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CHAPTER #1
INTRODUCTION
1.1. 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. Thats 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 best
studied. This study is concerned with factors affecting growth of plastic money
with regards to various demographic factors such as age, gender, and
occupation ets. Also this study focuses on the impact of cost in the adoption of
plastic card among user and non-users.

1.2. PROBLEM STATEMENT
What are the problems factor that hindering in the adoption and
usage of plastic money in Pakistan?

1.3. RESEARCH OBJECTIVE
Following are the main objective of this research project
To identify the factors influencing the general awareness of individuals
towards usage of plastic money
To know about the degree of satisfaction using credit/debit care
To identify the problems faced by consumers of plastic money
1.4. SCOPE OF THE STUDY
Everywhere in modern world, as part of consumer culture the usage of plastic
cards is becoming an important part of the life. There has been an increased
trend for purchases through credit cards because of its ease of use and its
expanded operational expanded. However, looking at the users profile and
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spending patterns there seems to be a mix approaches in terms of credit cards
utility; where few of the users are able to handle credit/debit card prudently,
others seem to be less in control of spending habits. With regard to social
concerns, the credit/debit card market has targeted not only the traditional
customer, but new markets are also been emerged, such as senior citizens and
students.
The scope of this study provides meaningful insights to plastic card marketers in
Pakistan who are facing more challenges due to slow growth of plastic card
markets and adoption of smart marketing techniques. In this competitive service
industry, individual differences and level of awareness about plastic money
among consumers provide pivotal importance for both academicians and
marketers.
1.5. BACKGROUND OF THE STUDY
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 credit cards, debit cards, ATMs, smart cards,
etc. These variants of plastic money are used as substitutes for currency

Credit cards in Pakistan are gaining ground. A number of banks in Pakistan 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 Pakistan 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 Pakistan 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 wal l et and t he Indi ans are no
except i ons. The unprecedent ed growt h i n t he number of credit card
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users has stimulated the Pakistan economy by a significant extent. The
arrival of malls, multiplexes, online shopping stores and shopping
complexes have contributed to the growth of the use of plastic cards
Over the years, Pakistan has been averse to credit cards. This is primarily
because they believed that spending through credit is a sure shot way of getting
into the debt trap. Of course, society highlighting the sad state of a borrower did
not exactly help matters. And even the local kiyrana shops have
the famous line Aaj Nagad, Kal Udhar
(Cash today, credit tomorrow).But the situation is not actually that scary. And
it is all about right timing. Credit cards can be a useful t ool at t he hands
of savvy consumers who can effect i vel y use t he benefits offered by
cards. It is important to know that credit card is a financial tool that needs to be
used responsibly. While it ensures cash flow, it is not advisable for customers to
borrow for a longer period of time. Use it effectively and take good advantage
of the time line and clear your debts, without any additional costs
Global player in Credit card market are Master Card, VISA Card, American
Express, Diners Club International
Progress in civilization in its turn has brought out radical changes in the
manner of trading. The need for somet hi ng int ri nsi call y useful and
easi l y appl i cabl e i n everyday deal i ng i s cl earl y fel t . Cash i n t he
form of currency not es and coi ns makes up just one form of
t he payment system. Development in banking while also giving inputs to the
further development of cash brought about a second phase in payment
namely paper instructions such as cheques and credi t t ransfers. The
requi rement for great er fl exi bi l i t y and conveni ence has l ed t o
electronic payments, and this is where plastic cards have proved their
worth. It allows the card issuers to limit the sum of money the card-
holders wish to spend. The spending of card-holders who have
defaulted on payments or who are over their credit limit can be
restricted until the balances are cleared



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1.5.1. Concept of Credit Card
Progress in civilization in its turn has brought out radical changes in the
manner of trading. The need for somet hi ng int ri nsi call y useful and
easi l y appl i cabl e i n everyday deal i ng i s cl earl y fel t . Cash i n t he
form of currency not es and coi ns makes up just one form of
t he payment system. Development in banking while also giving inputs to the
further development of cash brought about a second phase in payment
namely paper instructions such as cheques and credi t t ransfers. The
requi rement for great er fl exi bi l i t y and conveni ence has l ed t o
electronic payments, and this is where plastic cards have proved their
worth. It allows the card issuers to limit the sum of money the card-
holders wish to spend. The spending of card-holders who have
defaulted on payments or who are over their credit limit can be
restricted until the balances are cleared.
1.5.2. History of Credit Cards
Our society was once upon a time functioning without money; it is
again likely to become moneyless. While ancient society was
confronted with the problems of adjusting
mutuallys a t i s f a ct or y r a t es and bas i s of exchange , f ut ur e s oci
e t y, wi t h t he hel p of comput er s , el ect roni cs and
t el ecommuni cat i ons, credi t cards, t el ephone and ot her modern
means
of communi cat i ons, woul d set t l e fi nanci al t ransact i ons i nst ant l y.
Money as a medi um of exchange will serve its function. The
difference will be that in future coins, currency notes, cheques, etc., will
be dispensed with in favour of records. Pakistan has entered the stage of
creditc a r d s ys t e m a nd cr edi t c ar ds a r e gai ni ng i nc r e as i ng r el e
vance t o f a ci l i t at e i ndus t r i al , commercial and agricultural
transactions. Credit was first used in Assyria, Babylon and Egypt 3,000
years ago. The bill of exchange the forerunner of bank notes -
was established in the 14th century. Debts settled by one-third cash and
two-thirds bill of exchange paper money followed only in the 17th century. The
first advertisement for credit was placed in 1730 by Christopher
Thornton who offered furniture that could be paid off weekly. From the 18th
century until the early part of the 20th, tallymen sold clothes in return for small
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weekly payments; they were called tallymen because they kept a
record of tally of what peopl e had brought on a wooden st i ck. One
si de of t he st i ck was marked wi t h not ches t o represent t he amount
of debt and t he ot her si de was a record of payment s. In t he
1920s shoppers pl at e buy now, pay l at er syst em was
i nt roduced i n USA. It coul d onl y be used in shops which issued it. In
1950, Di ners Cl ub and American Express l aunched thei r charge cards
i n USA, t he fi rst plastic money. In 1951, Diners Club issued the first
credit card to 200 customers who could use it at 27 restaurants. With the
magnetic strip in 1970, the credit card became a part of the information
age.
The ori gi ns of the bank credi t card have been t raced t o John
C. Bi ggi ns, a consumer credi t specialist at the Flatbush National Bank of
Brooklyn, New York. In 1946, Biggins launched a credit plan called Charge-
It. The programme featured a form of scrip that was accepted by local
merchants for small purchases. After the sale was completed, the
merchant deposited the scrip in a bank account, and the bank billed the
customer for the total scrip issued

1.5.3. Parties Involved

i. Cardholder: The owner of the card used to make a purchase; the
consumer.

ii. Card-issuing bank: The financial institution or other organization that
issued the credit card to the cardholder. This bank bills the
consumer for repayment and bears the risk that the card is used
fraudulently. American Express and Discover were previously the
only card-issuing banks for their respective brands, but as of 2007, this
is no longer the case.

iii. Merchant: The individual or business accepting credit card
payments for products or services sold to the cardholder
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iv. Acquiring Bank: That
financial institution accepting payment for the products or services on
behalf of the merchant.

v. I nde pendent s al es organi zat i on: Resellers (to merchants) of t
he services of the acquiring bank.

vi. Merchant account: Thi s coul d refer t o t he acqui ring bank
or t he independent sal es organization, but in general is the
organization that the merchant deals with.

vii. Cr e di t Car d as s oci at i on: An as s oc i at i on of c ar d-
i s s ui ng banks s uc h a s Vi s a , MasterCard, Discover, American
Express, etc. that set transaction terms for merchants, card-issuing banks,
and acquiring banks.

viii. Transacti on network: The syst em t hat i mpl ement s t he
mechani cs of t he el ect roni c transactions. May be operated by
an independent company, and one company may operate
mul t i pl e net works. Transact i on processi ng net works i ncl ude:
Cardnet , Nabanco, Omaha, Paymentech, NDC Atlanta, Nova, Vital,
Concord EFSnet, and VisaNet.
1.5.4. Functions of Credit Card
Today credit card has lots of function and is very versatile. They can be
summarized into following function:
Credit The holder may obtain extended credit up to an agreed limit at a
published interest rate.
Charge The holder can repay the whole amount at the end of the month,
without charge provided no cash advance has been taken.
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Cash On present at i on at t he appropri at e banks, subject t o check,
cash can be obt ai ned. In most cases can also be used in ATMs to obtain
cash.
Cheque guarantee A c heque dr a wn on a bank ma y be
gua r ant e ed up t o a publ i s hed l i mi t pr ovi ded i t i s
accompani ed by a Cheque Guarant ee Card (or i n some cases a
Vi sa or Mast erCard card) issued by the bank on which it is drawn.
Cheque encashment Cheque guarant eed as above may be used t o
obt ai n cash from branches of most banks, although a charge may be
levied in certain circumstances.
International If the card is a member of Visa International or
MasterCard International, you can use your card at many countries where
there are a lot banks who are members of them. Perhaps t he most
si gni fi cant fact t o emerge from t he summary of card funct i ons i s
t hat strictly speaking, they are not debit cards. Although they can be used to
obtain cash via ATM, the debit will be made from the credit card account and
not from the holder's bank account. The credit cards discussed above are
bank cards. Different bank cards have different card functions. The
functions of bank cards really depend on the individual bank itself. Some
bank card may have all of the above functions and some may not. There other
credit cards that are issued by retail stores such as Petrol Card, Quasi
Card and Private Label Card which may have some of the above functions
mentioned above.

1.5.5. FEATURES OF CREDIT CARDS
All credit cards offer a variety of features. Knowing and understanding these
features will help to decide which card is right for.
Fees Most credit cards charge fees for various things, and it is important to
know what these fees are and how to avoid them.
The annual fee Some credit card companies charge you an annual fee just for
using their card. Because of stiff competition, you can often negotiate this fee
away if you call and speak to a customer service representative.
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Cash Advance Fee Most credit card companies will charge you a fee for cash
advances. These fees can vary but are usually somewhat hefty. Not only will
they charge you a one-time fee, but the interest rate for this money will be at a
considerably higher rate. Plus, unlike a regular purchase, where interest begins
accruing after some grace period passes, cash advances accrue interest charges
from day one. Many card companies are competing for your business and are
now offering an introductory cash advance and balance transfer rates for a
specific amount of time. This lower rate can be applied to any balances you may
wish to transfer from another card. Although it sounds good, some companies
will charge you a fee for the transfer. Know what the fee is before you transfer
any balances.
Miscellaneous Fees Things like late-payment fees, over-the-credit-limit fees,
set-up fees, and return-item fees are all quite common these days and can
represent a serious amount of money out of your pocket if you get whacked for
any of these fees.
Incentives Since there are so many credit card companies, competition is stiff.
Adding incentives to their offers is one of the more popular ways to tip the
scales in their favour. Incentives like rebates on purchases, frequent flyer miles
on certain airlines, and extended warranties on purchases are just a few of the
bonuses that card companies will now offer. For those of you who collect and
use your frequent flyer miles, they also have added incentives like travel
insurance and car rental insurance for your convenience. Of course, they are
hoping that with all this travelling, you are using their card to foot at least some
of the bill.
Rewards Many card companies are looking to keep your business and are
therefore making it worth your while to use their card. Just simply by using
their card you can accumulate points that will in turn earn you rewards. What
kind of reward depends solely on the amount of points you accumulate. Since
you can't accumulate these points without charging things on your
Bottom line is this: Know what you need and what you don't. No sense in
paying for any features that you won't use.
APR The annual percentage rate (APR) i s t he i nt erest rat e appl i ed a
bal ance carri ed beyond t he grace peri od. Credi t cards can have
di fferent APRs for di fferent t ypes of bal ances, e. g. bal ance
t ransfers or purchases. Bal ance t ransfers and cash advances
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usual l y have hi gher APRs than for purchases. Your APR may increase
when you're late on your payment to a particular creditor, and
other creditors if your card agreement includes a universal default clause.
APRs can be fixed or variable. A fixed APR can change, but
the creditor must inform you in writing before changing the rate. A variable
APR changes from time to time.
Grace Period The grace period is the amount of time you have to pay your
balance in full before a finance charge is applied to your purchase. If
you carried a balance from the previous month, you may not have a
grace period for your new purchases. In addition, balance transfers and
cash advances typically do not have a grace period. When balances
don't have an applicable grace period, interest is applied right away. To find
out the length of the grace period refer to the credit card application or
your credit card agreement. Your monthly statements should also include the
number of days in the grace period

1.5.6. ADVANTAGES OF CREDIT CARDS
Purchase Power and Ease of Purchase Credit cards can make it easier to buy
things. If you don't like to carry large amounts of cash with you or if a
company doesn't accept cash purchases (for example most airlines,
hotels, and car rental agencies), putting purchases on a credit card can make
buying things easier.
Protection of Purchases Credit cards may also offer you additional
protection if something you have bought is lost, damaged, or stolen.
Both your credit card statement (and the credit card company) can
vouch for t he fact t hat you have made a purchase i f t he ori gi nal
recei pt i s l ost or stolen. In addition, some credit card companies offer
insurance on large purchases.



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Building a Credit Line Having a good credit history is often important,
not only when applying for credit cards, but also when applying for
things such as loans, rental applications, or even some jobs. Havi ng a
credi t card and usi ng i t wi sel y ( maki ng payment s on t i me and i n
ful l each month) will help you build a good credit history.

Emergencies Credit cards can also be useful in times of emergency.
While you should avoid spending outside your budget (or money you
don't have!), sometimes emergencies (such as your car breaking down or
flood or fire) may lead to a large purchase (like the need for a rental car or a
motel room for several nights.)
Credit Card Benefits
In addition to the benefits listed above, some credit cards offer additional
benefits, such as discounts from particular stores or companies, bonuses
such as free airline miles or travel di scount s, and special i nsurances
(l i ke t ravel or l i fe i nsurance. ) Whi l e most of
t hese b e n e f i t s a r e me a n t t o e n c o u r a g e y o u t o c h a r g e mo r
e mo n e y o n y o u r c r e d i t c a r d (remember, credit card companies
start making their money when you can't afford to pay off your
charges!) the benefits are real and can be helpful as long as you
remember your spending limits.
1.5.7. DISADVANTAGES OF CREDIT CARDS
Blowing Your Budget
The biggest disadvantage of credit cards is that they encourage people
to spend money that they don't have. Most credit cards do not require
you to pay off your balance each month, so even if you only have $100,
you may be able to spend up to $500 or $1,000 on your credit card.
While this may seem like 'free money' at the time, you will have to
pay it off -- and the l onger you wai t , t he more money you wi l l owe
si nce credi t card compani es charge you interest each month on the
money you have borrowed.

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High Interest Rates and Increased Debt
Credit card companies charge you an enormous amount of interest on
each balance that you don't pay off at the end of each month. This is
how they make their money and this is how most people in the United
States get into debt (and even bankruptcy.) Consider this: If you have a
$100 in savings, most banks will give you at the most 2.0 to 2.5%
interests on your money over the course of the year. This means you
earn $2.00 - $2.50 a year on your $100savings. Most credit cards charge
you up to 10 times that amount of interest on balances. This means t hat i f
you have $100 bal ance t hat you don' t pay off, you wi l l be charged
20-25%interest on that $100. This means that you owe almost $30
interest (plus the original $100) at the end of the year. A good way to
look at this is in comparison to what you would earn in interest from a
bank or owe in interest to a bank loan: Savings accounts may pay you
around
2% interest; if you have a loan from a bank you may pay them around
10% interest (5 times as much as you earn off your savings); if you owe
money to a credit card company, you may pay them around 20% interest
(10 times as much as you earn off your savings.)

Credit Card Fraud
Like cash, sometimes credit cards can be stolen. They may be
physically stolen (if you lose your wallet) or someone may steal your
credit card number (from a receipt, over the phone, or from a Web site)
and use your card to rack up debts. The good news is that, unlike cash,
if you realize your credit card or number has been stolen and you report
it to your credit card company i mmedi at el y, you wi l l not be
charged for any purchases t hat someone el se has made. Even i f
you don' t real i ze your credi t card number has been st ol en
(somet i mes you might not know until you receive your monthly
statement), most credit card companies don't cha r ge you or onl y
c ha r ge a s ma l l f e e , l i ke $25 or $50, even i f t he t hi e f ha s
c ha r ged thousands of dollars to your card. There are several things
you can do to prevent credit card fraud:
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I f y o u l o s e y o u r c a r d o r wa l l e t , r e p o r t i t t o y o u r c r
e d i t c a r d c o mp a n y immediately.

Don' t l oan your c r edi t c ar d t o anyone and onl y gi ve out
your c r edi t c a r d information to trusted companies or Web sites.

Che ck your s t at e me nt cl os e l y a t t he e nd of e ach mont h
t o ma ke s ur e al l charges are yours.


Keep track of all your purchases.

Don't spend outside your budget.

Pay off your balance on all of your credit cards at the end of each month

1.5.8. INTRODUCTION OF DEBIT CARDS
The debit card has emerged from the shadow of its older sibling, the
credit card. Over the past decade, debit card has grown from accounting
for 274 million transactions in 1990 to8.15 billion transactions in 2002,
to challenge the credit card as the preferred payment card. As i t st ands,
t he debi t card i ndust ry i s a mul t i -bi l l i on dol l ar engi ne t hat hel ps
dri ve bank profits and point-of purchase consumer sales - but is also
beginning to redefine traditional payment options in the business and
government sectors, such as food stamps, benefits, and payroll.


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1.5.9. MEANING AND FUNCTIONS OF DEBIT CARDS
Two decades ago, the number of debit cards in circulation was
approximately 19 million. This figure is projected to cross 34.4 million by
2016.A debi t card (al so known as a bank card or check card) i s a
pl ast i c card t hat provi des an alternative payment method to cash when
making purchases. Functionally, it can be called an electronic check, as the
funds are withdrawn directly from either the bank account, or from the
remaining balance on the card. In some cases, the cards are designed
exclusively for use on the Internet, and so there is no physical card
In many countries the use of debit cards has become so widespread that their
volume of use ha s ove r t aken or ent i r el y r e pl ac ed t he check and,
i n some i nst ances, cash t ransact i ons. Like credit cards, debit cards are
used widely for telephone and Internet purchases and, unlike credit cards, the
funds are transferred immediately from the bearer's bank account instead
of having the bearer pay back the money at a later date. Debit cards may also
allow for instant withdrawal of cash, acting as the ATM card for
withdrawing cash and as acheck guarantee card. Merchants may also offer
cash back facilities to customers, where a customer can withdraw cash along
with their purchase. Debit cards can also allow for instant withdrawal of cash,
acting as the ATM card for withdrawing cash and as a cheque guarantee card.
Merchants can also offer "cash back"/"cash out" facilities to customers, where a
customer can withdraw cash along with their purchase.
1.5.10. TYPES OF DEBIT CARD SYSTEM
There are current l y t hree ways t hat debi t card t ransact i ons are pr
ocessed: onl i nedebi t (al so known as PIN debi t ), offl i ne debi t (al s
o known as si gnat ure debi t ) andt he El ect roni c Purse Card Syst em.
It shoul d be not ed t hat one physi cal card can include the functions
of an online debit card, an offline debit card and an electronic purse
card. Although many debit cards are of the Visa or MasterCard brand,
there are many ot her t ypes of debi t card, each accept ed onl y
wi t hi n a part i cul ar count ry or region.


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Online debit cards
Online debit cards require electronic authorization of every transaction
and the debits are reflected in the users account immediately. The
transaction may be additionally secured with the personal identification
number (PIN)authentication system and some online cards require such
authentication for every transaction, essentially becoming enhanced
automatic teller machine (ATM) cards. One difficulty in using online
debit cards is the necessity of an electronic authorization device at
the point of sale (POS)and sometimes also a separate PIN pad to enter the PIN
Offline Debit System
Offline debit cards have the logos of major credit cards (e.g. Visa
or MasterCard) or major debi t cards and are used at t he poi nt of sal e
l i ke a credi t card (wi t h payer' s signature). This type of debit
card may be subject to a daily limit, and/or
a maximuml i mi t equal t o t he cur r e nt / checki ng acc ount bal anc
e f r om whi ch i t dr a ws f unds . Transactions conducted with offline
debit cards require 23 days to be reflected on users account balances.

Prepaid Debit Cards
Prepaid debit cards, also called reloadable debit cards or reloadable prepaid
cards, are oft en used for recurri ng payment s. The payer l oads funds
t o t he cardhol der' s card account . Prepai d debi t cards use ei t her
t he offl i ne debi t syst em or t he onl ine debi t syst em t o access t hese
funds. Part i cul arl y for compani es wi t h a l arge number of payment
reci pi ent s abroad, prepai d debi t cards al l ow t he del i very of
i nt ernat i onal payments without the delays and fees associated with
international checks and bank
Working of Debit Card
The user has to present the card to merchant who will swipe it through the
electronic terminal and enter the amount of purchase. The customers need
to sign the transaction slip. Account wi l l be aut omat i cal l y debi t ed
for t he amount of t he purchase and t he t ransact i on can be verified
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by entering the PIN. It can
a l s o be us ed at ove r 4 mi l l i on Vi s a El e ct r on me r chant l oc at i
ons and equal l y s t r ongMast erCard out l et s. If Debi t Card ever
get s l ost or st ol en, card compani es prot ect from fraudulent usage at
the loss. It is necessary to have a savings or current account with the
debit card issuer; by filling an application form. The card company then
couriers the card across around a weeks time. The Debit card does
have a daily limit which could be somewhere around Rs. 15,000 at
ATMs, and Rs. 10,000 at merchant locations. This again is subject to
the balance available in the account.
1.5.11. ADVANTAGES AND DISADVANTAGES OF
DEBIT CARDS
The wi des pr ea d us e of debi t and c he ck ca r ds have r eve a l e d
nume r ous advantages and disadvantages to the consumer and retailer alike.

Advantages of debit cards
A consumer who is not credit worthy and may find it difficult or impossible to
obt ai n a credi t card can more easi l y obt ai n a debi t card, al l owi ng
hi m/ her t o make plastic transactions. For example, legislation often
prevents minors from taking out debt, which includes the use of a credit
card, but not online debit card transactions.
For mos t t r a ns ac t i ons , a chec k c a r d ca n be us ed t o avoi d
c he ck wr i t i ng alt oget her. Check cards debi t funds from t he
user' s account on t he spot , t here by finalizing the transaction at the
time of purchase, and bypassing the requirement to pay a credi t card
bi l l at a l at er dat e, or t o wri t e an i nsecure check cont ai ni ng t he
account holder's personal information.
Like credit cards, debit cards are accepted by merchants with less identification
and scrutiny than personal checks, thereby making
transactions quicker and less intrusive. Unlike personal checks,
merchants generally do not believe that a payment via a debit card may be
later dishonoured.
Unlike a credit card, which charges higher fees and interest rates when
a cash advance is obtained, a debit card may be used to obtain cash
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from an ATM or a PIN- based transaction at no extra charge, other than a
foreign ATM fee.
Disadvantages of debit cards
Use of a debit card is not usually limited to the existing funds in the
account to whi ch i t i s l i nked, most banks al l ow a cert ai n
t hreshol d over t he avai l abl e
bank bal ance whi ch ca n c aus e overdraft
f e es i f t he us e r s t r ans act i on does not r e f l ec t available
balance.

Many banks are now chargi ng over -l i mi t fees or non-
suffi ci ent funds fees based upon pre-authorizations, and even
attempted but refused transactions by the merchant (some of which
may be unknown until later discovery by account holder).

Many merchants mistakenly believe that amounts owed can
be "taken"fromac us t ome r ' s a c count a f t e r a debi t ca r d ( or
numbe r ) has be en pr es ent ed, wi t hout agreement as to date,
payee name, amount and currency, thus causing penalty fees
for ove r dr a f t s , over -
t hel i mi t , a mount s not ava i l abl e c aus i ng f ur t he r r e j e ct i o
- ns or overdrafts, and rejected transactions by some banks.

In some count ri es debi t cards offer l ower l evel s of securi t y
prot ect i on than credi t cards. Theft of t he users PIN usi ng
ski mmi ng devi ces can be accompl i shed much easier with a PIN
input than with a signature-based credit transaction. However, theft of
users' PIN codes using skimming devices can be equally easily
accomplished with a debit transaction PIN input, as with a credit
transaction PIN input, and theft using a signature-based credit
transaction is equally easy as theft using a signature- based debit
transaction.

In many places, laws protect the consumer from fraud much less
than with a credit card. While the holder of a credit card is legally
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responsible for only a minimal amount of a fraudulent transaction
made with a credit card, which is often waived by the bank, the
consumer may be held liable for hundreds of dollars, or even the
entire value of fraudulent debit transactions. The consumer also
has a shorter time (usually just two days) to report such fraud to the
bank in order to be eligible for such a waiver with a debit card,
whereas with a credit card, this time may be up to 60 days. A
thief who obt ai ns or cl ones a debi t card al ong wi t h i t s PIN
may be abl e t o cl ean out t he consumer's bank account, and the
consumer will have no recourse
1.5.12. DEBIT CARDS BENEFITS
Debit Cards offer the following benefits:
They help people to be disciplined financially, since one cannot
splurge with the limited amount of funds deposited for the card.
A person with poor credit can obtain a debit card too much trouble.
Debit cards can be used to make online purchases and payments.
They provide freedom from carrying cash checks while travelling, her by
offering more safety.

1.5.13. DEBIT CARDS VS. CREDIT CARDS:
SIMILARITIES AND DIFFERENCES

Similarities
The same fi nanci al i nst i tut i ons offer bot h debi t cards and credi t
cards. Bot h cards offer special rewards, such as points and cash back on
purchases made through the card. Debit cards and credit cards can be used
to make online payments with the help of the pin number assigned to
them.
They can be used to withdraw money from ATMs depending on the
cash limit available on these cards.

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Differences
In the case of a credit card, the issuer offers credit and overdraft
facilities. This facility is
not avai l abl e wi t h a debi t c ar d, whi ch wi l l onl y debi t pa yme
nt s f r om e xi s t i ng andavailable funds within the cardholders account. A
credi t cardhol der t herefore has a mont hl y bi l l t o pay i n every
mont h t hat t he card i s used. If they dont pay that bill, high interest
charges are applied. A debit card holder is free from the hassle of
paying those bills and from the risk of building up large debts to credit
card companies.
Debit Card Problems can be worse than Credit Card Problems
When an improper charge appears on the credit card it cannot
automatically out the money and simply need to work with the credit card
issuer to have the charge removed from the bill. When an i mproper charge
occurs wi t h a debi t card, however, t he funds are aut omat i cal l y
t aken from t he account and cust omer i s burdened wi t h at t empt i ng
t o get t he money back. Meanwhile, he may experience cash flow problems
and the legitimate checks could bounce.











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CHAPTER # 2
LITERATURE REVIEW
Although there is substantial literature on credit card usage and adoption
internationally but in Pakistan research work on plastic money is limited and do
not provide enough insight of consumer attitude.
There is a need to explore the reason of consumer attitude about Why they are
not attracted toward plastic money, especially credit card?
A number of factors are identified based on evidence of previous literature. In
this study these factors are examined under the approach, as a barrier in use and
adoption of credit cards. This study includes the factors, which influence the
adoption & usage of credit card and are classified in the five main categories.
These categories are Demographic, Awareness, Cost and Socio Psycho Factors.
These categories comprise of various variables, which play a significant role in
the adoption & usage of credit card, in the context of Pakistan. The findings of
main publications are summarized below.
2.1 DEMOGRAPHIC
2.1.1. Income
The effect of demographic factor like income on the usage of credit cards was
studied by various researchers in different settings. Two researchers, Mandel
and Kinsey identified that income is a primary determinant of credit card usage
and families with different income categories perceived pros and cons of credit
cards differently. Researchers concluded that high earners are more attracted
towards credit cards and mostly pay their bills on time. Researchers also makes
the case that there is positive relationship between credit card usage and income
level which implies that high income people have high intensity of using credit
cards. In addition a researcher identified in Hong Kong that income is only the
demographic factor influencing credit card usage between active and inactive
card holders .


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2.1.2. Age
Age is a strong determinant of credit spending that is young adults had higher
credit outstanding compared to elderly people. Likewise middle age people are
more likely to use credit cards. Nevertheless, previous studies also suggested
that older people tended to have more credit cards.
2.1.3. Gender
Where gender is concerned found that females possesses more credit cards than
males and also females of lower or middle income group see them as status
symbol. Various researchers found that females used their credit cards more
frequently and they were of the view that females tend to have a higher average
number of credit cards than males. Contradicting this, others suggested that
single males were more likely to use credit cards than females
2.1.4. Marital Status
In explaining the demographic factor marital status, researcher gives the view
that single persons hold least number of plastic cards than the married ones.
2.1.5. Education
Eccentrically the education level of the people has an affirmative effect on the
consumption of plastic money. Previous researches indicated that respondent
belong to high school degree are more likely to use plastic cards.
2.1.6. Occupation
Occupation is one of those demographic variables that may affect usage of
plastic money directly. If person is well employed, he or she might want to use
easy payment procedure whatever the cost maybe.
2.2. Awareness
Awareness is such a variable that is of utmost importance. If people do not
know about anything it is obvious they will not be using that product or service,
if proper information, when required, is delivered to the people the awareness
for that product may be increased and hence the usage. Same is the case with
credit cards. The impact of awareness on usage of credit cards was studied by
various researchers they found that Asian and Hispanic consumers didnt prefer
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credit card so there is a need to promote credit card services to encourage its
use. Similarly found that inactive users of Hong Kong having more tendency to
influence due to promotion. In addition it is also suggested the use of leaflet.
Leaflet is a paper providing detailed information regarding benefits associated
with the use of credit cards. Also credit card issuers must offer discount for
promotion. In addition it is suggested that issuers are required to provide all
relevant information regarding credit card terms at the time of issuing credit
card. Junaid found that people's lack of understanding or minimal information
of industry is one of the biggest dilemmas in the credit card market. This lack of
information affects adoption and usage of credit cards big time. Another set of
researchers identified that informational barriers impede the ability of credit
card customers to obtain a competitive interest rate through search.
2.3. COST
Cost is the complication and difficulty a person faces in using and adoption of
credit cards. It is as important as income level. A study suggested that rational
consumer accepts only those means of payment that reduce the cost of making
transactions.
2.3.1. Interest Rate
The effect of interest rates on the adoption and usage of credit cards was
identified by Murtaza in which he concluded that interest rate is an important
factor in the credit card usage which influences it negatively. Using credit cards
involves borrowings, paying high interest rate but it is attractive instrument in
case of lowest transaction cost. He has said that adoption criteria of credit card
depend on high credit limit, quality customer services, fair fees and fair interest
rates.
2.3.2. Annual Fee
Annual fee is the amount charged by the issuer for holding the card for at least a
year. It is usually charged at the end of every year through deduction from the
bank account or direct payment. But the cardholder is duly informed about that.
That active and inactive card holders demanded low annual fee and long interest
free payment periods. Researchers indicated that bank marketers should adopt
low annual fee for domestic as well as worldwide credit cards they found that
premium cards have more annual fee (almost twice) as compared to regular
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credit cards. They found negative relationship between the annual fee
and card usage.
2.4. SOCIO-PSYCHO FACTORS
2.4.1, Type of Users
Devlin found that credit cardholders are of two types, first one is convenience
users and second type is instalment users. Whereas Worthington divided the
type of users into two groups, that was of transactor and revolver. They also
concluded that transactor users find it easier to pay through credit card rather
than cash. Another set of researchers identified that people in the low socio-
economic classes use their cards for financing purposes and people belonging to
high socio-economic classes use it for convenience.
2.4.2 Life Style Patterns
Researchers exposed relationships between social class and income and usage
of credit cards. According to this research the purpose of credit card usage is
convenience for upper social class and instalment for lower social class. A study
on the life style patterns and usage of bank credit cards. On the basis of
demographic and card usage data, the higher income, better educated, middle
aged, professional segment is more important for potential segment of market.
A set of life style patterns like contemporary and risk-oriented are more likely
to use credit cards for payment purpose. Whether the traditional and
conservative (for instance, financial transactions should be made in cash)
approach towards ones life style may be an important barrier in the credit card
usage.
2.4.3 Card Design
Devlin studied the reasons that why certain cardholders always have a main
card and concluded that about 7 % of the users are attracted by card's design and
appearance. They use one of their cards more frequently because it is pleasing
to the eye.



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2.4.4 User's Intentions
User intention (USINTs) is very important in determining the perceived barriers
in adoption & usage of credit cards. According to Amin H., (2008) there are
five elements; through which we can measure the users intentions. These are
Perceived Usefulness (PU),
Perceived Ease of Use (PEOU),
Perceived Creditability (PC),
The Amount of Information about Credit Cards (AMIC)
And Perceived Expressiveness (PE)
PU is defined by as degree to which a person believes that using a particular
system would enhance his/her job performance. It has a positive relationship
with the USINTs
PEOU is a degree to which people believes that anything that is used will be
free of effort. It has a positive effect on USINTs
PC is perceived security; it means that how much a card is secure. It has
positive relationship with USINTs 2003.
AIMC has positive relationship with USINTs. AIMC is the information about
the credit card.
PE is defined as ones ability to express his/her thoughts. It has positive
relationship with USINTs.









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CHAPTER # 3 RESEARCH DESIGN
3.1. Conceptual Framework:
In Pakistan, the banking reforms have made the market more
competitive and attractive. There is a need to study the customer and
how do they behave towards use of plastic money, especially through
the use of credit cards. As compared to the rest of the economies,
credit card has not been a driving source for the Pakistani economy.
The development of financial services marketing has been slow and
for a long time the industry was primarily product led. Banks focus on
geographical, socio-economical and psychological characters to
segment the market for financial services, although this is not the
right predictor of the buying behaviour. For this purpose, a better
approach is to focus on the customers attitudes and behaviours and
segment them by benefit segmentation. Knowing consumers level of
awareness,interest in alternative benefits is important in shaping, and
perhaps changing a companys product portfolio.
Awareness

Cost Adoption & usage of credit cards

Socio-
Pshyco


Function



25 | P a g e

This study takes into consideration those individuals who do not carry
credit cards currently to cater for potential customers need as well as
those who are currently using credit cards as medium of transaction.
The research questions that this project attempts to inquire are:
3.2. Hypothesis
H0: Awareness has nesitive relationship with adoption &usage of
credit cards.
H0: The greater the monetary cost, lower the usage & adoption of
credit cards.















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CHAPTER # 4
METHODOLOGY
4.1. Population and Study Sample
In this research our target population was both cardholders and non
cardholders and we had collected data from both. As our target
population was mainly from Karachi.
4.2. Data Collection
The study is conducted through structured questionnaire which
composed of questions regarding demographic factors such as age,
income, occupation, gender, marital status etc.
The other part of questionnaire is design to know about the level of
awareness about plastic card among non-user and users as well.
Question about how different types of cost that incur in the use of
plastic money was also part of questionnaire.
4.2. Techniques Used For Data Analysis
Data were analyzed through using SPSS version 19 and the following
statistical techniques were applied for the analysis of data.
o Descriptive statistics (Mean and Standard deviation)
o t-test






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CHAPTER 5 PRESENTATION AND RESULT
FINDINGS
TABLE: 1 Demographic Factor
Customer Characteristics Frequency Percent
Age Below 25 51 32%
25-35 59 37%
35-45 22 14%
45 and above 27 17%
Gender Female 64 40.3%
Male 95 59.7%
Marital Status Single 74 47%
Married 85 53%
Occupation Govt. Employee 45 28%
Business 28 18%
Pvt Employee 24 15%
Student 36 23%
Others 26 16%
Qualification Intermediate or less 16 10%
Bachelors 62 39%
Masters 78 49%
Others 3 2%
Income Level Below 20,000 56 35%
20,000 30,000 32 20%
30,000 40,000 36 23%
41,000 & above 35 22%

The study examined over 159 banking customers in Pakistan in terms of
their demographic background, including gender, age, income and education.
Of the 159 respondents, 95 respondents (59.7% percent) were male and
40.3% were females. The largest respondent group (37%) was from the age
group of 25-35. Most of them were married (53.5%) while the single
respondents were also of equal magnitude (46.5%). Out of 159 respondents,
28.3% were government employees. The mostly responded group belonged to
the low income group i.e. Below Rs.20, 000 (35.2 percent). The majority of
the respondents held Masters degree (almost 50%). The people had
more tendencies to have the personal account than business and around 89.3
28 | P a g e

percent had the personal account. As demographic factors are taken
as independent variables, their impact can be felt on the dependent
variable. Demographics have dual nature; they can be taken as independent or
moderate variables. But for this study, we had considered it as
independent variable, in order to find their association with previous findings.

Earlier researches show that females tend to use more credit cards, but our
research found completely opposite results, as the most of the cardholder
respondents were males. Income is a big barrier in adoption of credit cards.
Most of the respondents were from a lower income group and they simply dont
have enough resources to have such plastic payment card.
The above paragraph described demographic characteristics of the sample. Now
the tested results of variable categories will be elaborated. In this paper p-test is
used in testing the null hypothesis for equality of means of cardholders and non-
cardholders. The p- test will indicate whether the means of the subject under
study were significantly different, that is, the observed difference between
the sample value and the hypothesized value is true and cannot be due to
mere chance.
This Tables provide the descriptive statistics and the t-test of the both segments
i.e. cardholders and non-cardholders. To determine whether the differences
in means were significant, the p-value must be less than the 0.05 or 5
percent level. The decision rule is if the p-value is less than 0.05 the null
hypothesis i.e. (Awareness has negative relationship with adoption &usage of
credit cards.) Will be rejected
TABLE: 2 AWARENESS
Card holder Non cardholder P value
Mean S.d Mean S.D
Level of information 3.5 0.82 2.30 0.77
Information sources
Friends & Family 1.96 0.76 1.76 0.70 0.090
TV Programs 1.83 0.70 1.49 0.55 0.051
Internet 1.85 0.80 1.56 0.75 0.018
Bank Staff 1.99 0.76 1.71 0.77 0.057
Bank Advertisement 1.85 0.67 1.68 0.64 0.096
Brochures 1.76 0.75 1.45 0.61 0.006
29 | P a g e


The first section of the research sought to identify the awareness level of
people of Pakistan about credit cards. For this purpose two questions were
asked from the respondents, purpose of which was to identify the level of
awareness and source from which both the segments of the research i.e.
cardholders and non- cardholders receive information about credit cards. The
results showcased in the table 2 purports that majority of the respondents do
know about credit cards but not enough detail. More than half percent
respondents asserted that they dont possess complete information about credit
cards but they are also not ignorant about this payment mechanism. In order to
create awareness among the general audiences, issuing companies must provide
information to people through different mediums.

Now the medium of information is also of utmost importance. Some
people receive valuable information about things through advertisement or
friends & family or all the way through most advanced method, internet.
The research survey found that for non- cardholders, most helpful source
for receiving the information about credit cards is Friends & Family. This
purports that; they receive information from their relatives or colleagues that are
already using such payment procedures. So, companies that are keen to increase
the awareness level of consumers should focus advertisement through
various available channels like television programs, brochures company
advertisements and bank staff cooperation.

When we talk about cardholders their main source of information is bank
staff. They state that the employees of their bank provided information
regarding credit cards and persuaded them to adopt it. Now if any new offer
is launched or any charges are imposed they are duly informed by their bank
managers. As far as level of awareness is concerned, it is quite obvious
to observe that almost all of the respondents would have experience of using
credit cards.

When we compare the results of cardholders with the results of non-
cardholders, it is evident that the main source of information is different
for both. On one side cardholders receive extensive information from bank
staff, while non-cardholders have a little bit knowledge from the colleagues
and Perceived Barriers in the Adoption & Usage of Credit Cards family
members. This difference is statistically proved by the use of t-test, where t-
value depicts that brochures or leaflet is that information resource which has the
statistically different mean for both groups. Other variables are close to each
other and mean difference between the two segments may be due to sampling
error.in this way the null hypothesis is accepted.
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TABLE 3: COST

Card Holders Non Card-Holders
P - Value
Mean S.D. Mean S.D.
Interest Rates 3.13 0.98 3.10 1.17 0.825
Credit Card Limits 3.48 0.83 3.18 0.88 0.028
Information about Charges 2.79 1.31 3.06 1.10 0.155
Repayment Period 3.41 0.95 3.26 1.04 0.341
Clearing Full Balance 2.97 1.31
Security Features 3.15 0.94
Application Approval Time - - 3.13 1.17

Up till now, we were addressing some perception errors by the general
public with respect to using or not using credit cards. But there are certain
monetary and non-monetary costs are also present which are to be borne by
the person in using or adopting a new thing. If these costs match the benefits
it provides than people move toward it otherwise rejects it. As mentioned
in Table3, the first of the monetary costs is interest rates. When the
respondents were asked to tell whether the interest rates charged on credit cards
comply with the benefits it provides the responses were
ambiguous. The respondents, who havent applied for credit cards were
indifferent in replying to it as they had no information regarding interest rates
being charged today. But the respondents who had applied for it but didnt
proceed disagreed with the statement. They claimed current interest rates are
very high and benefits that can be accrued from the use of it are not equivalent.
So, this acts as a barrier in their adoption of credit cards. On the other
side, cardholders, either revolvers or convenient users responses resulted
in almost equal mean but relatively less variance. It means the current users
are also limiting their use because of inequality among the interest rate charged
and benefits received. Similar results found when t-test was used to identify the
mean difference. It resulted in same less significant divergence among the two
means which is ignorable.

In order to find whether the people are satisfied with the current credit
limits offered by issuers, a research question was quoted to find its
significance among the population. The survey found that cardholders are
generally satisfied with the current prevailing limits, but non-cardholders
perceive it as a barrier as they consider it low. This difference in the mean
values is statistically proven fact as p-value of data is below than the prescribed
level of 0.05 which ultimately shows that the means of the two groups is
31 | P a g e

significantly different. So we can conclude that this credit limit enhancement
can act as a motivator for the non-users and it has no or less significance for
cardholders.

It is perceived that banks or financial institutions do not provide
complete information about the charges or fees being charged on credit cards.
A research question was quoted to know its effect in Pakistan. The research
findings concluded that mean value is low in responses generated by
the cardholders as compared to those which are non-cardholders. The mean
value of 2.79 for users clearly explains that complete information is not
provided regarding charges as they had suffered from certain hidden charges
once they had adopted it. When we compare it with the results of non-
cardholder ones, the change is not noteworthy but degree of agreement is
relatively high. The reason behind this maybe they dont have experience
and enough awareness. When the means of the two compared to know whether
there is any significant difference, this resulted in a simple answer No. The
proposed difference may be due to sampling error or some other reason. So, we
can conclude that insufficient information provided by issuers is creating
equal amount of barricade for cardholders as well as for non-cardholders.

The acceptability is one of the key issues in determining the increased rate of
adoption and usage of credit cards. It may act as a barrier depending on
the geographical location of the concerned person. If we talk from the point of
view of Pakistan, people living in Karachi, Lahore or Islamabad may have
greater opportunities for using credit cards as they have more outlets. But
people of smaller cities like Bahawalpur, Hyderabad etc have less of those.
Our research finds that non users generally agrees that there are less
outlets accepting credit cards both domestically and internationally and this
low acceptability results in perceived barrier in their adoption of credit cards.
The other segment of respondents that consists of cardholders sees the outlets as
satisfactory. This change may be due to change in geographical surroundings, as
data is collected on convenience basis and a larger proportion of cardholders is
from the bigger cities of Pakistan, that have more opportunities for using it
especially at petrol pumps and retail stores.

For further authentication of the results, t-test for two sample means was run
which resulted in the rejection of null hypothesis. This means the
differences between the mean values of two data sets is significantly different.
As the table 3suggests, there is no such difference found in the means of the
two segments as p-value is greater than the alpha. Normally application
approval time is 6 to 8 weeks for allowing the applicant to properly use credit
card. Although this period is not very much high but a passable proportion of
32 | P a g e

respondents considers it as long enough that eventually stops them from
obtaining the credit cards.

As the focus of the research is also on the current users and finding
the problems they are facing which eventually turns out to be barrier in
their usage or encumbers them to evade using credit cards. A set of three
questions was asked by the existing users to know the obstruction factor. The
first one is to check whether the users had missed their payment of outstanding
balances which caused their less frequent use of this payment mechanism. The
result compiled through it concludes that majority of the respondents admitted
that they had cleared their balance in full always and they pay it completely not
partially. The second question was to measure difference, if any, in the sizes
of transactions. Normally it has been seen that merchants feel hesitate to accept
payment through credit card when payment is above than the certain level.
But the situation in Pakistan is different. A larger number of respondents
have admitted that their merchant accepts payment through credit card
irrespective of the size of transaction. The third question was related with the
security concerns of the users. The responses to the question reveal an
awareness of some of the security issues which still bedevil the credit card
product. The responses were ambiguous which can be interpreted as the
cardholders are not so much satisfies with the security features provided by the
issuers. According to them the issuers must include some superfluous
security features that might help them to overcome their perceived
security concern and hence increase their usage. On the basis of research
findings we can conclude that security is one of those factors which are
affecting the cardholders massively and causing the circumstances which result
in low usage among the Pakistani community.








33 | P a g e

CHAPTER # 6
CONCLUSION
Present study has compared credit card holders and non-cardholder in
Pakistan, using survey method. This analysis is attempted to identify
almost all the factors influencing the adoption and usage of credit
cards. In this study, two hypothesis were presented the firstone is
rejected and the second one also rejected at some level. The
demographic profiles and usage patterns of credit cards are
reinforcing the previous findings. From the viewpoint of potential
market segments, the higher income, better educated, middle aged and
professional segments are more likely to be attracted toward credit
card. Both the groups (cardholders & non- cardholders) placed a
heavy emphasis on monetary cost including high interest rates, heavy
additional charges, and insufficient credit limit, imposed by issuers.
Monetary cost is also a major barrier but its influence on consumers
perception is rather lesser than monetary cost. Usage and adoption is
greatly affected by informational barrier, security risk, strict legal
requirement and low domestic acceptance. In summary, credit card
marketing campaigns should particularly consider flexible interest
rates, relatively less annual fees, more places accepting credit card,
simplistic information and minimal sanctuary risk. All the above
suggestions should match the demand and expectation of target
market. Despite the importance of the contribution of this study to
literature and its valuable practical implication, it has some limitations
first of all time and cost constraints are the biggest limitations of this
study as we have worked within our limited resources and time so
there is a possibility that some of the factors may be ignored or
provided with lesser amount of details. Secondly the sampling
technique of this study can be a limitation of this study due to the
hindrance of resources and the objective of the study which is
basically exploratory in nature we use this technique but in future this
34 | P a g e

limitation can be easily overcome by some other researchers for the
better presentation of results. Future researchers can focus on the last
two classifications of the variables (Functions and Socio-Psycho)
which are ignored in this study moreover a longitudinal study can
produce some interesting results. In Pakistani culture, it is considered
that old age people are reluctant to adopt new technologies or
payment mechanism. In future, a study can be directed just to identify
the perception of old age individuals regarding modern payment
mechanism.
















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BIBILIOGRAPHY
I . An analysis of main and subsidiary credit card holding and spending.
International Journal of Bank Marketing,Pakistan and Gulf
Economist.
http://www.pakistaneconomist.com/database2/cover/c2002-
30.as [accessed on 07-Jul-2010]

II. Perceptions towards Credit Card Usage: Factor Analytic Finding
from Pakistan International Journal of Economics Business and
Management Studies IJEBMS ISSN: 2226-4809; Vol. 2, No.3
(September, 2013) 128-135 by Kamran Siddiqui Mahwish
Anjum

III. Consumer Perception and Attitude towards Credit Card
Usage: A Study of Pakistani Consumers by Afshan Ahmed
Ayesha Amanullah COMSATS institute of I nformation and
Technology, Pakistan Madiha Hamid NUST Business School,
Pakistan

IV. International review of management and business research
vol.2 issue 1 march 2013 by J UNAI D KHALI D

V. Credit card Wikipedia
http://en.wikipedia.org/wiki/Credit_card

VI. http://ejaznaseem.blogspot.com/2011/09/plastic-cards-market-
analysis-in.html
VII. http://www.maverickpakistanis.com/2010/04/lack-of-awareness-
poor-online-links-hinder-plastic-money-use-in-pakistan/
VIII. http://www.scribd.com/doc/63206529/Project-Report-on-
Plastic-Money-in-India