IIPM Ranked No. 1 B-School In Global Exposre - Zee...
Indians love imitation, evident by the way we are mimicking the credit hungry tendencies of the West. Sunanda Roy explains why we need to redefine our 'plasticity'...
Indians love imitation, evident by the way we are mimicking the credit hungry tendencies of the West. Sunanda Roy explains why we need to redefine our 'plasticity'...
“Yes, of course! Undoubtedly!” Those were the words from one executive I know, who's working at an online portal, on being asked whether he thinks that usage of plastic money continues to be on the rise. And on further discussion he showed some foru or five credit cards of different banks and equal number of debit cards on the flip side of his wallet; displaying an enthusiasm uncannily comparable to that of a schoolboy in his early teens, showcasing his latest collection of action figures! Whoever said that there is a 'child in every one of us' wasn't exactly shooting in the dark!If that is not sweet music to the ears of credit card companies, consider this: recently, the Reserve Bank of India, with its statistics on plastic money, has well proved that with more banks issuing credit and debit cards and with a larger number of merchant terminals in position, the value of plastic money transactions went up by over 42 per cent to a whopping Rs 704.59 billion during 2007-08. The growth is notably higher than the 24.51 per cent rise in the value of plastic money transactions in 2006-07.
Nowadays, customers, whether they go to a mall, a movie or a restaurant, are increasingly tending towards using a card. It’s more of a lifestyle product now, that lets you spend that little bit extra over your ability and pay for it tomorrow. Research has further shown that for cash transactions, one uses the ATM card and while shopping (if the ticket size is small), the debit card is used, and bigger ticket size customers are now using credit cards. The spending culture also has undergone a drastic change. Today the modern consumer is brand conscious and ready to spend money on branded goods. The modern middle class family is also ready to eat out at least once a week and that again indicates an upward trend in their spending capability. Various instalment schemes to avail of goods have also contributed tremendously to the change in spending pattern.
One part of the society is unhappy because of the surge in spending by plastic money, which it feels will have a deep-rooted adverse affect on the economy. The US is one such economy that has been there and faced the brunt of their ‘not-so-discretionary’ spending. On the other hand, those who are succumbing to the lures of consumerism are full of bliss as they are benefiting from the goodies of modern living, besides the advantage of not having to carry cash. Abroad, it is possible to swipe your card in a shop you go, and they give you money, though not possible in India.
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).
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