Int. J. Mgmt Res. & Bus. Strat.

2014

Sushma Patil, 2014

ISSN 2319-345X www.ijmrbs.com
Vol. 3, No. 1, January 2014
2014 IJMRBS. All Rights Reserved

IMPACT OF PLASTIC MONEY ON BANKING

TRENDS IN INDIA
Sushma Patil1*

*Corresponding Author: Sushma Patil  sushmapatil79@gmail.com

Due to the technological revolution in financial sector, the payments in banking system have
undergone a tremendous change. The Number of innovative products for making payment has
developed after the privatization and globalization.Customers have showed their preference
over the usageofthe plastic money generally over a period of timein thebanking process. Plastic
money is an alternative to the cash or the standard money. Plastic money is referring to the
credit cards or the debit cards that we use to make purchases .Various other types of plasticcards
provided by banks in India are ATM cards, Smart cards. The current study presents an overview
of the development of banking in the plastic cards usage trends since these have been introduced
in Indian banking sector. The study also highlights the role of these cards as electronic payment
tool to be used by customers and discusses the penetration of these cards in replacement of
cash and paper money. The Study is been carried out by taking a survey of 100 respondents by
non probabilistic convenience sampling method from a city of Mumbai by using structured
questionnaire and interview technique. The factors for adoption of plastic money in replacement
of cash and paper money have been identified which shows the preference of the customers for
plastic cards over the cash and paper money. Some future plans made by various banks and
institutions for avoiding the frauds arisen due to the credit and debit cards are also been discussed
in a way that it depicts the picture of its future growth and prospects in India. As the study is been
carried out in a city of Mumbai the results cannot be generalized.
Keywords: Plastic Money, Plastic cards, ATM (Automated Teller Machine), Debit card, Credit
card, Electronic Banking, Information Technology

INTRODUCTION

banking sector to shake hands with the pace of

new technology. Without a sound and effective
banking system in India it cannot have a healthy
economy. The banking system of India should not
only be hassle free but it should be able to meet

Indian economy has flourished with the advent of

Liberalization, Privatization and Globalization.
Banking sector is not an exception too. These
reforms have presented a challenge before Indian
1

Jamnalal Bajaj Institute of Management Studies and Assistant professor, Oriental Institute of Management, plot no149, sector 12, Vashi, Navi
Mumbai.

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physical branches (Venkatesan and Kumar,

2007). Due to this reason, public sector banks
are also likely to move towards electronic banking,
which ultimately leads the entire banking sector
to the remarkable improvement with respect to
its efficiency, customer services, productivity,
profitability etc.

new challenges posed by the technology and any

other external and internal factors However, mere
technology up gradation or introduction of
innovative products cannot improve the state of
affairs until customers dont respond to it
positively. Hence, it becomes very necessary for
the banks to offer the services or products while
taking into consideration the customers needs,
preferences, perceptions and convenience. The
banks services are not just confined to their
particular branch customers only. Customer is
now treated as customer of banks as a whole,
which means that he is now capable of enjoying
facilities such as anywhere, anytime banking
(Kamesam, 2003). This concept as enabled the
bankers to establish long term connection with
their customers. Hence, Electronic banking is the
new trend significantly adopted by banking sector
worldwide due to its wider scope for the
customers as well as banks at large. Various
sophisticated products have been launched by
the banks which help them to meet the basic
requirements of their customers. With entry of
tech savvy private sector banks and foreign banks,
the competitive environment has started
prevailing in banking sector too. No doubt, Public
sector banks have large network of traditional
branches to approach their customers as
compared to the private and foreign players.
However, with the help of information technology,
it has now become possible for banks to deliver
products and services efficiently and to improve
customer base without opening new branches.
Hence, these new private and foreign players are
trying to compete with them on the basis of
adoption of new technological services like plastic
cards, PC banking, Electronic Funds Transfer
(EFT), Internet banking etc. to approach the
maximum customers inspite of having less

Thus, Banks are now reengineering the way

in which their services can be reached to their
customers by bringing in flexibility in their
distribution channels (De Sarkaret. al. 2001).
Traditionally, banks were only concerned with
acceptance of deposits from customers and
lending surplus money to the suitable customer
who want borrow at some rate of interest. The
most products being offered by banks were
savings account, current account, term deposit
account and lending products being cash credit
and term loans, Bankers main purpose was to
manage the savings of people through the
mobilization of funds (Deva, 2005). In the
seventies, Banks in India started moving towards
the social orientation due to which nationalization
took place in July 1969. The Indian Government
nationalized the 14 largest commercial banks and
afterwards nationalization of 6 more commercial
banks were followed in 1980. The main reason
for the nationalization was to give the government
more control of credit delivery in order to
discharge social obligations (Suneja, 1994). Due
to this effect of nationalization, Banks tried to uplift
the neglected areas like agriculture, small scale
industries, tertiary sector, remote areas and
weaker section of the society by providing them
with funds at reasonable rates of interest. Thus,
till nineties, the government was having direct
control on the 90% of the banking business in
India (Suneja, 1994). While fulfilling the social

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medium of exchange and payment tool. Initially

barter 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 through which the customers can
make use of banking services just by owning the
card issued by bank and that too without
restricting himself in the official banking hours.
Plastic cards as the component of e banking have
been in use in the country for many years now.
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 (Report on
trend and progress of banking in India 2006-07,
RBI). 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.

objective, the cost of banking operations

increased and thus profitability of banks declined
drastically. To overcome these problems, it
became necessary for the banks to introduce new
products and services which are commercially
viable and helped them to improve their profitability
and productivity (Deva, 2005). Hence, modem era
has brought progressive change in banking
industry as a whole which is resulted from
disintermediation process and information
technology. New entrants (private and foreign
banks) in the banking industry generally known
as New Generation tech-savvy banks
tend to introduce various innovative services
while incurring minimum cost but also suit the
customer preferences. This is the period when
automation of banking operations has gained
much importance (Thakur and Singh, 2005).
Hence, over last one and a half decades the
banking environment has changed progressively.
After financial sector reforms during nineties, the
banking industry in India has witnessed
remarkable changes due to information
technology and computer applications. The
information technology has replaced the brick or
traditional banking with the wide range of ebanking products and services like ATM
(Automated Teller Machine), Internet Banking,
Credit Cards, PC banking, EFTs, Debit Cards,
Smart Cards etc.

The role of various parties involved in plastic

cards payment

With the effect of this changing environment,

Indian banking has witnessed remarkable growth
since 2006 as banking sector is growing by 18%
and it is 6 times more than the last decade growth
(Khandelwal, 2006).

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.

PLASTIC MONEY: SIGN OF

MODERNIZING ECONOMY

iii. Merchants: Entities which sell the goods and

services to the cardholder and duly agree to
accept the card for payment.

Money is always regarded as an important

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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.

iv. Bank Card Association: The associations

(VISA, Master Card, American Express)

TYPES OF CARDS
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
installments (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.

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 customers world-wide may use their
respective credit cards to make various
purchases.

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 merchants 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.

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.

There are currently two ways that debit cards

transactions are processed

Charge Card
A charge card carries all the features of credit

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1. Online debit(also known as PIN)

numerous shops which accept credit cards

2. Offline debit ( also known as signature debit)

of a specific company only. In this situation the

cash is the only way of payment for those who

ATM Cards

use a credit card of another company.

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.

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

ADVANTAGES OF PLASTIC
MONEY

wait till the time they receive a new card, which

can take a minimum of 48 h.

Purchasing Power: Credit or Debit cards

made it easier to purchase things. Now we
dont have any need to carry hard cash in a
large amount. Plastic money is accepted
everywhere,anytime.

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

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 dont have need to worry about
time wastes. Use internet for minimum time
consuming.

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.

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.

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
todays 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

DISADVANTAGES OF
PLASTIC MONEY

credit cards fraud as they are like stolen your

money from your pocket without your

Shops Using Other Vendors: There are

information.

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estimate, only six lakh retail traders accept credit

card in the country. Steps are being taken to make
the facility available to at least one crore retailers
by 2015.The government and its financial
institutions will initially bear the cost of each card
swap machine made available to retailers.

Steps taken by the other countries towards

cashless transactionAs 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.

LITERATURE REVIEW
The literature relating to the topic as under:
Mandeep Kaur and Kamalpreet Kaur(2008),
in their article, Development of Plastic Cards
Market: Past, Present and Future Scenario in
Indian Banks conclude that Indian banking sector

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.

is accepting the challenge of information

technology as all the groups of bankers have now
recognized it as essential requirement for their
survival and growth in future Despite the strong

Another method that can be used to make

financial identification more secure is to use
implantable RFID microchips.

advances in e-payments, an estimated 90 percent

of personal consumption expenditure in India is

Reserve Bank of India Pitches for

Cashless Society

still made with cash which indicates the

tremendous growth potential of this business. So

With the Indian economy expanding rapidly at

more than 7.5% per annum and the middle-class
budding, several financial firms believe and
predict that the use of plastic money in India will
become very popular. However, according to the
recent estimates by the Reserve Bank of India
(RBI), the use of cashless transactions through
credit card usage among Indians is actually falling.
The Reserve Bank of India (RBI) has prepared a
road map to provide card swipe machines to
more than one crore retail businesses in the next
three years to promote electronic transactions
for ushering in a less-cash society in the country.
According to the road map prepared by the central
bank for cash-less transactions, all schools and
colleges in the country will also be equipped to
handle plastic transactions. According to an RBI

this can be considered as mere beginning which

indicates the bright future prospects of plastic
card market in India.
P Manivannan (2013) in his research paper
Plastic Money a way for cash Less Payment
System examined that Plastic Money i.e. usage
of Credit card was measured a luxury, and has
become needed. These plastic money and
electronic payments was and used by only higher
income group. This facility extended not only to
customers in urban areas or cities, but also to
customers residing in rural area. However, today,
with development of banking and trading activity,
the fixed income group or salaried classes are
also start using the plastic money and electronic
payment systems and particularly Credit cards.

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OBJECTIVES OF THE STUDY

Anupama Sharma (2012)in her research

paper Plastic card frauds and the
countermeasures:towards a safer payment
mechanism have thrown light on the number of
frauds increased considerably in the usage of
plastic cards as in case of plastic card frauds
the most affected parties are the merchants of
goods and services as they have to bear the full
liability for losses due to frauds, the banks also
bears some cost especially the indirect cost
whereas the cardholders are least affected
because of limited consumer liability and
concluded that all these losses can be dealt with
by making the prudent use of the new technology
and taking the respective counter measures

The objectives of the study are as follows1) 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
arised due to plastic cards.

RESEARCH METHODOLOGY
The research study is Exploratory in nature. The
Study is been carried out by taking a survey of
100 respondents by non-probabilistic convenience
sampling method from a city of Mumbai by using
structured questionnaire and interview technique.
The sampling frame that is used is within the
boundaries of Mumbai Municipal Corporation.
Secondary data is collected through reference
books, research papers, articles, and websites.

Bansi Patel and Urvi Amin (2012)in their

research paper Plastic Money : Roadmay
Towards Cash LessSociety discussed that now
days in any transaction Plastic money
becomesinevitable part of the transaction and
with it life becomes more easy and development
would take better place and alongwith the plastic
money it becomes possible that control the money
laundry and effective utilization of financial system
wouldbecome possible which would also helpful
for tax legislation.

DATA ANALYSIS AND

INTERPRETATION

In this research paper an attempt has been

made to study an overview of the development of
banking in the plastic cards usage trends since
these have been introduced in Indian banking
sector. The study also highlights the role of these
cards as electronic payment tool to be used by
customers and discusses the penetration of
these cards in replacement of cash and paper
money. The factors for adoption of plastic money
in replacement of cash and paper money have
been identified which shows the preference of
the customers for plastic cards over the cash
and paper money.

1. Usage of Credit / 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
RTGS.

2. % Usage of Each Type of Plastic Card

Expenses through credit cards rose by 30% yearon-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

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used on credit cards and 325.79 Billion on Debit

Cards as of Sept 2012.

The payment of such amount is done online

3. % of Payments Made Using a Credit /

Debit Card

The secondary data states that 58% of the

Customers are using more of e-commerce

and 33% uses Credit cards. Mostly these

by using such cards.

users uses Direct Debit, 7% uses Cash Card

sites to buy a product.

cards are used for booking railway tickets ,

movie tickets, shopping etc.

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4. Being a victim for any Credit / Debit Card

Fraud

6) Discrepancies in your Credit / Debit

Card Bills

The main reason for the increase in plastic

money is that the customers are not a victim
of a fraud.

The survey and secondary data suggests that

customers have hardly faced any discrepancies
with their bills.

The Research and secondary data also shows

the same.

7. Frequency to visit the bank & Method

preferred for cash withdrawal

5. Experience with IVRS / Telephonic

Payment opt (1-Excellent, 5-Least)

Now a days people are not visiting banks more

often to withdraw the cash.

The customers have rated that the telephonic

payment option is average.

The use of these cards and also the

introduction of ATM machines have changed
the banking process.

It takes a long time to get through the telephonic

process.

Spending through debit or ATM cards,

increased by 45% year-on-year

This is also average because most of the

customers not feel safe to share their cards
CCV / PIN number.

Customers are preferring the ATM machines

now to days.

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for any problems regarding their cards.

8. Customer Care support provided by

your Credit / Debit Card provider

All these services has increased the use of

plastic money in India

Banking industries has also provided the 24x7

customer service for their customers.

Banks are now providing many offers for their

customer if they use plastic money.

These services are often used by customer

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FINDINGS

multiplexes, online shopping stores and shopping

1. The use of Plastic cards is more and more

increasing for online payment.

complexes encourage the customers to make

use of plastic cards. The modern day, Indian
customers find it easier to make physical

2. Around 50% of payments of the customers are

done through credit/Debit cards.Sample
survey shows Debit cards are preferred over
credit cards.

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

3. The main reason for the increase in plastic

money is that the customers are not a victim
of a fraud.

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

4. The customers have rated that the telephonic

payment option is average due to long
timeliness and security concern for CCV/PIN
number.

that too with lucrative deals delighted with rewards

5. The survey and secondary data suggests that

customers have hardly faced any
discrepancies with their bills.

nature and they dont actually know how to

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.

usage. The banks can also provide them facility

scheme, loyalty bonus points, promotional

campaigns etc. But some customers are not able
to utilize cards effectively due to its complex
operate it for specific purpose. Thus, the banks
should give them some training regarding its
to use plastic cards on trial basis so that they
can become more confident while using their own
cards. Cost has also remained an issue in case
of credit cards. The interest levied on outstanding
amount is very high which sometimes takes the

7. The use of plastic cards has also been

increased because banking industries has
also provided the 24x7 customer service for
their customers.

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

8. The factors for adoption of plasticmoney over

the cash and paper money are mon- Discounts
while shopping, No hassles of carrying cash,
Security of money, Hassle free EMIs,Easy to
use, Personal Loan on Credit Card .

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

CONCLUSION

and the efficiency of operations would provide the

The rise in consumerism generated by economic

reforms began in 1990s has also sparked robust
demand for plastic cards. The arrival of malls,

much needed competitive edge for success in

plastic cards business. Furthermore, in all these
customers interest is of paramount importance.

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