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Perceptions and feelings associated with mode of payment (Cash…
Perceptions and feelings associated with mode of payment
Cash
Condition and quality of notes
People like to save and hence, avoid using new notes
Torn/ creased/ crumpled notes are not accepted by people
People tend to pay notes of better quality at malls and restaurants
Arrangement of notes
Some people buy long wallets such that they do not have to fold notes
Notes are meticulously arranged according to denominations
Amount of notes
Easier to carry lesser no. of notes, so people generally give away notes of lower denominations in exchange of notes of higher denomination
It is convenient to pay an amount with fewer no. of notes, hence people tend to pay few notes of higher denomination
Sacredness/ Respect
Cash is considered a physical/ tactile representation of Goddess Lakshmi
People avoid playing with or stepping upon notes
Some notes given by eminent or respected individuals are kept separately and aren't used
In religious occasions and festivities, cash is used and offered to god
Miscellaneous uses of cash
games
fake currency
Magic shows
Digital currency
Use of digital currency makes one feel technologically advanced and modern
In malls and fine dine restaurants, people tend to use cards as status symbol
Knowing your own pin and typing it gives a sense of ownership and belongingness for money