What Is Currency

What is Currency?
 a system of money in general use in a particular country

 A currency, in the most specific use of the word, refers to money in any form when in
actual use or circulation as a medium of exchange, especially circulating banknotes and
coins
What is the International Currency?
 In the foreign exchange market and international finance, a world currency,

supranational currency, or global currency refers to a currency that is transacted
internationally, with no set borders
 a currency such as the US dollar, the pound sterling, or the euro that is commonly used
in trade between different countries: For many countries, the dollar is
the international currency of choice
Why the Dollar is the Global Currency?

 The U.S. dollar is the most popular, it makes up 64 percent of all known central
bank foreign exchange reserves that makes it the de facto global currency, even though it
doesn't hold an official global title
 The relative strength of the U.S. economy supports the value of its currency it's the
reason the dollar is the most powerful currency
 In the foreign exchange market, the dollar rules more than 85 percent of foreign
trading involves the U.S. dollar
What is Pakistani Currency?
 The Pakistani rupee (: ₨; code: PKR) is the currency of Pakistan

 The issuance of the currency is controlled by the State Bank of Pakistan, the central bank
of the country
 The most commonly used symbol for the rupee is Rs, used on receipts when purchasing
goods and services
What is Barter System?

 A barter system is an old method of exchange
 This system has been used for centuries and long before money was invented
 People exchanged services and goods for other services and goods in return
 Today, bartering has made a comeback using techniques that are more sophisticated to
aid in trading; for instance, the Internet
 In ancient times, this system involved people in the same area, however today bartering is
global
What is ATM?
 An automated teller machine, also known in the United States of America as
an automatic teller machine
 It is an electronic telecommunications device that enables the customers of a financial

institution to perform financial transactions, particularly cash withdrawal, without the
need for a human cashier, clerk or bank teller
How the single transaction in ATM does take place?

 There are many types of cash dispenser machines and most of them feature a screen, a
card slot, a cash dispensing slot, a keypad, and some keys at the side of the screen
 Many newer-model ATMs have cameras as well
 The most common ATM transaction would involve the user inserting her or his card,
entering their Personal Identification Number (PIN), and withdrawing the cash
 In the course of this simple procedure, there is a lot of work going on behind the scenes
 Once you insert the card, the ATM reads the magnetic strip on the card
 Newer ATMs will read the chip on the card as well
 After that, the machine checks the authenticity of the card by matching the data and the
PIN from a server
 Once the user makes a transaction request, the data goes to a mechanism called the
Switch which sees the data and routes it to the server of the bank which is related to the
card
 After that, once the amount and the account balance is confirmed, the Switch gives a
green signal to dispense the cash
 Otherwise, depending on the nature of the problem, a message will flash on the ATM
screen, such as, 'Not enough balance' or 'No denominations available'
 The ATM cameras record the consumer's activities and help track robbers in case of a
money-stealing incident
 Should a customer get a fake note, she can wave it in front of the camera as proof.
 Every day, banks deploy cash vans to fill out ATMs with cash
 The machine usually has 4-5 slots, called cassettes or Cash Media Dispensers (CMD),
where denominations can be placed
 There are many monitoring centers as well which keep a constant eye on the ATMs. They
determine what has gone wrong the moment a machine goes down
 Server link being down is a major reason for ATMs not being functional
 The network and software issues are handled at the center while some other issues require
a visit from the maintenance team
 Many machines are just cash dispensers, even though we call them ATMs. The key
difference is that ATMs can be used to deposit cash as well
 Soon, there will be ATMs where you can pre-book a transaction through QR co
What is a Debit Card?
 A debit card is a plastic card that provides an alternative payment method to cash when
making purchases
 Also known as bank card or check card
 It can also be called an electronic checque as funds are withdrawn directly from either the
bank account or from the remaining balance on the card
 Debit card uses the money you have are linked directly to a checking account
 “Debit” networks usually require that personal identification number (PIN)
What is a Credit Card?
 A debit card is a plastic card allow you to “buy goods now and pay later”_ Called
“Buying on credit”
 They are not linked to your bank account
 If you don’t repay your bill in full by date shown you’re charged charge interest on the
whole amount of bill for that month
 The rates of interest_ indicated by APR (annual percentage rate)_ is very high
 Credit card uses the money you don’t have
What is the Difference between a Debit and Credit card?
 Debit cards and credit cards work in similar ways.

 Both carry the logo of a major credit card company, such as Visa or MasterCard, and can
be swiped at retailers to purchase goods and services.
 The key difference between the two cards is where the money is drawn from when a
purchase is made.
 When a consumer uses a debit card, the money comes directly from his checking account.
 When he uses a credit card, the purchase is charged to a line of credit for which he is
billed later
What is Visa?
 A credit, debit or prepaid card branded by Visa Inc., a major payments technology
company.
 Visa cards are available to individual and business consumers with excellent, good, poor
or no credit
 Each card has different terms that reflect the consumer’s credit worthiness.
 A Visa credit card for consumers with excellent credit might offer cash back rewards and
a low interest rate, while a Visa prepaid card that must be funded before it can be used
might be appropriate for a consumer with poor credit
What is the Difference Between Gold and Silver Visa Card?

 Gold and Silver cards used to be the highest level of prestige when it comes to rewards
credit cards
 But no longer – these days, the difference between Silver and Gold credit cards is not as
large as it used to be, in terms of expected features or prestige
 Consumers no longer need an outrageous annual income – depending on your perspective
– in order to be eligible to apply for a Gold credit card
 A Gold card will often come with travel insurance or something similar to set it apart
from the Silver card, if the issuer offers both types
 For example, Bank Vic offers both a Visa Silver and a Visa Gold card, the differences
being that the Gold card comes with higher credit limits, a higher annual fee, a rewards
program, and international travel insurance
What is a Master Card?

 MasterCard is a financial services organization which processes the transactions carried
out on credit cards operated by a range of banks and other lenders
 When you see the MasterCard symbol in the bottom corner of a credit card it means the
company’s technology will be used to process and authorize any transactions you make
with it
The Different Types of Debit Cards

References
https://en.wikipedia.org/wiki/Pakistani_rupee
https://en.wikipedia.org/wiki/World_currency
https://en.wikipedia.org/wiki/World_currency
https://www.thebalance.com/world-currency-3305931
https://en.wikipedia.org/wiki/Automated_teller_machine
https://www.investopedia.com/terms/v/visa-card.asp
https://www.moneysupermarket.com/credit-cards/what-is-mastercard/
https://www.mint.com/barter-system-history-the-past-and-present
https://www.investopedia.com/ask/answers/050415/what-are-differences-between-debit-cards-and-
credit-cards.asphttps://www.canstar.com.au/credit-cards/colour-credit-card-mean/
http://www.huffingtonpost.in/2016/10/27/just-how-does-an-atm-work_a_21592788/

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What is Currency?

 a system of money in general use in a particular country

What is the International Currency?

 In the foreign exchange market and international finance, a world currency,

Why the Dollar is the Global Currency?

 The Pakistani rupee (: ₨; code: PKR) is the currency of Pakistan

What is Barter System?

 It is an electronic telecommunications device that enables the customers of a financial

How the single transaction in ATM does take place?

What is a Credit Card?

 Debit cards and credit cards work in similar ways.

What is the Difference Between Gold and Silver Visa Card?

What is a Master Card?

The Different Types of Debit Cards

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