Correlates’ of different types of factors and credit card usage of employees: Empirical evidence from Colombo District, Sri Lanka

Abstract

Credit card is one of the mostly used cashless transaction method with economic growth and adapting new technology in the banking industry. Credit card plays major role in contemporary business world. So, there are a number of service providers are engaged in issuing credit cards and customers tend to use credit cards due to different reasons. Therefore, this study is focused to identify the relationship between different type of factors and the credit card usage of employees in Colombo district. Required data collected from 385 respondents with the aid of a structured questionnaire. The sampling techniques were simple random sampling, stratified random sampling and multi-stage cluster sampling. Descriptive analysis and correlation analysis was done to attain the objective of the study. The results reveled that gross monthly income, social status of credit card used employee, attitude, financial optimism, perceived financial cost are significant positively correlate with the credit card usage of employees in Colombo district, while the monthly expenses done through credit card, age, user patterns and convenience are not significantly correlated with the credit card usage. These results can be used to stakeholders to enhance the services, facilities related to the credit cards.