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PERCEPTION OF WOMEN EMPLOYEES IN IT SECTOR TOWARDS
CASHLESS ECONOMY
Mr. S. PARTHIPAN
Ph.D. Research Scholar,
PG and Research Department of Commerce
Dr. D. KUMARESAN
Principal and HOD of Commerce,
Laxminarayana Arts and Science College for Women,
Thadangam, Dharmapuri (DT), Tamil Nadu, India
ABSTRACT
Economy in India is slowly moving from cash economy to cashless economy. The
people of India have been accepting the concept of cashless economy gradually. The
percentage of cashless transactions in the developed countries is higher than that of
developing countries. In India, the cashless economy has become popular after the
implementation of demonetization. Working women have been earning money from their
employment and they have freedom to take financial decisions independently. Cashless
transactions are safe and secure for women. They can easily perform financial transactions
like shopping, booking tickets, fund transfer, etc. The present study has examined the
perception of women employees in IT sector towards cashless economy. The study has
found that majority of respondents were pertaining to the age group of 20 to 30 years. Most
of the women employees have completed their education under engineering stream. The
monthly income earned by the greatest proportion of women employees was found to be
between Rs.20001 and Rs.40000. There was a significant relationship between age and
perception of women employees.
Keywords: Cashless economy; women employees; IT sector; perception
INTRODUCTION
Cashless economy has been adopted by many countries in the recent past. In India,
the cashless economy has been emerging as a paradigm shift in the cash economy. The
people in the country have been accustomed with the cash economy. In the digital era, they
have been shifting from cash economy to cashless economy gradually. However, after the
announcement of demonetization in the country, the cashless economy has been accelerated.
People have realized the benefits of cashless economy; particularly the women citizens feel
that they feel that cashless economy is safe, secure, comfortable and convenient. It is quite
popular among the educated and particularly the youngsters working in the IT sector. There
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has been debate all over the world that implementation of 100 per cent cashless economy.
Many developed countries have shifted to cashless economy a long back ago. Before the
implementation of cashless economy, people need to carry cash wherever they go. It was not
safe to carry huge quantum of cash individually. Under cashless economy, it is not necessary
to carry cash, rather credit cards and debit cards can be used for making payments and
purchases. Nowadays, more innovative payments have been introduced for the welfare of the
people. Net banking and mobile banking facilities have made the payments easier and
secured while Paytm, Google Pay, etc. have made the payments quicker yet reliable.
Therefore, people have started using these modes of cashless transactions. It is also to be
noted that there are certain arguments against the cashless transactions that cyber crimes are
there and hackers involve in the fraudulent activities.
REVIEW OF LITERATURE
Madhu Gaba and Manisha Nagpal (2017) have conducted a study entitled, "Cashless
Economy – Problems and Prospects”. They have explained that cashless economy has
avoided carrying cash, debit and credit cards as well as queue in bank counters and ATMs.
They have pointed out that the benefits of cashless economy would be realized in the event of
any emergency situation. The authors have pronounced that easiness was instrumental in
shifting the financial transactions to digital transactions.
Alka Rank and Punit Kumar (2018) in their paper discussed about the meaning and
method of cashless economy and its impact on economy of the country. They have
mentioned that a mobile wallet is a way to carry cash in digital format. They have further
narrated that white money alone can be dealt with under cashless economy and the black
money would be blocked by the cashless economy. They have concluded that the people
have started shifting from cash transactions to digital transactions gradually.
Richa Goel et al (2019) published a paper entitled, “Moving from Cash to Cashless
Economy – A Study of Consumer Perception towards Digital Transactions”. They have
described that banking cards, USSD, AEPS, UPI, Mobile Wallets, Internet Banking and
Mobile Banking are the sources of cashless transactions. Cyber crimes, loss of database, data
encryption, e-illiteracy and lack of technological infrastructure were the major obstacles in
implementing cashless economy according to the authors.
STATEMENT OF THE PROBLEM
Cashless economy is a major financial reform in a developing country like India. It is
understood from the review of previous literature that there has been a few studies on the
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perception of consumers towards cashless economy. Women employees in IT sector have
been earning more and spending more. Hence, the present study focuses on the perception of
women employees working in IT sector towards the cashless economy.
OBJECTIVES OF THE STUDY
The following are the objectives of the study:
1. To observe the demographic profile the women employees in IT sector at Bangalore.
2. To examine the perception of women employees in IT sector towards cashless
economy
RESEARCH METHODOLOGY
The present study is mainly based on the primary data collected from the women
employees working in IT sector at Bangalore. A structured questionnaire was drafted and
administered among the sample respondents. For this purpose 5 IT companies – Infosys,
Accenture, Wipro, TCS and IBM were selected randomly and 50 women employees from
each of these companies were selected. However, due to incomplete questionnaire, 20
respondents were eliminated from the purview of sample respondents and hence, the sample
size was determined to be 230. The data collected from the sample respondents were
analyzed using percentage analysis and chi square test.
LIMITATIONS OF THE STUDY
The present study is subject to the following limitations:
The study has been conducted among women employees in IT sector at
Bangalore only and
The study is limited to 230 women employees working in IT sector only.
ANALYSIS AND INTERPRETATION
The data collected from the sample respondents have been analyzed in two parts –
demographic profile and perception towards cashless economy.
The demographic profile of the respondents included age, educational stream, monthly
income and marital status while the perception of women employees was examined with
reference to the following benefits:
1. There is no need to carry cash for making payments and purchases
2. Cashless transactions are safe and secure
3. Cashless payments and receipts are easier and faster
4. Cashless transactions can be done anywhere and anytime
5. Cashless payments and receipts are convenient
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6. OPT ensures additional security and
7. Smart phone is enough for cashless transactions
The sample respondents were asked to state their responses to these statements in a
five point rating scale – Strongly agree; Agree; Neutral; Disagree; and Strongly disagree.
TABLE 1
DEMOGRAPHIC VARIABLES OF THE RESPONDENTS
Demographic Variables Groups No. of respondents Percentage
Age 20 to 30 years 96 41.7
30 to 40 years 72 31.3
40 to 50 years 43 18.7
Above 50 years 19 8.3
Total 230 100
Educational Stream Arts 34 14.8
Science 72 31.3
Engineering 124 53.9
Total 230 100
Monthly Income Up to Rs. 20000 69 30.0
Rs. 20001 to Rs. 40000 83 36.1
Rs. 40001 to Rs. 60000 50 21.7
Above Rs. 60000 28 12.2
Total 230 100
Marital Status Married 81 35.2
Single 149 64.8
Total 230 100
From the Table 1, it could be understood that out of 230 sample respondents, 41.7 per
cent of them belonged to the age group of 20 to 30 years whereas 31.3 per cent of them were
pertaining to the age group of 30 to 40 years and 18.7 per cent of them were in the age group
of 40 to 50 years. The age group of 8.3 per cent of the sample respondents was found to be
above 50 years. It denotes that the majority of the women employees in the IT sector were in
the age group of 20 to 30 years.
The results indicated that among the total respondents 14.8 per cent of them have
completed their education under Arts stream while 31.3 per cent of the sample respondents
have completed their education under Science stream and 53.9 per cent of them have
completed their education under Engineering stream. It implies that the greatest proportion
of women employees in IT sector have completed their education under Engineering stream.
The analysis revealed that the monthly income of 30 per cent of the respondents was
up to Rs.20000 and that of 36.1 per cent of the respondents was found to be Rs.20001 to
Rs.40000. It was noted that 21.7 per cent of the sample respondents were earning a monthly
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income of Rs.40001 to Rs.60000 while the monthly income earned by 12.2 per cent of the
respondents was found to be above Rs.60000. It proclaims that the highest proportion of
women employees in IT sector were earning a monthly income of Rs.20001 to Rs.40000.
It is evident from the analysis of marital status that out of 230 respondents 35.2 per
cent of them were married and 64.8 per cent of them were single respondents. It discloses that
around one third of the women employees in IT sector only were married.
AGE AND PERCEPTION TOWARDS CASHLESS ECONOMY
Null Hypothesis H0: There is no significant relationship between age of the women
employees in IT sector and their perception towards the benefits of cashless economy
Alternative Hypothesis H1: There is a significant relationship between age of the women
employees in IT sector and their perception towards the benefit of cashless economy
TABLE 2
AGE AND PERCEPTION TOWARDS CASHLESS ECONOMY
Benefits Chi square value DF p value Result
Need not carry cash 28.848 12 0.004 Significant @ 1%
Safe and secure 104.36 12 0.000 Significant @ 1%
Easier and faster 26.281 12 0.010 Significant @ 1%
Anywhere and anytime 52.584 12 0.000 Significant @ 1%
Convenient 41.419 12 0.000 Significant @ 1%
OTP ensures additional security 33.464 12 0.001 Significant @ 1%
Smart phone is enough 44.58 12 0.000 Significant @ 1%
Table 2 depicts that the chi square value stating the relationship between age of the
women employees working in IT sector and their perception on ‘need not carry cash’ was
computed to be 28.848 for 12 degrees of freedom and the p value of 0.004. Since the p value
was less than 0.01, the null hypothesis is rejected and it is concluded that there exists a
significant relationship between age of the women employees working in IT sector and their
perception on ‘need not carry cash’. The computed value of chi square measuring the
relationship between age of the respondents and their perception on ‘safe and secure’ was
104.36 for 12 degrees of freedom and the p value was found to be 0.000. The null hypothesis
is rejected as the p value was less than 0.01. Therefore, it is inferred that the relationship
between age of women employees working in IT sector and their perception on ‘safe and
secure’ is significant. The relationship between age of women employees working in IT
sector and their perception on ‘easier and faster’ was measured in terms of chi square value of
26.281 for 12 degrees of freedom and the p value was ascertained to be 0.010. The null
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hypothesis is rejected and it is concluded that the age of the women employees working in IT
sector was significantly related to their perception on ‘easier and faster’.
It is divulged that the computed value of chi square indicating the association between
age of women employees working in IT sector and their perception on ‘anytime and
anywhere’ was found to be 52.584 and the p value was 0.001. Since the p value was less than
0.01, it falls in the rejection region and the null hypothesis is rejected. It is inferred that the
relationship between age of the women employees working in IT sector and their perception
on ‘anywhere and anytime’ is significant. The chi square value determining the relationship
between age of women employees working in IT sector and their perception on ‘convenient’
was computed to be 41.419 and the p value was 0.000. The null hypothesis is rejected as the
p value is less than 0.01. It is therefore proclaimed that there exists a significant relationship
between age of the women employees and their perception on ‘convenient’.
The results showed that the computed value of chi square stating the relationship
between age of women employees and their perception on ‘OTP ensures additional security’
was ascertained to be 33.464 while the p value was 0.001. The null hypothesis is rejected as
the p value is less than 0.01. It is inferred the relationship between age of women employees
and their perception on ‘OTP ensures additional security’ is significant. It is further noted
that the chi square value assessing the association between age of women employees and
their perception on ‘smart phone is enough’ was 44.58 and the p value was 0.000. Therefore,
it is concluded that there is a significant relationship between age of women employees and
their perception on ‘smart phone is enough’.
EDUCATIONAL STREAM AND PERCEPTION TOWARDS CASHLESS
ECONOMY
Null Hypothesis H0: There is no significant relationship between educational stream of the
women employees in IT sector and their perception towards the benefits of cashless economy
Alternative Hypothesis H1: There is a significant relationship between educational stream of
the women employees in IT sector and their perception towards the benefit of cashless
economy
TABLE 3
EDUCATIONAL STREAM AND PERCEPTION – CASHLESS ECONOMY
Benefits Chi square value DF p value Result
Need not carry cash 20.406 8 0.009 Significant @ 1%
Safe and secure 38.081 8 0.000 Significant @ 1%
Easier and faster 12.139 8 0.145 Not Significant
Anywhere and anytime 23.308 8 0.003 Significant @ 1%
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Convenient 12.259 8 0.140 Not Significant
OTP ensures additional security 20.954 8 0.007 Significant @ 1%
Smart phone is enough 10.848 8 0.210 Not Significant
According to the Table 3 the chi square value stating the relationship between
educational stream of the women employees working in IT sector and their perception on
‘need not carry cash’ was computed to be 20.406 and the p value of 0.009. Since the p value
was less than 0.01, the null hypothesis is rejected and it is concluded that there exists a
significant relationship between educational stream of the women employees working in IT
sector and their perception on ‘need not carry cash’. The computed value of chi square
measuring the relationship between educational stream of the respondents and their
perception on ‘safe and secure’ was 38.081 and the p value was found to be 0.000. The null
hypothesis is rejected as the p value was less than 0.01. Therefore, it is inferred that the
relationship between educational stream of women employees working in IT sector and their
perception on ‘safe and secure’ is significant. The relationship between educational stream of
women employees working in IT sector and their perception on ‘easier and faster’ was
measured in terms of chi square value of 12.139 and the p value was ascertained to be 0.145.
The null hypothesis is accepted and it is concluded that the educational stream of the women
employees working in IT sector was insignificantly related to their perception on ‘easier and
faster’.
It is divulged that the computed value of chi square indicating the association between
educational stream of women employees working in IT sector and their perception on
‘anytime and anywhere’ was found to be 23.308 and the p value was 0.003. Since the p value
was less than 0.01, it falls in the rejection region and the null hypothesis is rejected. It is
inferred that the relationship between educational stream of the women employees working in
IT sector and their perception on ‘anywhere and anytime’ is significant. The chi square value
determining the relationship between educational stream of women employees working in IT
sector and their perception on ‘convenient’ was computed to be 12.259 and the p value was
0.000. The null hypothesis is rejected as the p value is less than 0.140. It is therefore
proclaimed that there exists no significant relationship between educational stream of the
women employees and their perception on ‘convenient’.
The results showed that the computed value of chi square stating the relationship
between educational stream of women employees and their perception on ‘OTP ensures
additional security’ was ascertained to be 20.954 while the p value was 0.007. The null
hypothesis is rejected as the p value is less than 0.01. It is inferred the relationship between
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educational stream of women employees and their perception on ‘OTP ensures additional
security’ is significant. It is further noted that the chi square value assessing the association
between educational stream of women employees and their perception on ‘smart phone is
enough’ was 10.848 and the p value was 0.210. Therefore, it is concluded that there is no
significant relationship between educational stream of women employees and their perception
on ‘smart phone is enough’.
MONTHLY INCOME AND PERCEPTION TOWARDS CASHLESS ECONOMY
Null Hypothesis H0: There is no significant relationship between monthly income of the
women employees in IT sector and their perception towards the benefits of cashless economy
Alternative Hypothesis H1: There is a significant relationship between monthly income of
the women employees in IT sector and their perception towards the benefit of cashless
economy.
TABLE 4
MONTHLY INCOME AND PERCEPTION TOWARDS CASHLESS ECONOMY
Benefits Chi square value DF p value Result
Need not carry cash 53.264 12 0.000 Significant @ 1%
Safe and secure 127.27 12 0.000 Significant @ 1%
Easier and faster 12.693 12 0.392 Not Significant
Anywhere and anytime 47.231 12 0.000 Significant @ 1%
Convenient 26.709 12 0.009 Significant @ 1%
OTP ensures additional security 49.828 12 0.000 Significant @ 1%
Smart phone is enough 30.506 12 0.002 Significant @ 1%
From the Table 4 it is divulged that the chi square value stating the relationship
between monthly income of the women employees working in IT sector and their perception
on ‘need not carry cash’ was computed to be 53.264 and the p value of 0.000. Since the p
value was less than 0.01, the null hypothesis is rejected and it is concluded that there exists a
significant relationship between monthly income of the women employees working in IT
sector and their perception on ‘need not carry cash’. The computed value of chi square
measuring the relationship between monthly income of the respondents and their perception
on ‘safe and secure’ was 127.27 and the p value was found to be 0.000. The null hypothesis
is rejected as the p value was less than 0.01. Therefore, it is inferred that the relationship
between monthly income of women employees working in IT sector and their perception on
‘safe and secure’ is significant. The relationship between monthly income of women
employees working in IT sector and their perception on ‘easier and faster’ was measured in
terms of chi square value of 12.693 and the p value was ascertained to be 0.392. The null
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hypothesis is accepted and it is concluded that the monthly income of the women employees
working in IT sector was not significantly related to their perception on ‘easier and faster’.
It is divulged that the computed value of chi square indicating the association between
monthly income of women employees working in IT sector and their perception on ‘anytime
and anywhere’ was found to be 47.231 and the p value was 0.000. Since the p value was less
than 0.01, it falls in the rejection region and the null hypothesis is rejected. It is inferred that
the relationship between monthly income of the women employees working in IT sector and
their perception on ‘anywhere and anytime’ is significant. The chi square value determining
the relationship between monthly income of women employees working in IT sector and their
perception on ‘convenient’ was computed to be 26.709 and the p value was 0.009. The null
hypothesis is rejected as the p value is less than 0.01. It is therefore proclaimed that there
exists a significant relationship between monthly income of the women employees and their
perception on ‘convenient’.
The results showed that the computed value of chi square stating the relationship
between monthly income of women employees and their perception on ‘OTP ensures
additional security’ was ascertained to be 49.828 while the p value was 0.000. The null
hypothesis is rejected as the p value is less than 0.01. It is inferred the relationship between
monthly income of women employees and their perception on ‘OTP ensures additional
security’ is significant. It is further noted that the chi square value assessing the association
between monthly income of women employees and their perception on ‘smart phone is
enough’ was 30.506 and the p value was 0.002. Therefore, it is concluded that there is a
significant relationship between monthly income of women employees and their perception
on ‘smart phone is enough’.
MARITAL STATUS AND PERCEPTION TOWARDS CASHLESS ECONOMY
Null Hypothesis H0: There is no significant relationship between marital status of the women
employees in IT sector and their perception towards the benefits of cashless economy
Alternative Hypothesis H1: There is a significant relationship between marital status of the
women employees in IT sector and their perception towards the benefit of cashless economy
TABLE 5
MARITAL STATUS AND PERCEPTION TOWARDS CASHLESS ECONOMY
Benefits Chi square value DF p value Result
Need not carry cash 29.832 4 0.000 Significant @ 1%
Safe and secure 51.302 4 0.000 Significant @ 1%
Easier and faster 5.529 4 0.237 Not Significant
Anywhere and anytime 9.331 4 0.053 Not Significant
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Convenient 30.725 4 0.000 Significant @ 1%
OTP ensures additional security 29.695 4 0.000 Significant @ 1%
Smart phone is enough 15.307 4 0.004 Significant @ 1%
It could be evinced from the Table 5 that the chi square value stating the relationship
between marital status of the women employees working in IT sector and their perception on
‘need not carry cash’ was computed to be 29.832 and the p value of 0.000. Since the p value
was less than 0.01, the null hypothesis is rejected and it is concluded that there exists a
significant relationship between marital status of the women employees working in IT sector
and their perception on ‘need not carry cash’. The computed value of chi square measuring
the relationship between marital status of the respondents and their perception on ‘safe and
secure’ was 51.302 and the p value was found to be 0.000. The null hypothesis is rejected as
the p value was less than 0.01. Therefore, it is inferred that the relationship between marital
status of women employees working in IT sector and their perception on ‘safe and secure’ is
significant. The relationship between marital status of women employees working in IT
sector and their perception on ‘easier and faster’ was measured in terms of chi square value of
5.529 and the p value was ascertained to be 0.237. The null hypothesis is accepted and it is
concluded that the marital status of the women employees working in IT sector was not
significantly related to their perception on ‘easier and faster’.
It is divulged that the computed value of chi square indicating the association between
marital status of women employees working in IT sector and their perception on ‘anytime and
anywhere’ was found to be 9.331 and the p value was 0.053. Since the p value was greater
than 0.01, it falls in the acceptance region and the null hypothesis is accepted. It is inferred
that the relationship between marital status of the women employees working in IT sector and
their perception on ‘anywhere and anytime’ is not significant. The chi square value
determining the relationship between marital status of women employees working in IT
sector and their perception on ‘convenient’ was computed to be 30.725 and the p value was
0.000. The null hypothesis is rejected as the p value is less than 0.01. It is therefore
proclaimed that there exists a significant relationship between marital status of the women
employees and their perception on ‘convenient’.
The results showed that the computed value of chi square stating the relationship
between marital status of women employees and their perception on ‘OTP ensures additional
security’ was ascertained to be 29.695 while the p value was 0.000. The null hypothesis is
rejected as the p value is less than 0.01. It is inferred the relationship between marital status
of women employees and their perception on ‘OTP ensures additional security’ is significant.
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It is further noted that the chi square value assessing the association between marital status of
women employees and their perception on ‘smart phone is enough’ was 15.307 and the p
value was 0.004. Therefore, it is concluded that there is a significant relationship between
marital status of women employees and their perception on ‘smart phone is enough’.
FINDINGS
The major findings of the study have been summarized below:
It is found that the greatest proportion of women employees in IT sector were
pertaining to the age group of 20 to 40 years while the lowest proportion of women
employees were belonging to above 50 years. Among the educational streams – Arts, Science
and Engineering, the most of the women employees have completed their education under
engineering stream. It denotes the IT sector employs graduates from engineering stream
more than any other streams.
The analysis of monthly income reveals that the highest proportion of women
employees was earning a monthly income of Rs. 20001 to Rs. 40000. The high income
earning women employees (Above Rs. 60000) constituted the lowest proportion of women
employees in IT sector. It could be understood that most of the women employees in IT
sector were singles. The perception of women employees towards ‘Need not carry cash’ and
‘Safe and Secure’ has been significantly related to age, educational stream, monthly income
and marital status. It is observed that age, educational stream, monthly income and marital
status have significant association with the perception of women employees towards ‘OTP
ensures additional security’. The results imply that the age of the women employees and their
perception towards ‘Easier and faster’ were significantly related while the there has been no
significant relationship between educational stream, monthly income and marital status of
women employees and their perception towards ‘Easier and faster’.
It could be realized that there existed a significant relationship between perception of
women employees towards ‘Convenient’ and ‘Smart phone is enough’ and their age, monthly
income and marital status.
The relationship between the perception of women employees towards ‘Anywhere
and anytime’ and their age, educational stream and monthly income is significant.
SUGGESTIONS
The following suggestions have been offered on the basis of the findings of the study:
1. Old age women employees shall be encouraged to take part in the cashless economy
and higher rate of cash back offer shall be given to them.
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2. All the banks shall come forward to develop high-security mobile apps for increasing
the convenience and compatibility of women employees to involve in cashless
economy.
3. Bio-metric password system shall be introduced for making and receiving cashless
payments in order to enhance the security.
4. It is suggested that the Government should monitor the cashless transactions in order
to ensure the safety and security of the consumers.
5. Cyber crime has been the most affecting reason for less use of cashless transactions.
Therefore, it should be ensured that the cyber crime has been checked and controlled.
6. The consumers should be educated not to share OTP to anybody in order to control
the cyber crimes.
CONCLUSION
In the present study, an attempt has been made to understand the perception of women
employees working in IT sector towards the cashless economy. After critical examinations,
seven factors influencing cashless economy have been selected and the level of agreement of
the women employees towards these factors has been assessed using a structured
questionnaire among the women employees in IT sector. It is concluded that the consumers
have started using cashless transaction for almost all the financial transactions. Cashless
economy is one of the best financial reforms implemented by the country. It enables the
people to make and receive payments through digital mode easily and quickly. It helps
women, particularly working women to perform financial transactions safely and securely.
The study has revealed that the cashless economy has been widely accepted by the
consumers. However, adaptability level is low among old age people as disclosed in the
analysis made in this study. It is certain that the adaptation of cashless economy will grow in
India rapidly.
REFERENCES
1. Richa Goel et al (2019). “Moving from Cash to Cashless Economy – A Study of
Consumer Perception towards Digital Transactions”. International Journal of Recent
Technology and Engineering. 8(1):1220-1226.
2. Alka Rank and Punit Kumar (2018). “Cashless Economy: Meaning, Method & Impact
on economy”. National Journal of Multidisciplinary Research and Development,
3(1):211-216.
3. Madhu Gaba and Manisha Nagpal (2017)."Cashless Economy – Problems and
Prospects”. International Journal of Engineering Research & Technology. 5(11):1-2
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