Abstract
This study aims to understand the users’ knowledge about plastic money, its current use, challenges they faced and way-forward. Based on descriptive research design, primary data is used for the purpose as per its suitability. A structured questionnaire has been arranged with the help of KOBO and devised for the information assortments from 404 plastic money users. Results found that people who use plastic money usually work in banks and financial institutions (33.87%) and are from the nuclear family (62.62%), with income between 25001 – 50000 (56%). 95.79 % of the respondents know about plastic money, and 86.3 % have plastic money. 88 % of respondents said they feel safe while using plastic money. 40.72% of respondents have faced challenges and problems while using plastic money. The majority (79.28%) of respondents believed that using the bank's services could be solved. It can be solved by giving training (34.85%), quick response to the problem raised by users (44.32%), update technology (34.47%) and keep a good network in the ATMs (71.79%) and quick solutions to the user's problems (75.76%). This study concludes that hassle-free transactions, a low-interest rate of credit cards, attractive advertisement, and awareness of how plastic money can use help and attract users of plastic money. .
Highlights
Plastic money is the conventional term for a wide range of bank cards, debit cards, credit cards, and so on (Singh, 2017; Raviprolu, 2017)
This study finds that 88 % of respondents had said they feel safe while using plastic money, whereas 12% have said they do not feel safe while using the plastic money
Based on the finding above, this study concludes that males are prone to use plastic money compared to females in Nepal
Summary
Plastic money is the conventional term for a wide range of bank cards, debit cards, credit cards, and so on (Singh, 2017; Raviprolu, 2017). It is a term utilized overwhelmingly about the hard plastic cards we utilize each day instead of banknotes (Negi, 2014). ICMR (2002) stated that the development of plastic money goes back to the 1920s when the first payment card was presented in the USA. Diners Club and American Express propelled the world's first plastic card in the USA in 1950.
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