Escolar Documentos
Profissional Documentos
Cultura Documentos
SUBMITTED BY: SARIKA RAMSWAMI JADHAV T.Y.B.COM (BANKING & INSURANCE) (SEMESTER-V) (2012-2013)
SANPADA COLLEGE OF COMMERCE & TECHNOLOGY PLOT NO: 3, 4 & 5, SECTOR 2, SANPADA (EAST) NAVI MUMBAI 400705
CERTIFICATE This is to certify that Mr./Ms. SARIKA R JADHAV of Bachelor T.Y.Bcom (Banking & Insurance) has undertaken and completed the project work titled PLASTIC MONEY during the academic year 2012-2013 under the guidance of Prof. UMA DURGUDE submitted On ------------------------ to this college in fulfillment of the curriculum of Bachelor of T.Y.Bcom (Banking & Insurance) University of Mumbai.
This is a bonafide project work and the information presented is true and original to the best of our knowledge and belief. PROJECT GUIDE COURSE CO-ORDINATOR PRINCIPAL (PROF. UMA DURGUDE) (PROF. SHERAWATI.RAJAN) (DR. F.A. SHAIKH)
External Examiner
DECLARATION
I Ms. SARIKA R JADHAV student of Sanpada college of Commerce & Technology Fifth semester, hereby declare that I have completed this project on PLASTIC MONEY in the academic year 2012-2013
ACKNOWLEDGEMENT
Like every project needs direction this one is no exception. I would therefore, like to express my sincere gratitude to Pro. UMA DURGUDE for helping me in this project. Her valuable suggestions and insights have helped achieve much more than what was conceived of the project at its inception. I would also like to thank my friends who were also a great support while working on the project. I am sincerely thankful to our coordinator Pro. SHERAWATI RAJAN for her unconditional support and valuable thoughts. Her guidance and encouragement have been instrumental in making this project a learning experience. I am grateful to ORIENTAL Library for helping me and providing me with so many facilities without the help of which the completion of this project would not have been possible. I believe the project would have been incomplete without their support.
*INDEX*
SR.NO 1 2 3 4 5 6 7 8
CONTENTS
SECTION 1
1.1 Introduction 1.2 Meaning 1.2 Objective of study 1.3 Scope of study 1.4 Research methodology
PAGE.NO. 7-9
SECTION 2
2.1 History of Credit Cards & Debit card
10-12
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
SECTION 3
3.1 Types of plastic money
13-22 23-41
SECTION 4
4.1 Credit card 4.2 Advantages & Disadvantages Of Credit Card 4.3 Marketing Strategies 4.4 Steps Followed In Credit Card Transaction 4.5 Different Types of Credit Cards 4.6 Types of Credit Cards offered by Indian Banks
SECTION 5
5.1 Debit card 5.2 Types of Debit card 5.3 Benefits Of Debit Cards 5.4 Features Of Debit Cards
42-49
SECTION 6
6.1 Advantages & Disadvantages of plastic money
50-51
25 26 27 28 29 30 31 32 33 34
SECTION 7
Technology And Infrastructure
SECTION 8
Case Study
SECTION 9
9.1 Findings 9.2 Suggestions & Recommendation 9.3 Conclusion 9.4 Limitation 9.5 Bibliography
SECTION - 1
Introduction
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 debit cards, ATMs, smart cards, etc. Credit cards, variants of plastic money, are used as substitutes for currency. This book on plastic money is divided into two sections titled Concepts and Experiences. The former covers articles on the the emergence of plastic money, different types of plastic cards and their growth in India and other related issues. An
experience discusses the experiences of banks like Standard Chartered, Citibank, which deal with plastic money and their growth in the market.
MEANING
Plastic money refers to credit cards, you use them whenever you want and pay later (with interest, of course). It makes it too easy for people to buy things they normally could not afford, which makes it easier to get into debt.
DEFINITION
A slang phrase for credit cards, especially when such cards used to make purchases. The "plastic" portion of this term refers to the plastic construction of credit cards, as opposed to paper and metal of currency. The "money" portion is an erroneous reference to credit cards as a form of money, which they are not. Although credit cards do facilitate transactions, because they are a liability rather than an asset, they are not money and not part of the economy's money supply.
The present study has been undertaken with the following objectives: To examine the conceptual aspects of plastic money and the recent development in plastic money market. To make an analysis of the risk associated with the plastic money business. To examine and evaluate the perceptions and experience of the plastic money holder. To make a comparative analysis of market share holding of different banks in plastics money business.
REASEARCH METHODOLOGY
Sources of data
The sources of data for the study are primary as well as secondary. For the literature part of the study the sources of information are secondary i.e from leading journals, brochures of different credit card and debit cards etc. for the customer survey the information has been collected from 100 cards holders selected randomly as respondents from different banks operating in the city namely Bank of Baroda(Bob card), Central Bank(Can Card),Bank of India(India card) and State Bank of India (Cheque card).
Data presentation
The data collected for the study has been classified and has been presented in the form of tables, bar diagrams and pie charts to facilitate comparison and analysis.
SECTION 2
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In 1966, Bank of America created a card that was a general purpose card or "open loop" card. These "closed loop" agreements limited cards like Diners Club and American Express to certain merchants, unlike the new "open loop" cards. The new general purpose system required interbank cooperation and additional regulations. This created additional safety features and began building the credit card system of today. Two systems emerged as the leaders--Visa and Master Card. However, today there is little difference between the two and most merchants accept both card associations.
The Future
There were almost 29 million debit card users as of 2006, with a projected 34.4 million users by 2016. However, online services like PayPal are emerging as a way for people to pay their
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debts in new, secure and convenient ways. Technology also exists to have devices implanted into phones, keys and other everyday devices so that the ability to pay at the point of sale is even more convenient.
Credit card
A credit card is plastic money that is used to pay for products and services at over 20 Million locations around the world. All you need to do is produce the card and sign a charge slip to pay for your purchases. The institution which issues the card makes the payment to the outlet on your behalf; you will pay this 'loan' back to the institution at a later date.
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Debit card
Debit cards are substitutes for cash or check payments, much the same way that credit cards are. However, banks only issue them to you if you hold an account with them. When a debit card is used to make a payment, the total amount charged is instantly reduced from your bank balance. Don't borrow on your credit card! Here's why A debit card is only accepted at outlets with electronic swipe-machines that can check and deduct amounts from your bank balance online.
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Charge card
A charge card carries all the features of credit cards. However, after using a charge card you will have to pay off the entire amount billed, by the due date. If you fail to do so, you are likely to be considered a defaulter and will usually have to pay up a steep late payment charge. When you use a credit card you are not declared a defaulter even if you miss your due date. A 2.95 per cent late payment fees (this differs from one bank to another) is levied in your next billing statement.
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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. Credit cards: Remember these dos and don'ts. This card is typically meant for high-income group categories and companies and may not be acceptable at many outlets. There are a wide variety of special privileges offered to Amex cardholders.
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Co-branded card
Co-branded cards are credit cards issued by card companies that have tied up with a popular brand for the purpose of offering certain exclusive benefits to the consumer. A debit card with a difference For example, the Citi-Times card gives you all the benefits of a Citibank credit card along with a special discount on Times Music cassettes, free entry to Times Music events, etc.
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Smart card
A smart card contains an electronic chip which is used to store cash. This is most useful when you have to pay for small purchases, for example bus fares and coffee. No identification, signature or payment authorization is required for using this card. The exact amount of purchase is deducted from the smart card during payment and is collected by smart card reading machines. No change is given.
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Currently this product is available only in very developed countries like the United States and is being used only sporadically in India.
Photo card
If your photograph is imprinted on a card, then you have what is known as a photo card. Doing this helps identify the user of the credit card and is therefore considered safer. Besides, in many cases, your photo card can function as your identity card as well.
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SECTION 4
CREDIT CARD
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INTRODUCTION
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services. The issuer of the card grants a line of credit to the consumer or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user. Usage of the term "credit card" to imply a credit card account is a metonym. When a purchase is made the user would indicate consent to pay by signing a receipt with a record of the card details and indicating the amount to be paid. Issuer agrees to pay the merchant and the credit card user agrees to pay the card issuer.
DEFINITION
The credit card can be defined as A small plastic card that allows its holder to buy goods and services on credit and to pay at fixed intervals through the card issuing agency.
MEANING
A credit card is a card or mechanism which enables card holder to purchase goods, travels and dine in a hotel without making immediate payments. The holders can use the cards to get credit from banks up to 45 days.
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The credit card relieves the consumers from the botheration of carrying cash and ensures safety. It is a convenience of extended credit without formality. Thus credit card is a passport to, safety, convenience, prestige and credit.
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b) The risk factor of carrying and storing cash is avoided. It is convenient for him to carry credit card and he has trouble free travel and may purchase his without carrying cash or cheque. c) Months purchases can be settled with a single remittance, thus, tending to reduce bank and handling charges. d) The card holder has the period of free credit usually between 30-50 days of purchase e) Cash can usually be obtained with the card, either on card account or by using it as identification when encashings a cheque at the bank. f) Availing credit with minimum formality. g) The credit card saves trouble and paper work to traveling business man.
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b) Increases in sale because of increased purchasing power of the cardholder due to unbilled credit available to the card holder. c) The retailers gain from the impulse buying and trading up the tendency to buy the bigger or better article d) Credit card ensures timely and certainly of payments. e) Suppliers/sellers no longer have to send reminders of outstanding debits. f) Systematic accounting since sales receipts are routed through banking channels. g) Advertising and promotional support on national scale. h) Development of prestigious clientele base.
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a) Some credit card transactions take longer time than cash transactions because of various formalities. b) The customer tends to overspend out of immerse happiness. c) Discounts and rebates can rarely be obtained. d) The cardholder is responsible for charges due to loss or theft of the card and the bank may not be party for loss due to fraud or collusion of staff, etc e) Customers may be denied cash discount for payment through card. f) It might lead to spending habits and cardholders may end up in big debts i) Avoid the entire cost and security problem involved in handling cash. j) Losses to bad debts and reduced an additional liquidity is k) It also allows him to delegate spending power to add on members l) Credit card is considered as a status symbol.
MARKETING STRATEGIES
American companies spend billions of dollars each year on marketing. As a matter of fact, in 2001, U.S. advertising expenditures alone topped $230 billion, more than doubling the $105.97 billion spent in 1980.
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(Source: Advertising: Exposure and Statistics November 2003 newsletter of the Media Education Foundation) Now, these figures may seem staggering to the independent professional on a budget, but dont panic; there are lots of effective strategies you can utilize that will help you grow your business fast. Here are some of my favorites: Identify your niche. One of the easiest ways to attract customers is to figure out which group of prospective customers you get your very best results for and go after them exclusively. Many professionals are afraid to do this claiming that theyll be leaving someone out, but many marketing experts agree that niche marketing as the easiest and fastest way to get business. Position yourself as an expert. Why? Experts make more money and get more media attention and thats free advertising! Lets face it; its easier to trust a specialist than a generalist whos trying to be everything to everyone. Once youve identified your niche, let the world know about how you can help. Provide free information products, write articles and white papers about the problems your clients face and how they can solve them. Conduct workshops, seminars and tele-classes specifically geared towards helping your prospective customers and before long youll be regarded as an expert in your field. And, while youre at it dont forget to, collect names, emails and addresses of prospects to keep filling your pipeline.
Develop ongoing relationships with complementary professionals and build your referral team. These are other professionals who sell non-competing services or products to the same niche customers you are targeting. For instance, my clients often need the services of
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bookkeepers, accountants and business attorneys. Likewise, they refer business to me. Here are a couple of other examples: Residential realtor, mortgage broker, real estate attorney, home improvement contractor, architect and interior designer. 000000000 Commercial printer, copywriter, graphic designer.
Institute a system to keep track of all of the people who are interested in your product or services, and find creative ways of keeping in touch with them on a regular basis. To start, go through your notes. Put together a list of all of the people youve spoken to in the last 6-9 months whove showed interest in you but havent become paying customers. Follow up with them in a variety of ways: call them to touch base, use email, ask them to subscribe to a newsletter, send them interesting articles, or invite them to join you at events. It takes numerous impressions to make the sale; thats why you see commercials on TV over and over again for the same products. By Keeping track of all of the people whove showed interest and keeping your business on their radar screen youll turn more of them into paying customers. Let your satisfied customers help you sell your products or services. Here are a couple of ways to do this: 00000000000000000000000000 Ask them for referrals - right away (if you were a car salesman you wouldnt wait for the new car to get dirty and dented!)000000000000 Ask them to write testimonials for you, (also right away) and compile a list of testimonials to use in your all of your marketing collateral.
Create a marketing calendar and keep to it consistently. Scheduling marketing activities that take place weekly, bi monthly, monthly and quarterly will help you to avoid the feast or famine syndrome that most independent professionals fall
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prey to. And, by doing so, marketing will become easier since it becomes a regular part of your business life. Identify innovative ways to get more business from existing customers. Its much easier to get business from customers who are already happy with your services or products. So develop additional services or products to keep customers coming back for more.
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1. AUTHORIZATION
For Internet Merchants, the shopping card is connected to or integrated with a Payment Gateway. For Retail Merchants, the card is swiped through a magnetic reader on the point of sale terminal the authorization is transmitted to the appropriate card issuer for approval. The issuing bank of card issuer authenticates the card holder and approves or declines the transaction amount. It is important to note that no money changes hands during the authorization. Merchants must re-present the transaction to receive payment.
2. MERCHANT BALANCING
This is also known as batching out. Most pos terminals and all payment gateway per firm an auto close functions at the and of the day and batch out automatically.
3. CAPTURE
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The front end processor matches the authorization data to the settlement data and transmits the card capture file to a back end processor for V/MC transactions or to the appropriate card issuer for other card types.
4. CLEARING
During this stage the back end processor performs compliance checks and risk management procedures and transmits the transaction to V/MC or to the appropriate card issuer for other card types.
6. Settlement
During this stage the Issuing Bank calculates fees and deductions and routs the net funds to the appropriate Card Issuer which determines the daily deposits for the merchants.
7. Merchant ACH
During this stage the acquiring bank or card issuer transmits the merchant deposit to the merchants checking account.
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Credit cars are of various types, every one has to select credit cards on the basis of the pros and cons of each type of credit card and at the same time the nature of use. This article gives an insight into the several types of credit cards available in the market Today, credit card customers enjoy more options and choices than ever before. To gain new customers, credit card companies compete by offering new services and cards to customers. No matter what your needs, chances are good that there is a card out there that would be ideal for you. If you are looking for the right card, you can begin by considering the many types of cards available to you:
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you can get a balance transfer card. You then transfer all your credit card debt onto the new card and work to pay it off. Since the new card has a low interest rate, you can quickly repay your bills. If you are in debt, a balance transfer card can be a great way to get out of debt. It offers the convenience of one bill and low rates. However, some cards have high fees. Also, if you run up your other cards after consolidating your debts or if you are unable to pay off your new card in the limited time before the low interest rate increases, you may find yourself even more in debt than before.
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These cards are great for those who are budget-conscious as they give you some money back from your purchases. However, there are several drawbacks to these types of cards. Some cards have low cash-back percentage rates. Some charge high fees or have limits on how much money you can get back each year. Most cards only offer you cash back advantages on purchases - not on your balance. If you decide this card is right for you, do compare several card offers to find the best cash back credit card option.
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you keep your personal and business expenses separate on the same card. These advantages mean that using this card for your business is more convenient.
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Silver credit cards rank lowest among the metal named cards, and, because of lower prestige when compared to gold and platinum cards, are commonly known as basic and standard credit cards. Silver credit cards come with advantages such as lower annual membership fees if there is any, and a lower threshold salary which banks use to evaluate your application in case you should apply. Silver credit cards will provide you with almost the same credit limit as other cards provided you have a good credit history. You can also avail of 0% interest balance transfer schemes which are made available for a period of 6-9 months for silver card holders. There are also some disadvantages to using silver credit cards. One would be the lower cash advance limits, less rewards and promotional packages, and less travel perks compared to gold and platinum cards. HDFC Bank, ICICI offer silver credit cards through their HDFC Bank Silver cards and ICICI Sterling Silver credit card
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Credit Card is either Visa or MasterCard which is the Most popular and in some instance American Express.000000000000000000000000000000 The Top 10 Credit Card Issuers in India are as follows, ICICI HDFC SBI Cards Citibank - HSBC ABN Amro Axis Bank Deutsche AmericanExpress Bank - 5.07 Mn Bank - 4.42 Mn 2.65 Mn 2.54 Mn Cards - 1.3 Mn 0.78 Mn 0.57 Mn Bank - 0.495 Mn 0.45 Mn
SECTION 5
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DEBIT CARD
A debit card (also known as a bank card or check card) is a plastic card that provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic cheque, 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 has overtaken the cheque and, in some instances, cash transactions. 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 a cheque guarantee card. Merchants may also offer cash back facilities to customers, where a customer can withdraw cash along with their purchase.
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connectivity) are in use throughout Europe since the mid-1990s, most notably in Germany (Geldkarte), Austria (Quick), the Netherlands (Chipknip), Belgium and Switzerland (CASH). In Austria and Germany, all current bank cards now include electronic purses.
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FREE WITH OUR BANK ACCOUNT Obtaining a debit card is easy. If we qualify to open a bank account, we usually get a debit card, if our bank offers the service. NO BACKGROUND CHECK When we are applying for a debit card, the ban does not need to look into our credit history. All we need is the documentation to open a bank, account, and money in our bank when we use our debit card. CASH WITHDRAWALS The customer can withdraw a minimum of Rs. 100/- and a maximum Rs.10, 000/- per day
CONVENIENCE
A Debit card fees us from carrying a lot of cash or a cheque book. In case, we are an international traveler, we dont need to stock up on Travelers Cheques or cash. We can use our debit card to withdraw Cash from over 500,000 ATMs around the world in over 100 countries. We can withdraw in the local currency of the country we are in, limited only by the money we have back home in our account, and Business Travel Quota (BTQ) limit arability.
FAIR EXCHANGE
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If we return merchandise or cancel services paid for with a Debit card, the transaction is treated as if it were made with cash or a check. Customers usually get cash back for offline purchases; for on-line transactions, the amount is credited to our account.
STATEMENT OF ACCOUNT
A statement of transactions can be obtained from the customers branCHAPTER For example, a mini statement containing the last four transactions and balance can be obtained at a State Bank Group during the working hours of the customers branCHAPTER
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The following are features of Debit cards A) It is a combination of a Cheque and ATM card. Therefore, there are no fees for using the ATM for cash withdrawal, or as a debit card for purchase. B) The Debit Card services in meant for withdrawals against the balance already available in the designated account. C) It is the card holders obligation to maintain sufficient balance in the designated account to meet withdrawals and service charges. D) A Debit card is more affordable than credit card. We just our bank account for all our transactions. No credit period. Our bank account is debited immediately. E) No credit check is required to get a Debit card. F) Use of card is terminated without notice, upon the death, bankruptcy or insolvency of the cardholder or for other valid reasons. G) Spending is limited to our bank balance.
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An offline debit card transaction is still the way most merchants accept debit cards. This is essentially the same as processing credit cards. You swipe your customers debit card through a credit card terminal and have them sign the receipt. If you choose to accept debit cards offline, be sure that the debit card has a VISA or MasterCard logo. Otherwise, the debit card wont be approved and you wont be able to process the debit card offline
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You can also cut down on checkout time when you accept debit cards. It takes an average of 30 seconds to hand over the pen, wait for the customer to sign the receipt, and then take the pen back. If you process 20 credit card transactions a day, youre losing 100 minutes a day just passing a pen back and forth! Thats almost two hours.
Plastic Fraud
State-of-the-art thieves are concentrating on plastic cards. In the past, this type of fraud was not very common. Today, it is a big business for criminals. Plastic cards bring new convenience to your shopping and banking, but they can turn into nightmares in the wrong hands. This pamphlet describes credit and debit cards and some common schemes involving card fraud with tips to help you avoid them The following are the types of frauds Stolen Cards at the Office Extra Copies of Charge Slips Discarded Charge Slips Unsigned Credit Cards Loss of Multiple Cards Strange Requests for Your PIN Numbers Legitimate Cards Altered Cards Counterfeit Cards
SECTION 6
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DISADVANTAGES
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Cost much more than other forms of credit, such as a line of credit or a Personal loan, if you don't pay on time. Damage your credit rating if your payments are late; Allow you to build up more debt than you can handle; Have complicated terms and conditions; It also doesn't wear after time as paper does nor does it rip and tear. Paper money also picks up dirt and stains more easily than plastic money. I can't really see any advantages to have paper money, unless it is cheaper to make. Its disadvantage is that, some extra money will be deducted for the bank services. Its around 2.5% of the money you spent.
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SECTION 8
CASE STUDY Case Study: Plastic Money
November 29, 2011 Business Here is the second in our monthly installment of business Case Studies. This month we bring you Plastic Data Card.
Cards via plastic Money Plastic Money was started in 1992 by Jim OCarroll who was looking to capitalise on a growing demand and decided to start his own company to make the most of this demand. The Kent based company supplies a wide range of cards from event passes to membership cards. The company supplies Tesco as well as other blue chip companies. Plastic Data Card has a number of satisfied customers, most happy with the quick turnaround as Hannah Jones says:
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I was really impressed with the quick service that we received. You guys really stepped up to the plate to ensure our VIP badges was delivered on time to a really important event. The company, like most small companies starting in this difficult climate, decided to look into using invoice factoring services to keep their business secure but struggled to find financial backing: Back then we were a young business. Some finance companies saw us as too much of a risk to offer a full range of credit facilities, so we chose factoring. This early decision has proved to be right time and time again. They use these services to get credit checks carried out on new customers submitting large orders. The service also has a bad debt protection element which allows for fast turnarounds and gives the company a competitive advantage. Managing director Jim OCarroll, said that the invoice finance service has been a key part of the way we do business, and has certainly helped us to get where we are today. Today the company is keeping up-to-date with modern business and now has a Facebook and Twitter. The company is thriving in a difficult financial market by keeping to traditional business values like a good and reliable service.
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SECTION 9 FINDINGS
MAJOR FINDINGS: Citibank is the largest issuer of credit cards in India commanding over 50% of the market share. 1) Indias credit cards base was around 8.5 million in 2002. The potential is estimated around 128 million 2) Total card spend grew by 75% from 2002 to 2006 reaching 1.5$ million in 2006 3) Card spending is expected to zoom at an annual rate of 50% over 2006-07 driven by 2530% annual growth rate in both cardholders and per head spending. 4) More than 57% of the cardholder avail a for travel and entertainment.
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Limitations
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The study is dependent on case study method. Moreover the study incorporates on limitation that are inherent in available secondary sources of information. Plastic money is a vast issue, which cannot be confined, in a small report as this. Hence this study has been made comprehensive under the limitations of available information and time.
CONCLUSION With respect to the secondary data collected I have reached to the following conclusions in my project. My secondary data that helps me to p r a c t i c a l l y analysis the data which I collected through internet and magazines especially
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there views and critics comments about the use of plastic money specially( credit cards and debit cards ) : 102 Looking at the current scenario we can well identify that the plastic money is taking a upper trend in India due to which more and more customers getting attracted towards it .Th e s t u d y o f c r e d i t c a r d d o e s n o t l e a d t o a n y c o n c r e t e c o n c l u s i o n b e c a u s e people that credit cards increase their purchasing power while the other half were of the view that it doesnt because people have understood and realized the fact that although they have to pay later but they have to pay from their pocket .Thus as per the study made through the analysis it was found out that credit cards do increase the purchasing power of the consumers but to a certain extent because it gives them the liberty to pay later but the consumers are becoming smarter and have understood the scenario quite well so we cannot say that it altogether affects the buying habits because they have realized that will have to face the financial burden later on .Since many customers are increasing and so t h e n u m b e r o f d e f a u l t e r s a l s o . D u e t o t h e i n c r e a s e i n t e n d e n c y o f n o n - repayments the bad debts of bank keep on increasing. To add the popularity of the card and to increase the numbers of users the banks are more liberalized in attracting new consumers .The media plays a very important role in attracting the customers to choose a p a r t i c u l a r b a n k a n d i t s s e r v i c e s a n d i t c a n a l s o h e l p t o r e t a i n t h e a c q u i r e d customers also. D e b i t c a r d s m a y b e m o r e r e a d i l y a c c e p t e d t h a n c h e c k s , e s p e c i a l l y i n o t h e r states or countries as one need not verify the authenticity of the payment and the merchant is assured of immediate payment. 103 Finely I can say that plastic money has an importance in present scenario and most of the people want to keep money in plastic form.
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BIBLIOGRAPHY
BOOKS INOVATION IN BANKING & INSURANCE FINANCIAL MARKET & SERVICES INDIAN BANKING INDUSTRIES INDIAN BANKING
WEBSITE WWW.GOOGLESERCHAPTER COM WWW.YAHOO.COM WWW.RBI.ORG WWW.WIKIPEDIA .COM WWW.INFOSEE.COM WWW.INDIANMBA.COM WWW.INDIANBANKING.ORG
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