New Forms of Money
Class 7 Social Science · Chapter 11: From Barter to Money · NCERT Exploring Society: India and Beyond section 11.5
Learn
At the market, Ishaan buys mangoes from a fruit seller whose cart has a small card with a QR code. Ishaan's mother scans it with her phone, and the money goes straight into the seller's bank account. Besides coins and notes, which we can touch, money now also takes intangible, digital forms: debit and credit cards, net banking and UPI (Unified Payments Interface), launched in India in 2016. These move money directly from one bank account to another.
From swapping goods to scanning codes, money keeps evolving as we invent easier ways to pay. Meher's class surveys local shops: the tea stall prefers UPI for speed, an elderly tailor prefers cash, and the stationery shop accepts both. Whatever its form, money works only because people trust and accept it.
Explore: tangible or digital?
- Sort each form.
Remember
- Digital money (cards, net banking, UPI, QR codes) moves money between bank accounts electronically.
- Money keeps evolving, but it always depends on trust and acceptance.
Quick check
Paying by scanning a QR code is an example of …
- digital money
- barter
- commodity money
- minting
Answer
digital money. The money moves electronically between bank accounts.
Think about it
What are some advantages and risks of digital money?
One answer
It is fast, safe from loss and leaves a record, but it needs a phone and network, and people must guard against fraud by never sharing PINs or OTPs.
Practice
Practise with fresh questions at three levels (easy, medium, hard), some answered hands-on, with hints and worked answers. Get 4 of your last 5 right to finish the topic.