A Research Project on the Global Popularity of Cash and Card Payments

This research project investigates the global acceptability of cash and card payments across various economic areas. It begins by defining the concepts of cash and card payment systems, highlighting their importance in financial stability and inclusion. The study explores the impact of e-commerce and digital advancements on payment preferences, noting the rise of electronic payment methods and the convenience of card payments. It delves into the pros and cons of each method, considering factors like security, accessibility, and technological adoption. The research aims to understand the future of these payment systems, the benefits and risks of technology in the economy, and general public perception. The dissertation structure includes an introduction, literature review, research methodology, detailed analysis of cash and card payments, a discussion on the global possibility of each, a conclusion, and personal reflection. The ultimate goal is to determine which payment method is gaining prominence in the 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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effectively assisted as much to the investigator s to the client. In addition to this, the research
objective is mainly termed as the clear, concise, declarative statement that renders assistance to
investigate the variables. Generally, the investigation objectives are concern over the path to
analyse the variables likewise to identify or describe them. The effective objectives of the
present study based on the aspect of find out the acceptability of card and cash payment around
the world considering different economic area, are effectively evaluated as under. Thus, the
selection of objectives is mainly encompassing over the aim of the study.
 To get an idea about the future of these two types payment.
 To find out the pros and cons of card and cash payment method.
 To analyse the effect of e-commerce.
 To discuss the benefit and risk of using technology in economy.
 To know the thinking of general people about both payment methods.
1.5. Research Questions
An investigation question is defining as the question which an investigation project sets out
to answer. Selecting the suitable investigation question is an important aspect of both qualitative
and quantitative study. A research is effectively needed information accumulation and evaluation
or the methodology for this will vary effectively. This is the another important aspect of
investigation as it is widely relay over research aim and objectives as the suitable questions of
this study, that incorporates over the specified aim and objectives are associated as under:
 What is the idea about the future of these two types payment?
 What are the pros and cons of card and cash payment method?
 What is the effect of e-commerce?
 What are the benefit and risk of using technology in economy?
 What are thinking of general people about both payment method?
1.6. Structure of the Dissertation
An investigation structure is mainly an outline of the investigation and an investigator
expected to render the investigation structure towards the end of the introduction chapter in the
dissertation. This section of investigation is effective in explaining the procedure and addresses
the issue of the investigation philosophy. This is the most important aspect of the study as it
supports the entire investigation via providing systematic evaluation over the chapters that are
involved in the dissertation and helps the researcher to aid the study in right manner to create
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significant results. In the present study based on the aspect of analysing the acceptability of card
and cash payment around the world considering different economic area, suitable assessment of
dissertation structure will help in systematic executing the study in right manner. The suitable
chapters that are involved in the study are associated as under:
Chapter 1: Introduction
This is the fundamental area of an investigation as it renders a suitable and in-depth
evaluation in relation to the aspect of investigation area. The first chapter of the dissertation
mainly provides general concept of Cash or Card payment: Which one getting famous in current
world, therefore, the study provides suitable background regarding the major considered aspect
from these two methods. This section also states the rationale of executing the present study and
the aim and objectives of the research over which the investigation is based.
Chapter 2: Literature Review
This is the another important area of the investigation as it aids support to the investigator in
increasing recognition in relation to the specified area of investigation with the integration of
secondary sources like journals, books, articles and so on. This chapter mainly illustrates the
literature over the aspect of Cash or Card payment: Which one getting famous in current world,
therefore, the subject mainly devotes idea about the future of these two types payment, the pros
and cons of card and cash payment method, the effect of e-commerce, the benefit and risk of
using technology in economy, the thinking of general people about both payment methods. This
section of investigation is effective in developing in-depth understanding in relation to the
chosen study area.
Chapter 3: Research Methodology
This termed as the another most important area of an investigation as it helps the entire
investigation in providing the suitable assistance to aiding the study in right manner. This section
of investigation involves assorted methodologies like research philosophy, research approach,
research strategy, research choice, data collection tools, ethical consideration and the limitations
of the study. The suitable selection of methodology is important to assisting the entire study in
right manner to generating the suitable results.
Chapter 4: Pros, Cons & future of Cash payment
This is the most important area of this dissertation as it aids value in developing detailed
analysis in relation to the advantages and disadvantage pf cash payment and the future of cash
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payment method in the globe. Therefore, this section is mainly effective in developing
descriptive understanding in relation to the aspect of cash payment.
Chapter 5: Pros, Cons & future of Card Payment
This termed as the another effective area of investigation as it provides suitable analysis
in relation to the area of analysing the benefits and challenges of card payment method and also
stating the future of card payment method in the world. However, this aspect of study is very
much efficient in developing detailed study about the aspect of card payment method and how
this will support in future to the economic development of the country.
Chapter 6: Possibility of Card & Cash payment around the world
This is the another important area of investigation for current study which comprises of a
discussion about the possibility of payments through card and cash around the world. It has been
analysed and seen that the Cards are the most considered sources for making payments in the
Americas with more than 50 percent of the market share within each country of region, but
beyond cards preferences diverge. The actual competitive organisational environment has
opened doors for the new and effective opportunities within the market. Thus, the pay later
solution has attained an effective popularity through eliminating the requirement for the credit
card.
Chapter 7: Conclusion
This is the last but not least area of investigation study, as it helps the investigator in
achievement of research aim and objectives in effective and efficient manner. In this section of
research suitable analysis has been rendered over the aspect of analysing the aspect of Cash or
Card payment: Which one getting famous in current world. Therefore, the study initiated that,
card payment is the most considered method which is widely implementing by the different
economies in the world, as this aid value for the countries in making easy transaction and
developing the economic stability.
Chapter 8: Personal reflection
This is also a vital part of any investigation which comprises of information about the
personal experience and learning of researcher while performing and undertaking a research and
investigation. Personal reflection basically comprises of the use of, and evaluation of, personal
experiences and values to demonstrate analysis and interpretation of data in the context of the
research focus.
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Chapter 2: Literature Review
This is considered as an important section in entire research because it provides theoretical
knowledge about the topic of cash and card payment system. Basically, it is referring to the
procedure of collecting in-depth data from different published data that assist researcher in
understanding the concept of particular area on which research is based. Along with this, it is
also providing overview of previous published data over a specific area of interest that assist in
gathering relevant data and information (Liu, Luo and Zhang, 2021). With the assistance of this,
researcher can easily draw a valid conclusion and make overall research more reliable and
authentic in nature. Mainly, it includes various methods or ways through which researcher have
collect data from books, journals, articles, magazines and many more. All these are assist
investigator to provide justify results at the end of the study.
Idea about the future of these two types payment
According to the viewpoint of Hsieh, (2021) the payment industry is dynamic and keeps on
constantly changing. Nowadays consumers are more leverage towards digital options that lead to
significant rise in card payments. There is a significant emerging trend seen in card payment
methods. It has been evaluated that there is a significant shift from physical to electronic
payments which is ever expanding and replacing cash. In this modern era the trend of card
payment is significantly increasing due to the revolution of digitalization. Along with this it has
been underlined that due to contactless payment options cards are replacing cash payment in
order to promote easy payment options to consumers. Furthermore, it has been identified that
after the emergence of covid-19 number of companies and business operators are offering
cashless payment options to the users. This indicates the significant increase in the use of card
payments as comparatively to cash payment options. In addition to this according to the artificial
Intelligence and Crypto and Blockchain it has been stated that there is significant long-term
future of the credit card which will dominate the world in upcoming years in future. Card
payment will fundamentally transform the manage of accumulation inflow and outflow of
values. Along with it has been evaluated that card payment options are significantly emerging in
most of the part of the world in order to promote contactless transaction facilities. In addition to
this, due to the evolving customer habit and the significant development of new technology there
is an indication that card payment is going to witness a significant increase in usage across the
world which will even surpass cash payment in the future. According to the above-mentioned
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analysis it has been identified that there is a significant and positive future of card payment
method will be seen in upcoming years which even increase in a broader aspect to the outbreak
of covid-19.
It has been evaluated that technology is making revolutionization in money and payment
method due to the advancements in technology and increase in the use of digital payment
method. There is significant enhancement in the utilisation of card payment method around the
world. It has been evaluated that the outbreak of pandemic like covid-19 also enhance the use of
card payment method around the globe. This states the demand for cash payment method in
future. In addition to this it has been evaluated that there is a significant inclined of individual
towards cashless society as they undertaker advantage of card payment method rather than cash a
number of aspects. According to the above-mentioned analysis it has been identified that future
of cash payment method is somehow uncertain due to the significant advancements in the use of
technology around the globe. This form of payment method is offering number of facilities and
advantages in number of manners that allow them to conduct the transaction in a easy and
flexible manner.
Pros and cons of card and cash payment method
According to Garrouch, (2021) in the modern or digitalisation has transformed the way of
conducting business or living life as people are very much concern using digital tool and
technologies in their day to day life as well as implementing the efficient technologies their
business operations for improvising the abilities for attaining growth. In this regards, payment
system is also varying and also providing different style or form for any kind of transection. As it
can be in cash and card as well. Basically, payment might be referring to the one word but at the
same time it includes various or multiple forms. When talk about the term of payment, as it is an
action of paying but it includes various ways in which action can take by people as per different
mode of payment. As per the digitalisation and development of internet, in the first half of the
90s the pioneer online payment services has started and operated as well. Mainly, development
of card payment is closely related with the online commerce and also improved day by day
because of advanced and digital technologies (Pandian and Duraisingh, 2021). In this, online
payment is one of the effective and more suited to customers’ requirements as compare to
traditional payment system. As per current scenario, there are different mode of payment like
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online banking, debit and credit card. For better understanding, there are various advantage and
drawback of using cash and card payment system which can be understood by following points:
Pros of Cash payment method:
No security breach:
The major advantage of cash payment method is no security breaches, as by paying cash
individual can protect their money as well as personal information from security breaches. It has
been identified that if an individual pay by cash, then there is no way of leaking personal
information as it is not involved details. Thus, it has been identified that cash payment is having
major advantage in terms of no security breach.
No hidden fees:
There are some forms of hidden charges which is included and later get detected if an individual
gives online payment method (Fleck and Ozlanski, 2021). In this the biggest benefit of paying
with cash is that in this there is no form of additional charges that will deduct. It has been
evaluated that by paying with cash method eliminate any form of extra fees.
Cons of Cash payment method:
Limited record keeping
The major disadvantage of cash payment is that in this there is no automatic record
keeping which restrict individual to track their expenses. As comparatively to card payment
individual can track transaction as it automatically recorded in the banking database. It allows
customers to see every single transaction that has been done by them. While in terms of cash
payment it has been evaluated that in this person have to keep manual record Keeping and are
also required to maintain budget.
Pros of Card payment method:
Easy to track expenses
It is one of the most efficient advantage of card payment method as card payment allow
person to track expenses according to their will. Card payment is an effective option which is
emerging nowadays and easy to track expenses is the biggest advantage of card payment method.
With the help of taking advantage of card payment methods person can record each purchase that
has been done by them on their monthly card statement. With the help of this they can not only
determine but can also track their purchases as well as spending. In addition to this it has been
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