which is becoming a necessity for every individual rather than a choice. Especially in United States of America, credit card is being considered as an essential part of life. Since the introduction of Credit cards back in 1920s, the payment system has been revolutionized and there has been a major transformation in the American economy. However, the excessive use of the credit card has resulted in a crisis which is affecting not only the individuals but whole of the country’s economy.

In order to ensure that banknotes in circulation are in good condition, the centres distribute new banknotes to local commercial banks, dispose unfit banknotes, verify and manage the redemption of damaged or counterfeit banknotes

You know consumers want the convenience of using digital wallets. More and more people are turning to mobile payment options. Nearly three out of four people trust their “traditional card” providers over other options, according to Accenture Research. Their

Issuing 2000 denomination in place of 500 and 1000 is not going to prevent black money generation. From what I have seen interacting with people during the last few days, the fundamental problem is that people are unable to get over the habit of using hard cash. That is the reason the queues at the banks and ATMs are not reducing and the ATMs are running out of cash within few hours of topping up. So the need of the hour is for the Indians to realise that they have to start using other means of payment like Credit/ Debit cards, mobile wallets, NFC payment if we have to root out

While the normal public all over India is stressed by standing in long ATM queues blaming the Indian Government for their troubles, the government has introduced this scheme with some of the superior motives for the benefit of the nation as a whole. Some of the reasons why the scheme was introduced include:

For the first time in UK, cashless payments have overtaken the usage of notes and coins too, according to the local payment council.

This mobile application securely stores credit cards, offers, gift cards and more on their mobile phone. This virtual wallet is changing the face of commerce by enabling customers to simply make “tap and go” payments with their mobile devices, while increasing loyalty at merchant locations. Although m-commerce market in India is still in its initial phase, India is getting richer and phones are getting cheaper. It is also estimated that, by 2020, 80% of the mobile devices used in the country will be smartphones. Many e-tailers have realized the potential of mobile commerce in multiplying their sales and are rapidly adopting the necessary tools, withencouraging re sults. Snapdeal.com, for example, gets over half of its sales from customers using mobile devices, while even one year ago the share of mobile purchases was a mere 5%.Flipkart, the largest online shopping platform in India, receives 20% of its e- commerce orders from customers using mobile devices and plans to increase this number to as much as 50% in future.India has more than 100 million users in India,of which nearly 84 million access the site through mobile phones. This suggests the rise of the “mobile first” generation of internet

Cash is money which can be used to exchange goods, services or debts. It includes anything of value that can be converted into cash for financial exchange whether it is money in hand, money in banking accounts, investments or insurance policies. According to Bethel University (2010), “More than 20,000 banks, savings and loan associations, credit unions, and other financial institutions provide various payment, savings, and credit services” (p102). Money builds wealth it is a means to save or establish purchasing power whereas financial institutions offer customers safe keeping for their money. A financial institution conducts financial transactions such as investments, loans and deposits. Almost everyone has to deal with a financial institution on a regular basis, everything from depositing money to taking out loans.

But since people have lost confidence in the ruling party owned and run financial system of the country, and having lost access to their own bank deposit, not many are willing to deal with the banks. Instead, they are forced to deal in a parallel economy where the cash only and bartered transactions denies the state any tax revenues.