The Economic Times

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Plastic Money (The Economic Times dated 3.8.2006)
Indians love to swipe their debit cards

while traveling abroad. Globetrotting Indians find plastic money more convenient and safe than hard cash. Yes plastic money is taking over hard cash faster than we ever thought.
Most of the Indian travelers abroad are inclined to swipe their cards that too debit cards while on shopping sprees. The preference of debit cards over credit cards is obviously to keep a check on their spending!
As per the Master Card’s consumer lifestyle survey for India, half of the respondents indicated their preference for a debit card as a mode of payment abroad as against just 27% in the previous survey.
Significantly, traveler’s cheques and foreign currency have fallen out of favor among outbound Indian travelers shopping abroad. In addition to keep a control over spending, the other reasons in preference of a debit card are said to be its wider acceptance, convenience and safety.
Even though the inherent benefits of plastic money have always existed it was linked to perception. With more Indians frequenting offshore, they are getting acquainted with the advantages of cards than hard cash.
It’s then no wonder that half of the respondents surveyed said they are planning to spend more when they would be traveling again. This spending trend has recorded an increase of 26% when compared with the last survey.
The survey has also indicated that the personal travel of Indians is tilted more toward shopping and entertainment. Shopping as the main activity followed by entertainment, sightseeing, visiting friends etc.
Kudos to plastic money.

Published: August 05, 2006

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