Final report

A
Research Report On
“A study of the relevance of Plastic Money
over Paper Money in Selected Cities”
Submitted to the RNBGU for partial fulfilment of the Bachelor of
Business Administration
Submitted To: Submitted By:
Ms. Sharda Vyas Gautam Chopra
Assistant Professor ENR: RNBGU201500049
School of Commerce & Management
RNB Global University, Bikaner
JULY 2017

ii
ACKNOWLEDGEMENT
I hereby convey my deep acknowledgement to all those who made it possible
for me to complete this project, by extending their support and continuous
cooperation.
I extend my sincere gratitude towards RNBGU, Bikaner for providing practical ways
of learning. I would also like to acknowledge the consistent encouragement to Ms.
Sharda Vyas (Assistant Professor), Dr. Manjoo Saraswat (Deputy Registrar) & Dr.
Ajoy Kumar Mitra (Professor) RNB Global University whose constant guidance,
heartfelt support, suggestion and consideration helped me in the successful
completion of this project.
Finally, I would like to thank my friends Renu Sharma, Saurabh Chopra & Mahendra
Singh Chauhan students of RNB Global University without whom this discretion work
would not have been successfully completed.

iii
CERTIFICATE OF ORIGINALITY
This is to certify that the project titled “A study on the relevance of Plastic Money
over Paper Money in India” is an original work of the Student and is being
submitted in partial fulfilment for the award of the “BBA (Finance & Accounts)” of
RNB Global University. This report has not been submitted earlier either to this
University or to any other University/Institution for the fulfilment of the course of
study.
Signature of Student Signature of Supervisor
………………………. ……………………….....

iv
CERTIFICATE OF INTERNAL (UNIVERSITY) RESEARCH GUIDE
Enrolment No: RNBGU201500049
This is to certify that Mr/Ms…………………………………………………………………….of ……………………….(program
name) has completed this research project under my supervision in partial fulfilment for the award of
the Bachelor’s Degree in Business Administration from RNB Global University, Bikaner.
Course Name: Summer Internship Project
Course Code : 11012300
SIGNATURE OF INTERNAL RESEARCH GUIDE SIGNATURE OF STUDENT
PLACE: RNB GLOBAL UNIVERSITY, BIKANER
DATE:

v
A
RESEARCH PROPOSAL
For
“A study of the relevance of Plastic Money over Paper Money in Selected Cities”
Submitted by:
Gautam Chopra
BBA (Finance & Accounts)
Submitted To:
Prof. Nitin Pathak
(SOCM)
Enrolment number:
RNBGU201500049

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Structured Abstract
Purpose/Objective:
i. Statement of Research Objective
Need of the study is to get to know about the comparative analysis
of plastic money in the two selected cities. There are many challenges in the market
of plastic money which is required to be studied. This study is concerned with the
Four perks of Plastic Money i.e. Convenience, Budgeting, the float, Security.
a) Primary objective
To know the perception of people towards plastic money.
b) Secondary objectives
• To know the usage of plastic money in the daily life of consumers in selected
cities (Surat & Agra) of India.
• To know the perception of people in Surat & Agra in relevance to the Role of
Plastic money to crab black money from the economy.
• To find out which is the most reliable source of payment for people in the two
selected cities.
Introduction:
This research is about the details of Plastic Money and Paper Money. Also, about their use in
India.
Method:
The researcher is planning to conduct a survey for collection of primary data from respondents
towards their preference between plastic money and paper money. And secondary data will be
collected past data from websites and will analyse them through help of correlation statistical
tool for getting an outcome of a research.

vii
Background/Introduction:
Plastic Money is very recent trend which is replacing paper money. The term coined with a
view to make ease for customer in their daily increasing number of transactions. It includes
debit cards, credit cards, smart cards, etc. This study will try to typically focus on credit cards
and debit cards to find out their effectiveness in real life and consumer perceive them. Also,
the researcher would try to find out the specific sectors where consumer willing to spend
through these cards.
Research Design and Methodology:
Research Design
Research Method: To conduct any research, various strategies are available based on different
requirements of the study. The researcher would use survey strategy to conduct its research
because it will give more reliable outcomes to researcher.
Data Collection and analysis: The researcher would like to opt for quantitative data structure
as they talked about survey method to carry out research. And close ended questionnaire will
give quantitative data only. He will collect data from primary as well as secondary data both.
Primary data will be collected from respondents through questionnaires and secondary data
will be collected through various website.
Sampling or Source of data
This is crucial part of any research which defines the sampling portion in brief with context to
research. Research will have both, primary data and secondary data. For primary data, research
would collect data samples from various respondents in the form of questionnaires.
Respondents would be contacted through help of friends, personal approach. The researcher
will collect this primary data from investors within a time frame of 5-7 days approx. In number,
near to 200 respondents as it is for plastic money, researcher will use Systematic random
method of sampling, where he’ll approach to different kind of respondents.
And as research also carries secondary data, it will be collected through various website useful
for research.

viii
Materials and equipment/resources
To carry out a particular research, it requires various materials and equipment. In this research,
it will require materials for both, primary and secondary collection of data.
For primary data, it will require questionnaire tool to conduct survey. Questionnaire will be
framed with the help of literature review by keeping in mind, all the factors mentioned there
related with research topic. And after questionnaire, it will require approx. 50 people, who will
give their opinion about questions been asked. Questionnaire will be circulated through the
researcher himself by face to face interaction with the respondents.
These all are resources and equipment’s that will be required by researcher to carry out his
research.
Geographical Boundaries
The research will be conducted within India. The place of research will be any two from the
following cities Surat, Agra, Vrindavan as these are the centre of attraction for the tourist so
more and more responses will be gathered.
Research procedure
Procedure, in short is the entire recipe, how research part will be done by researcher. As stated
above, it will consist of both, primary as well as secondary data.
Procedure for primary research will be first to read thoroughly the literature review of this
research. After understanding the thoughts put under literature review part, researcher will form
a questionnaire on the basis of literature review only. The questionnaire will carry all the
relevant doubts that came under review part. All the questions will be close ended for ease of
answerability of respondents. Questionnaire will help me to carry out research in more feasible
manner and result will be more reliable. After completion of questionnaire, researcher will seek
to get the questionnaire filled by estimated respondents. For this, researcher will use systematic
random sampling. Once respondents have filled up questionnaire, it will be converted into
graphical manner for pictorial representation and for better analysis. The analysis will be done
accordingly as per the charts and graph.
Time Plan
The research will be conducted and completed within the period of 2 months of May and June
(2017).

ix
Executive Summary
In recent times, the growth in usage rate of Plastic Money especially Credit Cards & debit
Cards have been phenomenally high. There are Billions of credit cards in circulation today;
these little plastic cards have become a way of life today and even a status symbol for the
educated population of the country. Even India itself holds 800 million (approx.) credit & debit
cards as per RBI.
Plastic Money is designed for cashless payments and getting cash from one's bank account with
ATMs all over the world. It is the most convenient way to carry money. It is safer to carry than
to carry the paper notes. ATM around the world accept plastic card and dispense required
amount of money. Plastic card can also be used for payment for most good and services
although there may be a lower and upper limit of transaction. Bank charges on plastic
transactions can often work out less than commissions on purchases of traveler's cheques
Spending patterns of people now-a-days is slowly and gradually changing and they have started
preferring credit cards/ debit cards as a mode of payment in routine life as well as while
travelling also.
This growing trend will surely bring our economy to a point where paper money will be totally
replaced by plastic money.
Plastic Money business is definitely going big time. But this is true that a decade back in a
country where people have hardly heard about plastic money are holding nearly 800 million
cards and this growth is attracting more and more international financial institution to our
country.
This research was started with the primary objective of knowing the perception of people about
Plastic Money, do they have started using it in their daily routine or not, and what is the level
of trust they have on Cards as safe means of transaction. During this research, I have visited
two cities (Surat & Agra) for filling these questionnaires there in each city. I almost surveyed
100 people and after the whole research in the analysis result showed that people have started
using Plastic Money with the trend but still a lot of people still prefer to use Paper Money
instead of using Credit Cards or Debit Cards for payment.

xi
LIST OF FIGURES
Fig. No. Title Pg.
No.
Fig. 1. Gender (Surat & Agra) 7
Fig. 2. Age Group (Surat) 8
Fig. 3. Age Group (Agra) 9
Fig. 4. Profession (Surat) 10
Fig. 5. Profession (Agra) 11
Fig. 6. Annual Income (Surat) 12
Fig. 7. Annual Income (Agra) 13
Fig. 8. Marital Status (Surat) 14
Fig. 9. Marital Status (Agra) 15
Fig. 10. Plastic Money (Surat) 16
Fig. 11. Plastic Money (Agra) 17
Fig. 12. Convenience Of Respondent While Paying In Routine Life (Surat & Agra) 18
Fig. 13. Respondent’s preference to carry while travelling (Surat & Agra) 19

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Fig. 14. Credit card is expensive or not? (Surat) 20
Fig. 15. Credit card is expensive or not? (Agra) 21
Fig. 16. Plastic money is safest mode of transaction or not? (Surat) 22
Fig. 17. Plastic money is safest mode of transaction or not? (Agra) 23
Fig. 18. Reason for not preferring plastic money (Surat) 24
Fig. 19. Reason for not preferring plastic money (Agra) 25
Fig. 20. Reason for not preferring paper money (Surat) 26
Fig. 21. Reason for not preferring paper money (Agra) 27
Fig. 22. Which has more life? (Surat) 28
Fig. 23. Which has more life? (Agra) 29
Fig. 24. Do You Think Plastic Money Will Penetrate More In Future? (Surat) 30
Fig. 25 Do You Think Plastic Money Will Penetrate More In Future? (Agra) 31
Fig. 26. More & more transactions through credit card & debit card will help to crab black
money circulation in economy? (Surat)
32
Fig. 27. More & more transactions through credit card & debit card will help to crab black
money circulation in economy? (Agra)
33
Fig. 28. Respondents Action, If They Were The Finance Minister Of Country (Surat) 34
Fig. 29. Respondents Action, If They Were The Finance Minister Of Country (Agra) 35

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LIST OF ABBREVIATIONS
S. No. ABBREVIATIONS FULL FORM
1. SBI STATE BANK OF INDIA
2. RBI RESERVE BANK OF INDIA
3. US UNITED STATES

1
I. INTRODUCTION TO THE INDUSTRY
i. Banking Industry
The Banking Industry in India has a tremendous canvas
of history, which covers the conventional banking practices from the rule of Britishers
to the changes time frame, nationalization to privatization of banks and now expanding
numbers of foreign banks in India. Along these lines, managing an account in India has
been through a long adventure. Banking industry in India has additionally accomplished
another revolution with the evolving times. The utilization of innovation has acquired
a transformation the working style of the banks. The main basic aspect of banking i.e.
trusts and the certainty of the general population on the establishment continue as
before. Most of the banks are yet fruitful with regards to the confidence of the
shareholders and also different stake holders. In any case, with the changing progression
banking business brings new sort of challenging exposure.
ii. Historical Background
The First Indian Bank was The Bank of Hindustan
which was set up in 1870. Later, under the Presidency Bank's act 1876 three presidency
Banks i.e. Bank of Bombay, Bank of Calcutta and Bank of Madras were set up, which
laid foundation for modern banking in India. In year 1921, all presidency banks were
amalgamated to form one single Bank which was Imperial Bank of India. Imperial bank
carried out limited number of central banking functions prior to establishment of RBI.
It was engaged in all types of commercial banking business but it was not engaged in
foreign exchange.
In 1934, RBI Act was passed & Reserve Bank of
India (RBI) was constituted as an apex body without major government ownership.
Banking Regulations Act was passed in 1949. This regulation brought RBI under
government control. Under the act, RBI got wide ranging powers for supervision &
control of banks. The Act also vested licensing powers & the authority to conduct
inspections in RBI. In 1955, RBI acquired control of the Imperial Bank of India, which

2
was renamed as State Bank of India. In 1959, SBI took over control of eight private
banks floated in the erstwhile princely states, making them as its 100% subsidiaries.
Banking industry is the back bone for growth of any economy. The journey of
Indian Banking Industry has faced many waves of economic crisis. Recently, we have
seen the European crisis & economic crisis of US in 2008-09 and. The general scenario
of the world economy is very critical. It is the banking rules and regulation framework
of India which has prevented it from the world economic crisis.
iii. History of Plastic Money
According to MasterCard, The first bank card,
named "Charg-It," was introduced in 1946 by John Biggins, a banker in Brooklyn.
When a customer used it for a purchase, the bill was forwarded to Biggins' bank. The
bank reimbursed the merchant and obtained payment from the customer. The catches:
Purchases could only be made locally, and Charg-It cardholders had to have an account
at Biggins' bank. In 1951, the first bank credit card appeared in New York's Franklin
National Bank for loan customers. It also could be used only by the bank's account
holders.
According to a representative from Diners Club, the story began in 1949 when a
man named Frank McNamara had a business dinner in New York's Major's Cabin Grill.
When the bill arrived, Frank realized he'd forgotten his wallet. He managed to find his
way out of the pickle, but he decided there should be an alternative to cash. McNamara
and his partner, Ralph Schneider, returned to Major's Cabin Grill in February of 1950
and paid the bill with a small, cardboard card. Coined the Diners Club Card and used
mainly for travel and entertainment purposes, it claims the title of the first credit card
in widespread use.
Citibank and HSBC were the pioneers in the Indian credit card market in the 1980s.
Over the next two decades, the number of players increased to more than ten in 2000.
The credit card market in India registered a healthy annual growth rate of over 25%
during 1987-2001.

3
iv. General Banking Scenario
The general banking scenario in India has become
very dynamic now-a-days. Before pre-liberalization era, the picture of Indian Banking
was completely different as the Government of India initiated measures to play an active
role in the economic life of the nation, and the Industrial Policy Resolution adopted by
the government in 1948 envisaged a mixed economy. This resulted into greater
involvement of the state in different segments of the economy including banking and
finance. The Reserve Bank of India was nationalized on January1, 1949 under the terms
of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948. In 1949, the
Banking Regulation Act was enacted which empowered the Reserve Bank of India
(RBI) "to regulate, control, and inspect the banks in India." The Banking Regulation
Act also provided that no new bank or branch of an existing bank could be opened
without a license from the RBI, and no two banks could have common directors by the
1960s, the Indian banking industry had become an important tool to facilitate the speed
of development of the Indian economy. The Government of India issued an ordinance
and nationalized the 14 largest commercial banks with effect from the midnight of July
19, 1969. A second dose of nationalization of 6 more commercial banks followed in
1980. The stated reason for the nationalization was to give the government more control
of credit delivery. With the second dose of nationalization, the Government of India
controlled around 91% of the banking business of India. Later, in the year 1993, the
government merged New Bank of India with Punjab National Bank. It was the only
merger between nationalized banks and resulted in the reduction of the number of
nationalized banks from 20 to 19. After this, until the 1990s, the nationalized banks
grew at a pace of around 4%, closer to the average growth rate of the Indian economy.
In the early 1990s, the then Narasimha Rao government embarked on a policy of
liberalization, licensing a small number of private banks. The next stage for the Indian
banking has been set up with the proposed relaxation in the norms for Foreign Direct
Investment, where all Foreign Investors in banks may be given voting rights which
could exceed the present cap of 10%, at present it has gone up to 74% with some
restrictions. The new policy shook the Banking sector in India completely. Bankers, till
this time, were used to the 4-6-4 method (Borrow at 4%; Lend at 6%; Go home at 4) of

4
functioning. The new wave ushered in a modern outlook and tech-savvy methods of
working for traditional banks. All this led to the retail boom in India. People not just
demanded more from their banks but also received more.
v. Structure of banking Industry in India
Banking Industry in India functions under the
sunshade of Reserve Bank of India - the regulatory, central bank. Banking Industry
mainly consists of:
1) Commercial Banks
2) Co-operative Banks
The commercial banking structure in India consists of: Scheduled Commercial Banks
Unscheduled Bank. Scheduled commercial Banks constitute those banks which have
been included in the Second Schedule of Reserve Bank of India (RBI) Act, 1934.RBI
in turn includes only those banks in this schedule which satisfy the criteria laid down
vide section 42 (60) of the Act. Some co-operative banks are scheduled commercial
banks although not all co-operative banks are. Being a part of the second schedule
confers some benefits to the bank in terms of access to accommodation by RBI during
the times of liquidity constraints. At the same time, however, this status also subjects
the bank certain conditions and obligation towards the reserve regulations of RBI. For
assessment of performance of banks, the Reserve Bank of India categories them as
public-sector banks, old private sector banks, new private sector banks and foreign
banks.

5
II. INTRODUCTION OF THE COMPANY
Major Banks Issuing Credit Card in India
• State Bank of India
• Bank of Baroda
• ICICI
• HDFC
• IDBI
• Citibank
i. State Bank of India (SBI)
➢ State Bank of India (SBI) is a multinational banking and financial services
company based in India. It is a government-owned corporation with its
headquarters in Mumbai, Maharashtra. As of December 2012, it had
assets of US$501 billion and 15,003 branches, including 157 foreign
offices, making it the largest banking and financial services company in
India by assets.
➢ The bank traces its ancestry to British India, through the Imperial Bank
of India, to the founding in 1806 of the Bank of Calcutta, making it the
oldest commercial bank in the Indian Subcontinent. Bank of Madras
merged into the other two presidency banks— Bank of Calcutta and Bank
of Bombay—to form the Imperial Bank of India, which in turn became
the State Bank of India. Government of India nationalized the Imperial
Bank of India in 1955, with Reserve Bank of India taking a 60% stake,
and renamed it the State Bank of India. In 2008, the government took over
the stake held by the Reserve Bank of India. SBI was ranked 285th in the
Fortune Global 500 rankings of the world's biggest corporations for the
year 2012.

6
➢ SBI provides a range of banking products through its network of branches
in India and overseas, including products aimed at non-resident
Indians(NRIs). SBI has 14 regional hubs and 57 Zonal Offices that are
located at important cities throughout the country.
➢ SBI is a regional banking behemoth and has 20% market share in deposits
and loans among Indian commercial banks.
➢ The State Bank of India was named the 29th most reputed company in the
world according to Forbes 2009 rankings and was the only bank featured
in the "top 10 brands of India" list in an annual survey conducted by Brand
Finance and The Economic Times in 2010.
ii. Bank of Baroda
➢ Bank of Baroda (BoB) is an Indian state-owned banking and financial
services company headquartered in Baroda, or Vadodara. It offers a
range of banking products and financial services to corporate and
retail customers through its branches and through its specialized
subsidiaries and affiliates in the areas of retail banking, investment
banking, credit cards, and asset management. Its total global business
was 8,021 billion as of 31 March 2013, making it the second largest
Bank in India after State Bank of India. In addition to its headquarters
in its home state of Gujarat, it has a corporate headquarters in the
Bandra Kurla Complex in Mumbai.
Based on 2012 data, it is ranked 715 on Forbes Global 2000 list. BoB
has total assets more than 3.58 trillion (short scale), 3,583 billion (long
scale), a network of 4283 branches (out of which 4172 branches are
in India) and offices, and over 2000 ATMs.
➢ The bank was founded by the Maharaja of Baroda, H. H. Sir Sayajirao
Gaekwad III on 20 July 1908 in the Princely State of Baroda, in
Gujarat. The bank, along with 13 other major commercial banks of
India, was nationalised on 19 July 1969, by the Government of India

7
and has been designated as a profit-making public-sector undertaking
(PSU).
iii. Industrial credit and Investment Corporation of India (ICICI)
➢ ICICI Bank is an Indian multinational bank and financial services
company headquartered in Mumbai. Based on 2013 information, it is
the second largest bank in India by assets and third largest by market
capitalization. It offers a wide range of banking products and financial
services to corporate and retail customers through a variety of delivery
channels and through its specialized subsidiaries in the areas of
investment banking, life and non-life insurance, venture capital and
asset management. The Bank has a network of 3,350 branches and
10,486 ATM's in India, and has a presence in 19 countries.
➢ ICICI Bank is one of the Big Four banks of India, along with State
Bank of India, Punjab National Bank and Canara Bank.
➢ The bank has subsidiaries in the United Kingdom, Russia, and
Canada; branches in United States, Singapore, Bahrain, Hong Kong,
Sri Lanka, Qatar and Dubai International Finance Centre; and
representative offices in United Arab Emirates, China, South Africa,
Bangladesh, Thailand, Malaysia and Indonesia. The company's UK
subsidiary has established branches in Belgium and Germany.
➢ In March 2013, Operation Red Spider showing high-ranking officials
and some employees of ICICI Bank involved in money laundering.
After a government inquiry, ICICI Bank suspended 18 employees and
faced penalties from the Reserve Bank of India in relation to the
activity.

8
iv. Housing Development Finance Corporation
➢ HDFC Bank Limited is an Indian financial services company based in
Maharashtra that was incorporated in August 1994. HDFC Bank is the
fifth largest bank in India by assets and the largest bank by market
capitalization as of 1 November 2012. The bank was promoted by the
Housing Development Finance Corporation, a premier housing
finance company (set up in 1977) of India. As on August 2013, HDFC
Bank has 3,119 branches and 11,088 ATMs, in 1,891 cities in India,
and all branches of the bank are linked on an online real-time basis.
As of December 2012, the bank had balance sheet size of Rs. 3837
billion. For the fiscal year 2011-12, the bank has reported net profit of
Rs. 5167.07 core (US$790 million), up 31.6% from the previous
fiscal.
➢ On 14 March 2013, an online magazine named Cobrapost.com
released video footage from Operation Red Spider showing high
ranking officials and some employees of HDFC bank willing to turn
black money into white which is violation of Money Laundering
Control Act. Following this the government of India and RBI have
ordered an inquiry. The enquiry confirmed violation of KYC (Know
Your Customer) norms by HDFC Bank. A penalty of Rs 45 million
was imposed on the bank by RBI.
v. Citibank
➢ Citibank is the consumer banking division of financial services
multinational Citigroup. Citibank was founded in 1812 as the City
Bank of New York, Citibank India is an Indian private sector bank
headquartered in Mumbai, Maharashtra. It is a subsidiary of Citigroup,
a multinational financial services corporation from Manhattan, US.
➢ Established in 1902 in Calcutta (Kolkata), Citibank has a long history
in India. Currently it is the largest foreign direct investor in financial

9
services in India with a total capital commitment of approximately
US$ 4 Billion in its onshore banking and financial services business
and its principal and alternate investment programs.
➢ It operates 41 full-service Citibank branches in 40 cities and over 700
ATMs across the country.

10
III. REVIEW OF LITERATURE
The problem that we cannot keep the huge amount of cash with us
gave birth to the concept of Plastic cards which known as plastic money accepted
worldwide and we can keep the huge amount with us while going to
anywhere in the world. The plastic money makes the society as cashless
societies.
As the usage of plastic cards are increasing the number of supplier are also
increased which offering the different features. Some suppliers (Bankers) are charging
the hidden charges and high interest rate. The agent who convince the people
to get the credit card by offering the wonderful packages but in reality, agent
is hidden some important fact which was disclose after the receiving of the bill.
Citibank and HSBC were the pioneers in the Indian credit card market in the 1980s.
Over the next two decades, the number of players increased to more than ten in 2000.
The credit card market in India registered a healthy annual growth rate of over 25%
during 1987-2001.
As we know that there are some drawbacks of plastic money like still old people are not
use to it but still there are several benefits also offered to us by credit cards or debit card
usage as they give a positive signal of corruption free economy, an economy with very
less or no black money.
Here, is a list of views of following people
By: Alvares, Cliford
The article reports on the plan of the Indian government to introduce plastic
currency that will have enhanced security features to counter the growing problem of
counterfeiting in the country. (Sep2012)
Reports on the use of polymers for currency as an alternative to paper money.
Conversion of all of Australia's circulating notes; Marketing of the polymer bank note

11
substrate by Securency Pty Ltd.; Use of the polymer for commemorative issues;
Advantages offered by plastic bills. (Dec99)
The article offers tips on the use of credit and debit cards overseas. One should
use credit or debit card to make purchases and debit card to get cash when one needs it.
Both Visa and MasterCard charge currency-conversion fees on credit-card purchases.
One can minimize fees by using the right card. HSBC, Washington Mutual and most
credit unions don't add a surcharge. Withdrawing cash from an overseas ATM not part
of one's bank network could cost $5 or more on top of the conversion fee. INSET:
CREDIT CARDS. (9 Jun2006)
By: Goldwasser, Joan
Presents highlights of the report `Plastic Cards in Japan,' by Steve Worthington
and Ronald Brown. Focuses on the development of a `smart' card in Japan, which looks
like plastic credit cards but contain a microchip; Sophisticated and diverse applications
for the card; Future forecast for the cards in the world market. (May/Jun91)
The article reports that paying cash is better for the environment than using a
credit card. Credit cards, made of plastic, take decades to decompose, the computers
that effect credit card transactions consume large amounts of energy, and most people
in the U.S. still receive paper credit card statements. Bills, however, are made largely
of materials like cotton, which creates less carbon emissions than paper when harvested.
Also, bills stay in circulation for up to five years. (12/1/2008)
By: Stone, Daniel
This article discusses the competitive advantage held by conventional credit card
issuers and what steps they can take to maintain their market share against online
upstarts that offer lower interest rates. The article describes the fierce competition online
to offer low interest rates and attract credit card applicants. The article states that
incumbent credit card companies need to establish strong online presences and cut costs.
The article suggests cutting costs by offering online account services and distributing
advertising and customer acquisition costs over numbers of new accounts. (2000)

12
By: D'Silva, Vijay, Stephenson, Jack, Waitman, Robert M.
The article offers pieces of advice on credit card use for college students in the
U.S. from the Certified Public Accountants (CPAs). According to various surveys,
reliance on credit card spending presents problems to college students. CPAs addressed
the credit crisis through financial literacy and education programs for college students.
One form is through accounting programs on college campuses with interaction to CPA
firms Increased awareness could be achieves through AICPA websites and financial
literacy workshops. (Sep2008)
By: Khurana, Sunayna1, Singh, S. P.
IUP Journal of Bank Management; Feb2011, Vol. 10 Issue 1, p71-87, 17p, 31
Charts
The article offers information regarding the increasing trend of using debit cards
instead of cash amongst youth of the U.S. It states that spenders between 18-25 years
of age prefer to swipe their debit cards even for petty expenses. It states that convenience
and speed of such transactions are the factors responsible for the trend, however, those
who don't keep a track of their bank balances face financial crisis. (6/17/2007)
By: SHEPHERD, LEAH CARLSON,
In today's busy world, nobody has the time to withdraw money from the bank
account for shopping. Everybody is interested in carrying the plastic money (credit card
and debit card) in their wallet for shopping as it gives convenience, safety, easiness and
even style. This study is carried out to identify customer preferences and expectations
from credit/debit card services. The main objective is to identify the factors that
influence the choice of credit cards, customer satisfaction, and consumer behavior
regarding the credit card in Tier-III cities. Primary data was collected from 200
respondents by the questionnaire method. Results show that the choice of credit card
depends upon income, gender and profession of the respondent. Customer satisfaction
depends upon income, frequency of usage in a month and amount of usage per month.
(Feb2011).

13
IV. RESEARCH DESIGN AND METHODOLOGY:
i. Statement of Research Objective
Need of the study is
to get to know about the comparative analysis of plastic money in the two
selected cities. There are many challenges in the market of plastic money
which is required to be studied. This study is concerned with the Four perks
of Plastic Money i.e. Convenience, Budgeting, the float, Security.
a) Primary objective
To know the perception of people towards plastic money.
b) Secondary objectives
• To know the usage of plastic money in the daily life of consumers in
selected cities (Surat & Agra).
• To know the perception of people in Surat & Agra in relevance to the
Role of Plastic money to crab black money from the economy.
• To find out which is the most reliable source of payment for people in the
two selected cities.

14
ii. Sampling Designing
1. Area/ Location of which sample has been taken
Surat, Gujarat
Agra, Uttar Pradesh
2. Sampling Size
Surat = 100 respondents (approx.)
Agra = 100 respondents (approx.)
Total sample size = 200 (approx.)
3. Sampling Unit
• All individuals who were eligible to use and who
have plastic money.
• All individuals above 18 years of age.
iii. Mode of Data Collection
1. Primary Data Source
The Primary Data include both quantitative &
qualitative data. Data are generated through
scheduling questionnaires (Attached in Annexure)
as a research instruments.
2. Secondary Data Source
The Secondary Data source includes online articles,
reports, internet, etc.

15
iv. Description of statistical tools for analysis of Data collected
Questionnaire was used for doing this survey. In which 200 copies of
Approved Questionnaire were made and were used as research instrument.
The research will be exploratory followed by descriptive because the
entire project is based on scheduling questionnaire and analysis so that the
detailed description will be there in the project, so this will be descriptive
design.
The nature of the study is statistical pertaining actual environmental
conditions (field conditions) and to give more convenience to respondent in
answering the questions. Another reason for choosing this type of data is,
qualitative research provides insights and understanding of problem setting
while quantitative research seeks to quantify the data and typically applies
some form of statistical analysis.
v. Sampling Technique
The sampling technique used was Non-probability convenience
sampling and random sampling.

16
V. DATA ANALYSIS & FINDINGS
Basic Information about respondents:
1. Gender (No. of respondents)
Interpretation:
The survey conducted on plastic money, where majority (From
the respondents) of the 152 males are using plastic money which comes to
75%. And 51 females are using plastic money which comes to 25% of the
total survey in both cities.
That means in Surat almost 65% male of majority male are using plastic
money and 35% of female are using plastic money.
That means in Agra almost 84% male of majority male are using plastic
money and 16% of female are using plastic money.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Surat Agra
68
84
35
16
FIG. 1. GENDER (SURAT & AGRA)
Male Female

17
2. Age:
Interpretation:
The survey conducted in Surat shows the majority ratio of
plastic money usage by people of 25-35 which is 48% of the total sample of
Surat which shows that working men has given their acceptance to plastic
money. And then comes 28% ratio as the people in the age group of 35-50.
Then 13% people from the age group of 18-25. At last only 11% people
participated in the survey were from the age group of Above 50.
FIG. 2.

18
Interpretation:
The survey conducted in Surat shows the majority ratio of
plastic money usage by people of 25-35 which is 58% of the total sample of
Surat which shows that working men has given their acceptance to plastic
money. And then comes 18% ratio as the people in the age group of 18-25.
Then 16% people from the age group of 35-50. At last only 6% people
participated in the survey were from the age group of Above 50.
FIG. 3.

19
3. Profession:
Interpretation:
The survey conducted in Surat on the plastic
money, where majority were from Businessperson from their
occupation and second were the person from service background who
generally prefer plastic money instead of paper money due to
convenience. Out of people who were surveyed 12% are the student
41% are from business background 37% people are from service
background and 9% people are the other who use plastic money.
Student
12%
Business
41%
Service
37%
Doctor
1%
Unemployed
1%
Housewife
7% Lawyer
1%
Other
9%
FIG. 4. PROFESSION (SURAT)

20
Interpretation:
The survey conducted in Agra on the plastic money,
where majority of people were from service background and second
were the person from Business background who generally prefer
plastic money instead of paper money due to new laws and policies of
government. Out of people who were surveyed 21% are the student
32% are from business background 36% people are from service
background and 5% of them are housewife and 6% are the people
from other background.
FIG. 5.

21
4. Annual Income
Interpretation:
The survey conducted on “Plastic Money and Paper Money” in
Surat was then bifurcated in the area of annual income. The people who
were surveyed were from the annual income as, 16.5% people were having
less than 1, 80,000 income, 33% people were having 1, 80, 000 – 3lacs
income. 32% people were having 3-5lacs and last remaining 20% were
having an annual income above 5lacs.
17
34 32
20
0
5
10
15
20
25
30
35
40
0-Rs.1,80,000 Rs.1.80,000-Rs.3,00,000Rs.3,00,000-Rs.5,00,000 ABOVE Rs.5,00,000
FIG. 6. ANNUAL INCOME ( SURAT)
0-Rs.1,80,000 Rs.1.80,000-Rs.3,00,000 Rs.3,00,000-Rs.5,00,000 ABOVE Rs.5,00,000

22
Interpretation:
The survey conducted on “Plastic Money and Paper Money” in
Agra was then bifurcated around annual income. The people who were
surveyed were from the annual income as, 26.5% people were having less
than 1, 80,000 income, 30.6% people were having 1, 80, 000 – 3lacs income.
25.5% people were having 3-5lacs and last remaining 17.3% were having
an annual income above 5lacs.
26
30
25
17
0
5
10
15
20
25
30
35
FIG. 7. ANNUAL INCOME ( AGRA)
0-Rs.1,80,000 Rs.1.80,000-Rs.3,00,000 Rs.3,00,000-Rs.5,00,000 ABOVE Rs.5,00,000

23
5. Marital Status
Interpretation:
The survey conducted in Surat on “Plastic Money and Paper
Money” where the percentage I got after the analysis of data was that
74% of the respondents who answered were married and rest 26% or
respondents were single.
26%
74%
FIG. 8. MARITAL STATUS (SURAT)
Single Married

24
Interpretation:
The survey conducted in Agra on “Plastic Money and Paper
Money” where the percentage I got after the analysis of data was that
66% of the respondents who answered were married and rest 34% or
respondents were single.
34%
66%
FIG. 9. MARITAL STATUS (AGRA)
Single Married

25
IV. FINDINGS
1. Types of Plastic Money used by people and rate of its usage.
Interpretation:
The survey conducted on the plastic money, where I asked the
question that do you have any idea about the plastic money and which? The
entire respondents are having idea about the plastic money and I live at the
age of plastic money, and according to the survey people are now much
aware about the plastic money and their usage. Most popular among the
ATM, Debit, Credit, & other Specific Outlet Card is the Credit Card in
Surat.
61
31
53
8
0
10
20
30
40
50
60
70
CREDIT CARD DEBIT CARD ATM CARD SPECIFIC OUTLET CARD
FIG. 10. Q1. PLASTIC MONEY (SURAT)

26
Interpretation:
The survey conducted on the plastic money, where I asked the
question that do you have any idea about the plastic money and which? The
entire respondents are having idea about the plastic money and I live at the
age of plastic money, and according to the survey people are now much
aware about the plastic money and their usage. Most popular among the
ATM, Debit, Credit, & other Specific Outlet Card is the Credit Card in Agra.
47
41
27
20
0
5
10
15
20
25
30
35
40
45
50
CREDIT CARD DEBIT CARD ATM CARD SPECIFIC OUTLET
CARD
FIG. 11. Q1. PLASTIC MONEY (AGRA)

27
2. Convenience of respondents while paying in routine life
Interpretation:
As per the survey on ―paper money and plastic money in Surat, when it
was surveyed on the topic as the most convenient way to pay, people still
prefer paper money i.e., cash over the plastic money 43.68% are preferred
to pay the bill by cash. Other 22.33% are preferred to pay the bill is through
card and there are the people who prefer both way for the convenient
payment which is 33.98%.
As per the survey on ―paper money and plastic money in Agra, when it
was surveyed on the topic as the most convenient way to pay, people still
prefer paper money i.e., cash over the plastic money 54% are preferred to
pay the bill by cash. Other 27% are preferred to pay the bill is through card
and there are the people who prefer both way for the convenient payment
which is 19%.
Overall still people prefer Paper Money for payments in their routine life.
43.68%
54.00%
22.33%
27.00%
33.98%
19.00%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
SURAT AGRA
FIG. 12. CONVINIENCE OF RESPONDENTS
WHILE PAYING (SURAT & AGRA)
CASH CARD BOTH CASH & CARD

28
3. Convenience of respondents for payment while traveling
Interpretation:
As per the survey on “paper money and plastic money” in Surat, when it
was surveyed on the topic as the most convenient way to pay while
travelling, people still prefer paper money i.e., cash over the plastic money
in 63.68% are preferred to pay the bill by cash. Other 22.68% are preferred
to pay the bill is through card and there are the people who prefer both way
for the convenient payment which is 1.34%.
As survey conducted in Agra, when it was surveyed on the topic as the most
convenient way to pay while travelling, people still prefer paper money i.e.,
cash over the plastic money in 74% are preferred to pay the bill by cash.
Other 23% are preferred to pay the bill is through card and there are the
people who prefer both way for the convenient payment which is 3%.
63.68%
74.00%
22.68% 23.00%
1.34% 3.00%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
SURAT AGRA
FIG. 13. RESPONDENT’S PREFERENCE TO
CARRY WHILE TRAVELLING (SURAT & AGRA)
CASH CARD TRAVELLERS CHEQUE

29
4. As per people is credit card expensive due to various charges
charged on it
Interpretation
The survey conducted on the plastic money and paper money
where we have surveyed that do you fine credit card to be an expensive
as compare to other so nearly 65% respondents are saying yes for the
same and remaining 35% saying no for the same.
65%
35%
FIG. 14. CREDIT CARD IS EXPENSIVE OR
NOT? (SURAT)
YES NO

30
Interpretation
The survey conducted on the plastic money and paper money
where we have surveyed that do you fine credit card to be an expensive
as compare to other so nearly 80% respondents are saying yes for the
same and remaining 20% saying no for the same.
FIG. 15.

31
5. Do you find credit card to be the safest mode of transaction?
Interpretation:
The survey conducted on the plastic money and paper money in
Surat where 72% respondents are saying yes that plastic money is better
mode of transaction compared to other mode and only 20% are saying no
that plastic money/card is not safest mode of the transaction and remaining
8% people are confused. The people are now being getting more aware for
plastic money and its usefulness and hence they have started preferring
plastic money.
75
21
7
0 10 20 30 40 50 60 70 80
YES
NO
NO COMMENTS
FIG. 16. Q5. PLASTIC MONEY IS SAFEST MODE
OF TRANSACTION OR NOT? (SURAT)
YES NO NO COMMENTS

32
Interpretation:
The survey conducted on the plastic money and paper money in
Agra where 54% respondents are saying yes that plastic money is better
mode of transaction compared to other mode and only 42% are saying no
that plastic money/card is not safest mode of the transaction and remaining
4% people are confused. The people are now being getting more aware for
plastic money and its usefulness and hence they have started preferring
plastic money.
54
42
4
0 10 20 30 40 50 60
YES
NO
NO COMMENTS
FIG. 17. Q5. PLASTIC MONEY IS SAFEST MODE
OF TRANSACTION OR NOT? (AGRA)
YES NO NO COMMENTS

33
6. Reason for not preferring Plastic Money
Interpretation
The survey conducted on plastic money and paper money in
Surat, where 48% respondents are not using plastic money because they are
afraid of Malpractices by outlet owners. And 22% respondents are having
doubt because of their instable income and the 19% are having lack of
knowledge about the plastic money and remaining 11% were not preferring
it because of Lack of Trust Misuse by other.
6, 22%
5, 19%
13, 48%
3, 11%
FIG. 18. REASON FOR NOT PREFFERING
PLASTIC MONEY (SURAT)
INSTABLE INCOME
LACK OF KNOWLEDGE
MALPRACTICES BY OUTLET
OWNERS
LACK OF TRUST MISUSE BY
OTHER

34
Interpretation
Agra, where 58% respondents are not using plastic money because they are
afraid of Malpractices by outlet owners. And 19% respondents are having
doubt because of their instable income and the 16% are having lack of
knowledge about the plastic money and remaining 7% were not preferring
it because of Lack of Trust Misuse by other.
8, 19%
7, 16%
3, 7%
25, 58%
PLASTIC MONEY (AGRA)
INSTABLE INCOME
LACK OF KNOWLEDGE
MALPRACTICES BY OUTLET
OWNERS
LACK OF TRUST MISUSE BY
OTHER

35
7. Reason for not preferring paper money
Interpretation
Surat, where 22% respondents are having fear of theft while making
payment through paper money. And 6% respondents are having doubt that
there is chance of duplicity of paper money and the majority of 72% are
having fear and wear of the paper money that’s why now a days plastic
money’s use is increasing day by day.
18, 22%
5, 6%
59, 72%
PAPER MONEY (SURAT)
FEAR OF THEFT
INCREASING DUPLICITY
WEAR & TEAR

36
Interpretation
Surat, where 39% respondents are having fear of theft while making
payment through paper money. And 44% respondents are having doubt that
there is chance of duplicity of paper money and remaining 17% are having
fear and wear of the paper money that’s why now a day’s plastic money’s
use is increasing day by day.
23, 39%
26, 44%
10, 17%
PAPER MONEY (AGRA)
FEAR OF THEFT
INCREASING DUPLICITY
WEAR & TEAR

37
8. Which has more life
Interpretation
As per the survey in Surat as they were preferring Plastic
Money 82% of the respondents were preferring Paper Money. And
remaining 18% prefer Plastic Money.
PLASTIC MONEY
18%
PAPER MONEY
82%
FIG. 22. WHICH HAS MORE LIFE? (SURAT)
PLASTIC MONEY PAPER MONEY

38
Interpretation
As per the survey in Agra as they were preferring Plastic
Money 73% of the respondents were preferring Paper Money. And
remaining 27% prefer Plastic Money.
PLASTIC MONEY
27%
PAPER MONEY
73%
FIG. 23. WHICH HAS MORE LIFE? (AGRA)
PLASTIC MONEY PAPER MONEY

39
9. Will Plastic Money will penetrate more in society in future.
Interpretation
We live at the age of plastic money. People are now getting
aware about the plastic money and their usage. Majority of the people in
Surat agreed that plastic money usage will be more in the future. As we
survey and find the result that 84% respondents are agree on the statement
and the remaining 16% are disagreed on the statement.
84%
16%
FIG. 24. Do you think Plastic Money will
peneterate more in future? (SURAT)
AGREE DISAGREE

40
Interpretation
We live at the age of plastic money. People are now getting
aware about the plastic money and their usage. Majority of the people in
Agra agreed that plastic money usage will be more in the future. As we
survey and find the result that 82% respondents are agree on the statement
and the remaining 18% are disagreed on the statement.
82%
18%
FIG. 25. Do you think Plastic Money will
peneterate more in future? (AGRA)
AGREE DISAGREE

41
10. More & More circulation of plastic money will help to
crab the black money from our economy
Interpretation
Proceeded by the increasing use of plastic money i.e. through
cards. The circulation of money increases in the market. So, with the
increasing cash liquidity in the market there is a major possibility of the
black money circulation in the market. As a result, we get that 77.6%
respondent are saying yes for the statement, 22.3% respondents are saying
no for the same statement.
80
23
0 10 20 30 40 50 60 70 80 90
YES
NO
FIG. 26. MORE & MORE TRANSACTIONS TRHROUGH CREDIT
CARD & DEBIT CARD WILL HELP TO CRAB BLACK MONEY
CIRCULATION IN ECONOMY? ( SURAT)
YES NO

42
Interpretation
Proceeded by the increasing use of plastic money i.e. through
cards. The circulation of money increases in the market. So with the
increasing cash liquidity in the market there is a major possibility of the
black money circulation in the market. As a result we get that 66%
respondent are saying yes for the statement, 30% respondents are saying no
for the same statement and remaining 4% gave no comments to the
statement.
66
30
4
0 10 20 30 40 50 60 70
YES
NO
NO COMMENTS
FIG. 27. MORE & MORE TRANSACTIONS TRHROUGH CREDIT
CARD & DEBIT CARD WILL HELP TO CRAB BLACK MONEY
CIRCULATION IN ECONOMY? ( AGRA)
YES NO NO COMMENTS

43
11. Respondents action, if they were the finance minister of
country
Interpretation
As per the Survey on Plastic Money vs. Private Money in Surat,
a majority of 49% people want to have both in equal proportion plastic
money and paper money in economy. 41% people want only plastic money
in economy. Remaining 10% of people still wants whole economy to be
using paper money only.
9
43
51
0
10
20
30
40
50
60
PAPER MONEY PLASTIC MONEY BOTH IN EQUAL PROPORTION
FIG. 28. Respondents action, if they were
the finance minister of country (SURAT)

44
Interpretation
As per the Survey on Plastic Money vs. Private Money in Agra,
a majority of 51% people want to have an economy with only plastic money.
31% people want both Paper & Plastic money in economy. Remaining 18%
of people still wants whole economy to be using paper money only.
18
51
31
0
10
20
30
40
50
60
FIG. 29. Respondents action, if they were
the finance minister of country (AGRA)

45
Views of Respondents on Future of Cash & Card (Surat)

46
VIEWS OF RESPONDENTS ON FUTURE OF CASH & CARD (AGRA)
• PLASTIC MONEY WILL BE CIRCULATED WITH MORE FACILITIES
• GOOD
• ONLY CARD WILL CIRCULATE & CASH WILL DISAAPEAR LIKE
FOREIGN COUNTRIES
• CARD IS BETTER
• CARD IS MORE FAVOUURABLE- 11
• NIL
• CARD HAVING BRIGHT FUTURE
• NO COMMENTS-2
• BRIGHT FUTURE OF CARD
• LESS CASH MORE CARDS-2
• INCREASE IN USED OF CARD-2
• MORE USEDOF CARDS- 7
• CAN’T SAY
• CASH WILL BE USED BY EVERY PERSON & THE CASH WILL
INCREASE, CARD WILL ALSO INCREASE BUT ONLY IN MIDDLE
CLASS & UPPER-CLASS SOCIETY
• BOTH WILL BE USED-8
• CASH IS MORE RELIABLE SO PEOPLE WILL USE MORE CASH THAN
CARD-4
• NO CASH ONLY CARD & CHEQUE-4
• CASH WILL NOT BE USED AS MUCH AS CARD-3
• CASH WILL BE USED IN LESS AMOUNT
• MODI IS GOING TO LOOSE (SAURABH GOYAL)

47
VI. KEY FINDINGS
i. Major Findings
• Still majority of people thinks that Paper Money has more life.
• India alone holds 800 million card holders.
• Even after a lot of practices of government still the preference
is given to paper money as compared to plastic money.
OBJECTIVES QUESTIONS RELATED
AREA
COVERED FINDINGS
To know the perception of
the people towards Plastic
Money & Paper Money
Q4, Q5, Q6, Q7, Q8, Q9, Views
of Respondents
Expensive
because of
charges, Safety,
Reasons for their
preference to
any of the two,
More Life
People think that
credit cards are
expensive, Paper
Money has more
Life. But still they
have a hope that
cars will flourish
more in future.
To know the usage of
Plastic Money in daily life of
consumer in selected cities.
Q2, Q3
Travelling, Daily
routine life
Either it is their
daily routine or
travelling, more
preference is
given to Paper
Money.
To know the perception of
people in Surat & Agra in
relevance to the Role of
Plastic money to crab
black money from the
economy
Q10 Direct Question
People have
some high
expectations that
more and more
usage of plastic
money will curb
the problem of
“Black Money in
India”.
To find out which is the
most reliable source of
payment for people in the
two selected cities.
Q5 Safety
According to
people, Plastic
Money is the
safest mode of
transaction.

48
ii. Limitations
• Increasing the sample size would have resulted in more
accurate findings.
• Lack of Time.
• Reluctance of generally female respondents.
iii. Suggestions
• For healthy existence in competitive card market bank
should concentrate on customer satisfaction
• Public banks should tie up with technologically strong
institutions, which will go a long way in providing
economies of scale.

49
VII. CONCLUSION
From the above analysis, we can conclude that the use of plastic money is
increasing day by day. But still Paper money has been given more preference by
people.
Plastic money is helpful in different situations in life and people are getting more and
more aware of its merits and demerits but in the research, work I have come across
more of the benefits of using plastic money rather than its demerits because credit
cards can help a person during emergencies and in other difficult situations of life
which acts as an asset to its holder. Therefore, it is fair to say that the growth of use of
plastic money in India is definitely a boon as it has given people a whole new
dimension to carry out transactions and made life a lot easier.
Apart from that the good thing is that people think that plastic money is more safe and
convenient to use. The study also highlights the role of these cards as electronic
payment tool to be used by customer. Some plans made by various banks and
institutions are also summarized in a way that it depicts the picture of its growth and
prospects of India.

50
VIII. REFERENCES
BOOKS:
• Plastic Money - An Introduction by Mrudula E
• The Past, Present and Future of Plastic Money by J.B. Forrest
• Paper Or Plastic:Money Management and Credit Card Education by Nathan
B.Hogan
LINKS:
http://indianexpress.com/article/news-archive/web/46-indian-credit-card-users-worry-
about-frauds/
http://ijmms.in/sites/ijms/index.php/ijmms/article/view/138/143
http://www.mbaskool.com/
http://www.studymode.com/
http://business-finance.blurtit.com/
https://www.slideshare.net/indernegi921/plastic-money-33457540
http://en.wikipedia.org/
https://www.statista.com/statistics/279257/number-of-credit-cards-in-circulation-
worldwide/
https://www.slideshare.net/hemanthcrpatna/analysis-and-optimization-of-maintenances-
management-of-instruments
https://www.scribd.com/doc/8351190/Impact-of-Plastic-Money-on-Paper-Money
https://rbi.org.in/scripts/ATMView.aspx?atmid=51
https://www.quora.com/How-many-Credit-Card-Debit-Card-Net-banking-account-holders-
are-there-in-India
https://cashcofinancial.com/2016/01/the-history-of-plastic-money/
https://www.google.co.in/search?q=when+was+credit+card+introduced+in+India&oq=whe
n+was+credit+card+introduced+in+India&aqs=chrome..69i57.13935j0j7&sourceid=chrome
&ie=UTF-8
http://www.worldatlas.com/articles/which-are-the-world-s-most-cashless-countries.html
http://www.creditcards.com/credit-card-news/credit-cards-history-1264.php
http://www.icmrindia.org/casestudies/catalogue/IT%20and%20Systems/Plastic%20Money-
IT%20and%20Systems-Case%20Studies.htm

51
APPENDIX 1: APPROVED QUESTIONNAIRE

53
APPENDIX 2: On Sight Photographs & Ticket
AGRA:

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