Development of Plastic Money in Middle Asia
Motive behind the Fast Development of This Finance (Plastic Money) In Middle Asia
a) High incidences of fraud via dishonest employees has been responsible for improvement of this finance as it minimizes chances of this fraud since it eliminates the need of hard cash in the execution of transactions.
b) Risk associated along with carrying of huge amounts of cash for purchases which cash is open to theft and misuse has also been responsible for development of this finance.
c) Credit cards have boosted the credibility of holder companies such enables them to receive trade credits under conditions that would have otherwise been difficult.
d) Of late, Middle Asia has experienced emergence of elite, middle and high-income groups' in specific professionals who such tend to use these cards as a symbol of status in execution of day to day transactions.
e) These cards have been used via financial institutions and banks to boost their deposit and attract long term clienteles as e.g. of Royal Card Finance, Standard Chartered.
f) A number of companies and concerns have acquired such cards as a means of settling their bills within certain times when in financial crisis or when their liquidity is low.