MINOR PROJECT REPORT SUBMITTED TOWARDS THE PARTIAL FULFILLMENT OF

BACHELOR OF BUSINESS ADMINISTRATION

MINOR PROJECT REPORT

ON

To Study the Evolution and Usage of

Plastic Money in India
Batch: 2021-2024

Submitted By: Project Guide

Name of student: Anshul Jain Name: Dr. Umme Zainab
Enrollment No: 05520601721 Designation: Assistant Professor

Trinity Institute of Professional Studies |

Affiliated to Guru Gobind Singh Indraprastha University, New
Delhi
 CERTIFICATE

TO WHOM SO EVER IT MAY CONCERN

This is to certify that the project work “To Study the Evolution and Usage of Plastic
Money in India ” made by __Anshul Jain, BBA4A, 05520601721_ is an authentic work
carried out by his/her under guidance and supervision of Dr Umme Zainab.

The project report submitted has been found satisfactory for the partial fulfillment of the
degree of Bachelor of Business Administration.

Project Supervisor- Dr. Umme Zainab

Signature-

Name- Anshul Jain

 ACKNOWLEDGEMENT

It is in particular that I am acknowledging my sincere feeling towards my mentors who

graciously gave me their time and expertise.

They have provided me with the valuable guidance, sustained efforts and friendly approach.
It would have been difficult to achieve the results in such a short span of time without their
help.

I deem it my duty to record my gratitude towards the Project supervisor __Dr. Umme
Zainab__ who devoted his/her precious time to interact, guide and gave me the right
approach to accomplish the task and also helped me to enhance my knowledge and
understanding of the project.

Signature:
Name of Student: Anshul Jain
Enroll. No: 05520601721
Course: BBA
Class/sem/shift: secA/sem4/shift1
 DECLARATION

I hereby declare that the following documented Project report titled “To Study the
Evolution and Usage of Plastic Money in India” is an original and authentic work done by
me for the partial fulfillment of Bachelors of Business Administration degree program.

I hereby certify that all the Endeavour put in the fulfillment of the task are genuine and
original to the best of my knowledge & I have not submitted it earlier elsewhere.

Signature:
Name of Student: Anshul Jain
Course Class & Shift: BBA4A 1st Shift
Enrolment No.: 05520601721
 Table of Content

Particulars Page No.

1. Chapter-1 (Introduction & Literature Review)

 Introduction (Topic)
 History (Topic) 1-17
(Theoretical concept about the topic such as Importance,
Functions, Types Roles) etc.

2. Chapter-2 (Research Objectives & Methodology)

 Research Objective of the study
 Research Methodology
 Research Design
18-34
Types of research design
 Data Collection
Sources of data collection (Secondary Data)

3. Chapter-3 (Data Processing, Analysis & Interpretation)

 Data processing
35-51
 Analysis of the problem under study
 Interpretation of the result

4. Findings 52-53
5. Limitations 54-55
6. Suggestions & Recommendations 56-57
7. Conclusion 58-59
8. Bibliography 60-62
Executive
Summary

1
 Executive Summary

Plastic money is the new way to pay for things. You can use a credit card, debit card, or even
your phone to make payments. This is a great way to avoid carrying around cash and it’s also
very secure. This payment method is also very convenient because you can use it almost
anywhere.
Debit cards are linked directly with your bank account. This means that you can only spend
the money that you have in your account. Credit cards allow you to borrow money from a
credit card company. This money needs to be paid back over time with interest.
Credit cards can be helpful if you need to make a large purchase and you don’t have the
money saved up. However, it’s important to be careful about how much debt you take on.
Make sure that you can afford to pay back the money that you borrow.
Phone payments are becoming more and more popular. You can use your phone to pay for
things in stores, online, or even in apps. This is a great way to avoid carrying around any
extra cards or cash.
You can also use your phone to make payments with services like Apple Pay or Android Pay.
These services allow you to store your credit card information on your phone. This makes it
easy to pay for things without having to enter any information manually.
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. In our study, we are typically focusing only on credit cards and debit
cards in order to find out the effectiveness of such cards in real life and consumers perceive
them. Also we would try to find out the specific areas that consumers prefer to spend more
through these cards and which out of the two do they prefer for payment.

2
 Chapter-1
(Introduction &
Literature Review)

3
 INTRODUCTION

Money is regarded as a medium of exchange and payment tool. Initially barter system was
used as the significant mode of payment. Over the years, money has changed its form from
coins to paper cash and today it is available in formless form as electronic money or plastic
card. The major change in banks which has been brought in by the technology is through
introduction of products which are alternative to cash or paper money. Plastic cards are one
of those types of innovations through which the customers can make use of banking services
just by owning the card issued by bank and that too without restricting himself in the official
banking hours. Plastic cards as the component of e - banking have been in use in the country
for many years now.
Banks play a central role in the economy of any country. They hold the public, provide a
means of payments for goods and services and help financial development of business and
trade. Thus banks act as an intermediary in the flow of funds from savers to users. To
perform these functions securely and effectively banks must command the confidence of the
public and those with whom they do business modern commercial banks besides performing
the main functions viz.., accepting deposits and lending money cover a wide range of
financial and non- financial services to meet the growing needs of the community.
The changes after liberalization and globalization process initiated since 1991, in India have
had a profound signification impact on the financial systems particularly on the banking
industry. The fast pace of changes have radically and perceptibly transformed the operational
environment of the banking sector. It is rightly said that change is the only constant factor in
a bid to develop sound and efficient banking system in India on par with international
banking standards and practices.

According to Prof. Sayers, "A bank is an institution whose debts are widely accepted in
settlement of other people's debts to each other." In this definition Sayers has emphasized the
transactions from debts which are raised by a financial institution.

According to the Indian Banking Companies Act 1949, "A banking company means any
company which transacts the business of banking. Banking means accepting for the purpose
of lending investment of deposits of money from the public, payable on demand or other wise
and withdrawal by cheque, draft or otherwise." Today‘s banking is virtual banking. It denotes
the provision of banking and other related services through the extensive use of information.

4
Technology, without direct access to the bank by customers. A virtual banking service
includes ATM’s, Electronic Fund Transfer at Point of Sale (EFTPOS), Smart Card Stored
value cards and Phone Banking. Thus the practice of banking has undergone a significant
transformation due to the adoption of E-Banking.

While credit cards have been introduced in developed countries decades ago, their
introduction in the developing countries like Bangladesh is relatively new. With the
advancement of technology, a dramatic shift in financial sector has been observed specially in
the banking sector in Bangladesh. One of such remarkable additions in banking sector is
“plastic money”. The development of plastic money is probably one of the most significant
phenomenons of the modern banking era, making huge impact on the financial sector. Now
banks are providing online transaction facilities, bill payment facilities and so on. Here, the
term ‘plastic money’ is used predominantly in reference to the hard plastic cards which is
used in place of actual bank notes such as cash cards, credit cards, debit cards, pre-paid cash
cards and store cards. Traditional system of payment through cash is gradually being replaced
by these debit and credit cards. Banks are competing to attract customers to use this plastic
money. They are trying to improve their credit/debit card services simultaneously. Preference
of using plastic money by the customers is growing rapidly. Now a day’s people do not prefer
to carry cash with them; in lieu of that they like to keep cards in their wallets or in purses.
Because carrying wads of cash for a weekly or monthly shopping is risky as there is a chance
of losing money to thieves or hijackers and not having enough when one get to the payment
counter is embarrassing. Plastic money seems to be a more convenient and safe option to
customers as payment mode. Banks are introducing new services and new offers through
these cards. Interestingly, customers who are habituated of using cards, do not feel
comfortable or are not willing to purchase goods or services through cash. Apart from
withdrawing money from an ATM or transacting at a Point of Sale (POS) in a retail market,
plastic money brings with it enhanced security, portability, 24 hour accessibility to account
balances, easy payment of monthly utility bills, transfer funds between accounts. In a
developing country like Bangladesh, higher value purchases are increasingly being made
through plastic money and customers get the opportunity to buy high value products in
installments. With these immense benefits, plastic money is gradually becoming the major
mode of transaction in Bangladesh. But still there are many limitations and problems prevail
in terms of using plastic money, specially, in the context of Bangladesh. So, if the problems

5
and the prospects that are facing by the ultimate users be known, that can be addressed and
measures can be taken accordingly to improve. In that connotation, the study is an attempt to
unveil the perception held by card users in Bangladesh. In the process, based on the responses
of the plastic money users in Bangladesh, this study aimed to look into the perceptions of the
respondents about usages of plastic money. 14 questions were asked to the respondents
regarding to plastic money usage and an10 South East Asia Journal of Contemporary
Business, Economics and Law, Vol. 9, Issue 2 (Apr.) ISSN 2289-1560 2016 17 exploratory
factor analysis has been done to see whether there is any latent structure of the responses.
Based on the extracted latent factors, it is found that the responses were clustered into three
different groups. A rigorous investigation has done on the homogeneously clustered observed
variables and found the factors are clustered as, influential variables, benefit related variables,
and problem related variables. Based on that extracted factors, as an inferential technique,
Confirmatory Factor Analysis (CFA) has also been performed. The objective of CFA was to
see the significance and extent of importance of the observed variables on the extracted
factors.

6
 History

With hundreds of millions of plastic cards in circulation today, these Plastic cards have
become a way of life. India alone is home to millions of them. Initially positioned as a status
symbol these plastic cards have caught on in a big way amongst the educated population of
the country. Extending credit to their customers has always been an extremely common
practice. However, in the early 1940s, when individual retail merchants in America found it
more and more difficult to afford credit to these patrons, financial institutions came into the
picture. 1946 -The earliest plastic card was called Charge - It and was invented in 1946. It
revolved around a system of credit developed by John Biggins a credit consultant at Flatbush
National Bank, Brooklyn, New York. This "card" allowed the customers to charge local retail
purchases. The merchant deposited the same at Biggins Bank. The bank reimbursed the
merchant and collected payment from the customer. 1951 -The Franklin National Bank in
Long Island New York issued the first official credit card. In 1951, a Mr. Frank McNamara
had just finished dinner in a New York restaurant when ,to his acute embarrassment, he
discovered that he had left his wallet in another suit. While talking the restaurant owner into
letting him pay the bill the next day, an idea for a new credit card was already being
concocted in his mind. Within a few months he formed a company called Diners Club and
convinced 27 restaurants and 200 people to join it. By 1951 there were 42,000 Diners club
cards in circulation. 2 1958 - American Express saw this as direct competition to its traveler's
cheque division and brought out its own charge card in 1958. Within three months they
managed half a million cardholders. 1960 - Bank of America introduced its own card called
Bank Americard. Beginning with a small group of cardholders and merchants, the bank
began to license regional financial institutes to act as BankAmericard for their region.
BankAmericard grew and in the next few years more and more communities across the US
became serviced by a regional member. 1966 -Fourteen US banks in Buffalo, New York
formed Interbank - a new association on the same guidelines. 1967- Four California banks
changed their name to the Western States Bankcard Association. They opened membership to
other financial institutions in the west the product called Mastercharge. Eventually all
financial institutions and banks interested in issuing credit cards became members of either
Bank Americard or Master Charge.

7
1980-With only two players in domestic card industry, HSBC and Citibank the number
swelled to over 25 in the year 2010. 1981- Credit cards in India made their debut and are on
the verge of an unprecedented boom. 1981 – 2010 The market has virtually grown to over 4
million cards with over 25-30% of compounded annual growth in new cardholder’s base. The
recent growth in the use of plastic money after 2010 mainly credit and debit cards has been
phenomenal. There are hundreds of millions of credit cards in circulation today, these little
rectangular pieces of polymerized substance have become a way of life. India alone is home
to millions of them. Spending pattern through plastic money has changed drastically.
Travelling, dining and jewellery are some the top purchases that Indians make through credit
cards. Few years ago, it was jewellery and apparel purchases that formed the largest chunk of
purchases through plastic money. Fuel accounts for a very small portion of credit card
purchases as these are largely paid through debit cards. This growing trend will soon rise up
to the point where the plastic money will completely replace the need for carrying cash. Will
this change be for good or bad only the future will decide. Plastic Money business is
definitely going big time. In a country where a decade back people 3 had hardly heard the
word plastic money or credit card It has been estimated that there are likely to be around half
million potential card users in the near future. This forecasting derives credibility from the
fact that more and more local and international financial institutions are exhibiting
enthusiasm in this direction. This in turn reflects prospects in Indian market in
accommodating numerous credit card competitors operating on the circuit, ensuring healthy
and competitive card business deals. However, the card-based usage has picked up only
during the last few years. Payment by cards is now becoming a much preferred mode for
making retail payments in the country (Report on trend and progress of banking in India
2006-07, RBI). Thus, plastic cards are such payment tool which gives a customer an
opportunity of non-cash payment of goods and services and are designed to facilitate small
value retail payments by offering a substitute for bank notes and coins and thus to
complement traditional payment instruments. The recent growth in the use of plastic money
mainly credit and debit cards has been phenomenal. After the Demonetization by the Prime
Minister Mr. Narendra Modi and his emphasis on Cashless Transaction, Initially, positioned
as a status symbol, these plastic cards have caught on in a big way amongst the educated
population of the country. With the Indian economy expanding rapidly at more than 7.5 per
cent per annum and the middle class budding cashless transactions in India are becoming
very popular.

8
The plastic money in the form of cards was introduced by banks in India in 1990's. But it was
not very popular among Indian consumer at the time of its introduction. The change in
demographic features of consumers in terms of their income, marital status, education level
etc. and upgradation of technology and its awareness has brought the relevant changes in
consumers' preferences. These changing preferences have also modified their outlook and
decision regarding the acceptance and non- acceptance of particular product and services in
the market. Thus, the plastic cards are gaining popularity among bankers as well as customers
and getting accepted in the market place. It can be well imagined from the discussion that no
doubt, the plastic cards market is growing at a large pace in India yet it has long way to go as
it lacks behind if compared to the usage trends of other countries. Hence, it has become
important that the payment system in India has to be modernized enough to be at par with the
systems prevalent in other countries, since our domestic financial markets are increasingly
getting integrated with markets abroad. RBI is also taking important steps in order to 4
enhance its usage and popularity through initiatives like regulating card market to maintain
the security levels and to build up confidence of bankers and customers. Despite the strong
advances in e-payments, an estimated 90 percent of personal consumption expenditure in
India is still made with cash, which indicates the tremendous growth potential of this business.
So this can be considered as mere beginning which indicates the bright future prospects of
plastic card market in India. The plastic money can be in the form of Credit cards or Debit
cards. Debit and credit cards offer more than a way to access money without having to carry
around cash or a bulky check-book. Debit cards are like digitized versions of check-books;
they are linked to your bank account (usually a checking account), and money is debited
(withdrawn) from the account as soon as the transaction occurs. Credit cards are different;
they offer a line of credit (i.e., a loan) that is interest-free if the monthly credit card bill is
paid on time. Instead of being connected to a personal bank account, a credit card is
connected to the bank or financial institution that issued the card. So when you use a credit
card, the issuer pays the merchant and you go into debt to the card issuer. Most debit cards
are free with a checking account at a bank or credit union. They can also be used to
conveniently withdraw cash from ATMs. Credit cards have the advantage of rewards
programs but such cards often require an annual fee to use. Financial responsibility is a big
factor in credit card use; it is easy to overspend and then get buried in overwhelming credit
card debt at a very high interest rates.

9
 Plastic Money

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. In our study, we are typically focusing only on credit cards and debit
cards in order to find out the effectiveness of such cards in real life and consumers perceive
them. Also we would try to find out the specific areas that consumers prefer to spend more
through these cards and which out of the two do they prefer for payment. In India, as in other
countries around the globe, an organized mode of payment has emerged over time from the
barter system to the more convoluted forms of monetary arrangements. The prevalent mode
of settlement across India in the 20th century has been coins, cash and cheques. As we move
ahead into the 21st century, payment through cash and cheques itself has encountered a
transfiguration. It has moved from being a physical paper-based transfer of value to a virtual
electronic one. This is in line with the introduction of advanced technology based systems in
banking services world over which resulted in great modification in terms of how financial
organizations provide services to customers purchases such as identification along with that it
keeps track of transactions as they are incurred with all the specifics of purchases such as
store name, date of purchase, price of the product, purchase place etc. Thus holder has the
facility to “retrospect” his memory about his purchases which is denied in the case of paper
money holder. Usage of plastic money has come as a form of amenity to financial institution
customers. Electronic service is becoming a feasible option for dealings between financial
service providers and their clients. This electronic form of payment has far reaching
significance – notably for India. Primarily, it helps aligning with the global financial services
business by making the systems more competent and cost effective. It also supports in
undertaking the unique challenges India faces – the large unbanked society, the deregulated
cash economy and need for monetary clarity.

10
Plastic money yields many more benefits than merely facilitating the replacement of cash and
cheques for consumer transactions. It has far-reaching impact on the economy as a whole
through low transaction costs, increased operational competence, improved financial
framework and an opportunity for the expeditiously evolving Indian economy to further
globalize. In the following sections, existing literature and factors affecting the consumer
perception towards the plastic money are discussed. A research design has been used based
on the collected data to predict the consumers‟ acceptance behavior. Finally, the outcomes
are analyzed and presented. Plastic Money is one of the most evolved forms of financial
products. The term ‘Plastic Money’ is predominantly used in reference to the hard plastic
cards we use in place of cash. Today, transactions done using plastic cards are worth billions
of dollar. And the recent experiment of demonetization has certainly given more impetus to
cashless transactions.

11
Types of Plastic Money

Credit cards

Credit cards are the go to financial product for short-term personal loan. It is the most popular
form of plastic money. Although credit cards have evolved over the years, the basics remain
the same. You get a plastic card (or in some premium versions a metal card) which is linked
to a credit card account. You can draw (purchase or 9471 www.ijariie.com 424 withdraw
cash) as much as your credit limit which is fixed based on your payment capabilities (income,
other form of credits, etc.). You will be given a certain number of interest-free days during
which you can pay whatever you have charged on your card in full or partially. If you don’t
pay fully, get ready to pay credit card interest. In any case, at the end of each billing cycle
you need to pay the Minimum amount due (5% of the outstanding balance). That is why
credit cards are called as revolving credit instruments. Moreover, you may or may not have to
pay annual fee depending on the credit card.

Debit cards

Debit cards are always linked to the bank account of the customer who owns it. Whenever
you use your debit card, an equivalent amount is deducted from your bank account. It is an
ideal substitute for cash. Your cash sits comfortably in a bank account earning interest
(however low that may be) and you can still access it anywhere, anytime you want (well, as
long as your debit card is accepted). In India, debit cards are synonymous with ATM Card
though later only allows for withdrawal of cash from ATM. But Debit cards, while can be
used for instant withdrawal of cash of course, their purpose goes far beyond. You can also
use it for payment, money transfer (card-to-card) and checking the balance. But as it is linked
to an account, you can spend only as much as you hold in your account. You can’t go over
that (some account may allow for overdraft facilities). And that is where a credit card comes
in handy. Moreover, the amount you can withdraw from ATM is always fixed for a day
(usually between Rs.40,000 to Rs.1 lacs).

12
Charge card

Charge cards are very similar to credit cards. In fact, credit cards evolved from charge cards
only. While most credit cards allow you to carry balance from one billing cycle to next, you
can’t do that with a charge card. A charge card does not offer you a line of credit as credit
cards do i.e. you can’t roll over the balance as you do on credit cards. So, this means that you
will have to pay the full balance at the end of each month. If payments are not made promptly,
then a penalty fee is levied. Generally, the penalty or delinquency fee is kept higher for
charge cards to prompt timely payments.

Smart Card

A smart card is a device that includes an embedded integrated circuit chip (ICC) that can be
either a secure microcontroller or equivalent intelligence with internal memory or a memory
chip alone. The card connects to a reader with direct physical contact or with a remote
contactless radio frequency interface. With an embedded microcontroller, smart cards have
the unique ability to store large amounts of data, carry out their own on-card functions (e.g.,
encryption and mutual authentication) and interact intelligently with a smart card reader.
Smart card technology conforms to international standards (ISO/IEC 7816 and ISO/IEC
14443) and is available in a variety of form factors, including plastic cards, fobs, subscriber
identity modules (SIMs) used in GSM mobile phones, and USB-based tokens.

Master Card and Visa

Key Takeaways. Mastercard is a payment network processor. Mastercard partners with

financial institutions that issue Mastercard payment cards processed exclusively on the
Mastercard network. Mastercard's primary source of revenue comes from the fees that it
charges issuers based on each card's gross dollar volume. Visa credit cards provide
cardholders with convenience and security and can be used at merchants and automated teller
machines (ATMs) around the world. The account number and cardholder's name are
embossed or printed on the front of a Visa card. The card also has a special three-digit
validation code on the back.

13
ATM Cards

An ATM card is a card used to withdraw money or check the balance at an automated teller
machine. Different banks issue different ATM cards depending upon the additional benefits.
For instance, while some ATM cards come with overdraft facilities, others may have varied
overdraft limits.
Most banks issue one debit-cum-ATM card that can be used at ATMs, for online payments
and swiping at other card payment gateways. Banks or financial institutions tie up with
payment network processing companies like Visa, Mastercard, or Rupay to provide Debit
ATM cards. Let’s read further to know in detail about different types of ATM cards.

14
 Literature Review

Anisha Bisht, Praveen Nair , Rakshita Dubey, Tanu Hajela conducted a study on analysis
of the use of plastic money: a boon or a bane on March 2015. Keeping in mind the changing
technology replacing the traditional concept of paying not through cash but by plastic money
(credit and debit cards), this research was undertaken to study the awareness and use of
plastic money among the consumers. The topic that was hence chosen for this research is
“Analysis of the use of Plastic Money: A Boon or a Bane”. It was found that consumers
prefer plastic money over paper money and the major benefit that the card provides to the
customers is the convenience and accessibility. The major problem according to them is the
increased transactional costs and unnecessary formalities to procure the cards from the
financial institutions.

Loewenstein and Hafalir in 2012 conducted a study on “The Impact of Credit Cards on
Spending”. The study focused on two types of customers, revolvers (who carry debt) and
convenience users (who do not carry debt), and measured the impact of payment with credit
card as compared with cash by an insurance company employees spending on lunch in a
cafeteria. It was found that there was change in the diner’s payment medium from cash to a
credit card when an incentive to pay with a credit card was given. It was then found out that
credit cards do not increase spending. However, the use of credit cards has a differential
impact on spending for revolvers and convenience users. Revolvers spend less when induced
to spend with a credit card, whereas convenience users display the opposite pattern.

Subhani in 2011 conducted a study on ‘Plastic Money/Credit Cards Charisma for Now and
Then’. The study was based to find out the charisma of plastic money, its usability and
affordability and its impact on its preference to use. The research found that the preference to
use of plastic money/ credit card has its pros and cons with its usability and affordability.
According to the consumer behaviour, plastic money is a form of conditioning and acts as a
stimulus which qualifies a consumer to spend. The study shows that the preference to go for
plastic money has a positive association with the easy use of plastic money because the
preceptof credit card usability is linked with a psychological phenomena that people are
likely to spend less with credit card and spend more with the same amount of cash.

15
Brooker (2004) examines the creation of the credit card how it has revolutionized American
business. The author points out the impact of credit cards in modern day business such as
FedEx Wal-Mart and eBay Hogarth (2002) explains consumer complaint resolution and the
elasticity of the credit card market. (Dr.S.Sudhagar, 2012). Many people have knowledge
about credit cards, but do not possess credit cards because of the fear of falling into debt trap.
High income earners and highly educated class use credit cards more by availing high credit
limits Credit cards, including store cards and bankcards, serve two distinct functions for
consumers: a means of payment and a source of credit (Ausubel 1991; Chakravorti 1997,
2000; Chakravorti and Emmons 2001; Slocum and Matthews 1970; Stavins 2000).
Based on the main use of credit cards and the benefits sought, credit card users can be
segmented into two groups: convenience users and revolvers (Lee and Hogarth 1999).
Convenience users tend to employ credit cards as an easy mode of payment; typically pay
their balance in full upon receiving the statement. Revolvers, on the other hand, use the card
principally as a mode of financing and chose to pay interest charges on the unpaid balance.
According to the consumer behavior literature, consumer usage behavior and the benefits
sought from a product or a service are one of the best predictors to explain consumer
purchase behavior (Peter and Olson 1999).

Mandeep Kaur and Kamalpreet Kaur (2008), in the article, "Development of Plastic Cards
Market: Past, Present and Future Scenario in Indian Banks" discussed that Indian banking
sector is accepting the new ways of doing banking with the help of information technology
All the groups of bankers have now recognized it as essential to adapt to the latest
technologies for their survival and growth in future. Notwithstanding the strong advances in
e-payments, an estimated 90 percent of payments in India is still made with cash which
indicates the tremendous growth potential of plastic money business.

16
Bansi Patel and Urvi Amin (2012), in their research paper "Plastic Money : Roadway
Towards Cashless Society" discussed that plastic money has been an inevitable part of the
transaction and with it life becomes easy and development would take better place and along
with the use of plastic money it becomes possible to control the money laundering.

P Manivannan (2013), in his research paper "Plastic Money a way for cashless payment
system" discussed that usage of Credit card was seen as a luxury. He examined that plastic
money and e- payments was used only by people of higher income group. This facility
extended to customers in urban areas as well as to the customers residing in rural areas.
Today, with development of banking sector, the fixed income group or salaried classes have
also started using the plastic money and e-payment systems.

Tabrez Haq and Bushra Malik (2014), in their research paper "Consumer response towards
the usage of plastic money" examined that with an increase of shift of paper money to plastic
money in India by consumers, the distribution of plastic money has increased due to the fact
that banking sector has become more aggressive. The paper duly investigates the
acceptability of the cards among the Indian consumer and the factors influencing the card
choice.

17
 Chapter-2
Research Objectives
& Methodology

18
 RESEARCH OBJECTIVES

Research objectives are the outcomes that you aim to achieve by conducting research. Many
research projects contain more than one research objective. Creating strong research
objectives can help your organization achieve its overall goals. The purpose of research
objectives is to drive the research project, including data collection, analysis and conclusions.
Research objectives also help you narrow in on the focus of your research and key variables,
guiding you through the research process.
Typically, research objectives appear early in a research proposal, often between the
introduction and the research question. Sometimes, depending on the length of the paper or
proposal, you can place the research objectives in the introduction. Usually, researchers also
list their objectives in the abstract of their proposal.

GAP ANALYSIS

Gap analysis is a method of performance evaluation used by organizations to identify

and evaluate the gaps between their actual performance and their potential/desired
performance so that plans and strategies can be developed to fill these gaps. Using gap
analysis, organizations can determine whether or not their resources are being allocated
effectively and the ways in which processes and outcomes can be improved to meet the
organization’s goals.

Types of Gaps

The “gap” in gap analysis refers to the space between desired and actual outcomes.
There are multiple different types of gaps that can be identified using gap analysis. Some
key gaps are:
 Performance Gaps: Also known as strategy gaps, performance gaps refer to the
difference between the actual and desired performance.
 Profit Gaps: Difference between actual and targetted profit.

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 Product Gaps: Also known as market gaps, product gaps refer to the disparity
between actual and budgeted sales.
 Manpower Gaps: The difference between the actual number of personnel and
required number of personnel OR the difference between the actual and desired
performance of the workforce.

RESEARCH PROBLEM

What is research problem?

One of the most fundamental components of a study is the research problem. In fact, the
research problem drives the entire study; if you do not have a research problem, you do
not have a study. Yet, beginning researchers sometimes do not understand the
importance of the research problem or understand exactly what a research problem is.
This blog is intended to shed light on the nature and purpose of the research problem. A
research problem is exactly what it sounds like: a problem or issue in or with the
research. Although the research problem stems from a social or organizational issue, the
actual research problem itself is developed by looking into the literature.

How important is a research problem?

Defining and formulating a research problem is very important and perhaps one of the most
difficult aspects before conducting a research. The research problem lays the foundation for
all research work. The importance of defining and formulating a research problem is as
follows: Explain the importance of the subject: The research problem directs the reader to the
importance of the research and the research questions or hypotheses to be followed in the
research. Set the context of the problem: The research problem identifies the parameters and
factors to be studied in the research work. The resulting communication frame: It indicates
and provides all the necessary requirements to carry out the research. In addition, it explains
how the results will be presented with reference information.

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 RESEARCH METHODOLOGY

A research methodology is an outline of how a given piece of research is carried out. It

defines the techniques or procedures that are used to identify and analyse information
regarding a specific research topic. The research methodology, therefore, has to do with how
a researcher designs their study in a way that allows them to obtain valid and reliable results
and meet their research objectives.

Research papers, dissertations, thesis, academic journal articles, or any other piece of formal
research will contain a section (or chapter) on research methodology. This section stipulates
the methodological choices made and also substantiates why these choices were made. This
section is therefore used by researchers to justify why the methods they employed are best
suited to achieve the research objective and arrive at valid and reliable results. This section
also allows readers to evaluate the reliability and validity of a study based on the relevance
and effectiveness of the procedures employed.

In this article, we will see examples of different types of research methods and their basic
purposes in tabular form for better understanding:

RESEARCH METHODOLOGY EXAMPLE

Methodology Purpose Example

It is used when the researcher

A social research was conducted to
wants to just gather more
Theoretical understand the economical
information about a particular
research mentality of the middle class
topic without considering its
citizens
practical working

It just focuses on finding out the

Descriptive Investigating the standard of living
characteristics the phenomena
research shows rather than the factors t in rural and urban areas

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Qualitative It is used to collect, compare, Study conducted to understand the
research analyse large descriptive data effects of exercise on health
from the sample

It collects the data through

quantitative and close-ended
Conducting a survey on the likes
Quantitative questions and the data is
and dislikes of the customers
research analysed using statistics,
regarding clothing
mathematical and
computerized tools

It is used to measure the cause-

Experimental effect relationship between two Experiment to test a new drug in
research variables with random the market on patients
sampling

It is used as an observational
Non- A study on the effects of a certain
study where participants have
experimental education program on a batch of
experimented in their
research students
environment

Researchers themselves gather

data that is specific to their A researcher decides to study the
Primary study and is more reliable since Covid variant that has very few
research it is first-hand information. cases in the country
Secondary research

Researchers use available

material like research papers, A researcher makes use of pre-
Secondary
interviews, documentaries as a existing research papers for his
research
source of data and information assignment
in their research

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10 steps in research process

Research process contains a series of closely related activities which has to carry out by a
researcher. Research process requires patients. There is no measure that shows your research
is the best. It is an art rather than a science. Following are the main steps in social or business
research process.

1. Selection of Research Problem

2. Extensive Literature Survey
3. Making Hypothesis
4. Preparing the Research Design
5. Sampling
6. Data collection
7. Data Analysis
8. Hypothesis Testing
9. Generalization and Interpretation
10. Preparation of Report

Selection of Research Problem

The selection of topic for research is a difficult job. When we select a title or research
statement, then other activities would be easy to perform. So, for the understanding
thoroughly the problem it must have to discuss with colleagues, friend, experts and teachers.
The research topic or problem should be practical, relatively important, feasible, ethically and
politically acceptable.

Literature Review or Extensive Literature Survey

After the selection of research problem, the second step is that of literature mostly connected
with the topics. The availability of the literature may bring ease in the research. For this
purpose academic journals, conference and govt. reports and library must be studied.

Making Hypothesis
The development of hypothesis is a technical work depends on the researcher experience. The
hypothesis is to draw the positive & negative cause and effect aspects of a problem.
Hypothesis narrows down the area of a research and keep a researcher on the right path.

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Preparing the Research Design
After the formulation of the problem and creating hypothesis for it, research Design is to
prepare by the researcher. It may draw the conceptual structure of the problem. Any type of
research design may be made, depend on the nature and purpose of the study. Daring R.
Design the information about sources, skill, time and finance is taken into consideration.

Sampling
The researcher must design a sample. It is a plan for taking its respondents from a specific
areas or universe. The sample may be of two types:

1. Probability Sampling
2. Non-probability Sampling

Data collection
Data collection is the most important work, is researcher. The collection of information must
be containing on facts which is from the following two types of researcher.

Primary Data Collection: Primary data may be from the following.

1. Experiment
2. Questionnaire
3. Observation
4. Interview
Secondary data collection: it has the following categories:
1. Review of literature
2. Official and non-official reports
3. Library approach

Data Analysis
When data is collected, it is forwarded for analysis which is the most technical job. Data
analysis may be divided into two main categories.

Data Processing: it is sub-divided into the following.

Data editing, Data coding, Data classification, Data tabulation, Data presentation, Data
measurement.

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Data Exposition: Date Exposition has the following sub-categories.
Description, Explanation, Narration, Conclusion/Findings, Recommendations/Suggestions

Hypothesis Testing
Research data is then forwarded to test the hypothesis. Do the hypothesis are related to the
facts or not? To find the answer the process of testing hypothesis is undertaken which may
result in accepting or rejecting the hypothesis.

Generalization and Interpretation

The acceptable hypothesis is possible for researcher to arrival at the process of generalization
or to make & theory. Some types of research has no hypothesis for which researcher depends
upon on theory which is known as interpretation.

Preparation of Report
A researcher should prepare a report for which he has done is his work. He must keep in his
mind the following points:

Report Design in Primary Stages

The report should carry a title, brief introduction of the problem and background followed by
acknowledgement. There should be a table of contents, grapes and charts.

Main Text of the Report

It should contain objectives, hypothesis, explanations and methodology of the research. It
must be divided into chapters and every chapter explains separate title in which summary of
the findings should be enlisted. The last section would be clearly of conclusions to show the
main theme of the R-study.

Closing the Report

After the preparation of report, the last step in business research process contains of
bibliography, references, appendices, index and maps or charts for illustration. For this
purpose the information should more clearer.

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 RESEARCH DESIGN
Research design is the framework of research methods and techniques chosen by a researcher.
The design allows researchers to hone in on research methods that are suitable for the subject
matter and set up their studies for success.

The design of a research topic explains the type of research (experimental, survey
research, correlational, semi-experimental, review) and also its sub-type (experimental design,
research problem, descriptive case-study).

Types of research design:

Depending on the research type, a researcher can choose from different types of design. Here
are the most common types of research design.

Experimental Research Design

Researchers use this design to establish a relationship between a cause and the effect. It can
be used in a controlled experiment or field experiment. Quasi-experiment research design can
also fall under this framework. When using this design, a researcher observes an independent
variable’s influence on a dependent variable. For example, a researcher can observe the effect
of price, which is an independent variable, on the customer’s satisfaction, which is a
dependent variable.

A researcher can use this design to solve a problem through the manipulation of independent
variables and observing how the dependent variables change. For instance, a researcher can
experiment with price changes to observe how the changes affect customer satisfaction.

The only difference between experimental and nonexperimental research design is that the
former employs scientific approaches to manipulate the control variables while measuring
their effect on dependent variables. A non-experimental design does not entail the
manipulation of the control variables.

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Qualitative Research Design

This design aims to provide answers to how and why a phenomenon happens. Researchers
that use this design employ open-ended survey questions most of the time. And quantifying

descriptive answers is sometimes difficult. These answers are also difficult to express using
numbers. As such, researchers can use this method to collect complex information or explore
people’s behaviours and thoughts. It’s an ideal design for finding ideas, formulating
predictions, and explaining numbers.

Popular qualitative research design types include:

 Grounded theory method

 Ethnographic model
 Phenomenological method
 Historical model
 Case study model
 Narrative model

These methods enable social science researchers to understand the viewpoint of the
participants by focusing on human behaviour.

Quantitative Research Design

Researchers use this design when they want to answer questions like what, who, where, how
many, and when? With this design, a researcher employs more close-ended questions. That
way, quantitative surveys are easy to transform into stats, numbers, chats, and graphs.

Most businesses use this design to learn about customers and gather data that they can use to
make decisions. For instance, a business can employ a quantitative survey like NPS Survey to
measure customer satisfaction on a scale of one to ten.

 Descriptive research
 Survey research
 Experimental research
 Correlational research

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  Causal-comparative research

The focus of these methods is to gather numerical data and then generalize it across certain
groups or explain a specific phenomenon.

Correlational Research Design

This is a non-experimental design that a researcher can use to establish the relationship
between variables with a close connection. Ideally, using this design requires a researcher to
have two separate groups. The researcher should not make any assumptions when evaluating
the variables’ relationship and should use statistical analysis methods to calculate their
relationship.

The correlation between the variables is determined by a correlation coefficient. And the
value ranges from -1 to +1. A correlation coefficient that is towards +1 shows a positive
relationship while a correlation coefficient that is towards -1 shows a negative relationship.

Descriptive Research Design

When using a descriptive design, the researcher focuses on describing the case or situation
they are studying. This is a theory-based design that researchers use to gather, analyze, and
present their collected data. It allows researchers to give insights into the how and why of a
study. This design enables others to understand the importance of research. But, without a
clear problem statement, a researcher can engage in exploratory research.

Common methods that researchers use with this design include analysis, data collection, and
presentation. These methods enable the researcher to present a problem statement to enable
other people to understand why the study is important.

Explanatory Research Design

Just like the name suggests, researchers use explanatory design to expand and explain their
research theories and ideas. Ideally, this design enables a researcher to elaborate on certain
unexplored areas or aspects of a research topic based on their thoughts and ideas. When using
this design, a researcher focuses on explaining the missing pieces.

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Exploratory Research Design

A researcher uses this design when they want to explore a research problem without past data.
But, a researcher can use few past studies as their reference. In some cases, this design is used
to conduct unstructured and informal research. Ideally, researchers use this design for their
initial research, hoping to provide a theoretical or hypothetical idea of a study problem.

Common research methods that are used with this design include primary approaches like
surveys, interviews, and focus groups, as well as, secondary methods like literature research,
case study research, and online research.

DATA COLLECTION

Before we define collection, it’s essential to ask the question, “what is data?” The abridged
answer is, data is various kinds of information formatted in a particular way. Therefore, data
collection is the process of gathering, measuring, and analyzing accurate data from a variety
of relevant sources to find answers to research problems, answer questions, evaluate
outcomes, and forecast trends and probabilities.

Our society is highly dependent on data, which underscores the importance of collecting it.
Accurate data collection is necessary to make informed business decisions, ensure quality
assurance, and keep research integrity.

During data collection, the researchers must identify the data types, the sources of data, and
what methods are being used. We will soon see that there are many different data collection
meathods. There is heavy reliance on data collection in research, commercial, and
government fields.

Before an analyst begins collecting data, they must answer three questions first:

 What’s the goal or purpose of this research?

 What kinds of data are they planning on gathering?

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  What methods and procedures will be used to collect, store, and process the
information?

Why Do We Need Data Collection?

Before a judge makes a ruling in a court case or a general creates a plan of attack, they must
have as many relevant facts as possible. The best courses of action come from informed
decisions, and information and data are synonymous.

The concept of data collection isn’t a new one, as we’ll see later, but the world has changed.
There is far more data available today, and it exists in forms that were unheard of a century
ago. The data collection process has had to change and grow with the times, keeping pace
with technology.

Whether you’re in the world of academia, trying to conduct research, or part of the
commercial sector, thinking of how to promote a new product, you need data collection to
help you make better choices.

What Are the Different Methods of Data Collection?

While the phrase “data collection” may sound all high-tech and digital, it doesn’t necessarily
entail things like computers, big data, and the internet. Data collection could mean a
telephone survey, a mail-in comment card, or even some guy with a clipboard asking passers
by some questions. But let’s see if we can sort the different data collection methods into a
semblance of organized categories.

Data collection breaks down into two methods. As a side note, many terms, such as
techniques, methods, and types, are interchangeable and depending on who uses them. One
source may call data collection techniques “methods,” for instance. But whatever labels we
use, the general concepts and breakdowns apply across the board whether we’re talking about
marketing analysis or a scientific research project.

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The two methods are:

 Primary.

As the name implies, this is original, first-hand data collected by the data researchers. This
process is the initial information gathering step, performed before anyone carries out any
further or related research. Primary data results are highly accurate provided the researcher
collects the information. However, there’s a downside, as first-hand research is potentially
time-consuming and expensive.

 Secondary.

Secondary data is second-hand data collected by other parties and already having undergone
statistical analysis. This data is either information that the researcher has tasked other people
to collect or information the researcher has looked up. Simply put, it’s second-hand
information. Although it’s easier and cheaper to obtain than primary information, secondary
information raises concerns regarding accuracy and authenticity. Quantitative data makes up
a majority of secondary data.

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Difference between primary and secondary data

BASIS FOR
PRIMARY DATA SECONDARY DATA
COMPARISON

Meaning Primary data refers to the first Secondary data means data
hand data gathered by the collected by someone else
researcher himself. earlier.

Data Real time data Past data

Process Very involved Quick and easy

Source Surveys, observations, Government publications,

experiments, questionnaire, websites, books, journal articles,
personal interview, etc. internal records etc.

Cost effectiveness Expensive Economical

Collection time Long Short

Specific Always specific to the May or may not be specific to

researcher's needs. the researcher's need.

Available in Crude form Refined form

Accuracy and More Relatively less

Reliability

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Data Collection Tools

Now that we’ve explained the various techniques, let’s narrow our focus even further by
looking at some specific tools. For example, we mentioned interviews as a technique, but we
can further break that down into different interview types (or “tools”).

 Word Association.

The researcher gives the respondent a set of words and asks them what comes to mind when
they hear each word.

 Sentence Completion.

Researchers use sentence completion to understand what kind of ideas the respondent has.
This tool involves giving an incomplete sentence and seeing how the interviewee finishes it.

 Role-Playing.

Respondents are presented with an imaginary situation and asked how they would act or react
if it was real.

 In-Person Surveys.

The researcher asks questions in person.

 Online/Web Surveys.

These surveys are easy to accomplish, but some users may be unwilling to answer truthfully,
if at all.

 Mobile Surveys.

These surveys take advantage of the increasing proliferation of mobile technology. Mobile
collection surveys rely on mobile devices like tablets or smartphones to conduct surveys via
SMS or mobile apps.

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  Phone Surveys.

No researcher can call thousands of people at once, so they need a third party to handle the
chore. However, many people have call screening and won’t answer.

 Observation.

Sometimes, the simplest method is the best. Researchers who make direct observations
collect data quickly and easily, with little intrusion or third-party bias. Naturally, it’s only
effective in small-scale situations.

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 Chapter-3
Data Processing,
Analysis &
Interpretation

35
 DATA PROCESSING

What is Data Processing?

Without data processing, companies limit their access to the very data that can hone their
competitive edge and deliver critical business insights. That's why it's crucial for all
companies to understand the necessity of processing all their data, and how to go about it.

Data processing occurs when data is collected and translated into usable information. Usually
performed by a data scientist or team of data scientists, it is important for data processing to
be done correctly as not to negatively affect the end product, or data output.

Data processing starts with data in its raw form and converts it into a more readable format
(graphs, documents, etc.), giving it the form and context necessary to be interpreted by
computers and utilized by employees throughout an organization.

Six stages of data processing

1. Data collection

Collecting data is the first step in data processing. Data is pulled from available sources,
including data lakes and data warehousing. It is important that the data sources available are
trustworthy and well-built so the data collected (and later used as information) is of the
highest possible quality.

2. Data preparation

Once the data is collected, it then enters the data preparation stage. Data preparation, often
referred to as “pre-processing” is the stage at which raw data is cleaned up and organized for
the following stage of data processing. During preparation, raw data is diligently checked for
any errors. The purpose of this step is to eliminate bad data (redundant, incomplete, or
incorrect data) and begin to create high-quality data for the best business intelligence.

3. Data input

The clean data is then entered into its destination (perhaps a CRM like Salesforce or a data
warehouse like redshift), and translated into a language that it can understand. Data input is
the first stage in which raw data begins to take the form of usable information.

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4. Processing

During this stage, the data inputted to the computer in the previous stage is actually processed
for interpretation. Processing is done using machine learning algorithms, though the process
itself may vary slightly depending on the source of data being processed (data lakes, social
networks, connected devices etc.) and its intended use (examining advertising patterns,
medical diagnosis from connected devices, determining customer needs, etc.).

5. Data output/interpretation

The output/interpretation stage is the stage at which data is finally usable to non-data
scientists. It is translated, readable, and often in the form of graphs, videos, images, plain text,
etc.). Members of the company or institution can now begin to self-serve the data for their
own data analytics projects.

6. Data storage

The final stage of data processing is storage. After all of the data is processed, it is then stored
for future use. While some information may be put to use immediately, much of it will serve
a purpose later on. Plus, properly stored data is a necessity for compliance with data
protection legislation like GDPR. When data is properly stored, it can be quickly and easily
accessed by members of the organization when needed.

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DATA PROCESSING METHOD

Manual data processing

This data processing method is handled manually. The entire data collection, filtering, sorting,
calculation and other logical operations are done with human intervention and without the use
of any electronic devices or other automation software. This is an inexpensive method that
requires little or no tools, but produces high errors, high labour costs, and is time-consuming
and troublesome.

Mechanical data processing

Data is processed mechanically through the use of devices and machines. These can include
simple devices like computers, typewriters, printers, etc. Simple data manipulation operations
can be performed with this method. It has far fewer errors than manual data processing, but
the increase in data has made this method more complex and difficult.

Electronic data processing

Data is processed by modern technology using data processing software and programs. A set
of instructions is provided to the software to process data and produce outputs. This method
is the most expensive but gives the fastest processing speed with the highest reliability and
output accuracy.

DATA INTERPRETATION

Data interpretation is the process of examining data through some predefined processes that
will help to understand the data and draw relevant conclusions. It involves taking the results
of data analysis, making inferences about the relationships being studied, and using them to
draw conclusions.

So, before we can talk about interpreting data, we must first analyze them. So what is data
analysis?

Data analysis is the process of classifying, categorizing, manipulating and synthesizing data
to obtain answers to research questions. This is often the first step to interpreting the data.

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It is clear that the interpretation of the data is very important and therefore it must be done
correctly. Therefore, the researchers have identified several methods of data interpretation to
facilitate this process.

What are the methods of data interpretation?

Data interpretation methods enable analysts to help people make sense of the digital data that
has been collected, analysed, and presented. Data, when collected in its raw form, can be
difficult for people to understand, which is why analysts need to break down the information
gathered so that others can understand it.

For example, when founders present to potential investors, they should interpret the data
(market size, growth rate, etc.) to better understand. There are 2 main methods to do this,
namely; quantitative qualitative methods.

Methods of interpreting qualitative data

The qualitative data interpretation method is used to analyze qualitative data, also known as
categorical data. This method uses text instead of numbers or patterns to describe the data.

Qualitative data is often collected using a variety of person-to-person techniques, which can
be difficult to analyze compared to quantitative research methods.

Unlike quantitative data that can be analyzed directly after being collected and sorted,
qualitative data must first be encoded into numbers before it can be analyzed. Indeed, the text
is generally heavy, takes longer, and leads to more errors if analyzed as-is. The coding
performed by the analyst should also be documented so that it can be reused and also
analyzed by others.

There are 2 main types of qualitative data, which are; nominal and ordinal data. Both of
these data types are interpreted by the same method, but the interpretation of ordinal data is
much easier than for nominal data.

In most cases, sequence data is usually numerically labeled during data collection and
encoding may not be necessary. This is different from nominal data which still needs to be
encoded for proper interpretation.

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Quantitative data interpretation

Quantitative data interpretation is used to analyze quantitative data, also known as numerical
data. This data type contains numbers and is therefore parsed as numbers, not text.

Quantitative data has 2 main types, which are; discrete and continuous data. Continuous data
is divided into interval data and scale data, all data types are numeric. Due to its natural
existence as a number, analysts do not need to use the technique of encoding quantitative data
before analysing it. The process of analysing quantitative data involves statistical modelling
techniques such as standard deviation, mean, and median.

Data analysis and interpretation

1900-1950’s

1. The Beginning
Starting with the history of “plastic money”, charge cards cannot be ignored. These charge
cards were the ones which laid the groundwork for debit and credit cards. Company-issued
charge cards wereformulated as far back as the early 1900’s. These were the cards which kept
customers loyal to the company.

2. Charg-it
“Charg-it” was the first actual bank card which was issued in the year 1946. These cards were
invented by a banker in Brooklyn, whose name was John Biggins. However, with these cards
only local purchases could be made.

3. The Diners Club Card

The concept of the credit cardswas initially acted by the person named Frank McNamara.
After finishing his dinner with a fellow business associate, Frank found himself short on cash
ashe forgot his wallet. This was an epiphany that led him to think on the idea of a charge card.
This card was later known as the “Diners Club Card” and could be used at various locations.
This novel idea was the first true model of multipurpose charge card.

40
4. American Express
American Express is the company which issued their first credit card in 1958. As they
werepresent internationally, the Green Charge Cards were globally accepted. This became the
first credit card which was internationally available.

5. BankAmericard
In the year 1958 Bank of America introduced a unique card that can be used to purchase
anything with merchants. In other words, it was a universal card so that the cardholder will
not need multiple cards for specific destinations. These cards also set industry standards such
as grace periods, credit limits, and floor limits. The pilot program in 1959 initially had 60,000
customers and it was a huge success. The program was then rolled out in state wide in
California.

1960s

1. The Mag Stripe

Credit and debit cards would not be what they are today without having the Mag Stripe. This
momentous leap in the banking card technology arrived when the CIA hired the company
IBM to attach a magnetic stripe to all their identity cards. This technology was already
available; however, the main problem was that permanently attaching the magnetic stripe to
the card without any wrinkles. While working towards this problem, Forest Perry who
returned home from work to find his wife ironing his clothes. When he mentioned the
problem about attaching the magnetic stripe, Forest’s wife asked to see the prototype card.
Using the iron, she meltedthe stripe to the card to make it wrinkle-free. This solved the
complete problem, which allowed IBM to go into full production with the Mag Stripe on all
of their cards.

2. Automated Teller Machine (ATM)

One of the most easy and convenient aspects of plastic money is the all-serving Automated
Teller Machine (ATM). The ATM was brought live in the year 1960’s by a person named
John Shepperd-Barron. After an unfortunate and unsuccessful trip to the banks, John waited
until the next day when it opened again. On that day night, while reportedly taking a bath,

41
John thought of a self-dispensing automated cash machine. Along with the invention of what
was soon to be the ATM, he had also invented the 4-digit international pin code. John first
wanted a six-digit army serial; but his wife spoke and convinced him four digits would be easier
to remember and access.

3. The Chicago Debacle

In the 1960s, unsolicited credit cards caused a big problem for the Chicago market. The
Chicago market was caught up by credit card companies by the mid-60s, so several
companies began to mail “pre-approved cards”. This mailing tactics was proved to be nearly
fatal for those credit card companies, as they were mailing them by mistake to convicted
felons, toddlers and even dogs. Organized crimes also took advantage by using the corrupt
workers to intercept these cards. Since these intercepted cards were already pre-approved, the
people residing at that address were billed thousands of dollars without even knowing about
the missing stolen cards.

1970s – 1990s

1. VISA
Originally the Visa card initiated as the BankAmericard program and was never planned to
go national, or international for that matter. In 1965 BankAmerica started a licensing program
with most of the banks around California. After sufficient banks subscribed to the program,
BankAmerica was able to invent a joint venture bank association. This rolled out on an
international scale and BankAmerica changed the name of its card to VISA International.
They also created a local America version named VISA U.S.A. This two card system allowed
VISA International to be easily accepted across other countries as well due to having no
association with America. The acronym VISA stands for Visa International Service
Association; BankAmerica felt the name change was suitable since VISA would be instantly
recognized in various different languages. Their success continued and also, they joined the
Plus ATM network by which becoming even more accessible to all the customers around the
world. These strategic branding choices allowed VISA to be one of the most recognizable
and effective consumer brands today across the world.

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2. Mastercard
While the BankAmericard gained precedent around California, in Kentucky their competition
with others also gaining strong ground. Crocker National Bank, Wells Fargo, and Bank of
California united together and launched an association Interbank Card Association (ICA) in
1966. After three years, Master chargemodified their logo and came out with the iconic red
and orange overlapping circle with each other. However, it was not until ten years later when
Master chargewas converted to the Mastercard we know today. The mid and later 80s were
also a revolutionary decade for these MasterCard. They released a program called emergency
card replacement program; they entered the Pacific Rim, and caught Cirrus which was the
biggest ATM network in the world. After such a successful decade, MasterCard improvised
on their advancements and became the other important player in the market along with VISA.

1990s – Today

To convert to an ever-evolving technological world, credit and debit cards had become the
most efficient and instantly accessible cards across multiple mediums. With the new
technologies such as mobile platforms and computers, this presents numerous opportunities
and openings for vendors and consumers alike.

1. Chip and Pin

One of the more disruptive changes to plastic money was the adoption of chip and pin
technology in the cards. This system became a standard with credit and debit cards, and was
preferred to the magnetic stripe. Chip and Pin technology makes cards much more secure and
personal information fraud can be minimized because of the encrypted chip. A cloned chip
can also be immediately recognizable as a fraudulent card, as every chip is uniquely
encrypted for each individual card. Even though this technology on the cards has been around
since the 1990’s, it has become widely used across Canada, and became mandatory in the
United States.

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2. Yes Card
The Yes Card is a new way of accessing loans via online platforms and getting money
immediately. The Yes Card allows you to access and use your loans anywhere any time any
place and faster than other means.

Government Policies on Plastic Money

If you prefer to use credit cards or debit cards in place of cash transactions, this budget might
bring some good news for you. In a bid to curb the flow of black money and to push the
ambitious 'Digital India' scheme, the Narendra Modi government might announce some
incentives to promote the use of plastic cards for business transactions.
Making a strong pitch for promotion of electronic payments in the country and making India
a cashless economy, the Confederation of All India Traders (CAIT) has submitted a pre-
budget memorandum to Finance Minister Arun Jaitley.
According to an estimate, India lags behind in the use of plastic money as only about five per
cent of total business transactions takes place though digital platforms. Officials said that
more use of plastic money will help curb the flow of black money as all transactions can be
monitored digitally.
The Finance Ministry has prepared a draft proposal for facilitating electronic transactions.
The draft says that the main objective of e-transaction is to build an online history to enable
improved credit access and financial inclusion besides cost of managing cash in the economy.
According to the draft proposal, government might take many significant measures to
promote the use of plastic money.

44
 Online Benefits

Measures mentioned in the proposal include doing away with the convenience fee charged by
the government for various payments and utilities, reducing the merchant discount rate on
card transactions, lowering mobile payment costs, increasing the annual reportable limit of
credit-card transactions and more. Apart from this, tax benefits could be provided to
merchants for accepting electronic payments.
"An appropriate tax rebate could be extended to a merchant if at least 50 per cent of the
transactions is done through electronic means," said a government official.
Measures mentioned in the proposal include doing away with the convenience fee charged by
the government for various payments and utilities, reducing the merchant discount rate on
card transactions, lowering mobile payment costs, increasing the annual reportable limit of
credit card transactions and more. Apart from this, tax benefits could be provided to
merchants for accepting electronic payments.
"An appropriate tax rebate could be extended to a merchant if at least 50 per cent of the
transactions is done through electronic means," said a government official.

Tax Rebates

The CAIT memorandum also suggests the levy of a nominal ATM-usage tax to discourage
people to withdraw cash from ATMs. CAIT has also suggested that transaction costs levied
on use of debit or credit cards and other electronic means should be withdrawn both by banks
and PSUs.
"Cashback to customers for electronic transactions should be encouraged to boost
expenditure through electronic payments. We have also suggested tax rebates in case of
payments made by electronic devices," Praveen Khandelwal, secretary general, CAIT said.
"CAIT in association with MasterCard is already conducting a national campaign to promote
the use of plastic money in the country," he added.

45
 Why ‘plastic money’ could be your new best friend – incentives
by the Modi government

Narendra Modi’s Currency Ban has given the people the push they needed towards the
realisation of his ‘digital dream’. From the looks of it, his demonetisation move might kill
three birds with one stone – black money, political opponents and subtly, hard cash
transactions. Only about 5 percent of business transactions in India are digital, and thus, only
those have a traceable history. In his recent speech, he urged the people to make the shift
towards a cashless future as it is the only way transactions of any kind can be traced and
monitored, thereby restricting a parallel economy.
The government realises, however, that the only way to urge people towards such a change is
by making it easier and, more importantly, attractive. They are thus working to provide
incentives to the consumer and merchant alike so they willingly make the needed shift
towards ‘plastic money’. The Confederation of All India Traders (CAIT) and the National
Democratic Alliance Department have submitted memorandums that elaborate the incentives
they wish to provide.

Benefits for a consumer

Banks usually charge 0.75 to 1 percent of payment on debit cards and upto 2 percent on credit
cards as convenience fee. To encourage increased electronic payments, CAIT plans to advice
banks to cease these charges and instead offer cash back rewards for such payments. This
way, people will be more willing to use digitals platforms more frequently.
Mobile banking too takes up Rs 1.50 per transaction as Unstructured Supplementary Service
Data (USSD) charge which can be reduced by telecom companies. The memorandum also
looks to increase the reportable limit on credit cards, allowing consumers a greater flexibility
to use credits for more transactions. Consumers can also get tax benefits in the form of
income tax rebates depending on the portion of their expenditure that is made through digital
means. This means that more the use of plastic money, more will be the income tax returns –
an offer that is hard to ignore.

46
Benefits for a merchant

Merchants too will receive tax benefits for accepting electronic payments. If the electronic
transaction made by a merchant is more than 50 per cent of the total transaction, he/she will
receive tax returns. This is provided they make about 1-2 percent deduction in value added
tax for all electronic transactions. This, the government believes, will ensure a fair transaction
between a merchant and a consumer so that both are equally benefited.
In contrast to reductions, the memorandum wants to impose a small ATM- usage tax to
discourage people from withdrawing too much cash. This will, of course be balanced by
reductions in electronic transaction costs as mentioned before. It also wants to make
mandatory, the use of digital payments for transactions exceeding 1 lakh, to further curb the
flow of black money.
The memorandum, in a nutshell, targets the inconveniences of electronic payments, and aims
to ease or eliminate them wherever possible. The plan still exists, as of now, only on paper.
This shift, like another other, has a potential for inconveniences but they will be
overshadowed by those that are now being recognized by the currency ban. In other words,
the demonetisation may have broken the fall of ‘Digital India’ making its introduction that
much easier.

47
 Interpretation

Perception of Public on Plastic Money

Winning the cashless way: A grocery store owner's growth journey after accepting card
payments.
When Saurabh Singhal, an ambitious grocery store owner, decided to expand his inventory
and explore new growth opportunities, he also made the decision to start accepting card
payments.
“At first we thought that taking cash was good enough, but when we started accepting card
payments, we realised its value,” he says. “We don’t need to carry cash [in bulk] anymore
and there is no more hassle in providing change. Plus, customers prefer card payments as
they can get some discounts and avail offers from their card provider. It’s a win-win for both
the shopkeeper and the customer.”
Saurabh realised that when it comes to retail merchants of any size, providing varied and
convenient ways to make payments is a must-have for customers, and is crucial to a
merchant’s business growth. This is more so the case in the past year, when the COVID-19
pandemic saw a significant adoption of contactless digital-based payments. With a focus on
safety, hygiene and convenience, there was a sudden uptake in digital and contactless
payments.
In fact, according to a recent Mastercard survey, 58 percent of Indian respondents intend to
increase their usage of contactless payments such as debit and credit cards, prepaid cards, and
mobile wallets, which shows their comfort with the digital ecosystem. Not only that, but 81
percent of Indian respondents believe that contactless payment is a trend here to stay.
Through their flagship campaign Team Cashless India, Mastercard continues to engage with
merchants and consumers to create awareness about digital payments in India.
For Saurabh, accepting card payments has also meant additional peace of mind. “In our
market area, we’ve had a few cases of theft and loot. Now that we’ve stopped stocking cash,
we live without fear,” he says, adding how it also helps them save time that was spent on
making trips to the bank to deposit the money made from sales. The time can now be used to
spend on improving core business operations.

48
 Results about the plastic money facilities availability

It is observed that majority (37%) of the people were above 40 years . Out of aged above 40
years, 37.5% of the people possess none of the plastic card facilities. Those who have POS
machine are mostly belong to the age group of above 31 years . Results on preferred and
frequently used method of payment This shows the preferred method of payment and
facilities of plastic money.
shows that 32%, 8.3%, 47.3% and 13.3% of the respondents like to use prefer to use mobile
money, EFT, cash and plastic money respectively. 48% and 45.8% have POS Machines and
bank card among those who prefer to use cash. From this, it is understood that even though
those farmers have facilities of plastic money, they like to prefer to use cash for daily
transaction. 20% and 28% of the respondents with POS machine and Cards respectively like
to use plastic money as a mode of payment for buying goods. Respondents also use mobile
money for buying goods and services besides using cash. Electronic Fund Transfer (EFT ) are
rarely rarely used due to inefficiency to use internet 30% and 37% of the people stated that
high transaction cost and lack of POS Machine are the major challenges in using plastic
money . 22.3% of the respondents totally lack trust in banks as they lost their savings in bank
moratorium. The farmers those who have less than Rs.15,000 have no trust on bank. 6.7%
and 7.3% of the respondents stated that Risk of fraud and stifled borrowing are the major
challenges of plastic money. For those who earn less than monthly of Rs.15,000 , 35.9% of
the respondents do not have POS machine, 23.1% suggested that high transaction costs while
26.5% stated that they do not have trust on bank. Majority of the respondents with any level
of income stated that high cost, lack of trust and unavailability of POS machine are the major
problems in adopting plastic money.
47.3% stated access at any time is the major benefit in adopting plastic money. Among them,
59.3% are illiterate. Those farmers who completed degree feels that 47.6% feels that anytime
and anywhere access. 11.9% feels that cash shortages, 10.7% feels that lack of safety and
convenience are the advantages in adopting plastic money. 8% of the respondents feel that
risk reduction is the major advantages for using plastic money. Most of the people who feel
safety and convenience as the major advantage studied only up to school level. Hence, it is
found that, regardless of academic qualifications, marginal farmers adoption of plastic money
does not depend on academic qualification.

49
This study results that rural communities, give preference to cash handling for every
transaction than holding POS machine and plastic card. It can be concluded that the biggest
challenges in the usage of plastic money were high level of transaction cost, unavailability of
POS machine in needed level and lack of confidence . The marginal farmers stated that
access to anytime anywhere is the major benefit in adopting plastic money. During the time
of Demonetization marginal farmers are forced to use plastic money . But still then, after the
problem of Demonetization is solved, the they started using cash as a medium of exchange.
Hence , it is suggested in the present study that Government should take severe steps in
organizing many programme in rural India to create an awareness on benefits of usage of
plastic money.

Analysis on Impact of Usage of Plastic Money in India

More than 84% of the people belonge to the age group of 18-25 years who are career
beginners and portrays that they have a higher interest towards usage of plastic money of all
means. Followed by the age group of 25-35 years and 35-45 years amounting to about 10%
of the respondents who are in their career growth and mid career? Finally a very small
percentage of 5% belonged to 50 years and above who were at their career decline or
retirement stage and are not very comfortable with usage of plastic money.Hence it is
observed that there exists relation between career stage and usage of plastic money as it
encompasses their earnings and job security for repayment.
The female group of 51.5% is slightly more inclined towards usage of plastic money for all
means followed by the male group of 48.5%.According to the survey conducted it is inferred
that the women are comfortable in using plastic money in comparison with the men. Also it
can be inferred that banks and financial institutions are in a pace to capture the female
population higher than the male population for avoidance of credit default which is observed
to be less among the female population.(in case of credit cards only)
68.3% of the group prefers credit cards followed by ATM card and debit cards (31.7%). By
this result we inferred that most of them are flexible with the usage of credit cards to debit
cards because of various reasons being ease of post-paid credit, immediate availability of
purchasing power, increased credit limits and installment credit clearance facility. The crux
of the survey i.e.; 48.5% of people are interested in using both cash and card for different

50
kinds of payments as per the requirement and feasibility of purchase location and situation,
followed by only card with 27.3% and only cash with 24.2%.Hence, it is inferred that both
the means are important for payment purposes. But when card and cash are compared card is
given much preference to cash as it is easy to handle and fear of loss is minimized due to its
PIN protection encrypts that do not enable malpractice or usage of cards by others. .
78.8% of the people find that usage of plastic money is safer and secured where 21.2%of
them find that usage of plastic money is unsecured for the reasons being primarily lack of
trust in plastic money, malware and software issues in payment gateways and point of service
mechanism, malpractices by payment gateways, banks negligence and retail outlets and lack
of sufficient knowledge and literacy about usage of plastic money as portrayed in the
response graph below.
For the people who have a positive approach towards usage of plastic money, the reason for
them not preferring paper cash were that 34.8% of the respondents do not prefer paper money
because of the increasing duplicity and fear of theft and 30.4% do not prefer paper money
because of wear and tear of paper money as portrayed as given in the below graph.
90.9% of the people think plastic money will penetrate into society more in future with
increasing literacy and awareness about its usage and benefits but the remaining 9.1% think
that plastic money will not penetrate in to society any more due to increasing insecurity,
excessive transactional costs and excessive transparency of transactions not in favor of the
population mindset.
54.5% of the people think more of plastic money transactions over cash transactions will help
to curb black money circulation in economy and money laundering effect can be minimized
with excessive transparency of transactionswhereas the rest 45.5% neither agreed nor
disagreed but responded neutral on the possibility discussed. Maximum usage of plastic
money was for utilities listed as under-Utility bills-(51.6%) -Online shopping-(80.6%) -
Mobile app purchases-(32.3%) -Application fee payments-(29%)
62.5% perceive that biometric identity is the best security measure to protect from misuse of
plastic money followed by pin number and password with 21.9% and 15.6% as the security
measures to be adopted for a better and safer usage of plastic money.
In India, the use of debit and credit cards was not much common. The majority of the
transactions made through plastic money were only through ATMs. However, the use of
plastic money increased rapidly in the 2010s with the introduction of online shopping where
payments are made; most payments are made through debit and credit cards.

51
Findings

52
 Findings

The idea of using plastic money to make purchases was first brought up by Edward Bellamy
in 1887. He wrote a book named, “Looking Backward”, which describes his idea of a utopian
society. In this book, he has coined the term “credit card.” Since that time, advancements
have been made that have allowed this idea to become a reality. All these started right from
the savings leaving out a few rupees in his local bank to the billions of rupee loans which
were raised by syndicate banks and financial institutions which were capable of financing
projects in any country in the world. Still, these banking majorities were heavily dependent
upon their retail home which is the base of borrowers and savers. Mostly allof the bankers
began to concentrate on this retail market segment as global competition intensified in late
seventies and early eighties. The debit card got generated from the shadows of its older
sibling which is the credit card. Over previous decades, plastic money has grown from
accounting for 274 million transactions in 1990 to 8.15 billion transactions in the year 2002,
to challenge credit card as the preferred payment card. As it stands, the debit card industry
was always a multi-billion dollar engine which helps to drive bank profits and the point-of
purchase consumer sales - but it is also the beginning to redefine traditional payment options
in the business and other government sectors, such as food stamps, benefits, and payroll. For
these functions the debit card has arrived and is here to stay. Credit cards is one of the
banking products that cater products to the needs of retail segment which has seen its number
grow in GP in recent years. This growth had been strongly supported by the development in
the field of technology, and without these technologies this could not have been possible.

53
Limitation of the study

54
 Limitation of the study

The sources from which secondary data is collected may not be accurate so there is a
scope of inaccuracy.
Primary data does not help in forming any analysis or deductions unless it is refined
through statistical methods.
Documents may lack authenticity- parts of the document might be missing because of age,
and we might not even be to verify who actually wrote the document, meaning we cannot
check whether it is biased or not.
The present study relied on supervisory judgements for measures of task and contextual
performance. Although, it is presumed that supervisory judgements are good measures of
performance there is always potential for ideas in perpetual processes. Therefore, future
research might address the issue by including both supervisors and peer ratings in their
studies or using more objective performance measures if available.

55
Recommendations and suggestions

56
 Recommendations and suggestions

Talking about our study out of the 18 independent variable which influence the usage of
Plastic money in Chhattisgarh, 9 variables were found to be significant in the study. The
model used in the study was that of Regression and it was found that the model can explain
79.2 % variation in dependent variable using independent variables so it can be said to be a
legitimate model. On the basis of the analysis, the following suggestions can be given to
increase the Plastic card usage:-
1. It was found that people in Chhattisgarh don’t prefer to pay their utility bills like
Telephone Bill, Electricity Bill etc. by Plastic cards. In the changing scenario of today where
everything is going paperless and cashless, there is a great need to educate and motivate the
people to pay their utility bills by Plastic money.
2. It was Found that people find cards as a convenient way of payment. Gone are the days
which required people to carry huge amount of cash to make their payments. With the P.M
Mr. Narendra Modi’s emphasis on Cashless transactions in banks, departmental stores,
grocery outlets, Apparel stores etc. now the people in Chhattisgarh are adapting to this new
way of transaction.
3.Reduction in Cashless transactions will also lead to the restriction of the influx of Duplicate
money from abroad. Safety measures pertaining to the fund transfer need to be increased to
encourage and assure people so that the use of Plastic money increases.
4.Safety in the Plastic money is an important factor that induces its usage. Multiple level of
security should be insured like Password, OTP (One time password ), use of Shttp (secured
sites)instead of http etc.
5.Transaction charges on online transactions should be waived off to induce the people to use
Plastic cards more.
6. Subsidy on Electronic Transactions can also lead to increased usage of Plastic cards.
7. People should be motivated to make more use of Plastic cards while travelling. Travel
Companies can give discounts to lure the customers to make the use of Plastic cards.

57
Conclusion

58
 Conclusion

About credit cards there is a need to educate them about the differentiating factors of the
cards. Because Looking at the broad scenario, there is no doubt that the plastic money is
rising up in the market. The day will come when all the transaction will be done through
plastic money, yet there are more further technologies which have been implemented in Japan
and US but India is still growing in its first phase. The day will come when all the train
tickets would be purchased by credit cards. People will start keeping bunch of cards in their
pockets instead of currencies. The day will come when the cinema tickets will be purchased
through credit cards. Thus in these growing phenomenon there doesn’t seems any declination
instead it growing at a higher rate. Consumers are preferring these cards mostly for shopping
online Ecommerce has given a better way to use the plastic money. It can be concluded that
plastic money has a very bright future in the coming years because of the increasing trend of
ecommerce.
21ST Century banking has become wholly customer-driven & technology driven by
challenges of competition, rising customer expectations & shrinking margins, banks have
been using technology to reduce cost & enhance efficiency, productivity & customer
convenience. Technology intensive delivery channels like net banking, mobile banking, etc.
have created a win-win situation by extending great convenience & multiple options for
customer. From educating customers visa and master card are advertising regularly and
thereby increases awareness. The strategy should be to emphasize on its differentiating
characteristics. They also need to identify potential customers and target those using mailers.

59
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