Vol. 2, Issue 5 (2017)
Genesis of cashless society: A study on growing acceptability of plastic money
Author(s): Komal Dhanda, Usha Arora
Abstract: Our society is moving into a brand new era where money is outlawed and a cashless society is turning into a truth? The developed world has rapt markedly to plastic money and payment gateways. The Plastic money refers to the usage of all kinds of credit cards, debit card, ATM cards and charge cards. It conjointly reduces reliance on currency notes. India is also following an equivalent path and getting free from the conventional practices and approaching the new advanced technology. The acceptability and inclination for cashless businesses has reached on the far side of the metros to tier-II and tier-III cities. Since the range of plastic cards users is on the increase, it constitutes a crucial space of analysis for higher understanding of consumers’ perception and cognizance. The current study aims at distinguishing the factors for adoption of plastic currency by shoppers that shows the preference of the shoppers for plastic cards over the money and currency. This study conjointly throws light-weight on the variables like client behavior, interest rates, plastic card frauds and problems with shoppers in plastic card usage. The present study has been done by drawing a random sample of a hundred respondents through convenience sampling technique. The prominence of analysis has been on the problems like frauds, security, usage pattern, new technique of e-payment, etc.