• Posted on November 21, 2022
• Libin

Assignment Sample on 7BSP1356 MSc IB Final Research Project

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 are mainly gaining significance through the suitable post-trade processing and the safe custody of securities. However, the emergence of digital tools and technologies has transformed the way of conducting business and also altered the payment system to develop 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 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, smart phones and 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 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 portrays that, in the modern era, 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

Payment systems 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 is getting more popular in developing country including UK. The transaction of money started with coins, and in the 7^th century, the first note was introduced in the market. Apart from this, notes are more popular, common and easily accessible as compare to coin. In 1950, America was one of the prime locations wherein card payment was introduced and implement. As a result of this, digitalisation as well as the card payment system was becoming more popular and day by day, and due to this, number of card payment user increased. Moreover, talking about previous year, in UK, around 51% transactions were made by card. Mainly, this type of payment is popular in only developed and developing countries. On the other hand, due to trust issues and lack of technology people are not liking or accepting the card payment systems in different countries like Nigeria, Brazil, and Bangladesh. Furthermore, developing countries are mainly relying on method of card payment that also provides 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 use cash payment because they think that mode of cash payment is more beneficial as compare to cards. Apart from this, current scenario of pandemic situation of Covid-19 changed the way of payment and also put significant impact over the economic system. Due to this situation, various shops refused cash payment method and also at the same time, influence customers to switch from cash payment to card payment or online payment methods. This is the major reason that 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. It is the most concerned area of study now a day, as individuals and businesses in each segment are concerned 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 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 expects to attain through the study. However, these are mainly expressed in a lay manner and are 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. Research is effectively needed information accumulation and evaluation or the methodology for this will vary effectively. This is 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 methods?

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 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 is 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 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 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 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.

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 assisted investigator to provide justify results at the end of the study.

2.1 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 manager of accumulation inflow and outflow of values. Alongside, 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 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 enhances 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.

2.2 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 transaction. 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 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 are 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 advantages 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 evaluated that person can also take advantage of the record of expenses for tax purpose and other form of financial transactions.

Attractive discounts

Now a day’s number of organisations is offering attractive discounts on card payment method to grab a greater number of consumers (Moriuchi, 2021). Furthermore, it has been underlying that card payment method eliminate third party expense that provide organisation a significant advantage in terms of eliminating any form of additional charges and provide actual price to customers. This will help both consumers and organisation to get maximum number of advantages.

Convenience

The major advantage of card payment method is convenience as in this individual can have easy process of money transaction as card payment is a digital payment method in which individual does not need to carry cash, check or to withdraw money at ATM (Islam, 2021). Along with it has been underlined that card payment method can be accessed anywhere and anytime.

EMI facility

It is also one of the most attractive advantages of card payment method as nowadays easy EMI facility is enhancing the effectiveness of this payment method. With the help of taking advantage of card payment method organisation and consumers can have the advantage of EMI facilities as if customer is looking forward to purchase a product and they are having facility of EMI facility to avail the product. While if an organisation looking forward to make payment to suppliers, then with the help of EMI facility that can provide them payment accordingly.

Cons of Card payment method:

Security concerns:

The major disadvantage of card payment method is associated to security concern, as it requires personal information of the user and other form of detail (Sintonen, 2021). Furthermore, it has been identified that cards payment method includes additional charge high, interest rate that will increase additional burden on consumers.

Hidden costs: 

Hidden cost is also the major disadvantage of card payment as this payment option appears to be straight forward and simple but there are a number of hidden charges that can duly increase the overall expenses. It has been identified that some of the cards are also having number of fees and taxes such as late payment fees, renewal fees, joining fees and processing fees. Along with this loss of card, it will also impose penalty and late payment, which negatively impact upon users.

Thus according to the above-mentioned analysis, it has been evaluated that both cash and card payment method are having some certain form of benefits and disadvantages associated to them. It has been underlined that with the help of taking advantage of card payment method users can track expensive and can avail attractive discounts along with easy convenience and EMI facilities. While in term with cash payment method it has been evaluated no hidden charges and security breaches are some of the advantages. Thus, individual or user can undertake advantage of any form of payment method by focusing upon on these factors and as per according to their convenience.

2.3 Analyse the effect of e-commerce

As per the view of Abeyrathna, (2021) Ecommerce is considering as an important method for directing business over the internet. As, it is also a major and biggest part of economy, therefore, it is crucial for business in order to sell their products and services to its users by using online mode. Moreover, it is included as an ability to reach more and more customers as compare to traditional way. Thus, it is sated that E-commerce plays a crucial role in business and economy as well because it directly facilitated to the movement of goods and services from suppliers to customers as well. In the era of internet development, e-commerce will directly affect the economic condition and at the same time also impact over the productivity and inflation. When talk about economy and entire aspect day to day activities, the use of internet are continuously increased that provide assistance to business and general people in improvise their daily activities or transaction as well. Along with this, e-commerce and online shopping in various countries are attaining remarkable growth in market place. One of the main advantages of E-commerce is to provide more secure purchase transactions via internet and also together with the validation of credit card transactions. In relation to this, there are some positive effects of ecommerce within the economic aspects:

• Access for 24 Hours: In case, people prefer to buy products from online store then they are spending low operating costs as also get quality services. This is the reason that ecommerce is more popular and easier to use (Shy, 2021). Along with this, more and more customers are also attracted towards the online shopping because of new and attractive deals and coupons. As, the availability of online stores are more effective and beneficial for both business and individual as well because it provides a path and platform wherein people are easily order their required products and services to satisfy their needs.

• Online price gets reduced: Online transaction play a significant role in managing customers’ requirements as it may assist in providing positive experience. If people buy products from then they set their product price and get specific goods. It may assist them in buying appropriate products that they actually want to satisfy their needs. This is one of the major reason that e-commerce is beneficial for people that put positive impact over the economic aspects by providing better services as per customer’s demand. In case, people are receiving what they actually want, then they convince themselves to pay more for more quality. It will assist in improving economic condition of specific country.
• KiGlobal market place: It is the major effect of e-commerce as it offers consumers from around the globe an opportunity to buy services and product on a single platform. Furthermore, it has been evaluated that organisation can also attract number of consumers and can provide the services and products to consumers without making consume visit physically (Lew and Atan, 2021). E-Commerce significantly impact in terms of easy accessibility through which customers can effectively fulfil their needs and demands among various choices. It is a significant impact of e-commerce in which organisation and customers have easy accessibility to fulfil their need.
• Easy to compare prices: E-commerce platform provides a significant opportunity to customers through whom they can make comparison among price in an easy manner. It is a significant effect of e-commerce that allow customers to compare product prices of different companies in terms of quantity, quality and the services that company is providing. With the help of easy compare ability e-commerce is significantly enhancing its scope. It has been underlined that in e-commerce platform consumers are having option to evaluate different type of specification when they are buying their products. This provides a significant opportunity for organisation to attract customers with the help of different strategies such as easy return and exchange. E-Commerce platform is significantly having effect on high competitiveness among organisation within an industry.
• Return of goods: It is the major effect of e-commerce in which consumers are having opportunity to return their products. However, it has been underlined that sometime customer falls into problematic situation in terms of returning their products due to uncertainty is related to payment or other options. In addition, it has been evaluated that comparatively to E-Commerce platform consumers face flexibility in returning to their products on offline store. In this, it is essential for companies on e-commerce platform to make sure that they have facility of return of goods.

According to the above-mentioned analysis it has been identified that E-Commerce is playing significant method that allow organisation to promote and offer their products and services to customers with the help of internet. E-commerce is one of the biggest and leading part of economy in which consumers have option to buy products and services with the help of online and offline payment mode. E-commerce is playing an essential role in enhancing business economy as it allows them to attract number of customers in a well-defined and effective manner. There is a significant effect of e-commerce such as access of 24 hours global marketplace, easy to compare price and more. In addition to this, it has been underlined that E-Commerce is having significant impact on society as it is achieving remarkable growth and offer more facilities to customers (Liu and Dewitte, 2021). It has been evaluated that with the rapid development of transaction facility consumers are having versatile shopping experience and are having an opportunity to purchase from different sellers. It has been underlined that e-commerce is having significant effect in terms of high profitability growth and development for organisation. Along with this e-commerce platform is providing numerous forms of opportunities for development for both consumers and sellers on simultaneous basis.

2.4 Benefit and risk of using technology in economy

According to the viewpoint of Rehman Khan, (2021) emerging technology is having a significant benefit in economy in terms of rapid increase in growth and development. According to the most of the economists, it has been identified that technological innovation is the key driver of economic growth and human wellbeing. Technology brings innovation within an economy that helps in increasing productivity and makes citizens to improve their overall standard of living. In addition to this it has been underlined that technology has greatly impacted economy from agriculture to international trade to manufacturing to corporate business and more. Significant advancement in technology economy around the world is significantly increasing. Furthermore, it has been evaluated that technology encompasses wide scale of tools and knowledge that helps in making increase in economy. Technology progress plays important role for economic growth as well as development. Along with this, it has been determined that advancement of technology is leading towards improvement of local and global economy in more effective manner.

2.5 Benefits of using technology in economy

Contribution to GDP growth:

Technology significantly helps in contributing gross domestic production growth of many nations around the world. In addition to this it has been evaluated that technology is playing significant part in every industry through which business organisations make advancements in their production, services and further offer them to large-scale of consumers around the world. By taking advantage of technological innovations business organisations and other sectors within a country gain market share and keep up with their production (Upadhyay, 2021). It helps in a significant contribution to gross domestic growth of a country. It has been underlined that the major benefit of technology in economy is contribution to GDP growth that allows a country to maintain competitiveness in international market segment.

Increasing efficiency and mobility:

The other major benefit of technology in Economy is the manner in which technology is helping in making increase in productivity and efficiency across industry. With help of technology in manufacturing organisations are significantly taking opportunity to maximize their output with significant technology advancements. In addition to this, it has been underlined that mobility has also been significantly impacted by technology. Internet, which is an important part of technology, allows employees to work from remote locations, which are the major advantage of technology in economy. It has been identified that increase in efficiency and mobility is a significant benefit of technology in economy that keeps on continuing the work irrespective of many challenges such as dynamic and other.

Improving communication and collaboration:

There is significant use of Technology there is an efficient improvement in communication and collaboration in international trade and other areas of economics. Technology eases communication and collaboration across the geographical distance as well as time zones. It has to underline that business or organisations with offices in different countries can effectively meet with their colleagues as well as customers with help of video conferencing software (Podolchak, Bilyk and Khim, 2021). Thus, it has been identified that technology benefits in economy by making significant improvement in collaboration and communication that keeps business organisation to perform their function while assuring growth and development irrespective of geographical location.

Thus, according to the above-mentioned analysis it has been identified that technology is having a number of benefits in economics in terms of contribution to GDP growth, increase in efficiency and mobility, improvement in communication and collaboration and more (Meng, 2021). With the help of technology, many business organisations around the world are taking advantage of seamless way of doing their business operations, which not only helps them to perform their activities in an effective manner but also allow them to satisfy customers. It indicates that, technology plays essential role in economy of a country in a well-defined and effective manner

2.6 Risk of using technology in economy

Losing in jobs:

Number of business organisations and other aspects in economy are taking advantage of technology in order to increase productivity and profitability in limited period of time. This is causing halt in employment level, as it has been identified that organisations and take use of hardware, machinery and other form of software in order to perform their business activities. This is leading towards many workers losing their job. In addition to this attachment identified that utilisation of technology is also making workers to lose their skills. It has been underlined that the major risk of technology in economy is the closing of job as most of the organisation is dependent on technology to perform those business operations as comparatively to humans.

Full dependency on technology for day-to-day operations

Nowadays business of organisations is fully dependent on technology in order to perform their business operations. This is the major risk of technology in economy, which is not only impacting human contribution but also increases the risk of bringing halt into operation when technology goes down (Nezhnikova, Larionov and Smirnova, 2021). Thus, as per the analysis it has been underlined that it is the other risk of taking use of technology in economy is fully dependence on technology by business organisation in order to conduct a business operation.

Moving faster than regulation can catch up:

Technology is moving faster and changes every month to month, this makes regulation laws and government to keep up with the advancements which is creating the issue, as when issue arise due to technology reason then there are no guidelines on the manner to proceed from a legal or regulatory standpoint. It is also of major risk in taking extensive use of technology in economy as it keeps on dynamically changing on constant rate that makes government and other statutory bodies to catch up with the same.

Thus, according to the above-mentioned analysis, it has been identified that there are some certain forms of risk of taking advantage of technology like losing in job, moving faster than regulation that make them to catch up, full dependence on technology for day-to-day operations and more. The overall analysis states that technology is having number of benefits and risk in economy. However, it is essential for business organisation to emphasize upon all the factors and undertake use of technology in order to assure or long-term business growth and development.

2.7 Thinking of general people about both payment methods

As per the view point of both cash and card payments plays important role in the payment system. However, in terms of general thinking of people it has been identified that nowadays most individual or users are inclined towards digital or card payment method, as it is not only providing them flexibility and ease but also protect them from many issues. In addition to this according to the viewpoint of public, it has been identified that they think that card payment method allows them to track their expenses in a well-defined and effective manner through which they track and maintain that balance of budget. Accordingly, this they also think that card payment method is a seamless transaction way that allow them to undertake advantage of different type of benefits such as EMI, attractive discounts, cash back offers and more. However, cash payment method is also being adopted in large sector where technology is not getting prevailing. According to the above-mentioned analysis, it has been identified that both the form of payment method is being adopted by general public. However, there is less use of cash payment method due do the number of issues like covid-19 and more, as it is one of the most effective way through which they can undertake the use of contactless payment method. Thus, it has been identified that nowadays general public think that card payment method is suitable and provide them easiness in their transactions. This form of payment method is also increasing due to the advancement in technology and the outbreak of covid-19.

Chapter 3: Research Methodology

3.1 Purpose of the research

The main purpose of this research is to analyse the significance of the card and also cash payment across the whole globe and considering the various aspects of the economic areas. As per the current scenario, people are utilizing both card and cash payment methods all around the world whether they belong from the rural or urban areas. With the help of this study , benefits and drawbacks of the cash or card payment will be discuss which can define the applicability of these kind of payment so that users can effectively make their choices clear.

3.1.1 Research Objectives

In order to reach out the most appropriate outcomes of the research, specific research objectives are formulated by the researcher. This research is all about to analyze the payment mode is more appropriate as per the current time period. Research considered all the aspects of the payment mode and generalized their applicability and then frames specific objectives of this research. The main concern of the researcher is to identify the acceptability about the cash or card payment mode all around the globe on the basis of various economic areas.

• 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 method

3.1.2 Methodologies

Methodology is helpful to determine, select, and analyse the specific information related with the research area and topic of the research. Research methodology contain specific elements which are helpful to improve the value of the research such as philosophies of research, approaches of research, types of research,  Data collection methods, research technique are generalized by the research. Research method is helpful to show the right direction to the researcher so that all the steps of the research can be completed in an appropriate way. Through research methodology, all the research activities are systematically done by the researcher within a given time period. There are two types of research like qualitative research and quantitative research. Quantitative research is providing the numeric responses, which can be quantify by nature. Qualitative research is containing as the process, which can useful to gathering, collecting, measuring, and interpreting the non-numerical data and information. In order to complete this research, qualitative research is considered which can useful to subjectively perceive the adequate data. In context of research approach, two kinds of approaches are determined like inductive approach and deductive approach. In term of inductive approach, it is a systematic method, which is useful to analyse the qualitative information in which the measurements of the research can be guided by the appropriate evaluation objectives. Deductive approach is mainly incorporated with the scientific investigation. In order to carry out this present study, inductive approach is considered by the researcher because this research is based on qualitative data and information and helpful to provide appropriate solutions through deep understanding about the research topic. There are various type of research philosophies are utilized in the research process such as positivism, Interpretive, humanistic, naturalistic, interpretive, epistemology, ontology and many others. As per to carry out the current research, interpretive, humanistic research philosophy is considered by the researcher because these both philosophies considered as the qualitative research philosophy which can help full to maintain the qualitative information which generally gathered by the observation, interview.

3.1.3 Data collection method

      As per to  get appropriate information, the contribution of Data collection method is more because it can useful to provide appropriate information and data which can be helpful to maintain the relevancy and adequacy of the research. There are two types of data collection methods like primary data collection & secondary data collection method. In context of primary data collection, 1st handed & original data is gathered by the researcher which is also considered as the unique data. There are various sources are available which researcher can use to obtain the primary data such as survey, questionnaire, telephonic interview, face to face interview and online survey. In secondary data collection method, all the information and also details are already collected and also utilized by some another person (Arantes and et. al., 2018). There are various sources are available which are utilized by the researcher in order to collect the secondary data information  gathered from the government departments, analyze data from the organizational records, data collect from the specific platforms like journals , articles, magazines, books , websites,  newspapers and many other things. In order to carry out the current research, secondary data collection method is utilized by the researcher because it can be useful to maintain the adequacy and reliability of the data. As a result of this, researchers also enhance their in depth knowledge and understanding about the research topic and identify each and every aspect about research topic that is cash or card payment which is more convenient for the current time period purpose.

3.1.4 Advantages of secondary data

There are various advantages are containing why the secondary data like low cost and time-saving, maintain variety of sources, consider adequate information, ease of access, allow to generate specific and new inside from the previous analysis, consider theoretical and practical aspects and many others. On the basis of this study, researcher mainly utilized secondary data in order to find out most appropriate results because it can be cost effective and time-saving accessibility. Secondary data is useful to maintain the credibility and enhance the prospective of the referred.

In addition to this, it is also effective in saving the time and effort of the researcher. It is because, as per Weston et al. (2019), secondary research tends to be completed with the help of secondary sources also referred to as online sources such as Google Scholar, ProQuest and others. This requires less time and can also be completed by staying at home or other places rather than primary data collection that requires talking interviews and surveys which seems to consume a lot of time. In addition to this, as per Johnston (2017), secondary data also helps in analyzing the gap in the data that further contributes positively in gaining proper outcome. Henceforth, these are advantages of secondary data that are effective in properly contributing to the research outcome.

3.1.5 Disadvantages of Secondary Data

Besides having several advantages, the secondary data also consists of certain disadvantages that can impact the research outcome adversely. According to Tien and Ngoc (2019), some of the secondary data fails to answer the question of the research in the best possible way. In this respect, low specification can be one of the biggest disadvantages of secondary data. In addition to this, quality of the research can also be hampered in terms of using secondary data. It is because, as per Williams and Shepherd (2017), online sources are published by several scholars that do not give any guarantee towards the quality of the paper available. Researchers dealing with secondary data seem to be using it at their own risks. Therefore, researchers using secondary data need to select the data that are having high relevance with the concerned matter.

3.1.6 Case Study

Proper strategy of a research tends to need a proper plan that helps in its execution. For answering the current question of this dissertation, a case study depicting cash and card systems has been chosen. According to Xue et al. (2017), case study helps in answering the research question such as the possibility of the current system among cards and cash and its pros and cons in the current research. However, research case study is considered to be executed with proper observation along with examination of several factors including the opinions of other researchers in the same field. Nonetheless, as argued by Cole and Trinh (2017), case study in most of the scenarios is being used for getting a proper and high understanding of the context of the research. Henceforth, through proper case study analysis, the current research is going to be gaining a proper knowledge regarding the cash and card system and its possibility around the world.

3.1.7 Review of the methodology used for the research

The current research deals with the aspects of secondary methods of data collection and analysis. According to Hanafiah and Zulkifly (2019), secondary data collection methods deal with collecting data from various secondary sources such as Google Scholar, ProQuest and others further considering a range of articles, journals, newspapers and others. However, as argued by Stevenson and Cole (2018), secondary data that are used in the current research sometimes fails to provide the accuracy and reliability to the researcher. This can create uncertainty in gaining the desired outcome. Nonetheless, in order to collect proper secondary data, the current researcher uses positivism philosophy along with deductive approach and descriptive design as the research strategy. As per Havaei et al. (2020), the stated research strategy enables the researcher to prove the research outcome with proper reason further dealing with objectivism in the nature of the data collected. Besides, it also enables the researcher to provide a detailed notion further observing the behaviour of the research variables in the real world. Henceforth, this strategy is likely to answer the current research question in the best way possible.

3.1.8 Alternative research methodology

The current research based on the possibility of card and cash system along with its pros and cons uses secondary research methodology. However, primary methods can be used in the research in order to bring high clarity to the current concern. As per Hawkins et al. (2020), primary research could have helped the research in bringing high accuracy and reliability of the data, besides, through these methods, the research could have no issue regarding the improper outcome and depth of the data. Henceforth, alternative methodology that is primary research could have been used for gaining high clarity and depth to the research outcome.

3.1.9 Limitations of the research

The current research consists of certain limitations. As the current research deals with secondary methods of data collection, therefore, low accessibility of the online sources is considered to be major limitations in this respect. Besides, gaining proper and reliable data is another major limitation, as most of the secondary data seems to be failing to provide the accurate information based on the concerned matter. Lastly, low information regarding the cash and card system in the online sources can be one of the major limitations of the current research.

Chapter 4: Pros, Cons & future of Cash payment

4.1 Pros of the Cash payment

4.1.1 No Overspending

One of the most important advantages of the cash system includes less spending, further preventing the scope of overspending. According to Panetta (2018), paying with cash tends to put a limitation on the amount of spending further restricting the buying instances of an individual. Based on the psychological instances, it can be noticed that an individual feels less comfortable in handing cash after buying than handing a card. As a result, of this, using a cash system helps to reduce overspending.

Based on the above figure it can be observed that as of the fourth quarter of 2020, the ATM transaction decreased to £98.5 million while it reached £225.67 millions in the fourth quarter of 2019 (Best, 2021). This depicts the fact that people paying with cash are highly concerned in terms of withdrawing money from ATMs. Hence, paying with cash is creating high chances of reducing overspending.

4.1.2 Less marketing

Paying with cash also comes with the benefit of less marketing as it enables keeping the private information safe. It is because, as illustrated by Armelius et al. (2020), partying with cash reduces the chances of providing an email address or phone number. As a result of this, getting emails regarding several, offers of the shops and others get restricted and this lowers the chances of marketing. 64% of the small business alongside large business seems to be adopting email marketing for convenience (Kirsch, 2021). Hence, it can be stated that paying with cash creates less hazards in sharing personal information further refection less marketing.

4.1.3 Cash payment helps to control the spending

Cash payments help in controlling the spending of an individual. It is because as per Dimitrova et al. (2019), credit cards indicate a ‘buy-now-pay-later’ mentality. However, as argued by Norton III and Bailey (2020), cash payment helps in reducing the irregularities of payment. As a result of this, individuals tend to buy the things that are affordable and that can be covered by cash at hand. Based on their current findings it can be analysed that as of 2018 consumers using cash reported 26% further indicating 5% decline from the previous year that is 2017 (O’Brien and Kumar, 2019). Though the cash payment is decreasing as per the current scenario, using cash payment seems to be controlling the aspects of spending and decreasing the money that reported $860 billion in Australia (O’Brien and Kumar, 2019). Besides, ecommerce sales that indicate card payment also shows $4.6 trillion of sales as of 2020 and is expected to increase to $7.3 trillion by the end of 2024 (Daly, 2021). Hence, card payment indicates high spending that can be controlled through cash payment.

4.1.4 No danger to make additional payment with cash

Cash payment often avoids additional payment. In addition to this, buying in stores also depicts high discounts that can also be a money saver for the customers across the world. As per Ishak (2020), card payment possesses certain limitations while the cash payment is above that. For instance, considering the scenario of the UK, it can be stated that there are no limitations of paying with and customers can exceed the margin of £15000 through proper registration as “High Value Dealers” (europe-consommateurs.eu, 2020). However, contactless card payments in the UK have been limited to £100 per payment and it required additional fees if it crossed the limit (Osborne, 2021). Henceforth, there is no danger of paying extra through cash payment.

4.1.5 No transaction fees

On the other hand, the cash payment system also includes the benefit of no transaction fees. It is because; based on the policies of the UK it can be observed that debit card transaction fees include 0.39%+2 p via net pay and 3.4%+20 p via PayPal (Merchant Machine, 2021). Besides, the credit card transaction fees via net pay and PayPal includes 0.65%+2 p and 3.4%+20 p respectively (Merchant Machine, 2021). However, in terms of cash payment, the stated transaction fee is not required and hence is considered to be one of its benefits.

4.1.6 Easy to track expenses

Paying with cash indicates little transaction. As per Pencarelli et al. (2018), it also tends to reduce the aspects of overspending or wastage of money. In this respect, it can be stated that using the cash payment system helps the user to track its expenses easily, further avoiding any additional payments. For instance, if a person pays through cash then he or she will be highly calculative regarding the spending area. This also reflects the fact that a limited amount of money creates high awareness within a person regarding its area of spending. Therefore, overspending through cash can be tracked easily while it is difficult to track via card, as it tends to provide limited shopping experience to the people.

4.2 Cons of Cash payment

4.2.1 Risk of being stolen

Cash poses high risk of being stolen. It is because cash can be taken by anyone from the purse. In addition to this, as per Maitanmi et al. (2020), high casualties regarding holding cash can also lead to instances of cash stealing. However, as argued by Zimková (2017), card payment generally does not possess this risk as card payment can only proceed with the help of a secret PIN. In this respect, stealing cards will be of no value to the thief compared to the stealing of cash. Hence, cash possesses a high risk of being stolen.

4.2.2 Cash does not contain similar security like cards

Cash can be stolen anywhere unlike cards and can be used by any person stealing it. As stated in the section above, stealing of cards does not possess that much risk. As per Hamza and Jedidia (2020), accessing cards requires a certain PIN that is not required for the stealing of cash. Hence, there is no security of cash if stolen and cannot also be retrieved after it is being stolen.

4.2.3 People can miss out the rewards points

In many areas, especially online shopping, it can be noticed that people buying through debit or credit cards receive certain points based on the amount of payment. These points are further used by the customers to get rewards or discounts on the shopping. However, as argued by Gupta and Thakur (2018), people paying with cash do not get the facility of rewards or other points. This also restricts the people paying with cash to enjoy additional discounts on the products and services. In addition to this, as of the UK, innovative solutions have been launched indicating Pay with rewards. These solutions have been implemented by MasterCard further allowing the credit cards of HSBC Holdings to use the reward gain as a purchase worldwide within online and in store purchase (HSBC, 2020). Hence, it can be considered as one of its disadvantages.

4.2.4 Few Purchases is more critical with cash

Cash payment systems tend to make fewer payments more critical. It is because, as per the illustration of Thirupathi et al. (2019), making high payment with cash often gets difficult. It also creates difficulty for the person paying it alongside the person receiving. Apart from that, it also creates a high wastage of time. Other than that, as per de Lis and Gouveia (2018), carrying huge amounts of cash in order to buy expensive things often gets difficult. In this respect, it can be stated that purchasing expensive items solely with the help of cash tends to make things crucial.

4.2.5 ATM Withdrawal fee

Withdrawing cash with the help of an ATM within the domain of the UK seems to be mostly free for the 96% of the usage (Link, 2021). However, a person using a credit card or store card seems to be charging a card advance fee. On the other hand, using a pay-to-use machine of cash also tends to impose a high level of charge (Link, 2021). In addition to this, 2.75% of the fees of transaction are applied on the transaction through ATMs (Citibank, 2021). In some cases, 2% of the ATM transaction fees are also applied resulting in the maximum amount of £5 on the ATM transaction (Citibank, 2021). In this respect, it can be stated that using cash requires withdrawal of the money from the ATM that further possesses charges. On the other hand, as stated by Waryanto and Afiyah (2021), ATM withdrawal reflects a limited number of accesses. As a result of this, withdrawing money from the ATM without any limit may also charge the user a considerable amount of money. Hence, it is considered as the most important disadvantage of using a cash payment system.

4.3 Future of Cash payment

Considering the current scenario, it can be observed that the payment via cash seems to be decreasing rapidly. As of 2009, the payment via cash system reflects 58% while the number of cash payments in 2014 and 2019 reflects 48% and 23% respectively (UK Finance, 2021). This depicts a decline of the cash payment system by 15% from the previous years to 2019.

However, it can also be observed that as of 2019, 7.4 million of consumers seem to be using cash once in a month (UK Finance, 2021). Among the stated population, 2.1 million of the people within the domain of the UK seem to be using cash for their daily operations (UK Finance, 2021). Besides, the prevalence of covid-19 within the domain seems to be rendering the aspects of contactless operations and payment. As a result of this, most of the people within the domain of the UK and other nations seem to be highly reliable on the card payment method.

Based on the above figure it can be observed that the payment via card is more than that of the payment via cash system (UK Finance, 2021). In addition to this, it can also be observed that the non-cash payment of the US reflects an increase from $17 trillion increase from the previous year, further reflecting the current value to be $175 trillion (Mercadante, 2020). However, as argued by Borgonovo et al. (2018), the instance of card payment requires proper technology that needs to be implemented by the business. Nonetheless, the implementation of technology for the aspects of cost indicated a charge of $2000 (Christensen, 2021). As a result of this, many businessmen seem to be relying on the cash payment system till now. Considering all the facts, it can be stated that the card payment system is likely to have more chances of being famous in the future than the card payment system.

Chapter 5: Pros, Cons & future of Card Payment

5.1 Pros of card payment

5.1.1 Increases email marketing further increasing revenue of the business

Using a card payment system aims at enhancing the aspects of email marketing. It is because, as per Bala and Verma (2018), using a card system enables one to gain the personal information of the buyers such as email and phone numbers. As a result of this, using a card system helps the business to promote through email. This also helps in creating high awareness among the buyers and tends to keep them updated with the current offers and trends. Besides, emails also help in increasing the revenue of the business by 760% in a year, further depicting a market value of $7.5 billion in 2020 and is expected to reach $17.9 billion by the end of 2027 (Statista, 2021). Apart from that, emails also generate $42 for the amount of $1 spent (Kirsch, 2021). In addition to this, active emails also seem to be surpassing $5.6 billion as of 2019 (Kirsch, 2021). Hence, paying with cash helps in increasing the revenue of the business through emails.

 5.1.2 Avoid service charges and fees

The payment via card system generally comes with the benefit of avoiding service charge. However, as argued by Makrides et al. (2020), the credit card payment system tends to be applying certain charges leading to 3% (Degree, 2021). On the other hand, a debit card does not account for any types of fees or charges at the time of transaction. Based on the illustration of Behera et al. (2020), it can be stated that a debit card mainly acts as an electronic check. As a result, taking money from the banking account at the time when there is a low and negative balance will be impacting the user and also present overdraft fees. Nonetheless, as argued by Dykha et al. (2021), these fees can also be avoided, as most of the banks seem to be offering overdraft protection that depicts rejection of cards if the balance in the bank account is low as per the banking guidelines. As most of the banks adhere to the stated constitution, therefore, there is no fear of overdraft fees and these using cards can be stated as carrying the benefit of avoiding service fees and charges.

5.1.3 Faster means of payment with no interest charges

Another most important advantage that is being possessed by the usage of card systems for payment includes faster means of payment. As per the view of Zhang et al. (2017), paying through cards indicates direct transaction from the bank account and is also considered to be faster means of payment. For instance, in the case of online shopping, paying through cash that indicates the aspects of cash on delivery depicts a long time for processing the payment after delivery of the orders. On the other hand, paying through a card at the time of buying something or ordering sometimes depicts instant payment and processing of the payment. In most of the areas, it can be noticed that cash is not acceptable at the time of online shopping due to low security and late payment processing (Degree, 2021).

In this respect, the ecommerce platforms tend to accept only cards so that the payment can proceed accordingly and faster. Besides, debit cards also work well with the aspects of mobile shopping or online shopping. Henceforth, it can be stated that using debit cards tends to process the payment faster than the payment via cash. On the other hand, paying through cards also depicts no interest charges especially paying with the debit cards. It is because, as per Gill et al. (2017), paying through credit cards reflects high charges. This includes the annual charge of a credit card ranging from 10% to a maximum limit of 32.99% (Degree, 2021). However, in terms of paying with debit cards, the external charges or the interest charges can be avoided and the users may be able to save a lot of money. Henceforth, paying with cards, especially with debit cards, tends to save the users from interest rates.

5.1.4 High means of security

Based on the above section it can be noticed that carrying cash at hand is considered  to be risky as it possesses high chances of being stolen at any point of time; however, as argued by Schmitz et al. (2020), carrying a card is hazard free and contains no risk of being stolen. Even if the card is being stolen, then it also requires special access to use the cards, and hence, it can be considered as a safe option to use cards. In addition to this, the implementation of Strong Customer Authentication depicts 3D secure for the cards (Stripe Docs, 2021). In addition to this, the cards used by the customers for payment are also controlled by the fraud Monitoring Program (Stripe Docs, 2021). This provides the users with the facility of reporting any transaction that took place without the concern of the owner as fraud. Through a detailed financial background check of the users, the bank associated with the cards tends to initiate a request of retrieval. Other than that, if a debit card exceeds a payment of $500, the card performs a confirmation check based on the 3D secure rules (Stripe Docs, 2021). Hence, paying through cards is highly preferable.

5.1.5 Lower tax payment or fees through credit cards

Among all the benefits of the card payment system, it also consists of the advantage of low payment of the fees or tax mainly through the help of debit cards. As per the illustration of El Junusi (2020), having low tax or fees payment tends to save the customers their money and thus it acts as a benefit based on which, the customers tend to adopt the card payment system.

5.2 Cons of card payment

5.2.1 Increasing debt

Based on the current report it can be observed that Americans seem to be having $1 trillion of debt within the country (Witt, 2020). Among the total dent of the country, $830 billion of debt are reported from the usage of credit cards within the domain. Apart from that, based on the report it can also be estimated that 126 millions of households seem to be using credit cards further having $6500 of debt and more than that (Witt, 2020). Based on these illustrations it can be stated that using a card system tends to increase the chances of debt within the domain further depicted as one of the most important disadvantages of the system. However, as argued by Lehtisaari et al. (2018), this debt sometimes becomes difficult for the individuals to overcome and thus acts as a serious life threat within the domain. Hence, it is one of the most important disadvantages of using a card system for payment.

5.2.2 Card fraud is highly prevalent in many countries

Card fraud is highly prevalent across the world, as it tends to report more than 5500 cases of card fraud in the last financial year (Lyra, 2020). However, as argued by Hayashi (2019), card fraud is only possible if the details of the cards are revealed to an unauthentic person. One of the major causes of these aspects includes negligence of the users of the card or the unawareness regarding different fraudulent activities going on within the domain. However, Financial Fraud Action UK has been working on preventing the fraud and taking necessary actions regarding it. Besides, card fraud seems to be costing the UK with £3.2 trillion of money each year (Graydon, 2020). In addition to this, as of 2019, £26.5 billion of transactions have been reported as a fraud act within the domain of the UK (UK Finance, 2021).

However, as of 2020, the total financial fraud in terms of payment cards reported £783.8 million that tend to be depicting a decrease of 5% than the previous year (UK Finance, 2021). However, based on the same report it can be analysed that banks alongside other card companies within the domain of UK have been successful in preventing £1.6 billion of fraud through card payments (UK Finance, 2021). In the same year, the report also states 149,946 incidents in terms of scams based on Authorised Push Payment (APP) further depicting a loss of £473 million of losses (UK Finance, 2021). Hence, it can be stated that the card payment system involves a high risk of security though the UK government has been trying their best to mitigate the stated issue.

5.2.3 High involvement of costs and interest rate

Paying with cards tends to depict a high amount of costs. As per the opinion of Wang et al. (2019), accepting cards in most of the areas comes with a high amount of cost as an additional fee. Different charges are being applied by the banks in terms of accepting cards. Credit cards alongside charge cards depict a fee that ranges from 2% to 6% based on the amount and the nature of the transaction process by the card (nibusiness, 2021). In addition to this, there are certain transactional charges applied to the process card payment system. It includes a monthly fee for the maintenance of the cards alongside service charges that are also being deducted based on the payment Service Provider (PSP) (nibusiness, 2021). This reflects the fact that maintaining a card alongside paying through the card system tends to cost a high amount of charges alongside interest rates.

However, in terms of convenience fees of federal tax, paying with a debit card can be effective in saving the additional fees paid in terms of paying tax. This includes paying a flat fee of $2.25 to $3.95 for the IRS’s payment processors in terms of paying with debit cards (Degree, 2021). Other than that, credit card indicates a fee payment of 1.87% to 2% (Degree, 2021). For instance, if a person is paying a tax of $2250 then with the help of a debit card payment system, the person will be paying $45 as the additional fee along with $2250 further indicating a 2% fee on the amount of tax (Degree, 2021). Hence, it can be stated that using debit cards for transactions tends to reduce the additional amount or the fees.

5.3 Future of card payment

In the future, it can be observed that cash is no longer an option in most of the countries. As per the illustration of Wang et al. (2019), using cash is also restricted in most of the countries due to the prevalence of covid-19 that further implements contacts aspects in everything. Based on the current reports it can be analysed that, cash is likely to represent 12.7% of point of sales (POS) in  the coming year by 2024 (Daly, 2021).

On the other hand, digital wallets seem to be representing 33.4% of POS (Daly, 2021). However, the current scenario depicts 44.5% of spending and it is likely to increase to 51.7% of POS by the end of 2024 (Daly, 2021). In addition to this, the payment method of “buy now and pay later” is also expected to increase from 2.1% to 4.2% by the end of 2024 (Daly, 2021)

In addition to this, based on the above figure it can also be observed that the trend of cash payment seems to be declining from 2013 and in the current year it seems to be declining at a very fast pace. On the other hand, it can also be noticed that the payment via card seems to be increasing (UK Finance, 2021). Based on these instances it can be stated that the future of card payment seems to be highly popular among nations across the world. 

Chapter 6: Possibility of Card & Cash payment around the world

6.1 Possibility of cash payment

Most of the transactions of money in the rich and developed countries seem to be offering cash payment over the card payment, whereas, most of the countries are preferring card over cash payment. As per the viewpoint of Yee et al. (2018), cash payment is considered to be the safest option to pay without any security risk. On the other hand, as argued by Suarez-Tangil et al. (2019), paying through cards tends to be having high chances of security breaches and thus considering high chances of bankruptcy. Nonetheless, it can also be stated that cash payment also helps in reducing triangular relationships. On the other hand, it can also be reflected that data in terms of business to business (B2B), person to business (P2B) and person to person (P2P) seems to be having low chances of existing in the centralised data centres (Arauz, 2021).

Based on the figure above it can be observed that the cash payment system is mostly popular in the emerging markets such as Brazil, India, Turkey, Russia and China. The stated nations seem to be having a high cash payment system rather than a card payment system. Among all the stated nations, India seems to be having a high cash payment system reflecting 78% while Russia, Turkey, China and Brazil seems to be reflecting 69%, 60%, 47% and 44% preference of cash system of payment respectively (Arauz, 2021). As the cash payment system is highly preferred in these nations, therefore, card payment is low in these nations. Among the stated nations, India seems to be having very low preference of card system payment reflecting 7% while Brazil possesses moderate preference of card system reflecting 39% (Arauz, 2021).

6.2 Possibility of card payment

On the other hand, it can also be noticed that the card system method of payment is highly preferred in developed markets such as the UK, Germany, US, France and Australia. Among the stated nations, the UK seems to be having the highest preference of card payment reflecting 59% followed by Australia 53%, US 49%, France 42% and Germany 18% (Arauz, 2021). As the nation reflects a high preference of card payment, therefore, the cash payment quite naturally reflects low preferences within the domain. Among these nations, the UK reflects highest preferences of cash payment reflecting 25% while Australia reflects the lowest preference of cash payment reflecting 9% (Arauz, 2021). However, it can also be noticed that the US government seems to be having high access to the plastic money data in the form of debit cards and credit cards. It is because, as stated by Botacin et al. (2021), MasterCard and Visa seem to be the dominant companies of the US further reflecting 81% of the global share of the market and also stores financial information copy within the US data centres.

6.3 Possibility of cash and card payment

Other than that, based on the reports of Canadian Government agencies it can also be stated that the Visa information of Canada is also stored within the US data centres (Arauz, 2021). In addition to this, there are also two data centres of Visa within the UK. This reflects the capability of the UK in terms of handling 100% transactions independently. However, as argued by Callinan (2017), in the current scenario, digital wallets and ecommerce seem to be increasing rapidly. The aspects of digital wallet co-payment system highly resemble the card payment system because; it requires the details of the card in order to set up digital wallet payment. Based on the Global Payment Report, digital wallet payment method is increasing and is considered to be the most popular payment method worldwide (Daly, 2021). Condensing the current impact of covid -19 across the world, ecommerce and online sales are increasing rapidly further depicting a high increase of the card payment system across the world.

As covid-19 accelerated the trend of contactless shopping, payment and others, therefore, it created a high possibility of card payment across the world. Based on the above figure it can be observed that as of 2019, the credit card spending reflect 20.9% while as of 2020 the spending in terms of credit card reflects 22.4% (Daly, 2021). Based on this report it can be stated that the use of credit card payment methods seems to be increasing from 2019 to 2020. Besides, the usage of the debit card payment system depicts a different scenario indicating 24.3% usage in 2019 and 22.3% usage as of 2020 (Daly, 2021). Based on the above section it can be analysed that the usage of debit indicates high debt within the nation and thus seems to be decreased from 2019 to 2020. On the other hand, the usage of cash payment methods as of 2019 reflects 30.2% and as of 2020 it reflects 20.5% (Daly, 2021). From this instance, it can be noticed that the usage of cash decreased from 2019 to 2020. As a result of this, it can be concluded that there is a higher possibility of using a card than the cash payment system in most of the countries across the world. 

Chapter 7: Conclusion

7.1 Challenges that are impacting the cash and card payment system

Some of the major challenges that are being caused by the cash payment system include high ATM fees, risk of being stolen, proper handling of the high amount of cash alongside missing on the modern facility that is gained from the online shopping stores. In many countries, it can be seen that withdrawing money from the ATM at a large amount or at a frequent pace tends to deduce a considerable sum of money from the bank account. This includes a deduction of 2.75% to 2% of the money further maximising the limit to £5. On the other hand, the current scenario depicts a high craze for online shopping that further offers various rewards or points that are being utilised by the buyers to get discounts and extra products from the eCommerce platforms. However, paying with cash tends to make the buyers miss those rewards or bonus points. The reward points and bonuses are some of the major attractions that have been used by card issuers to attract and motivate more users to purchase and make payments with cards. This has led to the generation of a new value chain where card issuers are collaborating up with major companies. This has allowed card issuers to provide gift vouchers and also cash backs, the vouchers can be used for partner companies of the card-issuing company. Additionally, another advantage that can make cards more famous than cash is the fact that consumers do not need to worry about exchanging their cash for international transactions. In the case of cash, it becomes essential for consumers to exchange their domestic currency with foreign currency to make any payment, especially applicable for tourists. In these situations, international credit and debit cards provide a highly flexible payment option for consumers.

On the other hand, the card payment system also deals with certain challenges that tend to impact the life of the customers within different nations. For instance, one of the major challenges that are being faced by the card payment system is fraud activities. As of the UK, £783.8 million reflect the total fraud via card payment system within the domain of the UK as of 2020. However, the stated number depicts a 5% decrease from the previous year. As a result of this, it can be stated that the UK and other nations have been implementing proper security aspects to prevent fraud from the payment of cash system. One of the examples of the security aspects adopted by the UK to prevent card payment fraud includes Financial Fraud Action UK and others to decrease the 5500 fraud that took place within the domain of the UK as of 2020.

7.2 System that is getting famous all over the world

The current research concludes the fact that both the system that is card alongside cash payment system is having its own advantages alongside disadvantages. However, the study also indicates the fact that cash payment is considered to be highly popular among the emerging markets including Brazil, China, Turkey, India and others, among which India seems to be having the highest preference for a cash system. Nonetheless, to improve the facilitation of card payment it would be necessary for sellers to have the right equipment, which would allow them to process card payments. On the other hand, card systems tend to be highly popular among the developing countries including Australia, UK, the US and others, among which the UK seems to be having the highest preference for card payment systems. However, the current prevalence of covid-19 has enhanced contactless payment, shopping and others. As a result of this, it can be stated that the card payment system is considered to be having the highest possibility of becoming famous in the future. Moreover, considering the present and the future scenario market positioning and taking into consideration the impact of covid-19 aspects, the card payment system is likely to be getting famous all over the world.

7.3 Recommendation

The current concern in terms of security issues of the card payment system leading to several frauds can be prevented through awareness creation among the population. It is because, as per Zikai (2018), through proper awareness the people will be acknowledged regarding the activities leading to the cause. As a result of this, the people will be more alert in terms of dealing with the card payment system that further will be providing no chance to the people dealing with the activity of fraud within the domain. Other than that, increasing the security details of the card and allowing no third party access can also lead to less fraudulent access to the card payment system. Bakry et al. (2021) reflects that restricting third party access can help to keep the personal data private and further reduces fraud activities. Hence, the stated actions will be effective in mitigating the issue.

7.4 Future scope

From the above study, it can be concluded that cash as well as card systems are facing serious concern across the world. In this respect, the current research will be effective for the future population to understand the difference between the card and cash payment system and adopt one accordingly. Besides, this research will also provide the future scope of analysing the challenges of card and cash payment systems and this creates awareness among the population that further can decrease the issue. Hence, this research can also be used by the future researcher in the same field.

Chapter 8: Personal reflection

The last section or chapter of the current research has provided me with the opportunity to portray a detailed analysis of the card and cash payment system and prepare a dissertation regarding “Cash or Card payment: Which one is getting famous in the current world?”. One of the key reasons behind the selection of this specific topic includes my personal interest regarding the card and cash payment system facilitated across the world. Being a Master’s student, and based on the international business background, it has been a valuable experience to create this piece of work. However, another most important reason that encouraged me to deal with this topic includes the challenges faced by the card alongside the cash payment system across the world. Through the gradual progress of the research, I have been able to gain a deeper understanding of the concerned matter. At the beginning of the research, I was not sure that I would be able to execute this research but with the help of my professor and my friends, I have been able to execute the research successfully.

The research mainly depends on secondary methods of collections and analysing the data. As a result of this, the main challenge that was faced by me in the research includes collection of proper and reliable data. Other than that, gaining access to data with the help of proper ID and password was also a real difficulty faced by me. However, exploring the data and adopting techniques to analyze the secondary data was a valuable experience gained by me through this research. In addition to this, I could also say that this dissertation was very interesting as I was able to gain knowledge about critical facts that further influenced my knowledge and skills in this field. As a whole, this journey has been incredible and a rollercoaster ride when I faced challenges; consequently, learned how to overcome them and also researched several unknown facts that helped me to gain a proper and accurate outcome for my work.

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Appendix 1: Dissertation Log

Student’s Full Name:		Student ID:	18056016
Supervisor’s Name:	Professor Simon O’Leary	Dissertation Module Leader’s Name:	Professor Simon O’Leary
Dissertation Topic: Cash or Card payment: Which one getting famous in current world?

Appendix 2: Secondary Research Declaration

I declare that my research involves ONLY secondary sources that any member of the public is legitimately free to access and use without obtaining permission.

I declare that my research includes agreed access to the company / organisation / charity named in this dissertation; I have permission to access sources which are confidential to it; and I have agreed to maintain the confidentiality and integrity of these sources.

I understand that should I wish to amend my study and collect data from human participants, I am required to apply for and receive UH ethics approval prior to recruiting participants and collecting data.

I understand that failure to obtain UH ethics approval for the collection of primary data constitutes a breach of ethics and academic penalties may apply.

Programme Title	: MSc International Business. Cash or Card payment: which one getting famous in current world?
Dissertation Module Leader’s Name	: Charlotte Bryce
Student’s Name	: Mohammad Hasan Bin Niaz	Student’s ID Number	: 18056016
Student’s Signature	: Mohammad Hasan Bin Niaz	Date	: 26.07.2021
Supervisor’s Name	: Professor Simon O’Leary
Supervisor’s Signature	: Simon O’Leary (e-signature)	Date	: 26.07.2021

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