Plastic Money Research Articles

CASHLESS SOCIETY MANAGING PRIVACY AND SECURITY IN TECHNOLOGICAL AGE

A cashless society is an economic state which handles financial transactions not in the form of traditional mediums of currency, such as cash or coins, but by transferring digital data (usually by electronic means, such as credit cards and mobile data) between participating parties. Participants of a cashless society must Figure out a way to protect their transaction data, acknowledging the risks of organizations collecting mass amounts of said data, which result in a reduction of personal privacy. Balancing individual privacy with data security is vital in the information age, especially considering the increasing risk of data breaches and exploitation. In order to increase privacy in a cashless society, a few courses of action can be combined to produce a lasting and desirable result for users: A new kind of banking service that assigns randomized numbers to credit cards, the use of blockchain to monitor all transactions from individuals, and a campaign to educate and inform key stakeholders about security and privacy risks to provide the necessary tools and background knowledge to safeguard their own information before interaction with a foreign entity or other third parties i.e. cyber security departments, IT technicians, etc. Blockchain and card number randomization are both susceptible to zero-day errors, bugs, and varied levels of social acceptance. This preliminary research draws on a systems analysis of cashless systems to identify and analyze a set of social and technical solutions to support a robust cashless system that protects users’ privacy and maintains the security of the system. The information found and analyzed will be beneficial by exposing weak points in current methods of data integrity and security. Learning about current and future methods of managing privacy and data security in the technological age would be helpful in creating preventative counter measures. Key Words: Cashless economy, e-banking, card swipe, digital money, plastic money, transparency and digital transaction.

Bank Customers’ Perception Towards Debit Cards in Sholinganallur, Chennai

The term "plastic money" refers to the sturdy plastic cards that are used in daily life in place of real banknotes. One sort of innovation that allows consumers to access banking services without having to limit their use to official banking hours is the use of plastic cards. consumers can utilize these services simply by possessing the card that the bank issues. They are available in a variety of formats, including shop cards, credit cards, debit cards, and pre-paid cash cards. For the study, both primary and secondary data were employed. In Sholinganallur, Chennai, bank clients using debit cards provided the primary data. There are 300 people in the study's sample. ANOVA, factor analysis, and descriptive statistics are the instruments utilized in the analysis. According to the study's findings, 55% of clients of public sector banks in Sholinganallur and 72% of holders of plastic money at private sector banks indicated satisfaction with the type and caliber of services they received. The paper seeks to examine how Sholinganallur consumers view debit cards.

What Influences Kathmandu Valley Users' Attitudes Toward Plastic Money: Evidence from an Ordered Logistic Model

The use of plastic money has grown over time. Previously availed by a few, the use of plastic money amongst people with bank accounts has surged tremendously. In 2020, it was discovered that over 78 lakh individuals in Nepal utilized plastic money. This study aims to analyse determining factors that affect users’ attitude toward plastic money in Kathmandu valley. The Kathmandu valley was chosen as the study location because people from many workgroups and locations travel here in quest of varied opportunities, resulting in a diverse range of viewpoints. Both primary and secondary data were used for gathering relevant information. Questionnaire of structured type was developed to gather the response from 404 respondents and convenient sampling method was employed for the selection of respondents. The data collected was analysed using ordered logistic regression. Findings from the study indicated that 95.79% respondents have knowledge regarding plastic money and users carry a positive attitude towards use of plastic money. However, if banks would enhance their ATM services, then respondents are more likely to use plastic money. This study thus concludes that though awareness about plastic money is gender neutral, however, males prefer to use plastic money more than female. Hence, the convenience, security and incentives brought in by cards over scores cash usage.

Cash to Cashless Economy: Opportunities & Challenges in India

Cash may be defined as the legal common way for all kinds of material transactions in an economy. In a highly unorganized economy, the circulation of currency notes without disclosing of its actual income to appropriate authorities provides enough scope for the accumulation of black money in the hands of people as well as the circulation of duplicate currency notes. So, it is necessary to promote digital transaction & plastic money in order to track all the payments and income sources of people. Cash use doesn't seem to be waning all that much, with around 85% of global payments still made using cash. the main reasons are that there is nothing to truly compete with the flexibility of notes and coins. Indian governments also inclined to transform the Indian banking system from traditional branch-based practices to technology-driven cashless banking. And for this it provides enough opportunities such as increasing mobile & internet penetration, raising disposable income, ensuring various lifestyle, urbanization, increasing foreign investment and latest economic and taxation reforms, etc. to accelerate digital transactions but we have to encounter a number of challenges also like poor internet connectivity in rural areas, digital literacy, cybersecurity issues, highly fragmented unorganized economy, etc. Now we can conclude that we have initiated such measures which will pave the way for such a digital transformation of the Indian economy.

A Holistic Study on India’s Currency Revolution: E-rupee

In the realm of digital revolution and advancement, the subject matter of currency had been evolved to many different scenarios. From coins to notes to plastic money and finally to digital currency, our traditional medium of exchange had gone through a big transition in the past decades. In the economic concept of going for paperless and cashless, man has developed several different modes like Debit card and credit cards (Plastic money) as meeting economic settlement of exchange. But unfortunately, due to environmental commitment of cutting the utility of plastics and centralization of chips manufacturing ability to some few nation’s only, the concept of plastic money can’t be a one fix permanent solution to this currency revolution initiatives. Therefore we have many economies today who are concentrating their efforts towards making their currency digital. The concept of Central Bank Digital Currency (CBDC) is the new concept in this story of currency Revolution. If we check out the global scenario, there are close to 10 countries around the world who have digital currency, as per the reports of India times. To a surprise of the world, we had littoral and islands nation’s too, who are really doing a good job to channelize their currency towards a digital shift. The Bahamas, Jamaica and Singapore like island nation’s too had taken a massive step towards currency digitalization. In the bid to make Indian Currency also adapt with this digital shift, we in India too had successfully running our currency digitalization for the E-Rupees. Although, E-Rupees success in India is yet in the pilot stage and its full-fledged implementation is yet to be put in place. But the point of the matter is that India very soon is going to be in e rupees market. E rupee will going to be in every pocket very soon. Thanks to the digitalization, and demonetization of 2016 that E-Rupees will be the new reality of India. E-Rupees will be in every hands very soon. Point of the matter is that we all must push our self for this currency revolution. India is hopeful That the pilot project of E-Rupees will chase the full-fledged success and very soon India will chase economic triumph. The introduction of E-Rupees will initiate a new dawn of economic growth for the Indian people. Indians will be going to be more empowered in the financial terms as Indian Central Bank i.e. will be making better initiatives for strengthening the businesses as well as Indian citizens. In this research paper, we will be analyzing all the aspects about E-Rupees and how it can be a game changer for Indian Economy in the coming years. Also we will be focusing on its potential merits and demerits of aggregate economy as a whole as well as for the ultimate users. This research paper is prepared from the secondary data sources, and after taking references from like-minded journals, magazines, articles, editorials and research papers. The aim of writing this research paper is to highlight the fact that How Indian Currency is stepping ahead towards digital revolution in this digitalized world.

Impact of Plastic Money on Impulsiveness of Purchase Decisions Among Gcc Customers

Impact of Plastic Money on Impulsiveness of Purchase Decisions Among Gcc Customers

Application of fingermark enhancement techniques on Clydesdale Bank and Royal Bank of Scotland £10 and £5 polymer banknotes in a pseudo-operational trial

The aim of this study was to apply the two most effective enhancement sequences for latent fingermarks on Clydesdale Bank and Royal Bank of Scotland polymer banknotes (£10 and £5), as determined in a previous study, to a pseudo-operational trial. The two enhancement sequences established as being the most effective for these types of notes were superglue fuming using PolycyanoUV followed by black magnetic powder, and black powder suspension. Both enhancement sequences included a fluorescence examination before enhancement, and after-treatment using white light, followed by Infrared light. The study conducted by Joannidis et al. was carried out in a controlled laboratory environment where all variables, i.e., the position and age of each fingermark, were known and controlled. However, these conditions do not accurately mirror those of polymer notes seized as part of a criminal investigation. The two most effective enhancement sequences were therefore tested in a pseudo-operational trial to determine whether they would be as effective when applied to banknotes that mimicked those seized in an investigation. To mimic these conditions 102 banknotes from each bank (each containing a mixture of circulated and uncirculated banknotes) were left out in the laboratory for four weeks for the laboratory staff to randomly handle. The results from this pseudo operational trial confirmed the outcomes of the previous study. Superglue fuming (using PolyCyano UV) followed by black magnetic powder was found to be effective in enhancing fingermarks on both Clydesdale Bank and Royal Bank of Scotland polymer banknotes (£10 and £5). This was closely followed in effectiveness by powder suspension which, although it gave slightly poorer results than superglue followed by black magnetic powder, was also effective at enhancing ridge detail. This study also confirmed that Infrared light (730–800 nm), with the addition of an 815 nm filter for notes processed using superglue and black magnetic powder,aided in the reduction of background pattern interference when photographing any ridge detail.

Comparative Study Between Debit Card & Credit Card Users in Greater Noida City

The report was undertaken on the comparative study between debit card and credit card with the objective of to identify which is been used more by the people in their day to day usage The report was undertaken to make a comparison of debit card and credit card because as the Ancient India is turning towards Digital India and also now people are preferring to pay via debit or credit cards 1. Brief introduction about topic and reason for selection of topic : I have selected my topic as Comparative study between debit card and credit card they are commonly also known as payment cards or plastic money as it enables an individual to carry plastic money with him/her self and can make payment at a single 2. Objective of the study : The primary objective is to know the comparison between debit and credit card users in Greater Noida and it also indicates that is what people prefer the most to pay debit card or credit card & why they prefer such. 3. Research methodology : The method used in this project is NON – PROBABLISTIC CONVENIENCY SAMPLING technique. 4. Data analysis and presentation : The data collected from the respondents are been analyzed with keeping view point of comparison between debit card and credit card. Thus from this project it could be concluded that people use more of debit cards rather then credit cards but as the environment is changing the buying and spending habit of consumers is also changing and we can say that in near future people will use more of credit cards and will buy the products of credit basis.

Study on Awareness of Payment and Adoption of Digital Payment System among Commerce Students

India is a country with developing stage. The growth of economy is done into the fasted speed. Purchase and selling of products among the people was happened in old age years. Firstly people use barter system as the medium of exchange among the goods. But due to economic value of product the exchange in barter system had become difficult. So the concept of money was introduced among the people in the country. Money’s like Coins , Paper money and plastic money was introduced to the people. Then Later RBI has launched UPI or digital payment systems in the country. The young generation in India have made them self very comfortable with online or digital payment. Not only the young generations or college students but salaried people or people with earning income i.e educated and uneducated all have made themselves comfortable with digital payment systems. Due to immense growth in economy of India and growth in technology sector RBI have boosted digital payment on large platform. Google Pay, Paytm, Phone Pay, BHIM application and others. Smart cell phones in the hands of young generations and people have help a lot to increase the usage of digital payments among the people in India.

The Performance Analysis of Machine Learning Algorithms for Credit Card Fraud Detection

This paper studies the performance analysis of machine learning (ML) and data mining techniques for anomaly detection in credit cards. As the usage of digital money or plastic money grows in developing nations, so does the risk of fraud. To counter these scams, we need a sophisticated fraud detection method that not only identifies the fraud but also detects it before it occurs efficiently. We have introduced the notion of credit card fraud and its many variants in this research. Numerous ML fraud detection approaches are studied in this paper including Principal Component Analysis (PCA) data mining and the Fuzzy C-Means methodologies, as well as the Logistic Regression (LR), Decision Tree (DT), and Naive Bayes (NB) algorithms. The existing and proposed models for credit card fraud detection have been thoroughly reviewed, and these strategies have been compared using quantitative metrics including accuracy rate and characteristics curves. This paper discusses the shortcomings of existing models and proposes an efficient technique to analyze the fraud detection.

Polymer Banknotes: A Review of Materials, Design, and Printing

Nowadays, more than 45 countries in the world use polymer banknotes in their monetary and banking systems. It is expected that by 2030, another 20 countries will abandon the use of paper banknotes and switch to polymer banknotes. Recent research shows that several countries in the Middle East and the European Union will switch to printing and using polymer banknotes soon due to the advantages of polymer banknotes. Polymer banknotes are made of polymeric materials. They possess very special optical security features and promote sustainability in the world, which motivated us to review recent materials, design, optical technologies, and printing methods in this respect. Since the topic of polymer banknotes is new and there are not many articles and research about them, this review specifically focuses on the structure of the constituent materials and security features and their reuse with an emphasis on sustainability and environmentally friendly banknotes. Specifically, analyses of 3D polymer films and the security properties of polymer banknotes are carried out. Finally, comparison studies with paper banknotes are performed, and pertinent conclusions are outlined.

IMPACT OF CUSTOMER SATISFACTION ON CONSUMERS' ATTITUDES ON THE USE OF PLASTIC MONEY: THE MEDIATING ROLE OF TRUST

The study's primary goals are to quantify the link between consumer satisfaction and their perceptions of using plastic money, as well as the mediating role that trust plays in this relationship. Using a structured questionnaire issued to customers of fifty branches of public and private sector banks operating in New Delhi, the study was based on the attitudes of plastic money users in the Indian capital, New Delhi. The elements that affect customer satisfaction have been identified using factor analysis, and the mediating effect of the trust factor has been examined using regression analysis and partial regression. A study found that customers' attitudes towards using plastic money are highly influenced by how satisfied they are with the product and that the trust factor plays a large mediating role in this relationship. Time, cost, convenience, reward points or offers, and the range of services were discovered to be the primary factors that influence consumer satisfaction levels. Only bank customers were included in the study's sample unit, which had a strict city-wide restriction.

Studies into exfoliation and coating of Egyptian blue in methanol for application to the detection of latent fingermarks

We have recently demonstrated that coated exfoliated Egyptian blue powder is effective for detecting latent fingermarks on a range of highly-patterned non-porous and semi-porous surfaces. In this extension of that work, we present our studies into an alternative approach to prepare exfoliated Egyptian blue coated with cetrimonium bromide and Tween® 20 using a simpler technique. The quality of the latent fingermarks developed with these exfoliated powders and the commercial powder were compared in acomprehensive study. Depletion series of natural fingermarks from a wide range of donors (12 males and females) deposited on non-porous (glass slides) and semi-porous (Australian banknotes) surfaces were used in this study. Enhancement in the performance of the coated exfoliated particles compared to the commercial powder was observed, particularly in the case of aged fingermarks and polymer banknotes as challenging substrates.

Development of the Payment Cards Market in Poland in the Era of the Covid-19 Pandemic

Abstract Research background: In the era of the COVID-19 pandemic, the tendency of bank customers to use mobile banking is increasing. This is primarily due to the perceived ease and benefits of its use and the subjective assessment of the level of security of such a system. The main goal will therefore be to create such a mobile banking system, which in the era of pandemics, in addition to an easy-to-use interface, will also offer increasingly advanced technological solutions that will provide the customer with a high level of security. In order to meet the expectations of customers, banks will continue to develop and improve the most popular channels of distribution of their services, which are undoubtedly payment cards. Purpose: The purpose of this article is to define and classify non-cash payment instruments on the Polish banking services market in the COVID-19 pandemic era. Research methodology: To examine the current situation prevailing in the payment card market, as well as the factors determining the development of non-cash payments and the direction of future changes in the COVID-19 pandemic era. The research used models of development tendency (trend), and then applied them to forecast changes that will take place on the payment cards market in Poland at the end of 2021 and in 2022. The analysis was carried out using the STATISTICA 13.3 program. Results: a payment card is one of the best options for obtaining cash and every year the traditional cash in the wallet is being displaced more and more by “plastic money”. Novelty: Furthermore, technological advances will bring new solutions to the payment card market and at the same time the e-money market will develop.

Main directions of cash flow improvement in Ukraine (with taking into account foreign experience)

Introduction. The main problems of cashless circulation in Ukraine are the problems of replacing or withdrawing some monetary marks from it and moving to a new (delegated) model of its organization. In solving these problems, the key role belongs to the National Bank of Ukraine. When deciding them, it is important that all participants in monetary circulation rely on foreign experience and existing scientific developments. The purpose of the paper is to study the current state of cashless circulation of Ukraine, identify the most significant problems and determine specific measures to improve cash payments and transition to the modern model of its organization. Results. The paper analyzes the main reasons for the replacement or withdrawal of cash: devaluation of the national currency; change in the scale of prices, which causes the denomination of the currency; the need to optimize the banknote-coin range of the national currency, as well as the structure of cash in circulation; economic expediency of issuing coins instead of banknotes of small denominations; insufficient protection of monetary marks from forgery; physical wear and damage to banknotes; orientation of financiers to large-scale banknotes; the risk of viral infection of people through cash; expansion of electronic money; transition to the use of plastic money; withdrawal from circulation of the Russian ruble in the territories occupied by Russia. In the modern period, in many countries, including Ukraine, it is necessary to switch from a partially controlled model of organization of cash flow to a delegated model. The essence of this model is that the central bank transfers on the terms of outsourcing some of the functions that it currently performs in the regions, other market participants – banks and companies Cash-in-Transit (SIT-companies). Conclusion. To improve cash flow in Ukraine, first of all, it is necessary to adhere to the inflation target of up to 5 %, consider the possibility of hryvnia denomination, complete the ordering of its banknote and coin series, and increase the security of large denomination banknotes. And the introduction of the delegated cash flow model should contribute not only to reducing costs for it, but also to the development of a competitive market for cash collection services.

Trace evidence dynamics of cocaine on banknotes: A comparison study of paper and polymer banknotes

It is well established that a large proportion of paper banknotes in circulation contain traces of cocaine. Being able to discriminate between the innocent transfer of illicit drug particles acquired through everyday interactions with surfaces such as banknotes, as opposed to transfer resulting from criminal activities can provide valuable intelligence that can inform an investigation. With many countries adopting polymer banknotes as legal tender, it is important to consider the transfer of cocaine from these surfaces as well as the retention of these particulates on polymer banknotes for evaluative interpretation in crime reconstruction. This comparison study assessed three contact variables (force, time, and rotation) on the transfer of cocaine particulates from paper and polymer banknotes onto a human skin proxy. The persistence of cocaine particulates was assessed through a realistic scenario which mimicked a cash transaction. Quantifiable amounts of cocaine were transferred onto the human skin proxy across all of the contacts assessed, with a greater transfer observed with contacts involving polymer banknotes and those contacts which involved rotation. Following extensive handling, cocaine persisted on both banknote types, with paper banknotes retaining larger amounts of cocaine than polymer banknotes. These findings show that cocaine can persist on both paper and polymer banknotes for extended periods of time following handling and is therefore available for transfer. This transfer then readily occurs, even when contact is brief and involves relatively small forces. A key distinction between the banknote types was that cocaine particulates are more likely to transfer from polymer banknotes due to the lower retention rate of particulates on this surface. Such insights can aid in evaluating the relevance of illicit drug particles identified on items or persons of interest in crime reconstruction approaches.

Satisfaction level of consumers toward plastic money in Udham Singh Nagar district of Uttarakhand

Plastic money has revolutionized in the economy, the payments in banking system have undergone a tremendous change, by facilitating digital transactions that can be conveniently carried out. The number of innovative products for making payment has Developed after the privatization and globalization. Present investigation aimed to assess the satisfaction level of consumers towards plastic money. For the purpose, a descriptive research was conducted in Udham Singh Nagar district of Uttarakhand where 60 males and females were randomly selected for the assessment. A satisfaction scale (5 point- Likert scale) was constructed, validated and used to get the required information. Majority of respondents said that it isa complex procedure and feel relaxed not too carry cashall the time. As it is popular electronic paymentrespondents choose this because it is a more secure way oftransaction. Plastic money facilitates to draw cash fromATM 24X7 and its use is less risky withanytime/anywhere access. It can also be used for dailyneeds and for paying utility bills. Respondents had a goodsatisfaction level towards plastic money they weresatisfied from the benefits that gets from plastic money.

Customer Perspectives on Plastic Money in Rural Areas

Customer Perspectives on Plastic Money in Rural Areas

The Impact of the Ongoing Pandemic on Digital Finance Transactions: An Empirical Analysis

The ongoing pandemic has resulted in a disruption of the life of all citizens and impacted all the spheres, more so the financial system because the Pandemic and its aftermath has shut all economic activity except those which as per the government directives are considered the most essential. This has deeply impacted private consumption, external trade as well as investment in the economy. Accordingly, both in retail stores and e-commerce orders, a common strand is that many of the consumers are now paying bills via digital payment mechanisms and taking contactless delivery of goods wherever possible. “Digital financial transaction systems, e-wallets and apps, online transactions using e-banking, usage of Plastic money (Debit and Credit Cards), etc. have recorded a substantial increase in demand during the crisis”. The objective of the present paper is to examine and analyze the digital finance transactions in selected cities during the ongoing pandemic

The Impact of Plastic Money Use on VAT Compliance: Evidence from EU Countries

This paper examines the impact of credit and debit card usage on VAT compliance using annual national level data for 26 European Union countries from 2000 to 2016. Exploiting spatio temporal variation in plastic money use along with an instrumental variables approach, we find that a 1% increase in card payments reduces VAT gaps 0.51 percentage points whereas a 1% increase in cash withdrawals increases VAT gaps by 0.6 percentage points. Our contribution lies in using more adequate measures of VAT compliance gap and in accounting for potential confounders such as the ex-ante enforcement capacity of tax administrations.