These bills are assembled in the bank and the amount is paid to the bank by the card holder totally or by installments.The bank charges the customer a small amount for these services.The card holder need not have to carry money/cash with him when he travels or goes for purchasing.
It also raised an important question: What's stopping Allah and Yahweh from joining the mix?
It undertakes the inward and outward remittances with reference to foreign exchange and collection of varied types for the Government.
Some of common available banking products are explained below:1) Credit Card: Credit Card is “post paid” or “pay later” card that draws from a credit line-money made available by the card issuer (bank) and gives one a grace period to pay.
India at present has about 10 million credit cards in circulation.2) Debit Cards: Debit Card is a “prepaid” or “pay now” card with some stored value.
Debit Cards quickly debit or subtract money from one’s savings account, or if one were taking out cash.