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1. Factors affecting credit card use in India...................................................................................................... 1

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Factors affecting credit card use in India

Author: Khare, Arpita; Khare, Anshuman; Singh, Shveta Publication info: Asia Pacific Journal of Marketing and Logistics 24.2 (2012): 236-256. ProQuest document link Abstract: Purpose - The purpose of this paper is to understand the moderating influence of Multi-item List of Value (MILOV) on credit card attributes, age, and gender in credit use among Indian customers. The research examines the impact of "lifestyle" variables (convenience, use patterns, and status) on credit card use. Design/methodology/approach - Data were collected through mall intercept technique in six metropolitan cities of India. A self-administered questionnaire was distributed to customers visiting the malls. Findings - Use and convenience emerged as the major determinants of credit card use among Indian customers. Use, convenience, and status attributes were moderated by "sense of belonging" and "sense of fulfilment" dimensions of MILOV. Young customers were likely to use credit cards. Research limitations/implications - The study does not examine the influence of customer income, occupation, and education on credit card use, as many customers were not willing to disclose the information. These demographic factors can influence customers' perception towards credit card ownership and use. Practical implications - The findings can be of immense use to international and Indian banks in marketing of credit cards. The convenience attribute can be emphasized to instill confidence among consumers and motivate them to use credit cards. Originality/value There is no previous research on Indian credit cards which examines the influence of "lifestyle" and values on its use among Indian customers. Links: Base URL to Journal Linker: Full text: 1 Introduction Credit card use represents a customer lifestyle and increase in the standard of living. India is one of fastest growing economies in Asia; however credit card use remains limited ([78] The Times of India , 2010). The credit card market in India had witnessed a steady growth in the late 1980s and early 1990s, but currently stands stagnant. Indian banks like State Bank, Citi Bank, Axis Bank, Bank of Baroda, and HDFC offer credit card services to their customers ([31] Goyal, 2008). The growing income of the upper middle class is an important driver of the credit card use. During the year 2007, credit card use in the Asia Pacific region stood at $1.3 trillion, which was 30 percent of global credit card transactions ([46] KPMG, 2009). Japan led the region in total transactions made through credit cards ($209 billion), followed by South Korea ($203 billion). The total transaction made through credit cards in India was merely $2 billion. Nearly 70 percent transactions made through credit cards in India were for purchase of goods and services. For credit card companies targeting the Indian market, understanding credit card use patterns would be of great significance. [56] Mitchell and Mickel (1999) define credit cards as source of money which enables the customer to make payments later. The advancement of technology has made credit card a convenient mode of transaction ([63] Phau and Woo, 2008). John Biggins, a consumer credit specialist introduced the concept of credit card. The credit card was introduced as a credit plan called "Charge-It" in the year 1946. This was in a form of scrip which facilitated customers to make payments to the merchants or traders. After the transaction, the scrip was deposited in the bank and the payments were advanced to the trader ([32] Gnanapushpam, 2007). The credit card serves the function of making precautionary money easily available to customers for transactions, and since credit cards have a "grace period", customers' can make the payment of the balance at the end of the month ([12] Brito and Hartley, 1995). It was just a matter of time before such credit facility was made available to individuals through credit cards.

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[15] Chan (1997) states that growing income and changes in education system has led to an increase in the credit card use in Hong Kong. Credit cards symbolize a lifestyle ([9] Bernthal et al. , 2005) and convenience ([49] Lee and Kwon, 2002). The popularity of credit cards has risen because of the convenience of not having to carry cash. Credit card research states that credit card ownership is dependent on increase in income ([14] Canner and Cyrnak, 1986; [18] Delener and Katzenstein, 1994; [15] Chan, 1997), and compulsive buying behaviour ([66] Roberts and Jones, 2001; [62] Park and Burns, 2005; [58] Norum, 2008; [63] Phau and Woo, 2008; [23] Fogel and Scheider, 2011; [57] Nga et al. , 2011). In India, credit card use has been slow to catch on as compared to other countries such as China, Saudi Arabia, and Turkey. However, it is hoped that recent introduction of security features in credit cards is likely to increase its use among Indians ([78] The Times of India , 2010). One of the major problems related to credit card use is that about 40 percent people in India do not have a bank account. In the years 1987-2000, the Indian credit market comprised of 3.8 million card holders with 25-30 percent growth rate ([32] Gnanapushpam, 2007). The Indian credit card market comprises of 18 banks and major credit card providers are: Standard Chartered, HDFC, Axis Bank, State Bank of India, Bank of Baroda, CitiBank, MasterCard, Barclays Bank, Deutsche Bank, Canara Bank, and Diners' Club. The credit card companies offer customized services in the form of premium card, gold credit cards, cash back credit cards, silver credit cards, business credit cards, airline credit cards, lifetime free credit cards, etc. ([21] Economy Watch , 2010). Several studies have examined usage patterns, age, gender and income influences on credit card ownership, and relationship of attitudes towards money with use of credit cards. However, there has been limited research to understand the influence of lifestyle and values as moderators on credit card attributes and demographics. There has been much research on credit card use and ownership in economies like China, Hong Kong, South Korea, Sri Lanka, and Saudi Arabia. Credit card research in India is limited and has focused on the influence of supplementary services on customers' attitude towards credit card. There has been no research to understand the customers' predisposition towards using credit cards regularly. India presents a huge untapped market for credit card companies. Developing economies have witnessed increased consumer spending and growth in income levels but regular use of credit cards is limited; especially in the Indian context. Understanding the lifestyle variables affecting credit card can help companies in targeting decisions. China and India present a large middle class that has been spending on services, real estate, and consumer durables. The current research can provide valuable insights not only to credit card companies but also to other companies targeting Indian middle class for making purchases through credit cards. [35] Gupta (2011) found that younger consumers in India are highly materialistic. The lower income groups exhibited high materialistic traits than high income group. The materialistic tendencies have an impact on Indian consumers' buying behaviour and predisposition towards global brands. There has been much research on Chinese credit card market ([76] Sun and Wu, 2004; [83] Willis and Worthington, 2006; [86] Worthington et al. , 2007) however, research on Indian credit card market is limited. Further, increased use of credit cards could lead to increase in online shopping. The findings related to understanding the lifestyle variables that influence credit card use in India, can be of immense help to banks as well as organizations selling products and services in the Indian market. 2 Literature review 2.1 Lifestyle and values Lifestyle segmentation is a strategic approach for marketing of products and services. The lifestyle concept relates to interests people have, how they spend their time and resources, and views they hold about themselves and other people ([48] Kucukemiroglu, 1999). [73] Sjberg and Engelberg (2005) suggest three different interpretation of the word "lifestyle": Lifestyle refers to the "value" person expresses related to dimensions like freedom, justice, equality, etc. It refers to individuals' attitudes, interests, opinions, and activities. This approach can be used for classifying segments according to the above factors. 04 December 2013 Page 2 of 16 ProQuest

It refers to "actual patterns" of usage of products and services. Lifestyle is, therefore, different from personality. Lifestyle or psychographics give insight about why certain brands are purchased, and differentiate users from non-users ([73] Sjberg and Engelberg, 2005). Values are beliefs that influence the motivation for desirable goals. Values "surpass specific actions or situations, and act as guides for selection and evaluation of behaviour, people, and events" ([75] Smith and Schwartz, 1997). Values are organized around attributes like need for warm relationships, security, excitement, fun, and achievement ([40] Kahle et al. , 1986). [71] Schwartz (1992) states that values are "beliefs, end states of existence, it transcends certain situations, guides behaviour, and are organized in a hierarchical order". [67] Rokeach (1973) posits that the immediate function of values is to guide human behaviour in daily activities and therefore have a strong motivational component. Values are abstract in nature whereas attitudes are organized around certain beliefs and objects ([52] McCarty and Shrum, 2000). Values become a part of the individual's value system and are prioritized with respect to other values. Values help individuals in adjusting to social situations and resolving conflicts ([67] Rokeach, 1973). [68] Rokeach and Ball-Rokeach (1989) state that values differ across countries and individuals can be compared not only on the basis of their values but also value priorities. [44] Kim (2005) states: "Values are general representations of the basic needs and goals individuals use to guide beliefs about and evaluations of products". Personal values may be referred as motives ([64] Pieters et al. , 1995), cognitive evaluations ([41] Kamakura and Novak, 1992), "standards" that guide actions ([67] Rokeach, 1973) and, directly influence consumer behaviour ([45] Koo et al. , 2008). Within consumer behaviour research several studies have examined the influence of social values on consumption of food items ([28] Goldsmith et

al. , 1997), involvement with fashion products ([29] Goldsmith et al. , 1993), group affiliation ([69] Rose et al. ,
1994), smoking ([47] Kropp et al. , 1999), wine consumption ([60] Orth and Kahle, 2008), consumption of orange juices ([33] Grankvist et al. , 2007), financial services ([11] Bloemer and Dekker, 2007), and relationship between personal values and shopping orientation ([77] Tai, 2008). Research has examined role of personal values on customers' product evaluations and consumption decisions. [17] Daghfous et al. (1999) state, that adoption of innovation varies across individuals, and is influenced by personal values. [45] Koo et al. (2008) studied the influence of personal values on use of online shopping web sites. They examined the influence of personal values on customers' evaluation of online shopping web sites, their benefits, attributes, and re-patronage motives. The results state that "social affiliation" value relates to hedonic benefit and "self-actualization" to utilitarian benefits consumers' seek from online shopping web sites. [9] Bernthal et al. (2005) suggest that credit cards have the capacity to propel customers towards a lifestyle. The credit cards convey certain values and lifestyle patterns about the users. The study revealed that credit card use enable customers to attain desired lifestyle. An individual's controlled and uncontrolled use of credit card depends on "internationalizing of ideologies of entitlement and frugality" ([9] Bernthal et al. , 2005). The credit card use involves aspiring to become someone or adopting a certain lifestyle. 2.2 Research framework There are several measures available to study influence of lifestyle and values on consumer decision making ([20] Drenth and Cornelisse-Koksma, 1970; [67] Rokeach, 1973; [79] Vinson et al. , 1977; [39] Kahle, 1983; [55] Mitchell, 1983; [72] Schwartz and Bilsky, 1987; [38] Homer and Kahle, 1988; [37] Herche, 1994; [5] Allen and Ng, 1999; [6] Amatulli and Guido, 2011). [67] Rokeach's (1973) and [40] Kahle et al. 's (1986) list of values (LOV) and human values by [72] Schwartz and Bilsky (1987) are most popular instruments used in marketing. [67] Rokeach (1973) had identified 18 terminal values (end states of existence) and 18 instrumental values (desirable mode of conduct). The Rokeach Value Survey (RVS) measures individual's values and the terminal and instrumental values are ranked in order of importance. [39] Kahle (1983) modified RVS and developed a different LOV. [39] Kahle (1983) modified the terminal values into smaller set of values which covered individual's roles and were person oriented ([8] Beatty et al. , 1985). The LOV scale includes values like sense 04 December 2013 Page 3 of 16 ProQuest

of belonging, excitement, fun and enjoyment in life, warm relationships with others, self-fulfillment, being wellrespected, sense of accomplishment, security, and self respect. [37] Herche (1994) developed a multi-item scale for measuring social values. The 44 item scale was an adaptation of the LOV scale. It includes dimensions of security, self respect, being well-respected, selffulfillment, sense of belonging, excitement, fun and enjoyment, warm relationship with others, and sense of accomplishment. The multi-item list of value (MILOV) measures social values with respect to life goal view of values. For the current research directed towards measuring customers' credit card use, [37] Herche's (1994) MILOV was adapted. Only four dimensions of MILOV scale were used for the research. These dimensions were considered appropriate measures to explain Indian customers' perceptions towards credit card use. The dimensions of security, being well-respected, and sense of fulfillment were taken as they communicate individual's values and may be linked with adopting credit card for regular transaction. Sense of belonging dimension was adopted as it reflects individual's desire for social acceptance. Credit card use would depend on the individual's value to gain acceptance and social conformity. [25] Fu and Wu (2010) suggest that credit card use was dependent on cultural factors and is a case of product internationalization. Credit cards facilitate purchase of products/services without having funds available at the time of purchase ([82] White, 1975). [53] Meidan and Davos (1994) in their research on Greek credit card market found that credit card use depends on five factors: convenience, indication of prestige, sense of security, economy, and shopping abroad. They identified 15 items related to credit card use and these items were factor analyzed to present the above mentioned five factors. The most important factor identified was the "convenience attribute" of the credit card which accounted for 37 percent of use. The convenience was related to extended credit facilities, and acceptance of credit cards in different shopping outlets. [51] Maysami and Williams (2002) replicated the research of [53] Meidan and Davos (1994) to understand credit card use in Singapore. Their findings revealed similar credit card use patterns as identified by [53] Meidan and Davos (1994). [26] Gan et al. (2006) suggest credit card selection in Singapore was influenced by low interest rate and absence of annual fees. In their later research, [27] Gan et al. (2008) analyzed credit card usage pattern of Singaporean customers. Their results indicated that credit card use was influenced by income and gender. Other factors like "credit card leads to over-spending", "savings as payment source", "unreasonable interest rates", "credit card as status symbol" were also identified. [19] Devlin et al. (2007) explored the underlying reasons for preference of two types of credit cards: main card and subsidiary card among customers in Singapore. They concluded that 85 percent of the customers preferred the main card due to favorable discounts and promotions. The main card was used for a broad range of transactions while the subsidiary card was used mostly as a stand-by. The customers identified discounts as the main reason for credit card use (25 percent). They were able to buy products and services from retailers at discounted prices, and this was a major motivator for building loyalty for credit cards. The second most important reason (22 percent) for using credit cards were the loyalty programs which gave special discounts to the card holders. The next reason cited by customers was that they preferred to use the credit card of the banks where they maintained savings account. The customers stated that they believed that credit cards enabled them to plan and manage their expenditures. [42] Kaynak et al. (1995) in their study on credit card use in Turkey, found that the most important reason for using credit cards was availability of emergency funds, convenience during travel, and availability of cash for shopping. The factors indicated that credit card in Turkey was primarily due to the convenience attribute. In a recent study [4] Akin et al. (2010) studied the benefits provided by Turkish banks and how they differentiate their credit cards. They suggest that banks differentiate their credit cards by offering card benefits such as travel miles, bonus points, rewards, shopping discounts, and facilitating payment in installments. Customers perceive credit cards and other banking service as a bundle. [15] Chan (1997) examined the role of demographic and attitudinal factors in determining credit card use in 04 December 2013 Page 4 of 16 ProQuest

Hong Kong. Income emerged as a single most important factor in determining credit card use in Hong Kong. The credit card use could be increased by improving monetary incentives and financing convenience. [62] Park and Burns (2005) analyzed the role of fashion orientation as a direct predictor to compulsive buying behaviour through credit card in South Korea. Customers more conscious about latest fashions were likely to consider credit cards as fashionable and trendy. The results indicate that fashion orientation affected compulsive buying directly and credit card use indirectly. [2] Abdul-Muhmin and Umar (2007) found that Saudi Arabians had a positive attitude towards credit card usage and women were more likely to own credit cards than men. [54] Metwally (2003) studied credit card use in the State of Qatar where customers were willing to use credit cards if it was accepted by the local merchants. [1] Abdul-Muhmin (2010) found that electronic payment modes were acceptable by Saudis in low transaction purchase, while credit card payments were preferred for high transaction value purchase. [83] Willis and Worthington (2006) suggest that credit cards communicate high "status and value". The Chinese customers give importance to the "status value" communicated by the international credit cards. They recommended that the multinational companies marketing credit cards in China should attempt to retain their international brand value, so as to symbolize status ([83] Willis and Worthington, 2006). [76] Sun and Wu (2004) concluded that credit card use in China differed across urban and rural regions, and China should not be treated as a homogeneous market as economic development determined credit card use. [86] Worthington et al. (2007) conducted an exploratory research to understand the credit card use among affluent urban Chinese customers. Their results suggest that this segment primarily used credit cards for travel and entertainment. [84] Worthington (2005) states that structural, cultural, and historical factors restrict customers' use of credit card in China. Credit card use and petty installment in China was related to consumers' attitude towards credit cards, money, and debt ([80] Wang et al. , 2011). [50] Liu (2009) posit that awareness of redemption reward points influenced consumers' attitude towards incentives and credit card use. Awareness about reward points could improve consumers' attitude and credit card use behaviour. [66] Roberts and Jones (2001) conducted research on money attitudes, credit card use, and compulsive buying behaviour of American students. The findings show that money attitude factors like power-prestige, distrust, and anxiety are positively related to compulsive buying and credit card use moderates these factors. [70] Rutherford and DeVaney (2009) found that credit card users in the USA had college education, higher incomes, and belonged to older age groups. The convenience users of credit card believed using credit was bad, and had long financial planning horizons. [10] Blankson (2008) suggests that credit card use among US students was related to "purchasing power, incentives, firm's reputation, and good credit ratings". Credit card use among youth was related to high disposable income which accounted for compulsive buying and money anxiety ([23] Fogel and Scheider, 2011). [63] Phau and Woo (2008) investigated money attitudes and credit card use among Australian customers. Their findings revealed compulsive buyers perceived money as a symbol of power and prestige. They were more likely to use credit cards as compared to non-compulsive buyers. There was no difference between compulsive and non-compulsive buyers with respect to time retention, anxiety, and distrust dimension of money attitude scale. [24] Foscht et al. (2010) explored the Austrian customers' choice and usage of credit cards versus debit cards. The customers' choice of payment method was determined by their personal characteristics, and features of the payment method. [65] Pulina (2010) studied the demographic, socio-economic, and banking specific factors influencing credit card use in Italy. The results indicate that women preferred "classic credit cards", older customers (aged above 66 years) preferred "gold credit cards", customers aged 56-65 were likely to hold "classic credit card", whereas younger customers (18-25 years) preferred "revolving credit cards". [85] Wickramasinghe and Gurugamage (2009) attempted to understand the credit card use patterns in Sri Lanka. The findings suggest that credit card use was dependent on debt ceiling, income, and marital status of the customers. Credit card use was popular as customers could purchase routine items on credit; it symbolized 04 December 2013 Page 5 of 16 ProQuest

status, and was used for short term financing. The results are different from the credit card use in developing countries which suggest that customers use credit cards for household products, clothing, travel, and entertainment. The credit cards were often used for paying for medical bills in Sri Lanka. [7] Amin (2008) conducted a research in Malaysia to study the acceptability of mobile phone credit cards. The results indicate that perceived usefulness, perceived ease of use, perceived credibility, and amount of information available were important determinants in predicting Malaysian customers' mobile credit use. [3] Ahmed et al. (2010) studied the impact of personal attributes on credit card use and customers' attitudes towards credit card debt. The results indicate that "lifestyle" influenced credit card use in Malaysia. The attributes like self-esteem, time consciousness, peer group pressures, influence of advertisement, and gregariousness were not important in influencing credit card use. There was no significant impact of attitude on credit card debt, as credit card use had led to compulsive buying in Malaysia ([3] Ahmed et al. , 2010). [57] Nga

et al. (2011) studied image consciousness, materialism, and consumer spending on credit card usage in
Malaysia. Materialism emerged as a partial mediator in the relationship between image conscious and compulsive spending of Malaysian consumers and their credit card use. [30] Goyal (2004) conducted a study on understanding the importance of availability of supplementary services in determining pre-purchase decisions of credit cards of Indian customers. Indian customers have a positive attitude towards supplementary services offered along with credit cards like "ATM facility, acceptance of petrol pumps, zero/limited lost card liability, acceptance at airlines and railway counters, and cash withdrawal-within credit limit". The study suggests that supplementary services can act as positive tool in encouraging credit card use. [31] Goyal (2008) examined the role of supplementary services offered with credit cards in reducing perceived risk of customers. She suggests that supplementary services can help in controlling psychological and financial risks and influence customers' credit card purchase decisions. The discussions so far are summarized in Table I [Figure omitted. See Article Image.]. Customers across different cultures have different views about credit card use. The acceptance of credit card depends not only on the psychographic or cultural factors, but also on the economic factors. As economies develop, there is an increase in income levels and changes in lifestyle coupled with improved (financial) infrastructure which can be a major influencer towards credit card use. 3 Current research: methodology To fill the gap identified above in the research on credit cards in India, the researcher set out to examine the current situation in India with the help of the following research questions:

RQ1. Would frequency of credit card use depend on credit card attributes? RQ2. Does customers' age and gender influence credit card use? RQ3. Do MILOV variables have a moderating influence on age, gender, and credit card attributes in influencing
credit card use? Figure 1 [Figure omitted. See Article Image.] shows the model which was tested regarding credit card use in India. 3.1 The survey instrument The survey instrument contained measures of gender, age, and "I use credit card regularly". Four dimensions of MILOV scale viz. security, being well-respected, self-fulfillment, sense of belonging were selected. The second part of the questionnaire was adapted from [86] Worthington et al. (2007) and some items were modified according to Indian customers. The MILOV scale contained 17 items and there 18 items related to credit card use. All responses were taken on five point Likert scale, with 5 for strongly agree and 1 for strongly disagree. 3.2 Data collection A self-administered questionnaire was administered through mall intercept survey technique ([13] Bush and Hair, 1985). The mall intercept method has the potential to provide complete in-depth response. Data were collected in six cities of India: Gurgaon, Delhi, Noida, Chennai, Lucknow, and Kolkata. These cities were 04 December 2013 Page 6 of 16 ProQuest

selected so that a diverse population could be accessed for sampling. The cities selected represented the metropolitan cities of the country. The reason for selecting these cities was that income levels are higher as compared to smaller cities and people are more likely to own credit cards. A sample size of 100 from each city was desired. The respondents were credit card users or those who had owned credit card but canceled it. Mall intercept technique has been used in other studies for collecting data ([61] Pak and Pol, 1995; [34] Griffin et al. , 2000; [43] Keng et al. , 2007; [3] Ahmed et al. , 2010; [81] Wang et al. , 2010) and is considered free of bias. The respondents experience anonymity in mall intercept technique than in telephone or personal interviews. Nine major malls located in the six cities were selected (three in each city). For the final analysis a total sample was 565 could be used. Some of the questionnaires were incomplete and had to be removed. The sample contained 68.5 percent males and 31.5 percent female respondents. The total percentage of 20-30 years respondents were 48.5 percent, 30-40 years 7.8 percent, 40-50 years 29.9 percent, and above 50 years 13.8 percent. Though mall intercept technique is a random sampling procedure, the current research comprised of a large young population. 4 Analyses and findings To ascertain the reliability of the MILOV dimensions, the Cronbach's values were computed (Table II [Figure omitted. See Article Image.]). Since MILOV scale was being used on Indian customers for the first time, it was important to understand if the scale fitted the Indian settings. The total items in the different dimensions of MILOV scale were 17. [16] Cronbach's (1951) coefficient measures the extent to which the scale items cohere with each other. The Cronbach's for the four MILOV sub-scales ranged between 0.608 and 0.719 (Table II [Figure omitted. See Article Image.]), showing that the scale was reliable. The values for MILOV sub-scales meet the [59] Nunnally's (1967) desired criteria of 0.5. [59] Nunnally (1967) states that scale item reliability values of 0.50 and 0.60 suffice in early stages of questionnaire development, however, 0.70 is desirable. The MILOV scale had been developed for Western customers and therefore gives low value for Indian context. Factor analysis is a multivariate statistical method for data reduction by observing the nature of common factors that account for observed correlations ([22] Fabrigar et al. , 1999). Although confirmatory and exploratory factor analyses (EFAs) techniques measure the variance in the dataset, EFA is used for scale development or when there is little theoretical basis for studying the variance ([36] Hayton et al. , 2004). In the current research, EFA was used as there is no prior research on credit card use in India. EFA test run on the 18 items examined the dimensionality of the scale to measure customers' attitude towards credit card use and construct a measurement model. [22] Fabrigar et al. (1999) state: "EFA is used when a researcher wishes to identify a set of latent constructs underlying a battery of measured variables". Table III [Figure omitted. See Article Image.] represents the results of the EFA. The analysis revealed three factors, which covered 58.27 percent of variability. All items had factor loadings of more than 0.5 and met [59] Nunnally's (1967) recommended level of internal consistency for scale development. No item was excluded from the analysis. The results are shown in Table III [Figure omitted. See Article Image.]. Extraction method: principal component analysis: - Factor 1: use. - Factor 2: convenience. - Factor 3: status. The first factor was termed "use" comprised of items related to usage rate, it had seven items. The second factor labeled as "convenience", it had five items. The third factor labeled "status" covered aspects like credit cards makes people feel wealthy; it had six items. Table III [Figure omitted. See Article Image.] shows the factor loadings and Cronbach's values. The Cronbach's for variable 3 is 0.631, and is lower than other two variables. The factor analysis results provided 18 items under three variables. None of the scale items were removed. 04 December 2013 Page 7 of 16 ProQuest

4.1 Findings of the research Correlation test administered to study to understand the relationship between the credit card variables and the MILOV dimensions (Table IV [Figure omitted. See Article Image.]). The correlation test revealed that use variable of credit card use had a positive relationship with MILOV dimensions of well-respected (r =0.160, p <0.01) and self-fulfillment (r =0.204, p <0.01). The credit card convenience attribute had a positive relationship with all MILOV dimensions. With security dimension (r =0.104,

p <0.05), well-respected (r =0.139, p <0.01), self-fulfillment (r =0.174, p <0.010 and with sense of belonging (r
=0.232, p <0.01). The MILOV dimensions of being well-respected and self-fulfillment have positive relationship with status variable (r =0.127, p <0.01 and r =0.134, p <0.01). To understand the moderating influence of MILOV, step-wise regression analysis was run (Table V [Figure omitted. See Article Image.]). For the first model, use emerged as the predictor variable for "use credit card regularly" (R2 =0.293, p <0.01). The first model suggests that convenience variable accounts for 29.3 percent of credit card use. In the second model, use and convenience emerge as predictors (R2 =0.394, p <0.01), and both these variables account for 39.4 percent of credit card use. In the third model, age was introduced. Use, convenience, and age emerge as predictors to credit card use and account for 41.4 percent of (R2 =0.414, p <0.01) credit card use. The value for age variable is negative which suggest that there is a negative relationship between age of customers and their credit card use. The younger customers are more likely to use credit cards than older customers. As the age increases the credit card use decreases. The results are in line with research findings of [27] Gan et al. (2008), where they suggest that younger population use credit cards. In the fourth model, gender was introduced. Use, convenience, age, and gender influence credit card use and account for 42.1 percent of credit card use. The values for age and gender are negative, indicating that there is a negative relationship between credit card use and gender and age. As age of customers' increase, their credit card use decreases. Similarly gender affects credit card use, wherein it appears that men in India are more likely to own and use credit cards. In the fifth model, moderating influence was studied. The sense of fulfillment dimension was introduced as the moderating variable. Use, convenience, age, gender, and sense of fulfillment are important predictors to use of credit cards ( R2 =0.427, p <0.01 for use, convenience, age, and gender, and p <0.05 for sense of fulfillment). The values are negative for age and gender. The sense of fulfillment moderates credit card use among Indian customers. In the sixth model, sense of belonging is introduced. The results suggest that credit card use depends on use, convenience, age, gender, sense of fulfillment, and sense of belonging. These variables account for 43.3 percent of credit card use (R2 =0.433, p <0.01 for use, convenience, and age, and sense of fulfillment, and p <0.05 for gender and sense of belonging). The adjusted R2 value of 42.7 percent indicates that a high model fit was achieved. The two MILOV dimensions moderate the use attribute of credit cards, age, and gender. The results indicate that credit card use reflects a lifestyle and self-fulfillment has a positive impact on credit card use. The main predictor of credit card use was use (45 percent), convenience (37.2 percent), age (19.3 percent), gender (8 percent), and MILOV values of self-fulfillment (9.6 percent) and sense of belonging (8.4 percent) and moderate these factors. The increase in the value of the use and convenience variable demonstrates the impact of lifestyle variable on credit card use. The results are in tandem with other research that state that use and convenience were important predictors in credit card use ([42] Kaynak et al. , 1995; [51] Maysami and Williams, 2002; [2] Abdul-Muhmin and Umar, 2007; [3] Ahmed et al. , 2010; [24] Foscht et al. , 2010). The moderating effect can be understood with respect to the impact MILOV have on the credit card attributes and demographic variables of Indian customers. The other two MILOV variables of "security" and "being well-respected" do not influence the credit card use. The findings suggest that credit card use among Indian customers was not related to status or financial security aspects of lifestyle. 04 December 2013 Page 8 of 16 ProQuest

5 Discussion The present study has considered the lifestyle and values as predictors to credit cards use in India. The Indian credit card market is projected to grow in the coming years and the findings can be helpful to credit card companies in targeting customers. The previous study on Indian credit card market has focused on the supplementary services in changing customers' attitude towards credit card. Credit card use is still limited as most Indians prefer to make payments through cash and believe that credit cards may not be a secure mode of transaction. The present study focused on credit card use attitude of customers. The findings reveal the following: - Use was a major determinant in credit card use. However, credit card use in India is restricted to limited use. The items in the use category show that most Indians do not use it regularly. Companies can focus on marketing the credit cards by focusing on its use related benefits. The results may be interpreted in the light that there is lack of trust regarding credit card use. - Convenience: credit cards were considered convenient in financial transactions. The "convenience" attribute can increase the use and adoption of credit cards. - Age: the credit card use is influenced by the age of the customers. Younger people are more likely to use credit cards while older people are comfortable with cash payment methods. For the younger generation credit card use relates to a "lifestyle" and enables them to improve "sense of fulfillment". Credit card companies should target the younger generation as the credit card communicates a lifestyle to them. - Gender: in India gender differences exist related to credit card use. Men are more likely to have credit cards than women. This is because women are still in most cases financially dependent on their families. Credit card ownership is with men and it is used for shopping for the family. - Sense of belonging: this has a negative impact on the perception towards credit cards. In India, most transactions with the local retailer are on credit, and people make payments later on. The credit facilities are extended because the retailer knows the customers and shares a personal relationship with them. Credit card use is perceived to have a negative impact on people's sense of belonging. - Sense of fulfillment: had a positive impact on credit card use. People feel that possessing credit cards adds to their sense of achievement and accomplishment. It connotes a feeling of fulfillment and symbolizes having accomplished important things and position in life. The use and convenience attribute emerged as the main predictor of credit card use, and sense of fulfillment and sense of belonging moderate the age, gender, and credit card factors. One major implication is related to "use attribute". Indian customers' have inhibitions about using credit card as they may fear that owning credit cards is costly. The concerns may be related procedural delays if the credit card gets lost, harassment from the administrative authorities, and difficulty in getting credit card. The findings are similar to other studies which state that credit card use is depends on the perception of convenience ([53] Meidan and Davos, 1994; [42] Kaynak et al. , 1995; [51] Maysami and Williams, 2002), age, and gender of the customer ([74] Slocum and Matthews, 1970; [2] Abdul-Muhmin and Umar, 2007; [27] Gan et al. , 2008; [85] Wickramasinghe and Gurugamage, 2009). The sense of fulfillment dimension increases the propensity of customers to use credit card. This is an important finding, because India has one of the largest markets in the world with a high percentage of young customers. The increase in income is likely to affect the customer lifestyle and their desire for "better things". Credit card symbolizes global reach (people can buy things they want online and have them shipped to India), comfortable lifestyle, and a sense of achievement. These factors can help in improving credit card use. The credit card companies can use themes of "good quality life" to promote credit card use. The Indian customer does not relate credit card use with "status", as is the case with Chinese ([83] Willis and Worthington, 2006; [86] Worthington et al. , 2007;) and Australian customers ([63] Phau and Woo, 2008). One important deterrent is that local traders do not have the infrastructure for accepting credit card. Indians get credit facilities from their local retailers on their purchases, this diffuses their desire to avail credit card, as the 04 December 2013 Page 9 of 16 ProQuest

benefits are the same. Local retailers are willing to extend credit facilities over months to their customers, which makes payment easy. The credit card research in other economies posits that credit card use is related to convenience, acceptance of credit card at local stores, and status symbol. 6 Conclusion The relevance of the findings of this research for practitioners and researchers cannot be emphasized enough. The lifestyle dimensions examined in this research can help credit card companies in profiling the Indian customer market. The sample comprised of customers from different regions of India. The Indian customers' risk and utility perceptions towards owning credit cards should be addressed while designing marketing strategies. Lifestyle appears to play an important role in credit card ownership. Since income levels have improved in the past few years, lifestyle marketing of credit cards can help in positioning and segmenting strategies. At the global level India presents an attractive market with a large middle class, dual income households, and a large population which is between age groups 30 and 45 years. These demographic and psychographic factors can play an important role in marketing of credit cards. Multinationals and Indian banks can link credit card use with lifestyle and convenience and this can help them in strategically marketing credit cards. The results indicate that Indians perceive credit card use to be related to sense of fulfillment and this dimension can be used for credit card advertising. Themes portraying accomplishment and fulfillment can be used to market credit cards. Banks need to explain to the customers about the benefits of using credit cards. Most Indians, lack knowledge about credit card and are afraid to use it. These fears should be tackled by counseling customers and informing them about the benefits of credit cards. 7 Future research The future research can be directed to understand the implications of collectivist factors on credit card use. The susceptibility to interpersonal relationships can be studied to understand its influence on Indian customers credit card use. Credit card use would depend on social influence and individual's desire for group conformity. These factors may also reduce the customers' perception of risk and increase their acceptability of credit cards. The financial risks in transaction act as a major deterrent in credit card usage. Therefore, trust/security related perceptions can be examined with respect to credit card use. The trust and risk attitudes of Indian customers can be explored with reference to multinational and national credit card companies and banks. The income and education variables may be also considered to understand their influence on credit card behaviour. Influence of materialist values and money attitudes can be studied to predict credit card use. Further analysis can be done to identify the purchases customers' make through credit cards (products and services). References 1. Abdul-Muhmin, A.G. (2010), "Transaction size effects on consumers' retail payment mode choice", International Journal of Retail &Distribution Management, Vol. 38 No. 6, pp. 460-78. 2. Abdul-Muhmin, A.G. and Umar, Y.A. (2007), "Credit card ownership and usage behavior in Saudi Arabia: the impact of demographics and attitudes toward debt", Journal of Financial Services Marketing, Vol. 12 No. 3, pp. 219-35. 3. Ahmed, Z.U., Ismail, I., Sohail, M.S., Tabsh, I. and Alias, H. (2010), "Malaysian consumers' credit card usage behavior", Asia Pacific Journal of Marketing and Logistics, Vol. 22 No. 4, pp. 528-44. 4. Akin, G.G., Aysan, A.F., Kara, G.I. and Yildiran, L. (2010), "Non-price competition in the Turkish credit card market", Contemporary Economic Policy, Vol. 29 No. 4, pp. 1-12. 5. Allen, M.W. and Ng, S.H. (1999), "The direct and indirect influences of human values on product ownership", Journal of Economic Psychology, Vol. 20 No. 1, pp. 5-39. 6. Amatulli, C. and Guido, G. (2011), "Determinants of purchasing intentions for fashion luxury goods in the Italian market", Journal of Fashion Marketing &Management, Vol. 15 No. 1, pp. 123-36. 7. Amin, H. (2008), "Factors affecting the intentions of customers in Malaysia to use mobile phone credit cards", Management Research News, Vol. 31 No. 7, pp. 493-503. 04 December 2013 Page 10 of 16 ProQuest

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chain management, sustainable development related to public policies, regulations and strategic developments due to climate change regulations and initiatives, ecopreneurship, sustainable cities and impact of environmental/climate change regulations on technology, innovation and corporate strategy. Dr Shveta Singh has more than eight years of academic and industrial experience behind her. An Assistant Professor with IIT-Delhi, she teaches courses on Finance to the students of the Master's in Business Administration and the Bachelors in Technology in Information Technology program. Her current research interest areas are financial services in India, security analysis and corporate finance. AuthorAffiliation Arpita Khare, Indian Institute of Management-Rohtak, Rohtak, India Anshuman Khare, Department of Operations Management &Sustainable Development, Athabasca University, St Albert, Canada Shveta Singh, India Institute of Technology, Delhi, India Illustration Figure 1: Credit card use research questions Table I: Summary of main research findings on credit card use Table II: The reliability coefficients of the four MILOV sub-scales Table III: Factor loadings for credit card use factors Table IV: Correlation Table V: Step-wise regression Subject: Credit card industry; Credit cards; Electronic commerce; Research; Loan agreements; Banks; Influence; Attitudes; Marketing; Lifestyles; Location: India Classification: 9130: Experimental/theoretical; 8120: Retail banking services; 9179: Asia & the Pacific Publication title: Asia Pacific Journal of Marketing and Logistics Volume: 24 Issue: 2 Pages: 236-256 Publication year: 2012 Publication date: 2012 Year: 2012 Publisher: Emerald Group Publishing, Limited Place of publication: Patrington Country of publication: United Kingdom Publication subject: Business And Economics ISSN: 13555855 Source type: Scholarly Journals Language of publication: English Document type: Feature DOI: http://dx.doi.org/10.1108/13555851211218048

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