INTRODUCTION Cash-less way of transaction, enabling for later payment for the services received earlier. American Express, Master card, Visa-Big Players

CONSUMER BEHAVIOUR FACTORS CULTURAL SOCIAL PERSONAL PSYCHOLOGICAL SITUATIONAL

CULTURAL FACTORS Sub-culture includes different religions, caste and various demography based factors. Social class is indicated by like occupation, income, wealth education and value orientation.

SOCIAL FACTORS Positive Attitude Negative Membership Non-Membership Those who are having credit card and are happy with the benefits of it. Aspiration Those who have low income or not of business class and want credit cards. Negative Disclaimant People having credit card but are not satisfied because of higher interest rates. Dissociative Those who see it as an extra liability for being a member of credit card group.

Family Of Orientation Family Of Procreation

Role and Status A single person plays different kinds of roles in daily life and his/her social status is dependant on income.

Occupation and Economic factors PERSONAL FACTORS Age and family factors Age and purchasing are key determinants. Usage amongst the youth is very popular. Different stages of life cycles effects too as from being a bachelor to family, purchasing preference changes. Occupation and Economic factors Marketers try to identify the occupational groups because that affects the product bought so that they know the interest of customers.

Lifestyle Factors People from different cultures have different lifestyles. It can help marketers understand changing consumer values It involves measuring consumer demands by providing additional features like travel points, promotion rates, special promotions during the holidays and access to free services. Personality and self-concept Personality describes a person’s nature, character, tendency to help us to show why people are different and how they hold unique traits.

PSYCHOLOGICAL FACTORS MOTIVATION We need to determine what motivates a consumer to purchase any product. In case of credit card cards individuals are motivated by various benefits derived from the cards such as sign up bonus, cash back and investment reward. PERCEPTION Credit cards have changed the way people look at money. Rapid growth has increased transaction efficiency. The utility of the cards varies from person to person depending on their profile.

BELIEF AND ATTITUDE Attitude put people into a frame of mind of liking and disliking something. Knowledge ,media awareness, perception and family influence are instincts in determining consumer attitude towards credit card usage. Identifying such factors help providing better information for direct future planning of credit card services.

SITUATIONAL FACTORS In case of a medical emergency.

When we are travelling, whether domestic or abroad.

Shopping during festivals, ATMs run out of cash.

YEAR No. of cards (in Crore) Volume of transaction Value of transactions (Rs Crore) 2007-08 27.5 228 57,958 2008-09 24.6 259 65,355 2009-10 18.3 234 61,854 2010-11 18.0 265 75,516 2011-12 17.6 320 96,613 2012-13 19.5 399 1,24,393 2013-14 19.1 512 1,55,672 2014-15 21.1 619 1,92,263