Essay on Plastic Money in Indiamn Shopping

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OBJECTIVES OF STUDY
 
Primary objectives:-

•To know the perception of people towards plastic money.

Secondary objectives:-

•To know the importance of plastic money in the daily life of consumers’ W.R.T credit and debit cards.

•To study the benefits of debit card and credit cards.

•To find out the market leader among the various banks/companies issuing credit and debit cards

•To know the problems faced by respondents using plastic money.

•To study the satisfaction level of consumers towards plastic money.

NEED AND SCOPE OF THE STUDY

Need of the study:-

It is rightly said the plastic money is need of hour. People are using these cards on a vast scale. But after considering the review of literature it is seen the whole payment process of  processing these cards is not safe and customer are facing many problems relating to plastic money. That’s why study is focused on consumer perception regarding the plastic money. Need of the study is to get to know about the comparative analysis of plastic money. There are many ethical issues and challenges in the market of plastic money which is required to be studied. This study is concerned with the Seven perks of plastic money Convenience, Budgeting technology, Reputation boosting, Corporate might, Cops and robbers, the float, openness to negotiations.

Scope of study:-

the following are the areas covered by plastic money;
ATM cards are slowly being transformed into value-added debit cards. Bankers and analysts see tremendous scope for growth in debit cards. "There is tremendous potential for debit cards. It will soon be substituting cheques. Utility payments will soon be made through debit cards, either at the ATMs or at the counters. The debit card can be used to withdraw cash from ATMs of other banks depending on whether the debit card-maker has a Visa or a Maestro tie-up. Visa and MasterCard both confirmed yesterday that they had been notified of the breach and had in turn notified several banks and credit card companies of the potential data compromise. They declined to say how many companies have been notified. Credit cards As well as convenient, accessible credit; credit cards offer consumers an easy way to track expenses, which is necessary for both monitoring personal expenditures and the tracking of work-related expenses for taxation and reimbursement purposes.

 
INTRODUCTION:-

Plastic money or polymer money, made out of plastic, is a new and easier way of paying for goods and services. Plastic money was introduced in the 1950s and is now an essential form of ready money which reduces the risk of handling a huge amount of cash. It includes debit cards, ATMs, smart cards, etc. Credit cards, variants of plastic money, are used as substitutes for currency  

Credit cards in India are gaining ground. A number of banks in India are encouraging people to use credit card. The concept of credit card was used in 1950 with the launch of charge cards in USA by Diners Club and American Express. Credit card however  became more popular with use of magnetic strip in 1970.Credit card in India became popular with the introduction of foreign banks in the country .Credit cards are financial instruments, which can be used more than once to borrow money or  buy products and services on credit. Basically banks, retail stores and other businesses issue these. It was introduced around and has now become an essential form of ready money. One of the main reasons for introducing plastic money, especially credit cards is to reduce the risk of handling a huge amount of cash by individuals/merchants. The growth and popularity of  plastic money in India has been phenomenal in the last few years .In the present day world, no one wants to be bothered by the presence of huge cash in his or her wallet and the Indians are no exceptions. The unprecedented growth in the number of credit card users has stimulated the Indian economy by a...
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