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Gen P sets the pace for plastic
Consider this scenario: You are out shopping and once you buy everything you want, you reach the check out counter. What do you reach for, cash or your debit/credit card? Chances are you reach out for that card especially if you belong in the 20-30 age group!
Money has taken on a completely new meaning for the young generation of today. Or should we call them the plastic generation. People today are flashing their plastic for most purchases, even the mundane ones. And they prefer not to pay in cash. In recognition of their penchant for plastic over hard cash, Visa USA recently coined an apt name for people belonging to this age group: Generation Plastic or Gen P. As the younger lot grows up and begins to learn the advantages of using cards over hard cash, they are forcing merchants to learn new ways of doing business. One of the most prominent changes is that more merchants, shopkeepers, discotheques and other services are now open to the idea of accepting cards over cash.
But this does not mean that everyone accepts this trend as a good thing. Many people are worried about this growing fascination among youngsters for things plastic. And rightly so. Parting with cash is often more difficult than paying with a card. When we pay for purchases with a card, we don’t see the money actually leaving your hands. So, in a way, we are insulated from the feeling of having spent beyond our limits. Another problem is of diminishing savings. While a credit card may incur heavy debts on you, using a debit card is no better. According to The Nilson Report, a newsletter that follows spending trends, in over 23 billion transactions, debit cards were used as modes of payment.
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