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Use of plastic money essay

use of plastic money essay

states We will keep on consuming, spending, wasting and driving as before at any cost to anything and everybody but ourselves. Income Since, the evolution towards a cashless society and plastic money, Banks observed closely the trends in personal income, savings and interest rates to redefine and design the products that they offer. Kotler (1999,.243) has defined personality as the unique psychological characteristics that lead to relatively consistent and lasting responses to ones own environment. With the rapid expansion and exponential growth in the technology field, the use of plastic money and the need for a cashless society has evolved to a great extent. However, using cards as a mean for payment is a system that certainly lack transparency and it had limited attention. Obviously, the tastes of consumers change when age and life cycle is mattered and so the purchase of goods and services as well changes.

According to the Sharia, credit cards is permissible in Islam as long as one does not delay paying the bills and pay the total amount on time whereas in other countries the use of credit card is forbidden even if the user is certain that. Moreover, nowadays marketers are referring to people personality traits so as to make an effective advertising for their products. (Pakistan Standard Chartered, 2007). Maslow derived that the different needs in order of importance are physiological needs, safety needs, social needs, esteem needs and self actualization.

In what are the 5 parts of an essay all societies, there exist social class hierarchies that differentiate higher status to some class of people than to others. Hence, in a survey carried by Thomas A Durkin (2000 based on consumer attitudes towards credit cards at University of Michigan, both people who use plastic cards and those who did not were surveyed so that their attitudes could be tracked over time. 21 Iss:. A person might decide to take up a credit card with respect to his disposable income, savings or borrowing power. Moreover, Bhasin adds other factors such as social, cultural, personal and psychological as main determinants of consumer behaviour. Some will spend to buy what they want now whereas others will engage in self denial to save. Beliefs Attitude Consumers belief and attitude is different and will always be different because the theory of perception defines people with different school of thoughts.

Using credit and debit cards puts you at higher risk of identity theft than using cash. Pre-paid Cash Cards As the name suggests the user will add credit to the card themselves, and will not exceed that amount. Different Types of Plastic Money. Moreover, it has been mentioned that reference groups influence purchasing behavior through: Socialization, Process by which individuals acquire the skills, Knowledge, Values, Attitudes that is relevant for functioning in a given domain. Hence, a cashless transaction does not evoke the thought of the amount of money spent at the time of purchase as compared to cash payment which evokes thoughts about costs/benefits of purchase as time of purchase (Prelec and Loewenstein 1998,.25) and according to the. The role of employees in encouraging customer adoption of new gaming machine payment technologies International Journal of Contemporary Hospitality Management, Vol. Wise use is beneficial to your credit report. Therefore, a jovial and active person will tend to own a plastic card with unlimited or maximum credit limit that can give him the greater choice for his needs and wants.