Plastic Money Market of Bangladesh Essay
This is my pleasure to submit my internship report on “Plastic Money Market of Bangladesh”. It was a great opportunity for me to acquire knowledge and I believe that the knowledge and experience I have gathered during my internship period will immensely help me in my professional life. I have concentrated my best efforts to achieve the objectives of the practical orientation and hope that my endeavor will serve the purpose. However, I will always be happy to welcome any further clarification that you may require. Sincerely yours, …………………………………………… Muhammad Noman Hussain
ID: 15-016, Sec-B Department of Finance University of Dhaka DISCLAIMER I, Muhammad Noman Hussain, am here by declaring that the presented report of internship titled “Plastic Money Market of Bangladesh “is uniquely prepared by me during completion of one and half months work in IFIC Bank Limited. I also confirm that, the report prepared only for my academic requirements not for any other purpose. It might not be used with the interest of opposite party of the organizations. Muhammad Noman Hussain ID: 15-016, Sec-B Department of Finance University of Dhaka
Certificate of Approval I am pleased to certify that the Internship report on “Plastic Money Market of Bangladesh”, conducted by Muhammad Noman Hussain bearing ID No: 15-016 of the Department of Finance, has been approved for presentation and he is eligible for viva-voce. Under my supervision, Muhammad Noman Hussain worked in IFIC Bank Limited as an intern. Muhammad Noman Hussain bears a strong moral character and a very pleasing personality. It has indeed been a great pleasure working with him. I wish him all success in life. Supervisor Farzana Lalarukh
Associate Professor Department of Finance University of Dhaka Acknowledgement Thanks to Al-mighty Allah for Blessing in completing the report within the scheduled time. I am indebted to a number of persons for their kind recommendation, co-operative, submission, direction and their collaboration. I have the unique opportunity to apply my theoretical & practical knowledge in this assignment. It’s my obligation to disclose the name of all who have contributed in many ways to complete my internship report on the selected topic entitled “Plastic Money Market of Bangladesh”.
First, I would like to remember the contribution of Internship supervisor & my teacher: Farzana Lalarukh, Associate Professor, Department of Finance, University of Dhaka, whose guidance & help was very much required to prepare the report successfully. I am grateful to the IFIC Bank Limited, Stock Exchange Branch, Motijheel, Dhaka for providing me all sorts of facilities requested from time to time. My practical working knowledge in this Bank helped me a lot. I am lucky and feel proud to get this opportunity for preparing this report. I have learned many things from this reputed organization in a short time.
I like to mention the name of Muhammad Asaduzzaman, Officer Grade 2 at IFIC Bank Limited, who provided me relevant information and his valuable advice to make me special and worthy. Executive Summary The Banking industry is one of the most attractive industries in Bangladesh. Every year, this industry is growing at a higher pace. With this growth the modernization of banking systems has also improved a lot. In this current world of improved technology banking is entirely dependent on real online system. Plastic money has been the revolutionary product for the banks.
Plastic money means the plastic card (Debit cards, credit cards, cash cards, ATM cards, charge cards etc) which has substituted the demand of cash. The invention of Automated Teller Machines and the Point of Sales (P. O. S. ) has created the opportunity of using these kinds of cards all over the world. With the rapid growth of this product all over the world, Bangladesh is also not lagging behind. The entrance of multinational banks in the country and simultaneously the emergence of Private Commercial Banks have made this business very competitive.
In this competition the Nationalized Commercial Banks are also taking some forward steps by introducing Q cash and E cash types of products. Now every private bank wants to make their base strong by offering new products every now and then in this field as now a days an account holder’s first priority would be having an ATM card. In this report I tried to highlight different products regarding plastic money business and also wanted to compare those products with those of different Banks..
In this report we also have discussed different aspects of plastic money and wanted to represent a common and productive structure in this business. Table of Contents Topic Page no. Chapter :1 Introduction Rationale of Study 10 1. 1 Background of the Report 10 1. 2 Objectives of the Report 10 1. 3 Scope of the Report 11 1. 4 Methodology of the Report 11 1. 5 Limitation of the report 11 Chapter :2 Literature Review 13 Chapter :3 Overview of Plastic Money 3. 1 What is Plastic Money 16 3. 2 Types of Plastic Cards 16 3. 3 Technology of Plastic card 17 3.
4 Plastic Money: Background and Evolution in Bangladesh 17 3. 5 How Transaction Work 18 3. 6 A Brief Overview of Global Card Issuers 19 3. 7 Players of The Credit Card Transaction System 20 CHAPTER: 4 The Importance and Benefit of Plastic Money 4. 1 Benefits of Plastic card 24 CHAPTER: 5 Most Popular Plastic Cards in Bangladesh 27 CHAPTER: 6 Measurement of Satisfaction Level of Plastic Money Users and Problem Faced by Them 6. 1 Purpose, Duration and Times of Using Plastic Money 33 6. 2 Problem- Specific Analysis and Findings 33 6. 3 Satisfaction Factor- Specific Analysis and Findings 35
6. 4 Types of Plastic Money Frauds 36 6. 5 Precautions 38 6. 6 Recommendation 38 CHAPTER-7 Competitive Scenario in Bangladesh 7. 1 Market Leader at Card Market in Bangladesh 41 7. 2 The Percentage of Market Share of Plastic Money 43 CHAPRER :8 Conclusion 45 Bibliography 46 Rationale of the Study In the modern world, banking sector is growing very much fast than any other business. The entire bank industry is emphasizing on improvement with the help of technology. Out of various technological outcomes “Plastic Money Market” is the most important one.
Now a day a modern client cannot think banking without the facility of plastic cards. The availability of plastics cards with every account holder has changed the definition of banking in recent time. All the banks are putting there effort to establish a secured market for them by introducing new features regarding their products. Most interestingly these products are mainly concentrated about plastic money. Plastic Money business is definitely going big time in Bangladesh. More and more local and international financial institutions are exhibiting enthusiasm in this direction.
It reflects prospects in Bangladesh market in accommodating numerous credit card competitors operating on the circuit, ensuring healthy and competitive card business deals. Carrying wads of cash for a weekly or monthly shop is risky and not having enough when you get to the till is embarrassing. Those days are gone when we had to carry loads of cash and plan our shopping sprees. To keep their money secure is an age-old problem. The 21st century solution is plastic. Today credit and debit cards have largely replaced cheques as alternatives to cash. Both are reasonably secure compared to cash and are widely accepted.
1. 1 Background of the Report This report is an impartial university curriculum requirement for BBA degree, prepared for our honorable faculty Farzana Lalarukh, Associate Professor, Department of Finance, University of Dhaka for my project work. It took several days to prepare the report. 1. 2 Objective of the Report General Objective: The general objective of preparing this report is to fulfill the requirement of project work as well as completion the BBA Program through gaining the experience and view the application of theoretical knowledge in the real life. Project Objective:
The objectives of this report are the followings: 1) To describe the overview of plastic money in Bangladesh 2) To explain the importance and benefits of the plastic money 3) To measure the satisfaction level of plastic money users of different private Commercial banks 4) To find out major problems faced by the card users 5) To recommend some policy measures for the better service delivery and Customer retention with a view to achieving wealth maximization goal 6) Success of the cards in the development of the plastic money market; 7) To analyze the competitive scenario in Bangladesh 1.
3 Scope of the Report The subject matter of this report would be plastic money of different banks under card division. So from the topic it is vivid and lucid that the major functional area of card division unit of different Banks. But due to shortage of time it is not possible to mention each and every aspect of the particular unit. 1. 4 Methodology of the Report Primary data from direct discussions with the bank officials concerned Primary data are also collected by interviewing the cardholders Secondary data have been collected from different articles ‘Again, I also collected data from the internet 1.
5 Limitations of the Report Shortage of time Unavailability of organized data Delayed commencement of my internship etc. This section reviews important literatures relevant to plastic money market Banstola (2007) has shown the benefits and challenges of e-banking practiced in Nepal. This has been done from the bank and customers’ point of view. In this study cost, risk exposure, availability of internet connection and diversified expectations of customers are examined. Huq and Tania (2005) pointed out how the credit card users are satisfied. Islam (2005) finds out the satisfaction level of ATM users of HSBC bank.
Their study indicates that location, personnel response, quality of currency notes, promptness of card delivery and performance of ATM are positively related to the satisfaction of the customer. Jabnoun and Al-Tamimi show that service quality in banks is critical for satisfaction and retention of customers. Khan (2010) explained the effect of ATM service quality on customers using five key ATM service quality factors: convenience, efficient operation, security and privacy, reliability and responsiveness. He finds a strong positive relationship between ATM service quality and customers’ satisfaction level.
Mobarek has made an attempt to analyze customer’s perception towards e banking services, quality of e-banking services and the constraints related to this. Shamsuddoha, Chowdhury and Ahsan exposed that cash withdrawal, balance inquiry, cash deposit, fund transfer and cheque book requisition are the main services consumed by the customers who use ATM. They also show that 24 hours service accuracy, convenient location, etc. are the main factors of customer satisfaction. Moreover, the same study identifies lack of privacy in transaction, fear of safety and complexity of machine as the matters that draw the customers‘concern.
Shamsuddoha shows the development, structure and features of e-banking in Bangladesh. He mentions credit card, debit card, internet banking, account checking, home banking, tale banking, SWIFT, easy pay machine, etc. as the electronic performance areas. Modigliani and Brumberg (1954) investigated that plastic money i. e. credit cards are a flexible and enthusiastically accessible source of funds; as a convenient payment vehicle for purchases and as a way to provisionally maintain standards of living even during an income shortfall.
Hirschman (1979) and Feinberg (1986) investigated the actual consumer transactions while comparing the spending of consumers who paid through plastic money/ credit cards with those who used cash or checks, and found that the former spends more in otherwise identical purchasing situations since a person has a plastic money/ credit card and cannot avoid unnecessary spending. Soman and Cheema (2002) explained that the propensity to spend increases as a function of the credit limit, specifically as the credit limit increases, subjects using a credit card report a higher likelihood of making a purchase ceteris paribus.
When a consumer once has a credit card and with credit line available, sometimes unnecessary spending gets unavoidable. Unnecessary spending gets increased because consumers have a pool of money available, though he/she has to return that money in future. The recent studies depict the essence of plastic money/credit card usage to be the most important factor followed by expenditure on fashion goods and routine buying behavior. It has made life easier to a certain extent for compulsive buying, which gives the rise to unnecessary spending(Hogarth, Hilgert, & Kolodinsky, 2004).
Demographic and financial variables have major influence altogether in the usability and affordability of plastic money (Lown & Ju ,1992). While it is also noticed that probability of using plastic money/credit cards is very high in developed countries on the influence of friends and family (Kaynak & Harcar, 2001). 3. 1 What is “Plastic Money”? Plastic money is just the replacement of cash. It is such an electronic module where all the information about the client/card holder and the bank are stored and can be executed by putting it in the Automated Teller Machine and at the Point of Sales (P. O. S.
) terminal. It’s not only convenient but also very reliable and safe. In this type of card inside a magnetic strip all the necessary information about the customers are kept by reading, which the ATM machine can deliver the required money of the customer. The entire process is so secured and swift that it is really a big asset for the banks and that is why all the banks are trying to improve the service that being provided through plastic cards. 3. 2 Types of Plastic Cards: Credit Cards Debit Cards Payment / Pre-Paid / Electronic Purse Cards ATM (Automated Teller Machine) Cards Store, Budget or Option Cards
Charge Cards Gift Cards etc. 3. 3 Technology of Plastic Card Cards with a magnetic strip are the most widespread today – circulation is over two billions. However because of low reliability of repeated process of recording / reading, recording on a magnetic strip, as a rule, is not practiced, and such cards are used only in a mode of reading of the information. A smart card is a plastic card about the size of a credit card, with an embedded microchip that can be loaded with data, used for telephone calling, electronic cash payments, and other applications, and then periodically refreshed for additional use. 3.
4 Plastic Money: Background and Evolution in Bangladesh A number of banks in Bangladesh are encouraging people to use plastic cards specially credit cards. The concept of credit card was used in 1950 with the launch of charge cards in USA by Diners Club and American Express. Credit card however became more popular with use of magnetic strip in 1970. Credit card in Bangladesh became popular with the introduction of foreign banks in the country. Although credit card was introduced in Bangladesh in 1997 by a local bank namely National Bank. There are thirteen banks and one financial institution issuing Credit Cards in Bangladesh.
They are-Standard Chartered Bank, National Credit & Commerce (NCC) Bank, Premier Bank, Prime Bank, Arab Bangladesh (AB) Bank, Dhaka Bank, Southeast Bank, National Bank, The City Bank, United Commercial Bank, Mercantile Bank, EXIM Bank, One Bank and Lanka Bangla. In addition to credit cards, debit cards, another example of plastics money, are now being introduced in Bangladesh. Money spent using these cards are deducted automatically from a bank account. Debit cards in particular are rapidly growing more popular. In fact debit cards look like credit or ATM cards, but work like cash or a personal cheque.
By definition you can’t run up credit on a debit card; you must have money in your account. In short they offer you the transactional convenience of a credit card, without a credit facility. Currently there are more than ten lac credit card holders in Bangladesh. In case of salaried persons, two copies of photos, six months bank transaction, the TIN certificate and salary certificate is sought and in case of businessmen, an including photos, TIN certificate, bank transaction and trade license/ partnership deal or article of memorandum is required.
The other optional things, which are necessary for applying cards, are passport id, voter id, driving license, commissioner certificate, any utility bill and other card statement copy. The growth of credit cards has had an enormous impact on the economy-changing buying habits by making it much easier for consumers to finance purchases and by lowering savings rates (because consumers do not need to save money for larger purchases). Technology advances have facilitated the use of credit cards.
Merchants are now connected to banks by modem, so purchases are approved rapidly; on-line shopping on the Internet is possible with credit card payment. Credit card companies are also experimenting with smart cards that would act like a small computer, storing account and other information necessary for its use. An alternative to credit cards is the debit card, which is used to deduct the price of goods and service directly from customers’ bank balances. 3. 5 How transactions work? The cardholder purchases goods or services from the merchant. The merchant,
in effect, sells the transaction to the “acquirer” and is reimbursed the amount of the sales ticket less a “discount fee. ” The acquirer then submits the transaction to the issuing bank for payment via Payment Association’s (i. e. , VISA, MasterCard etc. ) interchange and settlement system The issuing bank pays the merchant acquirer, less an interchange fee which partially reimburses the issuer for its expense, through Payment Association’s settlement system. Finally, the cardholder repays the issuer for the goods or services originally purchased from the merchant.
Figure Fig: How transactions work 3. 6 A Brief Overview of Global Card Issuers The strategic players’ activities vary from region to region, but four of them remain constant worldwide. They are Master Card, Visa, American Express, and Diners Club. Master Card Since its beginning in 1996 as Interbank Card Association, Master Card has evolved into a global payments franchise. Through the Master Card global family of brands, they offer a full rage of payment products, including credit card, online debit cards, ATM cash access, and travelers’ cheques. VISA Card
Visa was founded by Bank of America in 1960. Today, it has the largest worldwide card-base. American Express American Express (AMEX), which introduced its Green card in 1958, is world’s largest issuer of T&E cards. Diners Club The Diners Club Card, the first T&E card, was introduced in 1950. In 1960, it was the first card issued in Japan. JCB, the Japanese Credit Bureau, is also a global force on the acceptance side, although its card issuance is primarily relegated to Japan. Discovery is strengthening its merchant network the United States and the Caribbean but is not a worldwide player.
It targeted at the traveling and the entertainment market competes directly with the American Express Card. 3. 7 Players of the Credit Card Transaction System Credit card business grew from a direct relationship between the customers, merchant and financial institution to a system where financial institutions joined the Master card and Visa Association. Membership enables financial institution to Issue Credit Cards with worldwide utility. Hold contractual relationship with merchants. Participate in the interchange and settlement systems of Master card and Visa.
The players in Credit Card transactions are Cardholder Issuer Agent Banks Acquirer and Merchant Cardholder The cardholder is solicited, screened and approved by the issuer that establishes a line of credit for the customer and issues the credit card. The cardholder uses the credit card either to purchase goods and pay for services from a merchant or to obtain cash advance from a member for which the cardholder receives a monthly bill from the issuer. Issuer The Cardholder’s financial institution (usually called the issuing member, or issuer) is a licensed member of Master Card and/or Visa.
The issuer: Issues the card to the approved cardholder. Receives and pays for transactions from Master Card and /or Visa. Bills and collects from the cardholder. The issuer may also benefit from the services of a third party and /or association in processing information and payments. Agent banks Managing a credit card program is expensive and some small financial institutions prefer to offer credit cards to their customers without taking on the complications and responsibilities of becoming an issuing member. These small financial institutions can contract to become an issuing agent of an issuing member.
The issuing agent solicits cardholders’ applications for the issuer. The issuers, in turn, issue the card in its name, have the cardholder relationship, make all formalities of the Credit Divisions, and complete the management of the card program. If the agent bank’s name appears on the card, then the agent bank must be an affiliate/associate member of the franchiser. The issuer usually keeps most of the income from the cardholder account; the agent member may or may not receive a small commission for providing the application.
While the issuing agent’s income from this arrangement is small, it does retain its customers who might shift their business elsewhere if a Credit Card Program were not available at their local financial institution. When the issuing agent’s name appears on the card, it tends to preserve the financial institution-cardholder relationship. Acquirer The acquire member or acquirer solicits, screens, and accepts merchants into its Credit Card Program. The acquirer is a member of Master Card and/or Visa, and holds a written agreement with the merchant to: Accept the merchant’s sales slips.
Provide the merchant card authorization terminals, instructions, contracted service. Handle and process the credit card transactions. The acquirer usually charges the merchant a discount for handling the transaction. The acquirer is licensed by Master Card and/or Visa and agrees to follow the operating rules and regulations of the two associations. Master Card and Visa provide various services to the acquirer, including authorization and settlement processing, interchange and resolution of member disputes. Merchant The merchant can be virtually any company, which meets the qualification standards of Master Card and/or Visa and an acquirer.
Typical merchant businesses include retail stores, restaurants, airlines, mail order companies and health plans. The merchant has a written agreement with the acquirer to accept the Credit Card as payment and to abide by the terms of the agreement. Usually, the machines are supplied to the merchants by the issuers and the merchants are required to pay a small commission (say 3%, of the transaction amount) to the issuer for accepting every credit card transaction by the cardholders. They also may or may not be required to pay an annual fee. . 4. 1 Benefits of Plastic Card Customers
Carrying less cash is safer for the customers. In case of Debit Card, a Personal Identification Number (PIN) ensures secure access to their checking accounts. The customers won’t be limited to cash on hand with the use of the Plastic cards. And they won’t need to remember to carry cheques / cash. Customers speed through checkout lines faster with their Plastic cards. There is less change to be made and no cheques to write and approve. Merchants Increased Sales Customer Satisfaction Speed of Checkout Improved Efficiency Safety Currency Conversion Safer than Cash or Checks Reduced processing & collection cost
Issuer / Acquirer There is a variety of incomes for the issuer and acquirer such as Interest income, Annual card fee, Interchange income, Cash withdrawal fee, Late payment charges, Foreign exchange income etc. Name: DBBL Nexus Classic Category: Master Card Description DBBL is the market leader in Debit Cards. All DBBL debit cards give you unlimited and free access to all DBBL ATMs and POS nationwide. There is no transaction or hidden costs associated with DBBL cards and accounts. By default, when opening a DBBL account, all clients will receive the DBBL Nexus Classic card. A debit card is more advanced than a credit card.
DBBL Debit cards also have more features than credit cards and are fully recognized by Visa and MasterCard. DBBL Debit cards are also more secure, convenient and cheaper than any credit card or debit card in the market. Debit cards can withdraw money from your account directly while a credit card has to issue a ‘loan’. Type: Debit Card Currency: BDT Limit: ATM Cash Withdrawal Limit per day 50000 Issuance Charge: First year free then per year 200 Global Network: Visa & Master Scope: Local Details DBBL debit cards come with the client’s photo printed on it and requires a secret PIN verification by the client.
A credit card only requires a signature (which can be forged) and no PIN verification for a transaction. That is why, for day-to-day banking, DBBL recommends debit cards. Each card comes with a PIN number which must be protected at all times by the client. The PIN number is used as a password for withdrawing cash at DBBL ATMs and accessing DBBL banking services. Overdraft and credit facilities In addition to normal debit card features, DBBL Nexus Gold and DBBL Nexus Silver debit cards come with automatic overdraft facilities (credit). This allows the cards to have a credit amount.
Clients can access the credit amount instead of choosing to access the money in their account. This allows the debit card to perform in the same manner as a credit card. A small loan is issued when clients exercise this feature. Name: DBBL Nexus MasterCard Maestro Type: Cards Limit: ATM Cash Withdrawal Limit per day 50000 Issuance Charge: 500 Global Network: Master Scope: Local Featured: Yes Name: Nexus classic DBBL Nexus MasterCard INTERNATIONAL Type: Debit Currency: USD Limit: ATM Cash Withdrawal Limit per day USD $3,000 Issuance Charge: USD $15 Global Network: USD $15 Scope: Local
Name: BRAC Bank Travel Prepaid Card Category: Travel Card, VISA Card, ATM Card Description BRAC Bank brings another perfect solution for your financial needs while you visit anywhere in the world. You can now enjoy convenient and safe access to your money during your travel by simply getting yourself a BRAC Bank Travel Card. Since, this is a Prepaid Card, any individuals (21 years and above) having no relationship with Brac Bank can also enjoy the benefits of this card. One can withdraw cash from any VISA accepted ATMs or do the shopping across the world using this plastic. Benefit Highlights of Travel Card:
– Instant issuance – Just pay and pick the card – Completely interest free – Limit up to USD 1500 for SAARC and USD 5000 for non SAARC countries, as per Personal Travel Quota (Quota may change as per Government regulation) – Valid all over the world (except Bangladesh) – Accessible in all VISA accepted ATMs & Shops globally – Bank account not required – A nominal issuance fee of BDT 500+15% VAT – Scope to refund of unused balance in BDT – No endorsement fee or penalty Type: Debit Currency: USD Limit: USD 1500 for SAARC and USD 5000 for non SAARC countries Issuance Charge: BDT 500+15% VAT
Global Network: VISA Scope: International Service Type: Retail Conditions: Valid all over the world (except Bangladesh) Supporting Documents – A valid passport – A recent color photograph – Prepaid card application form Featured: Yes Name: City Bank American Express Gold Corporate Card Category Credit Card, American Express Card Description: Maximize Control- We understand the need for compliance, both with your internal policies designed to manage indirect spend and compliance with the latest local and global regulatory requirements impacting businesses.
Our management information reporting and expertise help our customers to gain transparency of their indirect spend and exert greater control over their entire expense management program. Drive savings- With clear, accurate spend data; we can improve a company’s potential to drive savings with their suppliers and make process efficiencies By using our solution to consolidate and analyze your spend data you can benchmark the costs associated with managing your company’s expense program. This will not only streamline your expense management process but help deliver substantial savings.
Benefit Employees- Workforce safety and satisfaction are key measures of a successful business. This is why our solutions ensure that our Customers can cater to their employees in this regard. With comprehensive insurance, customer services and rewards programs, we ensure that your employees receive the support they require and the rewards they deserve by complying with your program. Manage Globally- American Express support is available globally and our Cards are accepted by millions of merchants in over 200 countries making our Cards the perfect travel companion.
Furthermore, starting your program with American Express enables you to roll out similar solutions worldwide. Benefit City Bank American Express® Gold Corporate Card member Benefits: American Express has always represented certain values – security, reliability and prestige – and these are reflected in the City Bank American Express® Gold Corporate Card, available to your employees. Travel Benefits – Global Acceptance & Support – Complementary Travel Insurance1 – Travel Assist (Basic) Personal Security – Medical Assist – Double Benefit Insurance – All Accidental Death Insurance – Fraud Protection Convenience
– Express Cash – E-Statements – SMS Alerts – 24/7 Customer Services Special Privileges – Business Savings Program – SELECTSSM Type: Credit Currency: Dual Currency Global Network: American Express Scope: International 6. 1 Purpose, Duration and Times of Using Plastic Money Customers use plastic money either for taka withdrawal or for purchase of goods and services or for both. Normally 80 percent users use plastic card for taka withdrawal, while 12 percent use it for purchasing goods and services. Only 8 percent customers use it for both purposes. Duration of plastic card use is different for different customers.
One study shows that 78 customers are using plastic card for 1 year, 86 are using it for 1-2 years and others are using for 3-4 years. There is no user who uses the card for 5 years or more. It is also noteworthy that the usage pattern of customers is different. Some users use it just one time per month while some others use it 4 or more times. Study indicates that 40 percent customers use only 1-2 times per month for taka withdrawal or purchase of goods and services or for both, while 30 percent customers use plastic card more than four times for the same purpose.
Causes of Customers’ Interest to Use Plastic Money When the customers were asked what factors did motivate them to use plastic card, most of them answered that they started to use it as it saves time. There are some other stimuli to encourage customers to use plastic card for their transaction. However, there is overlapping of some causes of interest because at the same time more than one factor has influenced a single customer. Figure 1: Causes of customers’ interest to use debit card Source: Parvin & Hossain: Satisfaction of Debit Card Users in Bangladesh 2010 6.
2 Problem–Specific Analysis and Findings Whether Customers Faced Problems Satisfaction or dissatisfaction largely depends upon the problem those customers face when they use any product or consume any service. This is also applicable for Plastic card. This study shows that 65 percent customers have faced problem during Their use of debit card. Figure 2: Whether Customers Faced Problems Source: Parvin & Hossain: Satisfaction of Debit Card Users in Bangladesh, 2010 Nature of Problem Problem is different for different customers. Figure 1 shows that 65 percent customers have faced problems. About 40