Interesting Science

    Payment cards are one of the revolutionized ideas in digital payment. It had made the payment process a lot simpler. As in the before age, the  Barter system was used, in which goods are exchanged with other goods for trading. But later due to the difficulty in trading with the Barter system, another medium (gold) was introduced. Thus people used the gold to buy and sell goods between them. But due to the difficulty in transporting the gold for international trading, banks asked the people to deposit their gold in them and get an “ IOU”(I owe you)-a promissory note, as a proof of deposit. So whoever holds that receipt, can claim that gold in that locker. Thus trading happened between the merchants via the promissory notes alone. Till 1971, those promissory notes were backed up by gold. But after 1971, the gold standard was removed and the promissory note was made to stand alone, which we today call today it as fiat money. Fiat money When technology entered,...

    Payments are one of the feasible systems for buying goods and services. These payments started from the Barter system. As people faced so much difficulty in the Barter system, physical money was introduced, also called as fiat money. This fiat money was then later transformed digitally, from which electronic payments have got their role. Generally, payments are mainly classified into two types, namely Large Value payments and Retail Value payments. In our before topic, we learned about the  Large Value payment system and its process. In this article, we shall learn about Retail payments and their types. Retail payments are the type of payments, which is used for transacting smaller amounts in a country. Even though it is used for transacting very smaller amounts of payment, it is used by a large number of people in shopping, paying utility bills, entertainment, etc. Now let’s see about the various categories of Retail payments. Paper-based Payments In pape...

Barter System    Over the centuries, payments were made across the people, through the process of the  Barter system. In this system, things are exchanged with other things to complete the trade. But this method became inefficient when the person doesn’t want a thing he wishes for. Such that the person cannot trade with other people, in that situation. To eliminate this disadvantage, another medium (gold) was used in-between, through which trade can be placed, without giving any other goods. Thus people used this medium to trade between them. But over time, due to the difficulty and risky of transporting gold in large amounts, people have opted out of another method. It is called  paper money. This is where banks also came into play. Function of IOU People have started depositing their gold in the banks, for which they got a receipt (IOU- “I owe you”) as proof. So, instead of trading with huge piles of gold, people started to trade with these IOU’s. So whoever ...

              An election  is one of the processes in many countries, in which a person is elected through the majority of the voting count delivered by a group of voters. As India is a democratic country (a country ruled by people) , the leaders are elected by the people themselves. India is generally governed by two main governments, namely the Central government and the State government. The Central government handles the duties for all over the country and the State government handles, for a corresponding state. The Central government will be headed by the Prime Minister and the State government will be headed by the Chief Minister. The people of India will be given a chance to elect in both Central and State elections. In this article, we will see the structure of both the governments and how people are elected in the election process. Government of India At first, the Indian country and its government is governed by its constitution ...

    Electric Charges         We live in a place of visible and invisible rays of radiation. These radiations are originated from sources that possess an  electromagnetic field. An electromagnetic field is a combination of both electric and magnetic fields. Every particle has a charge which makes it to have an electric field around it. This electric field is produced from charged particles like protons and electrons. This electric field surrounds the charged particle as long as the particle possesses the charge. The magnetic field is produced when the charged particles are in motion , such that all the charged particle points in the same direction and constitute the magnetic field. A moving charged particle also creates an electric field in combination with the magnetic field, thus producing together as an electromagnetic field. This process can be simply demonstrated by passing electricity through a conductor. When passing electricity, the electrons ...