Cash or Card payment: Which one getting famous in current world?

Research Project

Table of Contents
Title of the Study.............................................................................................................................1
Chapter 1: Introduction....................................................................................................................1
1.1. Cash and card payment concept......................................................................................1
1.2. Importance of concept of payment system by cash and card..........................................2
1.3. Rationale and importance of the Research......................................................................3
1.4. Research Aim and objectives..........................................................................................3
1.5. Research Questions.........................................................................................................4
1.6. Structure of the Dissertation............................................................................................5
Chapter 2: Literature Review...........................................................................................................7
Idea about the future of these two types payment..................................................................7
Pros and cons of card and cash payment method...................................................................7
Analyse the effect of e-commerce..........................................................................................8
Benefit and risk of using technology in economy..................................................................9
Thinking of general people about both payment methods.....................................................9
Chapter 3: Research Methodology...................................................................................................9
Chapter 4: Pros, Cons & future of Cash payment............................................................................9
Chapter 5: Pros, Cons & future of Card Payment............................................................................9
Chapter 6: Possibility of Card & Cash payment around the world..................................................9
Chapter 7: Conclusion......................................................................................................................9
Chapter 8: Personal reflection..........................................................................................................9
References........................................................................................................................................9
References......................................................................................................................................10

Title of the Study
Cash or Card payment: Which one getting famous in current world?
Chapter 1: Introduction
1.1. Cash and card payment concept
The dissertation topic mainly initiated to find out the acceptability of card and cash
payment around the world considering different economic area, therefore, payment systems and
remittances mainly presents the foundations of financial sector stability and financial inclusion.
Thus, the aspect of payment systems basically supports financial stability by decreasing systemic
and settlement risks, acting as firewall to avoid contagion of losses, facilitating effective and
efficient liquidity assessment or via the suitable transmission of monetary policy and norms. In
addition to this, the payment systems are also recognised as the critical enabler of financial
inclusion. Transactions accounts mainly allows individual – including the “unbanked” – to create
and receive payments in a cost-effective manner. Payment systems also encourage economic and
financial growth: developments in the national payments system which leads to savings for the
overall economy, while financial markets mainly gaining significance through the suitable post-
trade processing and the safe custody of securities. However, the emergence of digital tools and
technologies has transform the way of conducting business and also alter the payment system to
developing the operational ability of the business. Digital advancement has created a wide and
effective evolutionary growth within the finance, economics, operational cost and the developed
business performance. The development of the e-commerce and the digital advancement has
made a new financial requirement and thus the electronic payment system has appeared that is
quickly replacing a cash payment system. An electronic payment method can be defined as the
paying for products and services over the internet. It mainly involves all the financial operations
by applying the electronic devices likewise computers, smartphones and the tablets. In the
modern and recent business era, individual are seeking for using card system to making payment
then using cash facilities. Therefore, credit cards are recognised as the most efficient and
convenient and secure method as compared to carrying cash. As long as an individual is making
payment or paying any sort of bill then a credit card is termed as the logical and desirable
alternative to cash for in individual purchase and necessary tool for making online transaction.
Credit cards and debit cards are defined as the most popular and effective choice globally for the
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online purchases, although their market share has been dented within the current time through
eWallets. Different studies have initiated that, the requirement for more convenient options of
paying as for example around 17 percent of UK based buyers are relay over the availability of
the assorted finance options as the most essential aspect with around 36 percent admitting they
would shop again at retailer offering it. In addition to this, the retailers are also recognising the
significance of card payment like developed customer’s loyalty and repeat purchase developed
basket conversations or the sales uplifts of up to 30 percent through executing the buyers finance.
However, the study contains that, in the modern rea, the integration of digital advancement has
transform the way of conducting business and live life, thus, card method is more effective than
using cash payments as this provides suitable safety and security of the payment and easily made
by people with using any of payment method or mobile applications.
1.2. Importance of concept of payment system by cash and card
Payments system vary across the world as each and every one use appropriate mode for
doing any kind of transaction. According to the current days, the system of card payment getting
more popular in developing country including UK. Basically, the transaction of money starts
with coin and in the 7th century first note was come on the market. As, note are more popular,
common and easy to accessible as compare to coin. In 1950, America is one of the prime
location wherein card payment is introduced and implement. This is because of digitalisation as
it the card payment system becoming more popular and day by day the no of card payment user
increased. When talk about previous year, In UK around 51% transaction were made by card.
Mainly, this type of payment is popular in only developed countries. On the other hand, due to
trust and lack of technology people are not liking or accepting the car payment system in
different countries like Nigeria, Brazil, Bangladesh. Furthermore, developing countries are
mainly relying on method of card payment that also provide opportunities to developing
countries by making their economic condition more strong. In addition to this, as per Bank of
England, more than 45000 cash machines are provided for free services because more people are
use cash payment because they think that mode of cash payment is more beneficial as compare to
card. Apart from this, current scenario of pandemic situation of Covid-19 changes the way of
payment and also put significant impact over the economic system. Due to this situation, various
shops stop cash payment method and also deny for taking cash payment. At the same time also
influence customers to switch from cash payment to card payment. This is the major reason that
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both card and cash payment is more popular and interesting aspects that provide proper
understanding over the same.
1.3. Rationale and importance of the Research
The potential rationale of executing the study based on the aspect of finding out the
acceptability of card and cash payment around the world considering different economic area, is
that, it is the most concerned area of study, now days, as individual and businesses in each
segment are concern over analysing that Cash or Card payment which one is getting famous in
current era. The study is effective in enhancing idea and recognition in relation to the aspect of
using cash and card payment method or analysing which one is the most suitable and applied
sources in the modern era. The study helps in enhancing wider knowledge base in relation to the
aspect of using card facility rather than implementing the cash payment method. The study is
effective for the business and individual in analysing the most efficient payment method which is
widely considered by the different economies. The another intention of executing the research is
the personal interest of the researcher, as the investigator wants to enhance own knowledge and
skills in relation to the chosen study area. However, the study is effective in providing subjective
knowledge in the chosen study area and academic knowledge like data collection ability, time
assessment, use of methodology and so on. Thus the enhanced knowledge and ability helps an
individual to developing personal and professional skills which aid value in attempting the future
studies and projects in more liable manner. The personal knowledge would be effective in
gaining effective academic records and the professional knowledge of data collection, time
assessment will be creating benefit in developing the future projects in more efficient manner.
1.4. Research Aim and objectives
An investigation aim expresses the potential intention or an aspiration of the investigation
study; it mainly summarises within a single sentence, which states what an individual or
researcher hop to attain at the end of the investigation project. This is the most important area of
an investigation which helps in providing a predetermined statement over that the entire study is
based. Therefore, the key aim of this research is “To find out the acceptability of card and cash
payment around the world considering different economic area”.
Research Objectives
The investigation objectives are mainly determined as the aspect that, what an investigator
expect to attain through the study. However, these are mainly expressed in a lay manner and are
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