The Benefits of Use of Plastic Money in Greece and the EU: Case Study of Use of Plastic Money from the Elderly

Abstract

Plastic money is a very recent context replacing the traditional concept of paying though cash. Plastic money is a term coined keeping in view the increasing number of transactions taking place on the part of consumer for paying for transactions incurred by them to purchase goods and services physically and virtually. It includes credit cards, debit cards, pre-paid balance cards, smart cards etc. This research is typically focusing only on the use of debit cards from the elderly in order to find out the effectiveness of such cards in real life and consumers perceive them. It also presents the use of electronic wallet. Is electronic wallet helpful in every day’s transactions? Can old age people find it helpful in using it? Electronic wallet accepts debit cards that are connected with the banking account which has been declared by elderly in the financial institution. It allows an individual person to purchase something at a store and enables unforgeable transactions with other wallets.