Plastic Money and Consumer Attitude: A Study with Special Reference to Credit Cards

Abstract

The economic development of a country depends upon the vital role played by the banking sector. The emergence of private/new generation banks has changed the banking operations by employing latest & sophisticated technologies like EFT, Debit & Credit cards, etc. These services have made banking accessible 24x7 around the globe thus overcoming time & space barriers. The increasing usage of credit cards can be owed to the fact that consumers are becoming more inclined towards the usage of plastic money over carrying cash, to avoid thefts & increase ease of handling. The credit concept is based on the principle of buy now pay later. It is a document that can be used for purchase of goods and services all across the globe. The purpose of the study was to investigate consumer attitude towards the usage of electronic purses, in Delhi region. For analysis, correlation and T-test has been applied to study the relationship between services offered and customer choice of a credit card and to examine a significant difference in the choice of credit cards between males & females. Since the researcher has adopted a self-designed questionnaire as the primary tool to collect data, therefore, reliability testing was done to measure the accuracy/validity of the statements selected. The results of the study reflected a clear relationship between services offered and customer choice of a credit card & emphasized the fact that there is no significant difference in the choice of credit cards across genders however the number of cards owned & frequency of usage is more in males. The research concludes that there is a need for the card holders to understand how better to utilize a credit card effectively and responsibly. The study revealed that customer will go for innovative facilities only if they are adequately motivated and served better in a cheaper way. Their confidence in the facility and in the service provider, the affordability and accessibility of the facility are all that matters.

Keywords: Plastic Money, Consumer Attitude, Credit Cards

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