Plastic money

PROJECT
REPORT
OF
RESEARCH
METHODOLOGY
SSIMT DINANAGAR

2
A
RESEARCH REPORT
ON
“Factors behind the use of Plastic Money”
Submitted to:
DR.RAJNI LAMBA
Submitted by:
NAVNEET KAUR (1622073)
SHIVALI THAKUR (1622080)
DILBAG SINGH (1622064)
MBA SEMESTER (II)

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Plastic money- An introduction
What is Plastic Money? The plastic money generally a
credit or debit card with a magnetic strip many people
carry in their wallets or purses is the result of complex
banking process. Holders of a valid card have the
authorization to purchase goods and services up to a
predetermined amount, called a credit limit
In particular these are required to appear on a credit card are name of the customer, 16 digit
card number, validity date, the name of the issuing bank, signature panel, magnetic strip and
personal identification number.
The History of Plastic Money
1900-1950’s
The Beginnings
With a history of “plastic money”, you cannot ignore charge cards. Charge cards laid the
groundwork for debit and credit cards. Company-issued charge cards can be found as far
back as the early 1900’s. These cards mainly just kept customers loyal to the company.
“Charg-it” was the first actual bank card and was issued in 1946. The card was invented by a
banker in Brooklyn, by the name of John Biggins. However, only local purchases could be
made.
The Diners Club Card

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The concept of the credit card was initially acted upon by Frank Mcnamara. After dinner with
a fellow business associate, Frank found himself short on cash after forgetting his wallet.
What followed was an epiphany that led him to think of a charge card. This card, later known
as the “Diners Club Card”, could be used at multiple locations. This novel idea became the
first true model of the multipurpose charge card.
American Express
American Express issued their first credit card in 1958. Due to their international presence,
the Green Charge Card was globally accepted. This became the first internationally available
credit card.
BankAmericard
In 1958 Bank of America introduced a unique card that could be used to purchase anything at
participating merchants. In other words, it was a universal card so the cardholder did not need

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multiple cards for specific destinations. This card also set industry standards such as 25-day
grace periods, credit limits, and floor limits. The pilot program in 1959 initially had 60,000
customers and was a huge success. The program was then rolled out state wide in California.
1960s
The Mag Stripe
Credit and debit cards would not be what they are today without the Mag Stripe. This
momentous leap in card technology arrived when the CIA hired IBM to attach a magnetic
stripe to their identity cards. The technology was already available; however, the main
problem was permanently attaching the stripe to the card without wrinkles. While working on
this problem, Forest Perry came home from work to find his wife ironing his clothes. When
he mentioned the problem about the stripe, Forest’s wife asked to see the prototype card.
Using the iron, she managed to melt the stripe to the card wrinkle-free. This solved the entire
problem, which allowed IBM to go into full production with the Mag Stripe on all their cards.
Automated Teller Machine (ATM)
One of the most convenient aspects of plastic money is the all-serving ATM. The ATM
(Automated Teller Machine) was brought into existence in the 1960’s by John Shepperd-
Barron. After an unfortunate and unsuccessful trip to the bank, John had to wait until the next

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day when it opened again. That night, while reportedly taking a bath, John thought of a self
dispensing cash machine. Along with the invention of what was soon to be the ATM, he also
invented the 4-digit international standard pin code. John first wanted a six-digit army serial;
but his wife convinced him four digits would be easier to remember.
The Chicago Debacle
In the 1960s, unsolicited credit cards became a big problem for the Chicago market. The
Chicago market was untapped by credit card companies by the mid-60s, so several companies
began mailing “pre-approved cards”. This mailing tactic proved to be nearly fatal for those
credit card companies, because they were accidentally mailing them to convicted felons,
toddlers and even dogs. Organized crime rings even took advantage by using corrupt workers
to intercept cards. Since these intercepted cards were already pre-approved, the people
residing at the mailing address were billed thousands of dollars without even knowing about
the stolen cards.
1970s – 1990s
VISA
Originally the Visa card started as the BankAmericard program and was never intended to go
national, or international for that matter. In 1965 BankAmerica begin a licensing program
with banks around California. After enough banks subscribed to the program, BankAmerica
was able to create a joint venture bank association. This eventually rolled out on an
international scale and BankAmerica changed the name of their card to VISA International.

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They also created a domestic America version named VISA U.S.A. This two card system
allowed VISA International to be more easily accepted across other countries due to having
no association with America. The acronym VISA stands for Visa International Service
Association; BankAmerica felt the name change was appropriate since VISA would be
instantly recognized in many different languages. Their success continued and eventually
they joined the Plus ATM network becoming even more accessible to customers around the
world. These strategic branding choices allowed VISA to become one of the most
recognizable and successful consumer brands today.
Mastercard
While the BankAmericard was gaining precedent around California, in Kentucky their
competition was also gaining strong ground. Crocker National Bank, Wells Fargo, and Bank
of California came together and launched the Interbank Card Association (ICA) in 1966.
Three years later, Mastercharge changed their logo and came out with the iconic red and
orange overlapping circle. However, it was not until ten years later when Mastercharge
became the Mastercard we know today. The 80s were also a revolutionary decade for
MasterCard. They released their emergency card replacement program; they entered the
Pacific Rim, and acquired Cirrus which was the largest ATM network in the world. After
such a successful decade, MasterCard capitalized on their advancements and became the
other key player in the market along with VISA.
Discover Card

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The Discover Card was a revolutionary card in the 1980s. It specifically presented Sears and
Roebuck & Co. customers with a new credit card option. This card was the first of its kind to
have no annual fee, cash back, and high credit limits. The only problem was that since it was
associated with Sears, other retailers where weary of accepting it, as they would be helping
their competition. Eventually Discover realized that their brand needed to completely
separate from Sears and so they proceeded to do so. Separating from Sears made Discover
more attractive for other merchants to adopt the card. By the early 1990s, Discover became
incredibly successful and was a regarded as a competitor of merit to Visa and MasterCard.
1990s – Today
To adapt to an ever-evolving technological world, credit and debit cards have become more
efficient and instantly accessible across multiple mediums. With new technologies such as
mobile platforms, this presents numerous opportunities for vendors and consumers alike.
Chip and Pin
One of the more disruptive changes to plastic money came with the adoption of chip and pin
technology. This system has become a standard with credit and debit cards, and is preferred
to the magnetic stripe. Chip and Pin technology makes cards much more secure and personal
information is very hard to steal because of the encrypted chip. A cloned chip can also be
immediately recognizable as a fraudulent card, as each individual chip is specifically
encrypted for each individual card. Even though this card technology has been around since
the 1990’s, it has become nationally used across Canada, and will become mandatory in the
United States by October, 1st 2015.

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Square
Being able to accept transactions through a mobile device is a game changer for businesses.
This was largely made possible by a company called Square. Square allowed a cell phone to
be used as a point of sale system and accept card payments anywhere. The device simply
plugs into the headphone jack and has a card slot for the customer to swipe their card.
Introduced to the market with a 2.75% flat rate fee, mobile card readers have definitely a
significant contribution to plastic money. Square has opened the door for many small
businesses across the world that can now offer their consumers more ways to pay.
Bling Tag
The Bling Tag makes it even faster to pay via mobile device. It is a sticker that contains an
NFC (Near Field Communication) chip. The NFC chip uses the same technology that is in
your traditional credit or debit card. Any Bling Tag user simply has to tap their phone on the
card accepter machine just like tapping a credit or debit card. This is convenience at an
entirely new level. Consumers can leave their wallets or purses at home.

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YesCard
The YesCard is a new way of accessing online loans and getting money instantly. The old
ways of taking loans in the form of a cheque or cash, having to wait days for processing and
then taking the time to deposit the money are gone! The YesCard allows you to access and
use your loans any time any place and faster than anywhere else.
Australian Banking Industry
The banking sector in Australia consists of a number of banks licensed to carry on banking
business under the Banking Act 1959, foreign banks licensed to operate through a branch in
Australia, and Australian-incorporated foreign bank subsidiaries. There are also a large
number of financial institutions, such as credit unions, building societies and mutual banks,
which provide limited banking-type Services
History
The first bank to be established in Australia was the Bank of New South Wales, which was
established in Sydney in 1817, with Edward Smith Hall as its cashier and secretary.[2] During
the 19th and early 20th century, the Bank of New South Wales opened branches throughout
Australia and Oceania: at Moreton Bay (Brisbane) in 1850, then in Victoria (1851), New
Zealand (1861), South Australia (1877), Western Australia (1883), Fiji (1901), Papua New
Guinea (1910) and Tasmania (1910).
In 1835 a London-based bank called the Bank of Australasia was formed[3] that would
eventually become the ANZ Bank. In 1951, it merged with the Union Bank of Australia,
another London-based bank, which had been formed in 1837. In 1970, it merged with the
English, Scottish and Australian Bank Limited, another London-based bank, formed in 1852,
in what was then the largest merger in Australian banking history, to form the Australia and
New Zealand Banking Group Limited.
A speculative boom in the Australian property market in the 1880s led to the Australian
banking crisis of 1893. This was in an environment where little government control or
regulation of banks had been established and led to the failure of 11 commercial banks.
Until 1910 banks could issue private bank notes, except in Queensland which issued treasury
notes (1866–1869) and banknotes (1893–1910)[4] which were legal tender in Queensland.

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Private bank notes were not legal tender except for a brief period in 1893 in New South
Wales.[4] There were, however, some restrictions on their issue or other provisions for the
protection of the public. Queensland treasury notes were legal tender in that state. Notes of
both categories continued in circulation until 1910, when the Australian Notes Act
1910 prohibited the circulation of state notes as money and the Bank Notes Tax Act
1910 imposed a tax of 10% per annum on 'all bank notes issued or re-issued by any bank in
the Commonwealth ... and not redeemed'. These Acts put an end to the issue of notes by the
trading banks and the Queensland Treasury. The Reserve Bank Act 1959 expressly prohibits
persons from issuing bills or notes payable to bearer on demand and intended for
circulation.[5] In 1910, the Australian pound was issued and was the legal tender in Australia.
The Commonwealth Bank was established in 1911 by the federal government and by 1913
had branches in all six states. In 1912, it took over the state savings bank in Tasmania and did
the same in 1920 with the state savings bank in Queensland. As with many other countries,
the Great Depression of the 1930s brought a string of bank failures. In 1931, Commonwealth
Bank took over two faltering state savings banks: the Government Savings Bank of New
South Wales (est. 1871) and the State Savings Bank of Western Australia (est. 1863). In
1991, it also took over the failing State Bank of Victoria (est. 1842).
From the end of the Great Depression banking in Australia became tightly regulated. Until
the 1980s, it was virtually impossible for a foreign bank to establish branches in Australia;
consequently Australia had very few banks when compared with such places as the United
States or Hong Kong. Moreover, banks in Australia were classified into two distinct
categories, known as savings banks and trading banks. Savings banks paid virtually no
interest to their depositors and their lending activities were restricted to providing mortgages.
Many of these savings banks were owned by state governments. Trading banks were
essentially merchant banks, which did not provide services to the general public. Because of
these and numerous other regulatory restrictions, other forms of non-bank financial
institutions flourished in Australia, such as building societies and credit unions. These were
subjected to less stringent regulations, could provide and charge higher interest rates, but
were restricted in the range of services they could offer. Above all, they were not allowed to
call themselves "banks".
1969 ABC news report on the introduction of ATMs in Sydney. People could only receive
$25 at a time and the bank card was sent back to the user at a later date.
From 1920, the Commonwealth Bank performed some central bank functions, which were
greatly expanded during World War II. This arrangement caused some discomfort for the
other banks, and as a result the central bank functions were transferred to the newly
created Reserve Bank of Australia on 14 January 1960.
The banking industry was slowly deregulated. In the mid-1960s, the distinction between
trading and savings banks was removed and all banks were allowed to operate in the money
market (traditionally the domain of merchant banks), and banks were allowed to set their own
interest rates.

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From the 1970s, banks have sought to reduce operating costs by adopting new technologies.
The use of the Bank State Branch (BSB) identifier was introduced in the early 1970s with the
introduction of MICR on cheques to mechanise the process of data capture by the banks as
well as for mechanical sorting and bundling of the physical cheques for forwarding to the
payer bank branch for final cheque clearance. Since then, BSBs have been used in electronic
transactions (but is not in financial card numbering). The rollout of automated teller
machines (ATMs) commenced in 1969.
Foreign exchange controls were abolished and the Australian dollar was permitted
to float from December 1983. The boom and bust of the 1980s was another turbulent time for
banks, with some establishing leading market positions, and others being absorbed by the
larger banks. The Australian government's direct ownership of banks ceased with the full
privatisation of the Commonwealth Bank between 1991 and 1996. There was also increased
competition from non-bank lenders, such as providers of securitised home loans. Following
the Wallis Committee a Report, in 1998 the oversight of the banks was transferred from the
RBA to the Australian Prudential Regulation Authority (APRA) and the Payments System
Board (PSB) was created, which would attempt to maintain the safety and performance of
the payments system.
At the time, consumer credit in Australia was primarily loaned in the form of installment
sales credit. The arrival of hundreds of thousands of readily employable migrant workers
under the post-war immigration scheme, coupled with intense competition amongst lenders,
discouraged proper investigation into buyers.[6] Concerns about the possibly inflationary
impact of lending created the first finance companies in Australia.[6]
Financial institutions
Four pillars
Currently, the Australian banking sector is dominated by four major banks: Australia and
New Zealand Banking Group, Commonwealth Bank of Australia, National Australia
Bank and Westpac Banking Corporation.
In 1990, the Commonwealth Government of Australia announced that it adopted a "four
pillars" policy and would reject any mergers between these four banks.[7] This is long-
standing policy rather than formal regulation, but it reflects the broad political unpopularity
of bank mergers. A number of leading commentators have argued that the "four pillars"
policy is built upon economic fallacies and works against the nation's better interests.[8]
The top four banking groups in Australia ranked by market capitalisation at share price 2
February 2016:
Rank Company
Market
capitalisation
Cash earnings
(2015)
1
Commonwealth Bank of
Australia (CBA)
A$129.89 billion[9] A$9.14 billion[10]

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2
Westpac Banking
Corporation (Westpac)
3 National Australia Bank (NAB) A$69.46 billion[9] A$5.84 billion[12]
4
Australia and New Zealand Banking
Group (ANZ)
Mutual banking in Australia
The Customer Owned Banking Association (formerly known as Abacus Australian
Mutuals) is the industry body representing the more than 100 credit unions, building
societies and mutual banks that constitute the Australian mutual or cooperative banking
sector.[14]
Collectively, Australian customer owned banking institutions service 4.6 million customers
or 'members' (as they are mutual shareholders in the institutions), with total assets of
over A$85 billion.[15] The ten largest customer owned banking institutions in Australia are:[16]
Rank Institution Total assets
1 CUA A$9.0 billion
2 Heritage Bank A$8.5 billion
3 Newcastle Permanent A$7.5 billion
4 People's Choice Credit Union A$6.1 billion
5 IMB Bank A$4.9 billion
6 Greater Bank A$4.8 billion
7 Beyond Bank Australia A$4.12 billion

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Heritage Bank is Australia's second largest customer-owned bank, having changed its name
from Heritage Building Society in December 2011. A number of credit unions and building
societies changed their business names to include the word 'bank', to overcome adverse
perceptions of smaller deposit-taking entities. For example, in September 2011 Bank
Australia (formerly bankmecu) was announced as Australia's first customer-owned bank.[18]
Three teachers' credit unions have become known as 'banks'; namely, QT Mutual
Bank (formerly the Queensland Teachers' Credit Union), Victoria Teachers Mutual
Bank (formerly the Victoria Teachers' Credit Union), and Teachers Mutual Bank (formerly
Teachers Credit Union Limited).[19] The Police & Nurses' Credit Union began trading as
P&N Bank in March 2013, and some credit unions are electing to use 'mutual banking' as a
business tagline, rather than as a business name, as they do not meet the criteria to be called a
'bank'.[20]
Other retail banks
There are other retail banks in Australia. These are smaller and often regional banks,
including the Bendigo and Adelaide Bank, Suncorp-Metway, the Bank of
Queensland and ME Bank. Other banks, such as Bankwest, St George Bank and Bank of
Melbourne, are subsidiaries or alternate trading names of the big four banks.
Foreign banks
Foreign banks wishing to carry on a banking business in Australia must obtain a banking
authority issued by APRA under the Banking Act, either to operate as a wholesale bank
through an Australian branch or to conduct business through an Australian-incorporated
subsidiary.
Foreign banks which do not wish to obtain a banking authority in Australia may operate
a representative office in Australia for liaison purposes, but the activities of that office will be
restricted.
According to the Foreign Investment Review Board, foreign investment in the Australian
banking sector needs to be consistent with the Banking Act, the Financial Sector
(Shareholdings) Act 1998 and banking policy, including prudential requirements. Any
proposed foreign takeover or acquisition of an Australian bank will be considered on a case-
by-case basis and judged on its merits.
There are a number of foreign subsidiary banks, however only a few have a retail banking
presence; HSBC Bank Australia, Delphi Bank, Bank of Sydney and Citibank Australia have a
small number of branches.
Foreign banks have a more significant presence in the Australian merchant banking sector.
8 Teachers Mutual Bank A$4.08[17] billion
9 P&N Bank A$2.9 billion
10 Bank Australia A$2.8 billion

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BIRTH OF PLASTIC MONEY:
Credit cards as we know them today date back about 60 years, but buying on credit has been
around for a while. European merchants offered credit vouchers to customers as early as the
1890s. Stores also offered customers a paper or metal “card” that could be used only in their
stores and for years, it was up to each store to approve and monitor their customer’s
creditworthiness. That changed after the Second World War, with what is largely considered
to be the first plastic charge card: The Diners’ Club card, Introduced in New York City in
1950, the card allowed Diners’ Club members to eat at 27 restaurants in New York City on
credit. However cardholders had to pay the balance back in full to the Diners’ Club within 30
days.
Operation of Plastic Money Figure 1 illustrates the general structural model common to most
electronic money systems, including participants and their in-tractions. Cardholder is the

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person in whose name the card is and who being in possession of the card is legally entitled
to buy goods and services from merchant establishment and is under an obligation to pay for
the goods and services. The cardholder is an agreement with the issuer to pay for the goods
and services bought on the card along with the various applicable charges and the interest due
on the card. This agreement is known as the ‘cardholder agreement’ and is ratified by the
cardholder as soon as he receives his card and sign on it. Merchant establishment (MEs) is a
shop or establishment which accept the card offered by the cardholder as a mean of payment
for the goods and services provided. The merchant establishment (MEs) enters into an
agreement with a bank, known as acquiring bank (since it acquires the business from the
MEs). Under this agreement, the merchant establishment provides goods and services to the
cardholder on credit and receives money from the acquiring bank within the few days
(generally 1-4 days). The MEs has to pay the commission to the acquirer for the services
provided. The commission generally ranges between 2%-5% of the total sales value. MEs can
be divided into two main categories based on the machines provided to them by the acquirers.
The machines are provided based on the volumes of the sale of the MEs. A high volume MEs
provided with an electronic data capture (EDC) machine while a low volume MEs is
provided generally with an imprinters are known as ‘manual merchant’. Such merchants are
given ‘floor limits’ by the acquirers.
The floor limit is an amount specified
by the acquirer, below which the
merchant need not take an approval
but he must refer to hot card bulletin.
If the transaction amount is above the
floor limit, the merchant must take
approval from his acquiring bank.
Acquiring bank is retained by the
retailer or merchant to process the payment card transaction on their behalf and licenses the
merchant to accept credit cards of one or more of the worldwide issuing bodies such as
VISA, MASTER, DISCOVER etc. The acquirer need not always be a bank but can be a
financial institution. In India, acquirers are known to be banks alone. The acquirers that
processes the transaction, routes the authorization request to the card issuing bank. The
merchant provides his acquirer with the charge slips for the day’s transaction, irrespective of
whether the acquirer was the issuer of the cards accepted by the merchant. Thus, it is clear
that the acquirer need not necessarily be an issuer of the card which will be accepted at the

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MEs. The acquirer pays the merchant the total transaction value minus a commission, known
as a service fee, which is agreed upon when the negotiations for the acquiring of the merchant
were taking place. The merchant thus gets the instant reimbursement for the goods sold.
Issuer/Issuing Bank is an institution which has issued the card to the cardholder. The issuer
has the responsibility for transaction that are put through on cards that they have issued and
responsible for debiting funds from the relevant cardholder’s account. The card cycle works
when cardholder buys certain goods at a shop and pays through his card. The merchant has
three copies of the chargeslips. One for his own records, one for the customer (which he
signs), and one for his acquirer. The merchant present the copy of the charge slip to his
acquiring bank. The acquiring bank pays the merchant, on the basis of charge slip the amount
of transaction minus its own commission. The rate of this commission is lesser than the rate
of the merchant commission. The issuer consolidates all transaction for each card issued and
presents the charges to the cardholder in the form of monthly bill or ‘statement’. The
cardholder has two options on receiving the statement. One is that he can pay off the full
amount due on his card on or before the due date, in which case, he is said to using his card
as a charge card rather than a credit card since he is not utilizing card facility on his card. The
second option is that he pays the minimum amount due (MAD) before the due date, or any
percentage greater than the MAD but lesser than the total amount due and ‘roll over’ or carry
over the balance amount to the next month for a small finance amount charge. The small
finance charges generally varies between 1.5%-3% per month. In USA there is law which
prohibits issuers from charging a finance charges 4% or more per month, unfortunately there
is no such law in existence in India at the moment. Of course, if cardholder fails to pay even
the MAD, he has to pay either a service charge or fixed finance charge(depending on the
rules of the issuer) plus the interest charges. In the certain cases, where the acquirer and the
issuer are the same, the cycle have the three players instead of four. In this case, the issuer
makes a little more profit than with the presence of an acquirer in the cycle, since he doesn’t
have to pay the commission to the acquirer. When translated over a transactions per day, this
means a lot of saving to the issuer. Thus there are many issuers who are vigorously pursuing
the business of acquiring too. The actions in this model are: credit (loading) means
transferring the monetary value from the issuer to the payment instrument (e.g. electronic
purse) of client. Debit (purchase, payment) means transferring the monetary value from
payment instrument of client to the payment instrument of merchant (that is usually payment
terminal). In the terminal is then created payment transaction, that contains the electronic
money and other payment details. Transaction collecting means transferring the payment

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transactions from the merchant to the acquirer. Payment clearing means clearing of payment
request between acquirer and issuer.
Fig. 1 General Structure of Electronic Payment System in Plastic Money
From the security point of view the most sensitive operations are credit and debit. The main
threats are concentrated in these two operations. These threats include using of fake payment
instrument, modifying communications of payment instrument, and illegal crediting. Other
two operations are less sensitive and the probability of security incident during these
operations is much smaller. Physical devices, such as smart cards or personal computers, are
held by clients and by merchants. Merchants interact with clients and with their acquiring
bank or other collection point, such as a third-party payment processor. Issuers receive funds
in exchange for prepaid balances distributed to clients and manage the “float” in the system
that provides financial backing for the “value” issued to consumers. In some cases, other
intermediaries, such as banks, retailers or service providers, distribute stored-value devices
and balances directly to consumers. The system may include a central clearing house or
system operators.
Client
(Customer)
Merchant
Merchant
Bank
(aquirer)
Client Bank
(issuer)

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Plastic Money Transition
Reserve Bank of Australia first developed the plastic money. It is first issued in 1988. Now plastic
money is widely used to pay money. Plastic money is made of the polymer which is why it lasts long.
As soon as it was issued, it got popularity among users, one of the reasons is it is helpful for the
environment. Additionally, using the cards reduces production and replacement cost. To
bring convenience, it also reduces the risk of losing money subconsciously.
Imagine those days when you had to carry briefcases only to carry bundles of money. Wasn’t that
risky and inconvenient? Carrying a number of bundles of money definitely gets sincerely our
adrenaline going. Then, plastic money came by the grace of technology and changed our habit of
paying money, drastically. Now, no matter how much money we carry the size remains fixed. We can
pay for everything we want, ranged from restaurant bill to price of the battle tank using a single
thin card.
There are thousands of companies are racing in order to give us the facility of such convenience in
terms of the transaction.
To mention digital transaction system using different cards is proportionately convenient and
complex. For a short period of time, digital money transfer system has stumbled upon, there are many
reasons for that. Actually, transferring money is transferring train of information about the users.
When users’ data is in storage the ecosystem of digital payment is threatened.
It is projected that in 2016 people will be asked to use digital devices for a digital transaction more
than before though it is difficult to understand fully how card networks work. Now, with a view to
boosting the digital transaction digital payment option is being featured in different divers like
refrigerators and smart watches. Economists anticipate that it will interrupt the current process of the
ecosystem. Not to forget, many finance experts claimed the plastic money was one of the reasons
for the global economic collapse in 2008.
It will come as little surprise to Australians that Britain may follow our lead when it comes to
banknotes, and is considering switching from cotton paper to plastic polymer.
One of the first things you notice when you travel outside Australia is how drab everyone else’s
money is. Greys, blues and browns rule, as if the money itself was doing its best not to be noticed, to
stay in your wallet, unseen and unspent for as long as possible.
The coins too, are quiet: nickels, dimes and British pence are thin and unobtrusive. They barely take
up any room in your wallet. Compare them to the Australian 20c, a giant among coins. FOR NO
GOOD REASON. (What can you buy with 20c?) Or the enormous octagon of the 50c piece, which
looks like a small, silver Ouija board. That coin has character. You don’t want to stick it into a plum
pudding – it has killer stamped all over it.

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Australian currency – the coins and the notes – oozes character. It's only a wonder people haven't
copied it before.
Some currency you can’t take seriously. American money is a total joke. All the notes look the same
from $1 to $20. The money – worn, colourless, often crumpled – has a sort of depressed quality, as if
it hasn’t seen the sun much and is suffering a vitamin deficiency.
British money is saved only by its elegant purple undertone that brings out the greys, and the
satisfying feelof the heavy pound coin tearing slowly through the lining of your Topshop jacket.
But spend enough time in the UK and you will be driven mad by 1p and 2p coins. Why do they still
have them? Brown money is a nuisance. It fills up jars, it looks filthy – as if it’s a dirt magnet, or has
been polished with chewing gum – and collects hairs and lint and grit. It smells bad. (Although on the
upside, I suppose, it means that retailers don't automatically round up their prices to make up for the
lack of copper coins).
After severalyears in England I took wrist-snapping bags of it to the bank and wondered if the tedium
of counting it out, and the smell of it on my hands later was worth the 40-odd quid I recovered in
notes.
Back in Australia, the first thing I noticed was the dazzle of the sun at Sydney Airport, then the dazzle
of the money. The pale strawberry of the $5, the mandarin colour of the $20 (AKA the Lobster), and
everyone’s favourite – the Big Pineapple ($50).
It’s optimistic money and it’s durable. You have to try really hard to set it on fire, and it’s difficult to
rip up. You can put it in your board shorts and take it surfing, you can stuff it down your bra when
you go for a run and know that it won’t disintegrate in the sweat,you can even put it through the
wash.
Submerged, it will emerge, brighter than ever.

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PLASTIC MONEY: SIGN OF MODERNIZING ECONOMY
Money is always regarded as an important medium of exchange and payment tool. Initiallybarter
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
(Ramasamy et. al., 2006). Hence, the major change in banks which has been brought in by technology
is through introduction of products which are alternative to cash or paper money. Plastic cards are one
of those types of innovations
However,the card-based usage has picked up only during the last five years. Payment by cards is now
becoming a much preferred mode for making retail payments in the country 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 role of various parties involved in plastic cards payment
i. Customers or Cardholder: The authorized person holding the card and can use it for
purchase of goods and services also.
ii. Card issuing bank: The bank or institution which issues the card to its eligible customers.
iii. Merchants: Entities which sell the goods and services to the cardholder and duly agree to accept
the card for payment.
iv. Bank Card Association: The associations (VISA, Master Card, American Express)

22
TYPES OF PLASTIC MONEY
Credit Cards
The term “credit card” generally refers to a plastic card issued to a cardholder, with a credit limit,
that can be used to purchase goods and services on credit or obtain cash advances. It is issued by
banks holding the logo of one of the bank card association like Visa, MasterCard, Dinners club etc.
after proper verification of accountholders. Unlike debit cards, credit cards also provide overdraft
facility and customer can
purchase over and above the amount available in his account and thus regarded as authentic payment
tool (Mishra, 2007). Interest charges are levied on the unpaid balance after the payment is due.
Cardholders may pay the entire amount due and save on the interest that would otherwise be charged.
Equated Monthly instalments (EMI) scheme is also offered by some banks to the customers who
make huge purchases so that they can feel convenient while paying back the outstanding amount
(Vardhaman, 2008). Clearing and settlement through credit card is a simple and reliable process in
which bank plays a crucial role.
Smart Card
A plastic card containing a computer chip and enabling the holder to purchase goods and
services, enter restricted areas, access medical, financial, or other records, or perform other
operations requiring data stored on the chip. Smart card is currently introduced by BRTS which stands
for Bus Rapid Transit Services in Gujarat in India.
Charge Card
A charge card carries all the features of credit cards. However, after using a charge card you
will have to pay off the entire amount billed, by the due date. If you fail to do so, you are likely to be
considered a defaulter and will usually have to pay up a steep late payment charge.
Amex Card
Amex stands for American Express and is one of the well-known charge cards. This card has its own
merchant establishment tie-ups and does not depend on the network of MasterCard or Visa.
MasterCard and Visa
MasterCard and Visa are global non-profit organizations dedicated to promote the growth of the card
business across the world. They have built a vast network of merchant establishments so that
customer’s world-wide may use their respective credit cards to make various purchases.

23
Debit Cards
Debit card is a magnetically encoded plastic card issued by banks which has replaced cash and
cheques. It allows the customers to pay for goods and services without carrying cash with them. In
some cases, debit card is multipurpose which can also be used as ATM for withdrawing cash and to
check account balances. It is issued free of cost with the savings or current account (Mishra, 2007).
Debit card is one of the best online e-payment tool through which the amount of purchase is
immediately deducted from customer account and credited to merchant’s account provided if that
much amount is available in customers account. It has overcome the delayed payment process of
cheques, due to which sometimes merchants have to suffer.There are currently two ways that debit
cards transactions are processed
1. Online debit(also known as PIN)
2. Offline debit ( also known as signature debit)
ATM Cards
These cards are typically used at automatic teller machines (ATMs) to withdraw cash, make deposits,
or transfer funds between accounts. ATM card is used by inserting the card into an
automatic teller machine and enter a personal identification number, or PIN, for security. The
system checks the account for adequate funds before permitting any transaction.
ADVANTAGES OF PLASTIC MONEY
• Purchasing Power:
Credit or Debit cards made it easier to purchase things. Now we
don’t have any need to carry hard cash in a large amount. Plastic money is accepted
everywhere, anytime.
• Time Saving:
Through a credit card or debit card you can purchase anything from anywhere without spend money
on fare or cash transition. Just provide your card details to seller store or companies and finalize your
order. Now you don’t have need to worry about time wastes. Use internet for minimum time
consuming.

24
• Extra Safety:
While you are not carrying cash, how can it be lost? But if your card has lost, just contact to your
bank or financial institution, which provide you cards. It will block the account and nobody can draw
a single coin without your permission. So it is 100% safe without any tension.
DISADVANTAGES OF PLASTIC MONEY
• Shops Using Other Vendors:
There are numerous shops which accept credit cards of a specific company only. In this situation the
cash is the only way of payment for those who use a credit card of another company.
• Less Global Availability:
There are many cases where various companies do not permit their cards to be used in areas where
they have a regional dispute with.
• Worn out Magnetic Strip:
The magnetic strip of a credit card can get worn out due to massive use. If such a condition happens
while travelling, and this is the only way of cash that the consumer has, then he or she has to wait till
the time they receive a new card, which can take a minimum of 48 h.
• Increased Debt and High Interest Rates:
Credit Card provider financial institutions and companies charge high interest rates (may be
10% to 25%) on extra money if you fail to pay off up to the fix date of the month. This interest is their
earning, for which they give you extra buying limits then your money. This is not a good idea that you
owe loan on high interest rates and spend it in unnecessary things or
purchasing. This is complete money wastages.
• Fraud:
Credit cards can be stolen. A thief may be use them directly or to get their information
(which is required in money exchange). In today’s technical intelligence it is also possible
to get a clone of any credit card or debit card, which works like original and they can be give
you a heavy financial loss. So be aware from credit cards fraud as they are like stolen your
money from your pocket without your information Steps taken by the other countries towards

25
cashless transaction- As per a recent Washington post article, in Sweden, only 3% of transactions
involve cash. Credit and Debit cards are dominant in Sweden payment system. Not only in Sweden,
but in most of the developed countries, above 90% of transactions are cashless. Mobile payment is
bringing new way of cashless payment system. Other prominent countries are Norway, Austria,
Finland etc.
In the United States today, only 7 percent of all transactions are done with cash, and most of
these transactions involve very small amounts of money. Another method that can be used to make
financial identification more secure is to use implantable RFID microchips.
Objectives Of The Study
The objectives of the study are as follows-
1) To study the development of banking industry in plastic cards usage trends.
2) To analyze the factors for adoption of plastic money this replaces the paper or cash money.
3) To determine the penetration of plastic money in day to day life over the paper or cash money.
4) To study the future plans made by various banks and institutions for avoiding frauds
aroused due to plastic cards.
RESEARCH METHODOLOGY
The research study is Exploratory in nature. The Study is been carried out by taking a survey of 200
respondents by non-probabilistic convenience sampling method
Secondary data is collected through reference books, research papers, articles, and websites
6.2 Type of Research
1. Exploratory research

26
2. Causalresearch
3. Descriptive research
In our Research we have used Exploratory Research.
6.3 Sources of Data
1) Primary sources
 Questionnaire
2) Secondary sources
 Textbooks
 Review articles
 Internet
6.4 Data Collection Method
1. Questionnaire
2. Interview
6.4 Population
Total 250 Randomly selected people mainly employed are taken for the Research.
6.5 Sampling Method
Convenient Sampling
Convenience sampling is used in exploratory research where the researcher is interested in getting an
inexpensive approximation of the truth. As the name implies, the sample is selected because they are
convenient. This non-probability method is often used during preliminary research efforts to get a
gross estimate of the results, without incurring the cost or time required to select a random sample.
6.6 Sample Size
From the population of 250 I have taken 200 samples for the survey

27
Data Collection Instrument
1. Questionnaire
For our research purpose we have formed a structured questionnaire.
2. Interviews
At the time of our survey we had a personal meeting with the respondents and got
useful and implementable suggestions.
3. Google Docs Form of Questionnaire
For reducing time & cost we have also used the google docs questionnaire.

28
DATA ANALYSIS AND INTERPRETATION
Que.-1. Do you have Idea about plastic money? Which of them are you aware about?
97%
3%
Female
Aware Not Aware
98%
2%
Male
Aware Not Aware

29
Que. 1 Interpretation:
Here we can see that the awareness seems to be little good but not 100% awareness can be seen at any
of the groups.
But more awareness in male than female we can see. Because only 2% of male are not aware about
the plastic money where in female though the female respondents were half by the male the awareness
was 97% and 3% of them are not aware.
Que.- 2. Do you have any of them?
Que.- 2. Interpretation:
Here as from the above bar chart we can see that the credit card users are 29 out of 200, Debit card
users are 78 out of 200 and the highest card users are ATM card holders as they are 91 out of 200 and
only 2 persons from the sample size are using special oulet card which are Pay in & i-mint card.
14.5%
39%
45.5%
1%
0
10
20
30
40
50
60
70
80
90
100
Credit card Debit card ATM Card Specific Outlet card

30
Que.-3 Which is the most convenient way to pay?
Que.-3. Interpretation:
Here 43.5% of the respondents are feeling that the Cash is the best alternative to pay and for card only
17% of them are feeling best way to pay which shows still the awareness and usage of Plastic money
do not accelerated that much in the market.
And the ratio goes somehow equal to the cash users for paying because again the people who are
convenient in both the way cash and card are 39.5%.
Cash
Card
Both
87
34
79
Most convenient way to pay

31
Que. 4 to 6. How do you make payment for purchases of household consumables?
Cash
Card
Cheque
ECS
Que.- 4 to 6: Interpretation:
Here the respondents have attempted all the alternatives in scatter way.
So that here we can conclude that they have their own convenience to pay such utility bills, house
hold items payment and luxury goods as well.
Here we cannot see the highest or lowest preference but scattered preference seems to be taken place.
Cash,67
Card,47
Cheque, 37
ECS, 49
0
10
20
30
40
50
60
70
80
0 1 2 3 4 5
Payment of house holds & Luxury
goods

32
Que.-7. While travelling, According to you which is the preferred way of payment?
Here 51% of the respondents are using cards (plastic money) while they travel, which shows that the
cards are the safest way while travelling for all kind of transaction to be made.
Only 38% of people are ready to carry cash while travelling and settlement of the payment through
the cash only.
Only 11% of the respondents are giving/using cheques while they travel.
0 20 40 60 80 100 120
Cash
Card
Travellers cheques
Cheque
DD
76
102
0
22
0
While travelling preferrdway to pay

33
Que.- 8. Do you find use of credit card/Plastic money to be safest modes of transaction?
Here 55% of the respondents are feeling that Plastic money is the safest way for transaction, which
shows that the cards are the safest way for all kind of transaction to be made.
45% of people are ready to carry cash settlement of the payment through the cash only.
55%
45%
Safest Modes of Transaction
Yes
No

34
65
69
66
1 2 3
Rank
Fear of Theft Increasing Duplicity Tear of paper money
Que.-10. Give your preference in rank 1 to 3; when you do not prefer Paper money?
Here the highest rank i.e 1st
is given by the majority of the respondents that they are not preferring
paper money because of the duplicity of the money. Which shows that the forgery is taking place in
the Indian market. So the usage of the plastic money must be given a big push by the Government by
taking care of the Public as well as the Financial System.
2nd highest rank is given that the feel that paper must be torn so that they are switching to the Plastic
Money which again shows that Indian market or RBI must think about to take more care for the
quality of the currency notes.
Lowest rank given to the fear of theft.

35
44%
56%
Credit Card are expensive
Yes No
Que.-11. Do you find Credit Card to be expensive as many other charges are charged on it?
Here 56% of the respondents are using cards (plastic money) are agreed that the cost of plastic card is
more expensive than that of money to carry is much less expensive.
44% of people are not agreed that it is expensive to carry a Card they feel that they are getting proper
services in front of the fees they pay so that.

36
Que.-12. DO you find it cheaper and Beneficial as if gives you one Month Credit for Payment?
Majority of i.e 96% people are agreed that they are need of the credit period for settlement of the
payment.
Only 4% of respondents do not want credit period for settlement.
96%
4%
Beneficial if 1 month credit period for
payment is given
Yes
No

37
89
60
51
0 20 40 60 80 100
Paper money
Plastic Money
Both
More Relaible & Secured
Que.-13. Which of the options given you consider more reliable and secured?
Here Majority of the respondents are using cards (plastic money) are feeling that Paper money is more
reliable and secured way to settlement of the transaction.
30% of people are believing that plastic money is more reliable & secured.
25.5% of people are ready to carry cash as well as the Card both are the reliable and secured.

38
Que.-14. Which can be carried and kept easy and has more life?
Here Majority of the respondents are using cards (plastic money) and feeling that it has more life and
kept easy. Which shows that Plastic Money has more life and can be kept easily.
26% of people are not believing so.
26%
74%
Carried & Kept easy, has More Life
Paper money Plastic money

39
Que.-16. Which Type ofsecurity measurement you expectfor stepping misuse ofPlastic Money?
Here Majority of the respondents about 50 % are using cards (plastic money) are feeling that
Biological Imprints are the most secure measurement to the transaction.
About 40% of people believe that PIN make more reliable & secured.
Only 9% of people are ready to have password for security measurement.
Only 6% are feeling security Photo Card measurement.
Que.-17. Do you use credit or debit card online?
0
20
40
60
80
100
Password
Photo card
PIN
Biological
Imprints
18
12
79
91
Security Mesurement

40
88%
12%
Online Usage By Card holder
Yes No

41
Que.-18. How often do you visit the bank for cash withdrawal?
Once a week
0%
Once in a month
2%
Once in a year
39%
Never
59%
visit the bank for cash withdrawal

Que.-19. Have you been victim for any credit/debit card fraud?
6%
94%
Victim of credit/debit card fraud
Yes
No

43
54%
46%
Limit on daily/monthly transaction value
Yes No
Que.-21. Do you think that there should be any limit on daily/monthly transaction value?

44
Que.-23. Do you think that more credit card/Debit card transaction in country over cash
transaction will help to crab black money circulation in economy?
0
20
40
60
80
100
120
140
160
180
Yes
No
83.5%
16.5%
Card transactions will crab black money
circulation in economy

45
Que.-24. If you are financial minister of the country, what would you prefer on
higher proportion?
25%
7%
68%
Preferenceof higher proportion
Paper money Plastic money Both in equal ratio

46
Que.-25. Do you go through all the term and conditions and policy terms of the
credit/debit/ATM cards before applying or getting one of them?
Yes No May be
33.5%
44.4%
22%
Go through all term & conditons before applying
for Card

47
Que.-26. Do you think the telephonic connection or SMS alerts make your each transaction
much more secure?
Here Majority of the respondents 95% are using cards (plastic money) are feeling that SMS alerts
way to settlement of the transaction.
Only 5% of respondents don’t feelthat only SMS or telephonic connection make each transaction
more secured.
95%
5%
SMS alerts make transaction secure
Yes No

48
FINDINGS
1. Usage ofCredit / Debit Cards Online
• The use of these cards is more and more increasing for online payment.
• However, the Secondary data shows that majority of online transactions are made by
Cash, ECS.
2. % Usage of Each Type of Plastic Card
Expenses through credit cards rose by 30% year on
- year to Rs. 22,128 crore during the April-June quarter of 2011-12 against Rs16,948 crore last year
(RBI results.)RBI states that 572 Billion was used on credit cards and 325.79 Billion on Debit Cards
as of Sept 2012.
3. % of Payments Made Using a Credit / Debit Card
• Customers are using more of e-commerce sites to buy a product.
• The payment of such amount is done online by using such cards.
• The secondary data states that 58% of the users uses Direct Debit, 7% uses Cash Card and 33% uses
Credit cards. Mostly these cards are used for booking railway tickets , movie tickets, shopping etc.
4. Being a victim for any Credit / Debit Card Fraud
• The main reason for the increase in plastic money is that the 96% of customers are not a victim of a
fraud.
• The Research and secondary data also shows the same.
5. Experience with IVRS / TelephonicPayment opt
• The customers have rated that the telephonic payment option is average.
• It takes a long time to get through the telephonic process.
• This is also average because most of the customers not feel safe to share their cards
CCV / PIN number.
6. Discrepancies in your Credit / Debit Card Bills
The survey and secondary data suggests that customers have hardly faced any discrepancies
with their bills an are feeling their convenient payment methods so that the responses are scattered.

49
7. Frequency to visit the bank & Method preferred for cash withdrawal
• Now a days people are not visiting banks more often to withdraw the cash.
• The use of these cards and also the introduction of ATM machines have changed the banking
process.
• Spending through debit or ATM cards, increased by 45% year-on-year
• Customers are preferring the ATM machines now to days.
8. Customer Care support provided by your Credit / Debit Card provider
• Banking industries has also provided the 24x7 customer service for their customers.
• These services are often used by customer for any problems regarding their cards.
• All these services has increased the use of plastic money in India
• Banks are now providing many offers for their customer if they use plastic money.
9. Plastic money will help to crab Black money
 83.5% of the respondents are agreed that using plastic money will help full to crab black money as
each transaction will be having the record with a mere swipe so that no corruption or misfeasance
will take place in all the cash or any kind of transaction of the goods services or money.
CONCLUSIONS/SUGGESTIONS
1. The use of Plastic cards is more and moraine raising for online payment.
2. Around 50% of payments of the customers are done through credit/Debit cards. Sample survey
shows Debit cards are preferred over credit cards.
3. The main reason for the increase in plastic money is that the customers are not a victim
of a fraud except 4%of them.
4. The customers have rated that the telephonic payment option is average due to long timeliness and
security concern for CCV/PIN number.

50
5. The survey and secondary data suggests that customers have hardly faced any discrepancies with
their bills.
6. The introduction of ATM machines has changed the banking process also.
Customers are preferring the ATM machines now to days due to that frequency of customers
to visit the banks have become less.
7. The use of plastic cards has also been increased because banking industries has also provided the
24x7 customer service for their customers.
8. The factors for adoption of plastic money over the cash and paper money are mon- Discounts while
shopping, No hassles of carrying cash, Security of money, Hassle free EMI’s, Easy to use, Personal
Loan on Credit Card .
9. About 60% of the people are feeling that the plastic money will penetrate in society. So we can
conclude that the future of plastic money in India seem to be bright.
CONCLUSION
The rise in consumerism generated by economic reforms began in 1990’s has also sparked robust
demand for plastic cards. The arrival of malls, multiplexes, online shopping stores and shopping
complexes encourage the customers to make use of plastic cards. The modern day, Indian customers
find it easier to make physical payment (credit card or debit card payments)
rather than carrying too much cash contributing to the growth of plastic money in the country. The
prevalence of intensifying competition has further fuelled the usage of plastic cards in the country like
never-before. It benefits the consumer through enhanced product offerings at a lower cost and that too
with lucrative deals delighted with rewards scheme, loyalty bonus points, promotional campaigns etc.
But some customers are not able to utilize cards effectively due to its complex nature and they don’t
actually know how to operate it for a specific purpose. Thus, the banks should give them some

51
training regarding its usage. The banks can also provide them the facility to use plastic cards on trial
basis so that they can become more confident while using their own cards. The cost has also remained
an issue in the case of credit cards. The interest levied on the outstanding amount is very high which
sometimes takes the customers in debt trap ultimately discouraging the potential customers to make
use of it. However, all these hurdles will diminish over time and positively influencing trends are
expected to continue in the near and far future. Also, the growth of plastic cards in future would
depend upon the capacity building of the banks to meet the challenges and make use of the
opportunities profitably. However, the kind of technology used and the efficiency of operations would
provide the much needed competitive edge for success in plastic cards business. Furthermore, in all
these customers’ interest is of paramount importance.

52
QUESTIONNAIRE
Factors behind use of Plastic Money
Gender : M F
Age: _________________
Occupation: _________________
Annual Income: Below 1,00,000
1,00,000 - 3,00,000
3,00,000 – 5,00,000
Above 5,00,000
1. Do you have Idea about plastic money? Which of them are you aware of?
Credit card
Debit card
ATM card
Others
All of them
.
2. Do you have any of them?
Credit card
Debit card
ATM Card
Specific Outlet card ______________
3. According to you, which is the most convenient way to pay?
Cash
Card
Both
4. How do you prefer to pay your utility Bills?
Cash
Card
ECS
Cheque
Online
Others
5. How do you make payment for purchases of household consumables?
Cash
Card
Cheque
ECS
6. How do you make payment for purchases of luxury and Durable goods?
Cash
Card
Cheque
ECS

53
7. While traveling, According to you which is the preferred way of payment?
Cash
Card
Travellers cheques
Cheque
DD
8. Do you find the use of credit card/Plastic money to be safest modes of the transaction?
Yes No
9. Why don’t you prefer plastic money?
Unstable income
Lack of knowledge
Malpractices by outlet owners
Malpractices by Bankers
Lack of Trust Misuse by other
10. Give your preference in rank 1 to 3; when you do not prefer Paper money?
Fear of Theft 1 2 3
Increasing Duplicity 1 2 3
Tear of paper money 1 2 3
11. Do you find Credit Card to be expensive as many other charges are charged on it?
Yes No
12. DO you find it cheaper and Beneficial as if gives you one Month Credit for Payment?
Yes No
13. Which of the options given you consider more reliable and secured?
Paper money
Plastic Money
Both
14. Which can be carried and kept easy and has more life?
Paper money Plastic money
15. Due to Duplicity of Paper money are you shifting to Plastic money?
Yes No

54
Others
16. Which Type of security measurement you expect for stepping misuse of Plastic Money?
Password
Photo card
PIN
Biological Imprints
17. Do you use credit or debit card online?
Yes No
18. How often do you visit the bank for cash withdrawal?
Once a week
Once in a month
Once in a year
Never
19. Have you been a victim of any credit/debit card fraud?
Yes No
20. Rate the following on a scale of agreement.
Strongly Agree on Agree Neutral Disagree Strongly Disagree
a. Customer care support provided by
credit/debit card provider
b. The OTP [One Time Password]
protection is enough for any online
transaction
c. Offers and Discounts while shopping is
attractive
d. Security of money
e. Plastic money will penetrate in society
more in future
21. Do you think that there should be any limit on daily/monthly transaction value?
Yes No
22. Do you prefer any add-on-cards on your credit/debit card?
Yes No
If Yes then in who’s Name:-
Spouse
Major Son or Daughter
Parents
Close Friend

55
23. Do you think that more credit card/Debit card transaction in the country over cash transaction will
help to grab black money circulation in the economy?
Yes No
24. If you are a financial minister of the country, what would you prefer on higher proportion?
Paper money
Plastic money
Both in equal ratio
25. Do you go through all the term and conditions and policy terms of the credit/debit/ATM cards
before applying or getting one of them?
Yes
No
Maybe

26. Do you think the telephonic connection or SMS alerts make your each transaction much more secure?
Yes
No
27. Where do you see the Future of Cash & Credit card/Debit card?
_____________________________________________________________________________________
_____________________________________________________________________________________
_______________________________________________________

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