Abstract:
Our report is based on an empirical investigation of the behavior of consumers towards debit and credit cards. The study is based on findings of the survey on society’s attitude towards debut and credit cards and to overcome their limitations, a new card would be introduced with features that are missing in both these cards. The report consists of: exploration of features of debit and credit card; society’s behavior towards both the cards; introduction of a new and improved card to customers that is free from limitations of these conventional cards. Our findings are based on empirical studies and research articles that have been implied in this study. Our project is primarily based on the research of Steve Worthington who initially had an idea of combining both the features of a debit and a credit card into one card. With the idea of a new card, with combined features of both debit and credit card, we suggest financial institutions to introduce a new card with the highlighted features. Features such as lower transaction cost and greater security would overcome the shortcomings of existing cards and attract more people towards card usage which is beneficial to both, the financial institutions who would issue them and the card holders who would use them as a mode of payment. This would increase the use of plastic money and will benefit the overall society.
