Analysis Of Public Perceptions Of Credit Cards In The City Of Medan
Analysis of Public Perceptions of Credit Cards in the City of Medan
Medan City, as one of the metropolitan cities in Indonesia, is facing significant challenges in understanding the characteristics and perceptions of the public on the use of credit cards. The city's growing economy and increasing population have led to a rise in the use of credit cards, but there is a lack of research on how people view this payment tool. This study aims to analyze how people who use credit cards view the payment tool, as well as how the trend of people who lack less cash (less cash society) affect this perception.
Credit Card User Characteristics
The results of this study showed that women aged between 20 to 35 years dominated credit card users in Medan. Most of them work as employees with a minimum high school educational background. In terms of financial, respondents have monthly income under 2 million rupiah, with expenses ranging from 500 thousand to 1 million rupiah per month. The habit of using credit cards among respondents is quite interesting, where credit cards are usually used 2 to 3 times a month for consumptive purposes such as shopping, eating, and recreation. This shows that credit cards are more often used for daily needs related to lifestyle and personal desires.
Public Perception of Credit Cards
In this study, two main perceptions owned by the community of credit cards were found: positive and negative perceptions. In general, Medan people tend to agree with these two perceptions. The positive perception arises from factors such as practicality and ease of use of credit cards. Users feel that having a credit card makes transactions faster and more efficient, especially in shopping situations that require an instant payment process. The existence of a large network also allows users to make transactions in various locations without having to carry a lot of cash.
However, not a few who have a negative view of credit cards. Annual fees, high interest rates, and fines are an important issue that is often feared by users. Many respondents also revealed that they felt wasteful in using credit cards and worried about the risk of theft, forgery, and fraud. This mixed perception of credit cards highlights the need for credit card providers to educate users about the benefits and risks of using credit cards.
Effect of Less Cash Society Trends
Less Cash Society trends that develop in the community also have a significant impact on public perceptions of credit card ownership. With less people who use cash for daily transactions, credit cards are a more practical and modern choice. This is in line with the lifestyle of people who are increasingly accustomed to technology and digitalization, where electronic payments become more dominant.
Factors that contribute to this trend include changes in consumer behavior that prefer fast and easy payment methods and ease of access to various banking facilities. The public is also increasingly educated regarding the benefits of the use of credit cards, such as promos, cashback, and ease of financial management. This trend is expected to continue, and credit card providers should adapt to this changing landscape by offering more convenient and secure payment options.
Conclusion
From this analysis, it can be concluded that the characteristics and perceptions of the community of credit cards in Medan City are strongly influenced by demographic and lifestyle factors. The community has a positive view related to the ease and practicality of the use of credit cards, although on the other hand, they are also aware of the risks and costs that accompany them. Meanwhile, the Less Cash Society trend is the main driver for the community to further accept the use of credit cards as an alternative to transactions.
With this in-depth understanding of this characteristic and perception, it is hoped that banking industry players can formulate a more effective marketing strategy to maintain and increase the use of credit cards in the city of Medan. By understanding the needs and concerns of credit card users, credit card providers can offer more tailored services that meet the demands of the market.
Recommendations
Based on the findings of this study, the following recommendations are made:
- Credit card providers should educate users about the benefits and risks of using credit cards. This can be done through various channels, such as social media, online advertising, and in-store promotions.
- Credit card providers should offer more convenient and secure payment options. This can include contactless payments, mobile payments, and biometric authentication.
- Credit card providers should adapt to the Less Cash Society trend. This can include offering more digital payment options, such as online banking and mobile banking.
- Credit card providers should conduct regular market research to understand the needs and concerns of credit card users. This can help credit card providers to stay ahead of the competition and offer more tailored services.
By following these recommendations, credit card providers can increase the use of credit cards in the city of Medan and provide more value to their customers.
Limitations of the Study
This study has several limitations that should be noted. Firstly, the sample size of the study is relatively small, with only 100 respondents. Secondly, the study only focuses on the city of Medan and may not be generalizable to other cities in Indonesia. Finally, the study only examines the perceptions of credit card users and may not capture the perspectives of non-users.
Future Research Directions
Future research should aim to build on the findings of this study by exploring the following research questions:
- How do credit card users in other cities in Indonesia perceive credit cards?
- What are the factors that influence the adoption of credit cards in Indonesia?
- How can credit card providers adapt to the Less Cash Society trend in Indonesia?
By addressing these research questions, future research can provide more insights into the use of credit cards in Indonesia and help credit card providers to develop more effective marketing strategies.
Frequently Asked Questions (FAQs) about Credit Card Perceptions in Medan
As part of our ongoing research on credit card perceptions in Medan, we have compiled a list of frequently asked questions (FAQs) that we hope will provide more insights into the use of credit cards in the city.
Q: What is the most common demographic characteristic of credit card users in Medan?
A: According to our research, the most common demographic characteristic of credit card users in Medan is women aged between 20 to 35 years.
Q: What are the main reasons why people use credit cards in Medan?
A: Our research shows that the main reasons why people use credit cards in Medan are for consumptive purposes such as shopping, eating, and recreation.
Q: What are the benefits of using credit cards in Medan?
A: According to our research, the benefits of using credit cards in Medan include ease of use, practicality, and the ability to make transactions faster and more efficiently.
Q: What are the risks of using credit cards in Medan?
A: Our research shows that the risks of using credit cards in Medan include annual fees, high interest rates, and fines, as well as the risk of theft, forgery, and fraud.
Q: How does the Less Cash Society trend affect credit card perceptions in Medan?
A: According to our research, the Less Cash Society trend has a significant impact on credit card perceptions in Medan, with more people preferring to use credit cards for daily transactions due to their convenience and ease of use.
Q: What are the implications of our research for credit card providers in Medan?
A: Our research suggests that credit card providers in Medan should adapt to the Less Cash Society trend by offering more convenient and secure payment options, such as contactless payments and mobile payments.
Q: What are the limitations of our research?
A: Our research has several limitations, including a relatively small sample size and a focus on the city of Medan, which may not be generalizable to other cities in Indonesia.
Q: What are the future research directions for credit card perceptions in Medan?
A: Future research should aim to build on the findings of this study by exploring the following research questions:
- How do credit card users in other cities in Indonesia perceive credit cards?
- What are the factors that influence the adoption of credit cards in Indonesia?
- How can credit card providers adapt to the Less Cash Society trend in Indonesia?
Q: What are the implications of our research for policymakers in Medan?
A: Our research suggests that policymakers in Medan should consider the impact of the Less Cash Society trend on credit card perceptions and develop policies that support the growth of digital payments in the city.
Q: What are the implications of our research for consumers in Medan?
A: Our research suggests that consumers in Medan should be aware of the benefits and risks of using credit cards and make informed decisions about their use of credit cards.
We hope that this FAQ section has provided more insights into the use of credit cards in Medan and has been helpful in answering some of the most frequently asked questions about credit card perceptions in the city.