CHAPTER I

INTRODUCTION

“A cashless economy is secure, it is clean. You have a leadership role to

play in taking India towards an increasingly digital economy”
- Prime Minister Shri Narendra Modi

A Cashless India is possible when all the transactions are done using
electronic medium and the amount of cash changing hands is negligible in the
economy. Digital India, a term coined by Prime Minister Shri Narendra Modi,
has become a priority and is revolutionizing the way business is done. The
Economic Survey 2016-17 projects Indian economy to grow in the wide range of
6.75% to 7.5% and it is believed that Digital platforms or ‘The Internet Economy’
is going to contribute in a major way, generating new market growth opportunities
and jobs. Recently, demonetization, 8th November onwards, gave a fillip to the
growth of digital platforms. Though the primary purpose of the demonetization of
Indian rupee notes of 500 and 1000 were to curb illicit transactions and bring idle
money in the circulation. However, it is difficult to quantify impact
demonetization; growth of digital platforms will have on the black money and
parallel economy transactions but there are some significant changes in the offing.
There are several benefits of Digital economy; one of them is the way
additional savings will be channelized in the formal financial system and
improving tax compliance. Some other benefits associated with the cashless
economy is the reduced accumulation of black money and the prevalent
counterfeit currency, reduction in the real estate prices, reduced opportunity cost
related to issue of currency and its management including ATM’s, encourage the
concept of universal banking, higher efficiency in welfare programs and overall
at the economy level too. A Moody’s report highlighted that increased electronic
transactions can lead to a rise in the emerging economy’s GDP by 0.8%.
India is moving forward on the way of the most significant digital
revolution and digital payment system will be an important landmark in the
regime of cashless economy in the coming years. Digital payment system is an
electronic medium that allows consumers to make electronic commerce
transactions for their purchase and also financial transactions. The development
of the digital payment in India is anticipated to be driven by digital payment
service providers, effective banking regulatory mechanism and experience of
consumers and these are also growth enhancing factors for digital payment in
India (Sumathy and Vipin, 2017).
Digital payment system has remarkable momentum particularly after
demonetization in India. The Government of India is taking various steps for
efficient utilization of digital payment platforms to wipe out corruption and black
money from the Indian economic system. Presently, around 60 per cent of the
transactions in India are taken place through digital platforms. Though digital
payment is generally accepted by public, there are few criticisms about
processing of digital payment system (Sivasubramanian et al, 2017). To
popularize and speed up of adoption of digital payment, there are many number
of digital payment systems are launched in India. With this backdrop, it is
imperative to study the perception of consumers towards digital payment in
Coimbatore district.
Meaning of Cashless Transaction
Cashless Transaction can be defined as a situation in which the flow of
cash within an economy is non-existent and all transactions must be through
electronic channels such as direct debit, credit cards, debit cards, electronic
clearing, and payment systems such as Immediate Payment Service (IMPS),
National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement
(RTGS) in India
Mode of Cashless Transactions
There are various methods of cashless transactions by which consumer
can makes methods. Following sections covers these methods one by one.
 Cheque
The check is one of the most established techniques for cashless
installment. It is a known technique to everybody. In this technique, you issue a
check for the particular add up to another person. The check gets kept in the
individual bank. The bank forms an installment through a clearing house. The
whole exchange done through check gets recorded and there is a proof of
installment. In any case, there are occurrences where check installments get
shamed because of mark bungle or lacking asset. So as to maintain a strategic
distance from such issue, you can utilize different cashless installment
alternatives.
Demand Draft
Demand draft is another simple method for cashless exchange. It is a most
secure alternative to get installment from anybody. Demand draft (DD) never
gets defaulted as it is marked by the financier. The inconvenience of DD and
check is you have to visit a bank with a specific end goal to store check and
request draft. The freedom of check or DD takes extra time.

Online Transfer- NEFT or RTGS

The third least complex technique for the cashless exchange is online
exchange utilizing NEFT or RTGS. With a specific end goal to do online cash
exchange, you require web managing an account office. Online exchange
utilizing NEFT or RTGS is relatively speedier than check or DD. Online
exchange should be possible from anyplace utilizing web office.
Credit Card or Debit Card
Credit card or Debit card is another cashless installment technique. The use
of charge card and check card was constrained in India. Be that as it may, use of
Visa and charge card is expanding now. The confinement of this installment
technique is an accessibility of swipe card office (PoS) at dealer end.
E-Wallets
E-wallet is next cashless installment choice. E-wallet can be utilized to
buy items beginning from basic need to aircraft tickets. Keeping in mind the end
goal to utilize E-wallets client and dealer, both require a cell phone with dynamic
web association. The most well known case of E-wallet is PayPal. Aside from
PayPal, you can likewise utilize Payoneer, Transferwise, Skrill, and PayZa. In
the wake of enlisting for E-wallet you have to connect your charge card or
platinum card with your E-wallet id. You can utilize e-wallet for subsidize
exchange or web based shopping. It is a least difficult cashless strategy.
Mobile Wallets
The following cashless installment technique is a versatile wallet. You
needn't bother with a check card, charge card or web managing an account secret
word for making installment utilizing a portable wallet. Simply stack cash in
your wallet by means of IMPS and utilize it moving. You can download versatile
wallet application from play store. Hardly any cases of portable wallets are
Paytm, PayUmoney, Oxigen, Lime, MobiKwik and so forth.
UPI Apps
UPI is a versatile installment framework which enables you to do different
monetary exchanges on your cell phone. UPI enables you to send or get cash
utilizing virtual installment address without entering bank data. Vendors can
select with banks to acknowledge installments utilizing UPI. Like on account of
a PoS machine, the vendor would require a present record with a bank to
acknowledge UPI installments. The cases of few UPI Apps are SBI Pay, ICICI
Pocket, Axis Pay UPI App, Union Bank UPI App, PNB UPI, PhonePe,
TranZapp and so forth.
Aadhaar Enabled Payment System
Aadhaar Enabled Payment System (AEPS) is one of the best cashless
installment strategies. AEPS resembles Micro ATM it utilizes cell phone and a
unique mark scanner for the exchange. So as to utilize this office, it is
compulsory to interface your Aadhaar card to your ledger. You can utilize AEPS
keeping in mind the end goal to perform exchange like Aadhar to Aadhar support
exchange, Cash withdrawal, Cash store and so on.
Consumer Behavior
Purchaser conduct is the investigation of how singular clients, gatherings
or associations select, purchase, utilize, and arrange thoughts, merchandise, and
administrations to fulfill their necessities and needs. It alludes to the activities of
the buyers in the commercial center and the fundamental thought processes in
those activities. customer conduct mixes components from brain research,
humanism, social human studies, showcasing and financial aspects, particularly
behavioral financial aspects. It analyzes how feelings, dispositions and
inclinations influence receiving administrations conduct. qualities of individual
buyers, for example, socioeconomics, identity ways of life and behavioral
factors, for example, utilization rates, use event, dedication, mark support,
eagerness to give referrals, trying to comprehend individuals' needs and
utilization are altogether researched in formal investigations of shopper conduct.
It additionally tries to survey impacts on the shopper from gatherings, for
example, family, companions, sports, reference gatherings, and society when all
is said in done. the investigation of customer conduct is worried about all parts of
receiving and utilizing administrations conduct and also all people required in
embracing choices and utilizing administrations exercises. Research has
demonstrated that buyer conduct is hard to foresee, notwithstanding for
specialists in the field.
Aside from the innovative issues, there is a behavioral change that is
being normal in individuals from utilizing money as a medium of trade to
utilizing other money substitutes both for making installments and getting
installments. This move expects people to roll out two improvements in their
conduct: one, specialists need to move from unmistakable means which can be
seen and felt to shapes which are less substantial or not unmistakable, and
second, they need to figure out how to depend on innovatively propelled
apparatuses to attempt general everyday operations. The last expects specialists
to be taught to the degree of fathoming the substance of exchanges. On the off
chance that this move is not appropriately overseen, operators may be enticed to
move to non-official money substitutes
Shopper conduct in cashless exchanges is the choice procedures and the
demonstration of the general population required in purchasing and utilizing
items or making the installments. It is the comprehension of buyer
contemplations, emotions and activities to the cashless installments. It alludes to
activity and choice procedures of the general population to utilize cashless
installment modes for individual utilizations. It additionally alludes to the mental
and enthusiastic process and physical action of the general population who
utilize cashless installments to fulfills specific needs and needs by acquiring,
utilize merchandise and ventures. The present investigation will concentrate on
the components which impact people groups to go for cashless exchanges and
research will likewise center to think about most favored cashless exchange
mode. Display research will likewise attempt to consider connection between the
financial and statistic profile of respondent and cashless exchange. At that point
no one but conclusion can be drawn about purchaser conduct towards cashless
exchanges in genuine sense.
Types of Scam Using Credit/Debit Card:
Credit card fraud comes in different forms and shapes, including the fraud
which involves using a debit and credit card of some description, and others.
There are various reasons for payment card fraud. Some frauds are designed to
obtain funds from the accounts whereas the other wishes to obtain goods for free.
It is a matter of concern that credit card fraud is very closely linked with identity
theft. As per Federal Trade Commission, 5% of the people over 16 in US have
been or will be the victim of the identity theft. It was found that there had been
21% growth in prevalence of the identity theft in 2008.

Consumer Behaviour
Consumer behaviour is the study of how individual customers, groups or
organizations select, buy, use, and dispose ideas, goods and services to satisfy
their needs and wants. It refers to the actions of the consumers in the marketplace
and the underlying motives for those actions. It is critical to understand
consumer behavior to know how potential customers will respond to a new
product or service.
The Indian Scenario
Indian economy relies on the use of cash and electronic transactions form
a meagre 5% portion, owing to a huge population dependent on informal sector
dominated by cash payments. Another hindrance for the digital transactions to
gain popularity is the lack of knowledge among the people. A vast majority of
the more than 1.2 billion doesn’t even know about the alternatives modes of
payment. Indians transactions in cash account for a staggering 75%, in contrast
to 20-25% of the developed economies (BCG, 2015). It is also interesting to note
that the use of debit cards by Indians is predominantly at the ATM’s (85% of the
volume and 94% of the value), indicating withdrawal of cash to be the primary
use of a debit card. The preference for cash is also echoed by the significant cash
to GDP ratio of (12.25% in 2015). Various estimates point to the fact that use of
cash accounts for 1.7% of the GDP of Indian economy in 2014-15. On the same
lines, existence of the shadow economy results in the foregone tax revenues to
the tune of 3.2% of India’s GDP.
All of this build a strong argument in favor of going cashless, but the
concerns looming over Cyber security, Network connectivity, Privacy Concerns,
Internet blockage like in the case of States like Jammu & Kashmir and North-
Eastern States are major roadblocks which the government of India needs to take
into account before going the digital path. Apart from the points mentioned
above, the fact that about 25% of our population is uneducated and depends upon
cash economy poses a great challenge. To educate illiterate people, make the
technology friendly, to maintain the secrecy of their PIN and operate digital
system confidentially are some of the points. The issue of urban rural divide
accentuates the problem and financial inclusion remains a challenge. To
encourage people in India to go cashless, one of the first steps is to eliminate
Convenience Charges. No one likes to pay extra for anything they purchase but
using cards or other digital payment mode for online/offline transactions
sometime comes with additional cost. These are additional charges that are
levied by some vendors and service providers when they offer an online payment
facility. This compulsory fee on online transactions should be taken off so that
there is parity between the cost of use of cash and technology.
Recently, Government has taken up a number of steps to reduce the
reliance on cash as a mode of payment. For instance, transactions above 3 lakh,
with some exceptions are not allowed, encouraging the use of BHIM app at
various places, licensing of payments banks by RBI, proposal to create a
Payments Regulatory Board within the purview of RBI, mandating government
transactions to be done digitally, limiting the amount of cash donations to 2000/-.
From 10,000/-, upgrading the digital payment infrastructure and grievance
handling mechanisms. All these steps along with the demonetization, announced
on 8th November 2016 have given a push to the digital platforms of payment.
The Digital India program is a flagship program of the Government of
India with a vision to transform India into a digitally empowered society and
knowledge economy, but recently the “cashless economy” is increasing as of
matter of discussion in the media. It is a matter of debate in our society for
several decades now its impacts and implication. However, futurists expect that
cashless society will reach a higher degree of acceptance and the cash transaction
will expect to decline. But still there are critical issues related to security and
privacy associated with cashless payment as a matter of concern in the context to
payment . Today Consumers have an opportunity to pay for purchases either by
cash or by card. Recently, a conventional payment mechanism like card payment
is increasing with the increase of technology as well as the change of lifestyle.
During recent years, it has been noticed that new generation like the payment
mechanism of smart cards and EPS, which represents a significant proportion of
transaction . Consumer now a day’s more likely to choose a credit card for
purchasing consumer durable products other than short lived product. In addition
to the choice of payment which is either driven simple consideration which is
convenience like acceptability, accessibility or habit or it could be accidental like
payment made through when sufficient amount is not available in one’s wallet.
Some researches proposed that consumer experience psychological pain while
paying through cash. Although when credit card is used as a payment instrument
the feeling of value loss diminished, but as payment system changes from card to
cash the association changes. This implied that understanding the associations of
people with cash is different to those with electronic systems. When dealing with
notes and coins the psychological pattern of a consumer differs as expressed
while purchasing by electronic system by Snelders, Lea, . In Jan 2016 approx.
571 Million debit card was made available to the residents. Debit cards are
hugely popular as compared to credit card. Credit cards are mostly owned by
Corporate and Formal sector guys. The present government is promoting the use
of debit cards and enabling the cashless payment through POS. It is expected that
the card holders will go up considerably by 2020. Less than 1% of the population
currently hold credit cards in India. As per data released by the Reserve Bank of
India on March 2016, there are approx. 245 million active credit cards issued by
Indian Banks.
Challenges in making India a cashless economy
Large part of the population is still outside the scope of Net banking like
use of credit or debit cards, making transactions using mobile phones, and using
the internet to pay bills they are not in a position to reduce its dependence on
cash. Second, about 90% of the workforce, which produces nearly half of the
output in the country, works in rural sector It will not be easy for this sector to
become cashless. There is a general preference for cash transactions in India.
Merchants prefer not to keep records in order to avoid paying taxes and buyers
find cash payments more convenient. Although cashless transactions have gone
up in recent times, a meaningful transition will depend on a number of things
such as awareness, technological developments and government intervention.
For instance, mobile wallets have seen notable traction, and it is possible that a
large number of Indians will move straight from cash to mobile wallets. The
availability and quality of telecom network will play an important role. People
face difficulties in making electronic payments even in metro cities because of
poor network. Service providers will have to constantly invest in technology in
order to improve security and ease of transaction. People will only shift when it’s
easier, certain and safe to make cashless transactions. The government will also
need to play its part. It will have to find ways to incentivize cashless transactions
and discourage cash payments. Difficulties in changing attitudes and perception
of people towards moving digital payments. India is dominated by small
retailers. They don’t have enough resources to invest in electronic payment
infrastructure.
Statement of the Problem
As continuation of demonetization process, the cashless transaction
activities are implemented impact the significant changes in the behavior of
consumer. In India most of the consumers are heavily dependent only on the cash
economy, now the consumers have to switch from cash to cashless electronic
transactions. Most of the consumers have been using more on cash for purchase
of products and service except few. Currently the government announced that all
restrictions for the traditional cash transaction and offers for electronic transfer
push the consumers to adopt and implement cashless transaction for their needs.
In the context of the above, this study makes an attempt to analyze and find out
how the cashless transaction has caused to changes in the behavior of consumers
and level of awareness about the cashless transaction, faith of the electronic
transmission and problems of consumers while using electronic payment.
The Indian Government is constantly working to create a new challenging
and opportunistic economy which is essentially ‘cashless’. For a developing
country like India, the transition towards digitalization is never so easy. Various
researchers have studied across various domain to understand and implement a
secured cashless economy. However, many studies have been conducted to know
the need for cashless economy, its advantages and disadvantages, opportunities
and treat, some studies have concentrated towards online payment its safety and
security. At this point of time, where the Government of India is promoting the
digital payment under its ‘Digital India’ initiative, it is imperative to study the
initiatives taken by Central Bank of India (i.e., RBI) and Government of India
jointly. Hence, this paper focuses on initiatives taken by Reserve Bank of India
(RBI) towards digital payment.
The process of cashless transactions is becoming a trend in modern
society. It paved the way to convenience that made transactions of every
consumer easy. The use of methods of debit/credit cards, crypto currencies, digital
wallets and other modes of payment that can be done digitally were used. A
recent study by Visa, one of the well-known multinational financial services,
shows that from over 2,000 respondents from Southeast Asian countries, 63% of
the Filipinos are highly aware of contactless payment or cashless transactions.
However, the study also shows that Filipinos of two (2) out of ten (10) Filipinos
will used this system. This is due to misunderstanding about the contactless
payment and Filipinos are worrying about the security of their information
(Visa.com.ph, 2017).
There are some people using this system to save money. They coin this as
“mobile wallet”, which according to them, makes their money safer and secured.
Some of them also use this as a mode of payment to incur minimal risk. It allows
more people to use this since it makes the consumer to feel the convenience
especially when having different transactions using the system. Nevertheless,
Philippines do not have the full capacity yet of implementing massive transaction
system. One of the reasons is the internet connection. Jack Ma, CEO of Alibaba,
came in the Philippines last year 2017, and commented that the internet in the
country is no good; the fact that internet is needed to conduct digital transactions
that can be done through e-wallets and the likes.
Further, this qualitative research about digitalization of transactions will
help the researchers identify what are the benefits and the drawback of using
cashless payment method among the Filipinos. It will also reflect what are the
factors needed to implement cashless transaction method in the economy of the
Philippines. The researchers want to discover if using digital payment methods
can affect the spending behavior of clients.
Scope of the study
India has initiated for cashless economy by empowering its digital services.
Government is taking various initiatives to realize its benefits. However, the
transition of India towards cashless economy is time consuming and more risky.
A careful planning is required to absorb the intended benefits. This is possible
only when the people feel they are secured, hassle free and are immensely
benefited. The Government of India through, Information Act 2000, Information
Act 2008 and other cyber laws under the Ministry of Electronics and Information
Technology is regulating the cyber security and safety. However, when it comes
to banking and digital payments, RBI role is vital for framing policies, providing
guidelines and for regulation of financial institutions. Thus, the role of RBI is
pivotal both in short and long run
Significance of the Study
This research hopes to establish an understanding to the people of
knowing what cashless system of payment is. The data gathered in this study will
be used as a reference in conducting another research, and other related studies.
Other business ventures will also be using this study in facilitating them to conduct
their strategies and other valuable solutions to make operations better for
customers’ satisfaction. Further, findings in this study will provide knowledge of
the purpose, pros, and cons of using the system. To contribute to the benefit of
the society seeing that this system of payment portrays a vital role in the world
today. As the nation moves towards a cashless domain after demonetisation, the
underlying wonder and perplexity have offered route to a whirlwind of concerns.
Will the accentuation on online exchanges give accommodation and
unmistakable advantages or simply add to stretch and extra charges? To boost
the move towards a cashless economy, the legislature has concocted a rash of
rebates and complimentary gifts on computerized exchanges. Inside the most
recent decade or thereabouts, our reality has turned out to be quickly more
digitized. Utilization of web for buys, and social collaborations made by means
of short message benefit (SMS), messages and informal communities on the
Internet has changed shopper recognition about shopping. Two imperative
elements that have added to this advancement are the utilization of cell phones,
and the utilization of the Internet. Presently a days there are different techniques
accessible by which shoppers can make installments with respect to their buys.
Exhibit think about which will be done in Solan locale of Himachal Pradesh will
be centered around purchaser conduct with respect to the cashless exchanges and
components which impact them to go for a specific technique for cashless
installment.
Objective of the Study:
The general objective of the study is to study Public Perception on
Cashless Transactions in India. The specific objectives are the following.
1. To Examine Cashless Payment in Context to Conventional Payment
System.
2. To study the concept of cashless transaction.
3. To know the consumer awareness on Cashless Transaction in the study area.
4. To assess the customer trust and confidence in Cashless Transaction in the region.
5. To analysis the problems faced by the consumers while using Cashless
Transaction in Sirkazhi town.
6. To determine the number of times they use the cashless system in their
payment.
Methodology
The study is based on descriptive nature both primary and secondary source
of data were used. The primary source of data collected through self constructed
questionnaire. A sample of 60 respondents from different socio- economic
characteristics was selected from the various communes of both Mayiladuthurai
district were taken for the study. The study based on Simple random sampling
method. The collected data have also been tested with the help of simple
percentage, ranking method and chi square test. The study was conducted from the
month of January 2022 to March 2022.
Limitations of the Study
 The sample size is also limited to only 60 samples which also restricts the
research.
 The time taken for the research also acts as a restrain for the research.
 The study was confined only in Sirkazhi Town.
CHAPTERISATION
This study is divided in to five chapters.

CHAPTER I : INTRODUCTION

CHAPTER II : REVIEW OF LITERATURE

CHAPTER III : PROFILE OF THE STUDY AREA

CHAPTER IV : DATA ANALYSIS AND INTERPRETATION

CHAPTER V : SUMMARY OF MAIN FINDINGS,

RECOMMENDATIONS AND CONCLUSION

 CHAPTER II
REVIEW OF LITERATURE

Mallat (2007) "Investigating shopper appropriation of versatile

installments - A subjective report" This paper exhibits a subjective report on
customer reception of portable installments. The discoveries recommend that the
relative preferred standpoint of versatile installments is not quite the same as that
predefined in appropriation hypotheses and incorporate freedom of time and
place, accessibility, conceivable outcomes for remote installments, and line
evasion. Besides, the reception of portable installments was observed to be
dynamic, contingent upon certain situational elements, for example, an absence
of other installment strategies or criticalness. A few different hindrances to
selection were additionally distinguished, including premium evaluating, many-
sided quality, an absence of minimum amount, and saw dangers.

Dahlberg et. al., (2007) "Past, present and eventual fate of portable
installments inquire about: A writing audit" proposed a structure of four
possibility and five aggressive drive elements of versatile installment look into.
The examination analyzed the two most essential calculates contemporary
portable installments explore to be specific, versatile installment advances and
shopper point of view of portable installments.
MandeepKaur and KamalpreetKaur(2008), in their article,
"Improvement of Plastic Cards Market: Past, Present and Future Scenario in
Indian Banks" presume that Indian saving money segment is tolerating the test of
data innovation as every one of the gatherings of investors have now
remembered it as fundamental necessity for their survival and development in
future Despite the solid advances in e-installments, an expected 90 percent of
individual utilization consumption in India is as yet made with money which
shows the gigantic development capability of this business. So this can be
considered as insignificant starting which shows the brilliant future prospects of
plastic card showcase in India.

Nayak, Tapan Kumar and Manish Agarwal (2008) in their paper

"Buyer's conduct in choosing Mastercards" talked about the elements impacting
the choice of charge cards among customers. The central point calls attention to
by them are benefit offers, limited time offers, premium advantages, money
benefits, simplicity of installments, installment charges, card advantages and
time advantage.

Ashish Das, and RakhiAgarwal, (2010) in their article "Cashless

Payment System in India-A Roadmap" Cash as a method of installment is a
costly suggestion for the Government. The nation needs to move far from money
based towards a cashless (electronic) installment framework. This will help
diminish money administration cost, track exchanges, check charge
evasion/misrepresentation and so forth., upgrade budgetary consideration and
incorporate the parallel economy with standard.
Pulina(2011) "Do Digital Wallets as a Payment Method Influence
Consumer in Their Buying Behavior? With the coming of innovation, customers
have a huge exhibit of installment modes which encourages installment for
exchanges by being more advantageous, worthy and open.
Anupama Sharma (2012) in her examination paper "Plastic card fakes
and the counter measures towards a more secure installment component" have
tossed light on the quantity of cheats expanded impressively in the utilization of
plastic cards as if there should be an occurrence of plastic card fakes the most
influenced parties are the vendors of products and ventures as they need to hold
up under the full obligation for misfortunes because of fakes, the banks
additionally bears some cost particularly the circuitous cost though the
cardholders are minimum influenced due to restricted customer risk and reasoned
that every one of these misfortunes can be managed by making the judicious
utilization of the new innovation and taking the separate counter measures.
Bansi Patel and Urvi Amin (2012) in their exploration paper "Plastic
Money : Road may Towards Cash Less Society" examined that now days in any
exchange Plastic cash winds up noticeably unavoidable piece of the exchange
and with it life turns out to be all the more simple and advancement would
assume better position and alongside the plastic cash it ends up plainly
conceivable that control the cash clothing and viable usage of budgetary
framework would end up noticeably conceivable which would likewise
accommodating for charge enactment.
 Olalekan S. Akinola (2012) "Cashless Society, Problems and Prospects,
Data Mining Research Potentials" depicted that there is most likely, our current
society is step by step getting the cashless disorder. E-installments, ATM cards
and others are presently the request of the day at our work-places. This paper
investigates the achievability of presenting cashless methods for business
exchanges into our general public and the security dangers related with it. The
paper clarifies the possibilities of applying information mining procedures to
successfully control the security dangers lastly introduces a model for learning
extraction in a cashless domain. They additionally represent various difficulties
and dangers identified with, in any event, specialized measures, information
security, lawful issues and purchaser conduct.
Braga and Mazzon (2013) Do Digital Wallets as a Payment Method
Influence Consumer in Their Buying Behavior?" proposed an exhaustive
'Installment Mode Influencing Consumer Purchase Model', considering the
fleeting partition, worldly introduction, discretion and agony of installment
develops, and including the computerized wallet as another installment mode.

Mc Kinsey and Co. (2014) "Speedier installments: Building a business,

not only a framework "the US purchasers excitement for specific advantages
empowered by portable installments stayed high, particularly around less
demanding use of coupons and reliability focuses. In any case, fervor is directing
as conveyance of these advantages stays divided crosswise over numerous
suppliers, with none of them normally acknowledged by a wide arrangements of
traders. Truth be told, the outcomes demonstrated that customers were less
amped up for a large number of the different incentives empowered by versatile
installments (counting "leaving their wallet at home"), and they were more
incredulous about the wide guarantees of portable wallets than they were one
year prior.
SushmaPatil (2014) "Effect Of Plastic Money On Banking Trends In
India" is inspected that Indian clients think that its less demanding to make
physical installment (Visa or charge card installments) as opposed to conveying
excessively money adding to the development of plastic cash in the nation. It
benefits the buyer through improved item offerings at a lower cost and that too
with lucrative arrangements enchanted with rewards conspire, steadfastness extra
focuses, limited time battles and so forth. The landing of shopping centers
multiplexes, web based shopping stores and shopping buildings urge the clients
to make utilization of plastic cards.

Piyush Kumar (2015) "An Analysis Of Growth Pattern Of Cashless

Transaction System" broke down that instructing clients about Cashless
Transaction System there is a need to teach them about the separating variables
of the Cashless Transaction System. Since Visa and Master Card are promoting
routinely and in this way builds mindfulness. Attention to Technology serious
conveyance channels like net keeping money, portable managing an account, and
so on have made a win-win circumstance by broadening extraordinary comfort
and various alternatives for client. Banks have been utilizing innovation to lessen
cost and improve proficiency, profitability and client accommodation.

KhuramShafiq and Khalil Ahmad (2015) Is plastic Money Matter for

Consumer Buying Behavior? This examination gives the affirming data since
buyers feel good in spending through plastic cash .as of late because of
extraordinary advancement of innovation use of plastic cash has turned out to be
acknowledged all around the globe. Overall population has likewise ended up
being a gigantic client of these plastic cash modes. The essential reason behind
leading this investigation was to watch the utilization conduct of client. The
discoveries from led examines have discover to be generally positive.

BabitaSingla, Manish Bansal (2015) in their investigation the creators

have supported that the shoppers are happy with plastic use, and the non-
platinum card clients are intrigued to utilize the card for buys and mean to utilize
the card in not so distant future. The mindfulness level and nature with such
installment framework is additionally high however advertisers and bank experts
are not giving careful consideration to increment such charge card utilize.
Additionally, the exploration highlights the issues confronted by customers while
utilizing the card for installment. The most critical element impacting their check
card installment conduct was seen convenience and helpfulness of card.

Bappadtiya Mukhopadhyay (2016) broke down by enabling MFIs to

create and keep up the basic systems of cashless exchanges, the impetus for the
MFIs to advance cashless is produced. Note that given that cashless exchanges
will leave computerized impressions, distorting of cashless exchanges will be
completely evaded. It additionally proposed that further suggest certain tax
exempt or motivating force on cashless exchanges for family unit costs.
Mindfulness about the upsides of cashless installments: A deliberate push to
make people mindful of the benefits of cashless installments is the beginning
stage. Boost installments into accounts: The positive connection between
customary inflows into accounts and cashless installments is solid. Evacuation of
e-installment costs: Merchant Discount Rates and accommodation accuses
related of e-installments must be diminished.

Dr. Stitch ShewtaRathore (2016) "Appropriation Of Cashless

transcation By Consumers" her investigations disclose to us computerized
wallets are rapidly getting to be standard method of online installment.
Customers are embracing advanced wallets at end unfathomably quick pace, to a
great extent because of comfort and convenience. furthermore, additionally
prescribe advertising and advancements projects should directed to make
mindfulness among non-clients. Rebate offers and reward focuses on making
installments through cashless transcationcan increment its notoriety and
appropriation also. To expand the utilization of advanced wallet, it is required to
instruct shoppers about the advantages of a cashless transcationin rearranging
and streamlining their buying encounters.

RoopaliBatra , NehaKalra (2016) "Are Digital wallets The

Newcurrency?" her investigations let us know in a period of digitalization, the
examination intends to contemplate the client recognition, utilization design
inclinations and fulfillment level with respect to advanced wallets in view of an
investigation of 52 respondents. It additionally recognizes the hindrances and
difficulties to the selection of the same. The outcomes demonstrate that there
exists a tremendous undiscovered market for computerized wallets both
regarding expanding mindfulness and also its use. Likewise, the recurrence and
estimation of every exchange utilizing advanced wallets stays restricted. Web
based shopping risen as the prime reason for use of advanced wallets. The
investigation watched that respondents lean toward utilizing wallets since they
spare time and are anything but difficult to utilize and get to. In any case,
security of cash executed remains their real concern. Security issues as far as
dread of money misfortune and absence of ease of use for worldwide exchanges
are the prime obstructions to its reception. While the time of respondent had some
huge effect on sorts, sum and heaps of computerized wallets, sex simply affected
the heap of advanced wallets. Additionally research could investigate in more
noteworthy profundity the relationship between other statistic factors like salary
level, instructive level, nature of occupation, conjugal status and so forth.

K. C. Balaji and K. Balaji (2016)"A Study On Demonetization And Its

Impact On Cashless Transactions" considered that the development of the
cashless exchange framework is achieving new statures. Individuals tend to
move to cashless exchanges. It is on the right track to state that the cashless
framework is a prerequisite as well as a requirement for the general public.
However, then again, the danger of digital wrongdoing is especially higher as all
the cashless exchanges are done over web. So appropriate and finish mindfulness
must be made to the general population to keep their charge and Mastercards safe
and to utilize the web saving money and the advanced wallet in a most secure
manner. So as to rebuff the digital lawbreakers, the legitimately organized digital
police compel with top of the line criminological labs and innovation must be
made.
KunalTaheam, Rahul Sharma and saurabhGoswami (2016) "Drivers
Of Digital Wallet Usage: Implications For Leveraging Digital Marketing" The
outcomes from this investigation highlighted on various elements that inspired
individuals to utilize computerized wallets for making installments. Individuals
in Punjab have been found have been discovered utilizing advanced wallets
because of the intentions of controllability and security, societal impact and
helpfulness and requirement for execution improvement. This investigation
demonstrates that individuals of Punjab utilize any sort of advanced wallet
because of one or these distinguished intentions. Advertiser's have to base their
arrangements for advancing computerized wallets around these thought
processes that individuals consider while utilizing such items or administrations.
THEORETICAL FRAMEWORK
A. Overview of the Theoretical Framework
One of the hindrances in the growth of economy in the Philippines is the
poor financial system of the government. Bangko Sentral ng Pilipinas (BSP)
discovered that Philippines must have a better system to provide Filipinos a
better access to wide range of financial services, calling it financial inclusion.
But still, the government and private sectors have initiatives towards the growth
of cashless systems. To provide the system, the BSP and private sectors need to
establish quality of services, accessible to all clients, the value of usage, and
must be for the welfare of the Filipinos.

It has been argued by Musa Abdullahi Bayero that effective financial

inclusion requires a lot of resources, efforts, and a belief in the concept of all-
inclusive financial access. It investigated the effect of the business model of
financial providers, awareness, enhanced customer value proposition, and
accessibility of payment infrastructure on financial inclusion. In her study, it
shows that awareness, customer value, and infrastructure have significant
statistical association with financial inclusion. However, among his three
variables, infrastructure has the highest contribution, followed by customer value
and awareness in the order. Furthermore, she has found that the variables of
cashless economy partly influence financial inclusion of the working age adult.
Specifically, it found awareness, payment infrastructure and enhancing user
value proposition to have significant impact on financial inclusion of the
working age adults (Bayero, 2015).
With the study of Michelle Renee D. Ching on the “Challenges and
Opportunities of Electronic Payment Systems in the Philippines”, she knew that
users who are employed as a source of income fell more secured and more
trusting with the currently available electronic payment systems, are sure about
using the e-payment systems as their source of income. They feel more of the
security because they know that no one can get their money to them personally.
Also, they were also able to save money, especially with the use of debit cards
and e-wallets. Moreover, employed people accepts more of the cashless systems.

It has also been in her study that the devices used to transact online are all
performing for frequency, comfortability, and other activities involving
transactions. There were no problems with the security features and information
given because they believe that all these will be safe. If there will be occurrences
of different problems, the platform will be informing them. Furthermore, the
kind of online transaction to be used affects the decision of the users, in concern
more of their security (Ching, 2017).

As we go to the system of cashless payment, there will be numerous

threats and security challenges between the user and the provider/company. Due
to vulnerabilities to hackers, it can result in the denial or theft services of users.
This also affects brand recognition, having huge impact on revenue and customer
satisfaction. According to GlobalLogic, these are the security vulnerabilities of
going cashless: unsecured public WiFi, malicious third-party apps, absence of
added security feature and/or stolen device that is used to transact online.
However, the shift to the latest standards of electronic banking will also prevent
fraud and theft information (Estopace, 2017). Having said that, Philippines is
prone to numerous hacking, and may not be as prepared compared to other
countries. As stated by the Global Cybersecurity Index (GCI), the country ranked
9th among Asia Pacific countries when it comes to cybersecurity readiness in
2014 (Rappler,2015). There are numerous laws regarding cybersecurity but all
these only deals with the aftermath of the attack. Cashless system providers such
as the government and private entities must invest heavily on security, both in
the short-term and long-term run (Rene Jaspe, 2015).
 The Philippines was branded as the “texting-capital” of the world because
of increasing in the internet penetration and the growing number of mobile phone
users in the country (Aguirre, 2017). Although the country mobile users are
increasing, the internet connection, which use in implementing digital transaction
solutions, is still slow. Online shopping is still undeveloped, due to factors such
as slow internet connections, poor transport infrastructure, and a mistrust of
digital payment methods (Euromonitor International, 2018).

Most consumers rely on prepaid mobile services and free data when
accessing the internet via their smartphones, as these services present more
affordable and flexible options for those on low income earners. Smartphone
usage is expected to grow rapidly over the next few years, especially following
the roll-out of 4G, which began in 2017. This will drive a greater demand for e-
commerce, social media, messaging services, streaming services and a host of
other apps. (Euromonitor International, 2018)

Alhassan G. Abdul-Muhmin, in his study of “Transaction size effects on

consumers’ retail payment mode choice’, indicates that different variables on
demographics affects significantly the choice of mode of payment. He entails of
the effects of gender and income, since all these revolve in the factors of making
their payment transaction. He also focused on the communications on retail. He
argued that it also affects the decision of the consumers, whether to transact with
the use of cash or cashless system (Abdul-Muhmin, 2010).
 According to Efthymios Constantinides, the factors affecting the online
experience of the users are: the functionality of the system that includes the elements
dealing with the its usability and interactivity; the psychological elements intended for
lowering the customer’s uncertainty by communicating trust and credibility of the
system; and the content elements including the aesthetic aspects of the online
presentation and the marketing mix. All these factors are being considered to the
decision-making process of the consumers (Constantinides, 2004). Even with the study of
Chung-Hoon Park and Young- Gul Kim, they’ve also the factors in affecting the
commitment of the consumer in an online system context. These are service
considerations, satisfaction, trusts, and relational benefits. Consequently, the new world
of marketing considers new forms of interaction that will surely meet the needs and wants
of the online consumers, in effect of their attitudes and pre- and post-buying behavior.
When it comes to using different kinds of cashless method, there are different
factors that can affect the consumers’ buying behavior. Resources and capabilities are
needed first to come up with the factors and such assumptions. Before the cashless
system has paved the way in the market, capacity to finance and the idea of the system is
needed to come up for a movie in developing a new idea. It includes infrastructure
management comes, operation components, processes, equipment, data gatherings, and
human resources, as part of the needs in the said stage. After this stage, different
marketing strategies are needed for the cashless system to be known in the market. As
this system has been known, adaptation to changes will come next.
Everything evolves, and innovation occurs because people want Something that
would help make their lives easier. The advantages of using this system would really help
people buy their needs easily with just a swipe from their card or a punch from their
mobile bank without worrying of losing money or being robbed by a person next to him
because of bringing a big amount of cash in his wallet. By time this cashless system
has already been known, the possibilities of consumer buying behavior changes occurs.
These changes can be seen from different factors or variables such as Social, Cultural,
Personal Characteristics of a consumer, and Psychological.
According from the study conducted by Ignacio and Martin (2012) the
relationship of the big five personalities which are the ingredients make up everyone’s
personality (Pappas, 2017), and compulsive buying behavior. The purpose of their study
intends to identify several factors that contribute to the individuals who experience being
a compulsive buyer. This big five personalities are Openness, Conscientiousness,
Extraversion, Agreeableness, and Neuroticism, which affect the consumers’ way of
thinking when it comes to buying different things.
With the University of Michigan published in the Journal of Consumer
Psychology, shopping or picking, and buying something found to be 40 times more
effective at countering sadness than just browsing (Shaw, 2012). Moreover, consumers do
not just decide on what product or service to avail, but also decide on what payment to
use. Nevertheless, people are having issues according to their preferences.
 CHAPTER-III
PROFILE OF THE STUDY AREA
MAYILADUTHURAI DISTRICT
Mayiladuthurai district is one of the 38 districts of the state of Tamil
Nadu in India. The district headquarters is located at Mayiladuthurai. Mayiladuthurai
district was carved out of Nagapattinam district after the announcement of the bifurcation
of the districts on 24 March 2020. This is the last district that has been bifurcated in
Tamilnadu till now. The Tamilnadu government issued Government Order
(GO.Ms.No.183 dated 07.04.2020) formally notifying the formation of the State’s 38th
district with Mayiladuthurai as its headquarters. Mayiladuthurai is situated at the tail end
of river Cauvery. Mayiladuthurai is situated on the west corner of the district on the shore
of Bay of Bengal Though in many ways Mayiladuthurai stands differ from all other areas
of district, yet it resemble mostly the delta parts of agricultural operation.
During October-November the “Thula” and “Kadaimuzhukku” festivals are
celebrated every year. On the Northern side to the town the holy river Cauvery runs and
solves drinking water. To its west there lines the Mayiladuthurai, we find the famous
Dharmapuram Adhinam serves for the causes of religion, and service to the society.
Climate
The climate in this receives most of its rainfall from North-East monsoon. The
river Cauvery serves the vast irrigation network and drinking water.
Area and Population
Mayiladuthurai municipal area extends over 11.278 sq km and municipal areas
has divided into 32 words. According to 2011 census, the total population of
Mayiladuthurai town is 84.290 the sex ration of population is 983 females per 1000
males.
As of 2020, when Mayiladuthurai District was carved out of Nagapattinam it had the
following taluks:
 Kuthalam taluk
 Mayiladuthurai taluk
 Sirkazhi taluk
 Tharangambadi taluk
Administration
Mayiladuthurai District was formerly a part of Nagapattinam District. The district
boundary is shared by Tiruvarur, Karaikal, Thanjavur, and Cuddalore districts. Its
population at the 2011 Census was nearly 1 million. The district has four taluks, five
administrative blocks, four town panchayats, and two municipalities. Two of the talukas
are coastal, two are non-coastal and all are named after their main towns, which are their
administrative centers. From north to south, they are Sirkazhi, Mayiladuthurai (non-
coastal), Kuthalam (non-coastal) and Tharangambadi. It is bordered on the east by
the Bay of Bengal and on the south by the Thiruvarur. On the east lies the small district
of Karaikal, an enclave belonging administratively to the Puducherry Union Territory.
Land Pattern
The total area of the Taluk is about 43,925 hectare. It contains 29,551 hectare
fertile land, 6298 hectare porambokku on for tile land and 9076 hectare waste land.
Cropping Pattern
Since Mayiladuthurai town is delta of Cauvery basis in Nagappattinam District,
paddy, the principal crop is growth throughout the year. The other crops raised are sugar
cane, banana, pulse, cotton and oil seeds. In this Taluk three season paddy crop are raised
in a year (i.e.,) a short duration crop Kuruvai and long duration crop Thaladi and Samba.
Industries
Within the purview of Mayiladuthurai town we find TANSI, a number of small
scale and cottage industries and a huge number of Blacksmith and Goldsmith work found
which rises scope for employment.
Transport and Communication
Being a big town and marketing centre for nearly place Mayiladuthurai is well
connected through road and rail to every part of the state and all over the country
Mayiladuthurai is also an important railways junction point on the main line from
Chennai to Rameswaram and Chennai to Karaikudi.
Education
Mayiladuthurai is a centre of education excellence for the town Mayiladuthurai
has 18 Elementary school, 5 Higher secondary school and Matriculation Higher
secondary school, just outstation of the town and four colleges of Arts and Science,
namely Dharmapuram Government College for Women, A.V.C Engineering college,
A.V.C polytechnic, A.V.C college (autonomous), Dharmapuram Adhinam Arts college
and A.R.C. Viswanathan college sithakkadu with in the town limits.
Banking Institution
There are 5 nationalised banks,11 commercial and co-operative urban bank and
one land development bank in Mayiladuthurai. Some banks provide the ATM service in
the town
Health and Hygiene
The health of the people is an index of the prosperity and well being of a country.
It is of a paramount importance as a national asset and basis to sustained as well as
stimulate optimum level of efficiencies in Mayiladuthurai area. There are 18 private
health institution one government hospital and one municipality hospital in
Mayiladuthurai area. Municipality provides adequate chlorinated water supply twice a
day.
SIRKAZHI PROFILE
Sirkazhi is a municipal town in Nagapattinam district in Tamil Nadu, India. It is
located 13 km (8.1 mi) from the coast of the Bay of Bengal, and 250 km (160 mi) from
the state capital Chennai. Sirkazhi was a part of Thanjavur district until 1991 and has
later been part of Nagapattinam district. The town covers an area of 13.21 km2
(5.10 sq mi) and in 2011 had a population of 34,927. It is administered by a second grade
municipality. Sirkazhi is part of the Cauvery delta region and agriculture is the major
occupation. Roads are the main means of transportation; the town has 51.47 km
(31.98 mi) of district roads, including a national highway.
The town is believed to be of significant antiquity and has been ruled by the
Medieval Cholas, Later Cholas, Later Pandyas, the Vijayanagar Empire, the Marathas
and the British. The Tamil trinity of Carnatic music; Arunachala Kavirayar (1711–78),
Muthu Thandavar (1525–1600) and Marimutthu Pillai (1712–87), originated from
Sirkazhi. The Saiva saint Tirugnanasambandar, foremost of the Saiva Nayanars, was born
here in the seventh century. The history of the town is centred on the Sattainathar
Temple, which is dedicated to Hindu god Shiva.
ETYMOLOGY AND ORIGIN
In ancient times, this town had twelve different names, including Brahmapuram,
Venupuram, Thonipuram, Kazhumalam, Pugali, Sirkazhiswaram and Shri Kali.
According to Hindu legend, during one of the biggest deluges that submerged the planet
earth, Hindu god Shiva is said to have carried the 64 arts on a raft (called Thoni in
Tamil). The presiding deity in the temple, Shiva, is thus called "Thoniappar" (the one
who carried the raft) and the region is called "Thonipuram". The Hindu god Brahma is
believed to have worshiped Shiva here, giving the name "Bhramapureeswarar" (the one
worshipped by Brahma) and so the region is also referred as "Bhramapureeswaram".
Shiva is believed to have quelled the arrogance of Hindu god Vishnu, after showing his
dominance over the three worlds and hence got the name "Sattainathar" here. The town is
thus called "Sattainathapuram", which in modern times, is a suburb within Sirkazhi. The
town was known as "Kalumalam" during the early Chola period. Thirugnanasambandar,
the seventh century Saiva nayanar, as an infant is believed to have been fed with the milk
of wisdom by the divine mother Parvati on the banks of the temple tank. The child
Sambandar started singing the anthology of Tevaram hymns from then on, commencing
with "Todudaiya Seviyan". Sambandar refers the town as "Kazhi" in his verses. It was
called Shiyali during British rule, and after Independence, it was renamed "Sirkazhi"
HISTORY
The earliest mention of Sirkazhi is found in the history of the Chola king
Kocengannan from the Sangam Age (3rd century BCE to 4th century CE), who is
believed to have won a bloody battle here. During the 7th–8th century, there were
widespread disputes between the Hindu sects of Saivism and Vaishnavism.
Tirugnanasambandar and Thirumangai Azhwar, belonging to Saivism and Vaishnavism,
respectively, and both natives of Sirkazhi, had disputes over their religious compositions
and theologies during the period. The Chola Kings ruled over the region for more than
four centuries, from 850 to 1280, and were temple patrons. There 41 inscriptions from the
Chola kings in the temple that record various gifts like land, sheep, cow and oil to the
temple.
The region fell under the control of Pandyas in 1532 and later became part of the
Thanjavur Nayak kingdom. The region was conquered in 1674 by Ekoji I (1675–84), the
Maratha enemy of the Nawab of Bijapur and half-brother of Shivaji (1674–80). The town
and the region became part of the British East India Company during the mid-18th
century. Tanjore district was constituted in 1799 when the Thanjavur Maratha ruler
Serfoji II (1798–1832) ceded most of his kingdom to the British East India Company in
return for his restitution on the throne. After India's independence, Sirkazhi continued to
be a part of Thanjavur district until 1991, when it became part of the newly created
Nagapattinam district.
GEOGRAPHY
Sirkazhi is located at 11.23°N 79.73°E, on the eastern flank of the Kumbakonam-
Shiyali ridge, which runs along the Kollidam River. Sirkazhi has an average elevation of
5.18 m (17.0 ft) above sea level and is located at 13 km (8.1 mi) west of Bay of Bengal. It
is located 95 km (59 mi) north-east of Thanjavur, 24 km (15 mi) north of Mayiladuthurai
and 20 kilometres (12 mi) south of Chidambaram.
The town experiences long summers and short winters, and receives an average
yearly rainfall of 1,250 mm (49 in), mainly from the north-east monsoon between
October and December. Its close proximity to the sea means that Sirkazhi receives more
rainfall than neighbouring towns. Sirkazhi is part of the Cauvery delta region and has
irrigation channels, called the Kollidam channels, which carry water from the rivers and
provide a rich deposit of fertile silt before reaching the sea. The soil is black and contains
fertile alluvial sediment.[18] The area's main crop is rice; other crops grown in the area are
coconut, tamarind and neem. The landscape mostly consists of plain lands with fields and
small portions of scrub jungle. Antelope, spotted deer, wild hog, jackal and fox are
present in the jungles and outlying areas of the town. Crow and ordinary game birds are
found in large numbers in the town.
The 2004 Indian Ocean earthquake was an undersea, megathrust earthquake that
occurred on 26 December 2004, with an epicentre off the west coast of Sumatra,
Indonesia, triggering a series of devastating tsunamis along coastal fringes of the Indian
Ocean.[21] Nagapattinam district was the most affected part of Tamil Nadu, accounting for
6,064 off the 8,009 casualties in the state.[22] Sirkazhi remained mostly unaffected by the
tsunami, but the groundwater quality deteriorated where aquifers were close to the water
bodies. There was heavy salt water intrusion inland.

DEMOGRAPHICS
According to 2011 census, Sirkali had a population of 34,927 with a sex-ratio of
1,028 females for every 1,000 males, much above the national average of 929. A total of
3,367 were under the age of six, constituting 1,740 males and 1,627 females. Scheduled
Castes and Scheduled Tribes accounted for 23.21% and .13% of the population
respectively. The average literacy of the town was 81.5%, compared to the national
average of 72.99%. The town had a total of : 8756 households. There were a total of
11,476 workers, comprising 352 cultivators, 1,398 main agricultural labourers, 150 in
house hold industries, 7,681 other workers, 1,895 marginal workers, 88 marginal
cultivators, 809 marginal agricultural labourers, 77 marginal workers in household
industries and 921 other marginal workers.
As per the religious census of 2011, Sirkazhi had 86.91% Hindus, 9.46%
Muslims, 2.16% Christians, 0.02% Sikhs, 0.46% Buddhists, 0.33% Jains, 0.63%
following other religions and 0.04% following no religion or did not indicate any
religious preference.
ECONOMY AND TRANSPORT
The service sector provides most employment in the town. Limited agriculture is
carried out; the main crop is paddy rice. During the British Raj, Sirkazhi was known for
mats made with a kind of cyperus. The headquarters of the taluka and panchayat union
administration, and many government offices are located in the town. There are no major
industries within the town, except for several rice mills. Sirkazhi has many Hindu
temples, which draw in tourism activity. Sirkali Coop Urban Bank, founded on 23 April
1918 is the oldest bank in Sirkali. All major nationalised banks and private banks have
branches in the town, and all have atms.
Sirkazhi municipality has 51.5 km (32.0 mi) of roads: 18.3 km (11.4 mi) of BT
roads, 30.4 km (18.9 mi) of cement roads, 2.2 km (1.4 mi) of water-bound macadam
surface and 0.6 km (0.37 mi) of other roads. Bullock carts are the traditional mode of
transport; as late as the 1950s, landlords and rich farmers travelled mostly by bullock
carts except on rare, long journeys, which they undertook by buses or motor vehicles.
Buses are the main mode of public transport from Sirkazhi. The municipality operates a
B-Class bus stand with 36 bays that accommodate local and intercity buses. The buses
are operated by Tamil Nadu State Transport Corporation, connecting the town to
Chidambaram, Mayiladuthurai, Karaikkal and other cities in Tamil Nadu.
Sirkazhi's railway station is on the main line between Chennai and Trichy via
Cuddalore and Chidambaram. Daily express trains connect major cities in Tamil Nadu
like Chennai, Madurai and Trichy, and weekly express trains connect Tirupathi,
Varanasi, Tiruchendur and Bhubaneswar. There are also daily passenger trains to
Mayiladuthurai, Salem, Villupuram and Bangalore daily. The nearest airport is
Tiruchirapalli Airport which is 160 km (99 mi) from Sirkazhi.
EDUCATION AND UTILITY SERRVICES
The first English school in the town was the Leipzig Evangelical Lutheran
Mission School, which was opened by the Lutheran Mission in 1896. The Lutheran
mission was the earliest Protestant mission founded in Tanjore (present-day Thajavur) by
Rev. C.V. Schwartz in 1778 to promote Christian knowledge in the region. Of the 32
schools in Sirkazhi, there are nine municipal schools. [40] There are three higher secondary
schools, three middle schools, fourteen primary schools and three matriculation schools
in the town. There are two arts and science colleges, BEST College of Arts and Science
and Vivekananda College of Arts and Science. Srinivasa Subbaraya Polytechnic College
(locally called Puttur Polytechnic) is located in Puttur, 7 kilometres (4.3 mi) from Sirkali.
Electricity supply to the town is regulated and distributed by the Sirkazhi Circle
of Tamil Nadu Electricity Board (TNEB). Water supply is provided by the Sirkazhi
municipality from the Kollidam river; it is distributed through five water tanks which
supply 2 million (two million) litres a day. Push carts and tricycles are used to collect
solid waste, which is deposited in marsh lands located outside the town. Sirkazhi
municipality is implementing underground drainage and the current sewerage system is
through septic tanks and public conveniences.[44] Roadside drains carry away untreated
sewage, which is released into the sea or accumulates in low-lying areas.
 Sirkazhi comes under the Sirkazhi Telecom Circle of the Bharat Sanchar Nigam
Limited (BSNL), India's state-owned telephone and internet services provider. BSNL
also provides a broadband internet service The town has a government hospital, 12
private hospitals, clinics and medical shops.
 CHAPTER IV
DATA ANALYSIS AND INTERPRETATION

This chapter discusses the data analysis and findings from 60

questionnaires (manual) completed by the Students, Business, and
Salary persons of the Sirkazhi town. The purpose of this study is to
identify the effects of cashless transactions on people’s spending
behavior and lifestyle. Forms and questionnaires were given to
respondents aged 18 years and above.
Table 4.1
Respondents ages and Gender
Ages Gender Frequency Percentage
Male 15 25.00
18 - 24 years old
Female 23 38.30
Male 6 10.00
25 - 34 years old
Female 4 6.70
Male 6 10.00
35 - 44 years old
Female 0 0.00
Male 2 3.30
45 - 54 years old
Female 0 0.0
Male 3 5.0
55 - 64 years old
Female 1 1.7
Male 0 0.0
65 years and older
Female 0 0.0
Total 60 100.00
Source : Primary Data
The respondents’ ages ranges from 18 years and above, with
most of 18- 24 years old as 15 for male (25.0%), and as 23 for female
(38.3%) of the same age.
Respondents’ marital and employment status
With the respondents who took the survey, thirty-five (35) Students are
single having 58.3%. There were three (3) Business, single, and seven (7)
Business, married, garnering 5.0% and 11.7%, respectively. On the other hand,
out of fifteen (15) Salary persons, eleven (11) were single and four (4) were
married, garnering 18.3% and 6.7%, respectively.
Table 4.2
Respondents’ marital and employment status
Employment Marital Frequency Percentage Total
Single 35 58.3
Students 58.3%
Married 0 0.0
Single 11 18.3
Salary persons 25.0%
Married 4 6.7
Single 3 5.0
Business 16.7%
Married 7 11.7
Total 60 100.0 100.0%
Source : Primary data
Therefore, it shows that Students with a total of 35, have 58.3% of all the
respondents of the survey. While, Business were the least with a total of 10,
having 16.7% of all the respondents of the survey.
This part covers the Cultural factors, psychological factors, personal
characteristics, and social factors. The following mentioned factors were used as
the variables of the entire research. These factors add an impact on knowing the
effects of cashless transactions on people’s spending behavior and lifestyle.
Cultural Factors
Table 4.3
Shopping Place Male
Male
Relates
Supermarkets % Bazaar % %
Stores
Students 12 42.9% 3 60.0% 7 43.8%
Salary
7 25.0% 2 40.0% 5 31.3%
persons
Business 9 32.1% 0 0.0% 4 25.0%
Total 28 87.5% 5 15.6% 16 50.0%
Source : Primary Data
87.5% of male respondents do their shopping in the supermarket and 42.9%
of them are Students. 50.0% of the male respondents shop in related stores while
the remaining 15.6% shop in bazaar.
Table 4.4
Shopping Place, female
Female
Relates
Supermarkets % Bazaar % %
Stores
Students 18 94.7% 8 100.0% 18 78.3%
Salary
0 0.0% 0 0.0% 4 17.4%
persons
Business 1 5.3% 0 0.0% 1 4.3%
Total 19 67.9% 8 28.6% 23 82.1%
Source : Primary Data
82.1% or 23 out 28 of female respondents prefer to shop in related stores,
67.9% of the respondents prefer to do their shopping in the supermarket while
the remaining 28.6% or 8 out 28 people prefer to shop in bazaars. Supermarket
and related store are the most popular shopping place among the respondents. As
this both shopping place provide the necessities like food and clothing.
 Table 4.5
Effect of promotion and discounts on spending, male
Male
Strongly % Agree % Disagree %
Agree
Students 7 46.7% 5 31.3% 0 0.0%
Salary 4 26.7% 7 43.8% 0 0.0%
persons
Business 4 26.7% 4 25.0% 1 100.0%
Total 15 46.8% 16 50.0% 1 3.1%
Source : Primary data
16 out 32 or 50% male respondents agree that promotions and discount
affect spending decision. 46.8% of the respondents said that it promotions and
discounts play an extensive role in spending decision.
Table 4.6
Effect of promotion and discounts on spending, female
Female
Strongly
% Agree % Disagree %
Agree
Students 9 90.0% 14 77.8% 0 0.0%
Salary
0 0.0% 4 22.2% 0 0.0%
persons
Business 1 10.0% 0 0.0% 0 0.0%
Total 10 35.7% 18 64.3% 0 0.0%
Source : Primary data
Out of 28 female respondents, 18 agree that promotions and discount
affect spending decision. 35.7% of the 28 female respondents said that
promotions and discounts have huge impact on the buying decision. Among the
female respondents nobody said that promotions and discounts do not affect
buying decision. Promotions and discounts offer the customers an
encouragement to try or buy a certain product or services. Certain promotions
will influence the decision of the customer. Therefore, many of the respondents
agree that promotions and discounts made by companies can drive the customer
buying decision to buy or try the product.
Table 4.7
Drivers of spending, male
Male
Strongly
% Agree % Disagree %
Agree
Students 6 75.0% 1 14.3% 5 29.4%
Salary
0 0.0% 4 57.1% 7 41.2%
persons
Business 2 25.0% 2 28.6% 5 29.4%
Total 8 25.0% 7 21.9% 17 53.1%
Source : Primary data

53.1% or 17 out 32 male respondents said that latest trend in certain

industry do not affect on their buying behavior. 25.0% of the male respondents
responded that it greatly affects their buying decision. The remaining 21.9% said
that it somehow affects their buying decision.
 Table 4.8
Drivers of spending, female
Female
Strongly
% Agree % Disagree %
Agree
Students 4 100.0% 16 100.0% 3 37.5%
Salary
0 0.0% 0 0.0% 4 50.0%
persons
Business 0 0.0% 0 0.0% 1 12.5%
Total 4 14.3% 16 57.1% 8 28.6%
Source : Primary data
Among the female respondents 57.1% agree that latest trends somehow affect their
buying behavior while only 14.3% of 28 female respondents said that it has a huge impact
on their buying decision. 28.6% of the female respondents said that it does not affect their
spending behavior. Trends refers to the standard of people in terms of technology, way of
life, culture and way of expressing different opinions and views. Most of the respondents
who are affected by the change in trends of fashion, gadgets and the likes are women. While
men do not base their spending behavior on what is the current trend or fashion of today but
rather they are into what is standard or what is generally acceptable.
Table 4.9
Effect of culture, traditions and practices on spending, male
Male
Strongly
% Agree % Disagree %
Agree
Students 4 40.0% 8 40.0% 0 0.0%
Salary
3 30.0% 8 40.0% 0 0.0%
persons
Business 3 30.0% 4 20.0% 2 100.0%
Total 10 31.3% 20 62.5% 2 6.3%
Source : Primary data
Most of the male respondents agree that culture, traditions and beliefs
may impact their spending behavior. Only 2 out 32 respondents or 6.3% said that
it does not influence what services or buy are they going to purchase.
 Table 4.10
Effect of culture, traditions and practices on spending, female
Female
Strongly Agree % Agree % Disagree %
Students 7 87.5% 16 80.0% 0 0.0%
Salary
0 0.0% 4 20.0% 0 0.0%
persons
Business 1 12.5% 0 0.0% 0 0.0%
28.6
Total 8 20 71.4% 0 0.0%
%
Source : Primary data
All female respondents said that culture, traditions and beliefs influence
on what services or product are they going to buy. 71.4% said that it somehow
affects while 28.6% agree that it has huge influence on their spending decision.
Culture play a substantial role in every aspect of people. Culture also play
significant role in the spending habits of people. As both table V.xi and table
V.xii only few respondents disagree that culture affect their buying behavior. On
the other hand, culture, traditions and practices influence the buying decision of
most of our respondents.
Table 4.11
. Effect of other people on buying decision, male
Male
Strongly
% Agree % Disagree %
Agree
Students 1 16.7% 9 60.0% 2 18.2%
Salary persons 3 50.0% 3 20.0% 5 45.5%
Business 2 33.3% 3 20.0% 4 36.4%
Total 6 18.8% 15 46.9% 11 34.4%
Source : Primary data
 46.9% of the male respondents agree that what other people say affect
their buying decision. Only 18.8% of the male respondents said that people
certainly affect their buying behavior. 34.4% said that no one influence their
buying decision.
Table 4.12
Effect of other people on buying decision, Female
Female
Strongly
% Agree % Disagree %
Agree
Students 9 100.0% 13 86.7% 1 25.0%
Salary persons 0 0.0% 2 13.3% 2 50.0%
Business 0 0.0% 0 0.0% 1 25.0%
Total 9 32.1% 15 53.6% 4 14.3%
Source : Primary data

53.6% or fifteen (15) out of twenty-eight (28) female respondents said

that family, friends and peers affect their buying decision. While 32.1% of the
female respondents said that what their family, friends and peers say affect their
spending habits. Only 14.3% of the respondents said that no one influence their
buying decision. Other people can influence a person buying decision. This is
one of the motivators that can drive a consumer to spend or to refrain from
spending. However, in both male and female respondents their buying habits or
spending behavior can be affected by their family, friends or peers’ suggestions.
Psychological Factors
Psychological factors tackle the mental factors that make the consumer
decide what to use. This will include their attitudes and behavior towards the
thing or the situation itself, to fulfill his or her satisfaction. Under this factor, it
handled ten (10) questions, in which four (4) of these will either be answered
whether the respondent is a cashless transaction user or not. This factor helped
the researchers to determine the effects and result of the buying behavior of the
consumers with the use of cashless system of payment.
 Table 4.13
Cashless and non-cashless transaction users
Male Female
Yes % No % Yes % No %
Students 6 35.3% 6 40.0% 14 93.3% 9 69.2%
Salary persons 3 17.6% 8 53.3% 0 0.0% 4 30.8%
Business 8 47.1% 1 6.7% 1 6.7% 0 0.0%
53.6
Total 17 53.1% 15 46.9% 15 13 46.4%
%
Source : Primary data

As shown in the table above, there are seventeen (17) male and fifteen
(15) female cashless transaction users, having 53.1% and 53.6%,
correspondingly. Having said that, most of them were female Students with
fourteen (14) as a result, having 93.3%. Least of them were a faculty member
having 6.7%.
Table 4.14.
Reasons of male cashless transaction users in using the system
Male
Discount/ Minimal
Securit
Convenience % cashback % risk % %
y
rewards Incurred
(question to be answered by the users of cashless transactions)
66.7 66.7
Students 8 47.1% 4 0 0.0% 2
% %
Salary 50.0
2 11.8% 0 0.0% 1 0 0.0%
Persons %
33.3 50.0 33.3
Business 7 41.2% 2 1 1
% % %
19.4
Total 17 54.8% 6 2 6.5% 3 9.7%
%
Source : Primary data

Table 4.14 depicts the reasons of male cashless transaction users in using
the system. As shown, it shows that Students, Salary persons, and Business
 mostly chose “Convenience” with eight (8) votes having 47.1% for Students, two
(2) votes having 11.8% for Salary persons, and seven (7) votes having 41.2% for
Business. Least on the votes were “Security” by Students with 66.7%. Also, least
on the votes were “Minimal risk incurred” by Salary persons with 50.0%. With
the results of votes from the Business, “Security” and “Minimal risk incurred”
were the least both having only one (1) vote with 50.0% and 33.3%, respectively.
Table 4.15
Reasons of female cashless transaction users in using the system
Female
Discount/c Minimal
Convenience % ashback % risk % Security %
rewards incurred
(question to be answered by the users of cashless transactions)
Students 13 92.9% 2 100.0% 5 71.4% 3 100.0%
Salary
0 0.0% 0 0.0% 1 14.3% 0 0.0%
Persons
Business 1 7.1% 0 0.0% 1 14.3% 0 0.0%
50.0 25.0
Total 14 2 7.1% 7 3 100.0%
% %
Source : Primary data

Table 4.15 shows the reasons of the female cashless transactions users in
using the system. With the following votes of Students, it shows that
“Convenience” is also their number one reason of usage, same with the male
Students, garnering thirteen (13) votes with 92.9%. With the Salary persons,
“Minimal risk incurred” gathered only one (1) vote with 14.3%, while other
options were not being voted. With the Business, they voted on “Convenience”
and “Minimal risk incurred” both having one (1) vote with 7.1% and 14.3%,
respectively. While the other options, “Discount /cashback rewards” and
“Security” were not being voted.
 Table 4.16
Concerns of male non-users on cashless transactions
Male
Security (risk Poor Minimal
or identity % internet % risk % Costs %
theft) connectivity incurred
(question to be answered by the users of cashless transactions)
Students 5 33.3% 1 100.0% 1 50.0% 1 33.3%
Salary
8 53.3% 0 0.0% 0 0.0% 2 66.7%
Persons
Business 2 13.3% 0 0.0% 1 50.0% 0 0.0%
48.4
Total 15 1 3.2% 2 6.5% 3 9.7%
%
Source : Primary data

Table 4.16 shows the concerns of male non-users on cashless transactions.

Students mostly voted for “Security (risk or identity theft)” having five (5) votes
with 33.3%. Least were “Poor internet connectivity”, “Minimal risk incurred”,
and “Costs”, all having 1 vote. Salary persons mostly voted “Security (risk or
identity theft)” having eight (8) votes with 53.3%. Least is “Cost” having two (2)
votes with 66.7%. On the other hand, Business also voted for “Security (risk or
identity theft)” having two (2) votes with 13.3%. Least is “Minimal risk
incurred” having one (1) vote.
 Table 4.17
Concerns of female non-users on cashless transactions
Female
Security (risk Poor Minimal
or identity % internet % risk % Costs %
theft) connectivity incurred
(question to be answered by the users of cashless transactions)
Students 8 100.0% 1 100.0% 1 33.3% 0 0.0%
Salary
0 0.0% 0 0.0% 2 66.7% 2 100.0%
Persons
Business 0 0.0% 0 0.0% 0 0.0% 0 0.0%
10.7
Total 8 28.6% 1 3.6% 3 2 7.1%
%
Source : Primary data

Table 4.17 depicts the concern of the female non-users on cashless

transactions. Students mostly voted for “Security (risk or identity theft)” having
eight (8) votes. Least were “Poor internet connectivity” and “Minimal risk
incurred” both having one (1) vote. Salary persons mostly voted both on
“Minimal risk incurred” and “Security” having two (2) votes. On the side of the
Business, the following options were not being voted since there were no female
non-users of the cashless transactions.
 Table 4.18
Times of use of the male users of cashless transactions
Male
More
Once
More Once than
or
than once % a % % twice %
twice a
a week week a
month
month
(question to be answered by the users of cashless transactions)
Students
(should only be 36.4 40.0
0 0.0% 3 50.0% 4 4
answered by 20 % %
Students)
Salary persons
(should only be 33.3 36.4 40.0
1 1 3.2% 4 4
answered by 4 % % %
employees)
Business
(should only be 66.7 27.3 20.0
2 2 6.5% 3 2
answered by 7 % % %
Business)
35.5 32.3
Total 3 9.7% 6 19.4% 11 10
% %
Source : Primary data

In this section, male user respondents said that they’ve been using cashless
transactions “once or twice a month” with an overall result of 35.5%. Moreover,
36.4% of male Students and 40.0% of Salary persons mostly use cashless
transactions “once or twice a month” and “more than twice a month.” On the
other hand, 27.3% of the male Business says that they mostly use cashless
transactions “once or twice or month.”
 Table 4.19
Times of use of the female users of cashless transactions
Female
Once More
More Once
or than
than once % a % % %
twice a twice a
a week week
month month
(question to be answered by the users of cashless transactions)
Students
(should only
100.0
be answered 2 50.0% 8 100.0% 6 85.7% 7
%
by 20
Students)
Salary
persons
(should only
1 25.0% 0 0.0% 1 14.3% 0 0.0%
be answered
by 4
employees)
Business
(should only
be answered 1 25.0% 0 0.0% 0 0.0% 0 0.0%
by 7
Business)
Total 4 14.3% 8 28.6% 7 25.0% 7 25.0%
Source : Primary data

In this section, female user respondents said that they’ve been using
cashless transactions “once a week” with an overall result of 28.6%.
Furthermore, eight (8) of the female respondents says that Students are using
cashless transactions “once a week.” Two female staffs and employees says that
they’re using cashless transactions “once a week” and “once or twice a month.”
On the other hand, a female faculty said that she’s been using cashless
transactions “more than once a week.”
 Table 4.20
Preferred mode of payment of the female respondents
Female
Credit/ E-
Chequ
Cash % debit % wallet/mobile % %
e
card app
94.4 100.0 100.0
Students 21 84.0% 17 5 4
% % %
Salary
4 16.0% 0 0.0% 0 0.0% 0 0.0%
Persons
Business 0 0.0% 1 5.6% 0 0.0% 0 0.0%
64.3
Total 25 89.3% 18 5 17.9% 4 14.3%
%
Source : Primary data

Female respondents say that cash is their most preferred mode of payment
with an overall result of 83.9% and 89.3%, respectively. Moreover, male and
female Students say that they will still prefer cash as a mode of payment having
eleven (11) votes with 423% and twenty-one (21) votes with 84.0%, respectively.
Male and female Salary persons also prefer cash having ten (10) votes with
38.5% and four (4) votes with 16.0%, respectively. Lastly, male Business prefer
both cash and credit/debit card having five (5) votes. Further, a female faculty
prefers credit/debit card as a mode of payment with 5.6% of all the respondents.
 Table 4.21
Convincement of the male respondents with the credibility of the product
Male
Strongly
% Agree % Disagree %
Agree
Students 1 33.3% 9 52.9% 2 16.7%
Salary
1 33.3% 2 11.8% 8 66.7%
persons
Business 1 33.3% 6 35.3% 2 16.7%
Total 3 9.7% 17 54.8% 12 38.7%

Table 4.22 depicts the convincement of the male respondents with the
credibility of the product. Nine (9) Students and six (6) Business say that they
“agree” with the credibility of the products being sold online. It garnered 88.2%
of all the respondents of the survey. Further, eight (8) Salary persons say that
disagree.
 Table 4.22
Convincement of the female respondents with the credibility of the product
Female
Strongly
% Agree % Disagree %
Agree
100.0
Students 1 16 80.0% 6 85.7%
%
Salary
0 0.0% 4 20.0% 0 0.0%
persons
Business 0 0.0% 0 0.0% 1 14.3%
Total 1 3.6% 20 71.4% 7 25.0%

Table 4.22 depicts the convincement of the female respondents with the credibility
of the product. Sixteen (16) female Students and four (4) female Salary persons say that
they “agree” with the credibility of the product being sold online. Further, a female faculty
member “disagrees.”
 CHAPTER V
SUMMARY OF MAIN FINDINGS, RECOMMENDATIONS
AND CONCLUSION

This chapter presents the summary of the findings based on the research
work undertaken, the conclusions and the recommendations made as an effect of
the survey and data gathered from this study. Causal research method was
utilized, and convenience sampling technique was used to gather data. The
method of questionnaire was used as an instrument to collect data from the
respondents. Students, faculties and employees were the respondents of the
survey. The purpose of the study is to determine the effects of cashless
transactions on people’s spending behavior and lifestyle.

Summary of Findings
The study and the gathering of data reveals the following discoveries:

1. The respondents chose which of the following places do they generally do

shopping: supermarket, bazaar and related stores. In both male and female
respondents, more than 50 percent of the respondents chose supermarket
and related stores. Bazaar is popular place for shopping in female
students. 28.6 percent of the female respondents answered bazaar while in
men only 15.6 percent. On the 28.6 percent of the female respondents who
answered bazaar as their shopping place 100 percent of those who
answered are students.

2. The effect of promotional discounts in the spending behavior based on

gender, the males agree that promotional discounts have huge impact on
the spending behavior. 46.8 percent of the male respondents answered
strongly agree while only 35.7 percent of female respondents answered
the same. 71.4 percent of the female respondents said that latest trends in
the market affect their buying behavior. 53.1 percent of male respondents
disagree that latest trends affect their buying behavior.
3. Trends refers to the standard of people in terms of technology, way of life,
culture and way of expressing different opinions and views. Therefore, the
result of the survey shows that most of the respondents who are affected
by the change in trends of fashion, gadgets, fads are women. While men
do not base their spending behavior on what is the current trend or fashion
of today.

4. Culture, traditions and beliefs are factors that influences their buying
behavior of the Benildean community. Out of 60 respondents, only 2 or
6.3% disagree that culture, traditions and belief affect spending. The 2
respondents who disagree are male respondents and professors. Most of
the respondents agreed that their base their buying decision on what is
their culture or traditions or beliefs.

5. Other people can influence a person buying decision. This is one of the
motivators that can drive a consumer to spend or to refrain from spending.
34.4% of male respondents said that friends, peers or family opinions does
not affect their buying decision. However, in both male and female
respondents, more than 50.0% responded that family, friends, peers’
opinions can have an influence in their decision to buy or acquire product.

6. The level of cashless transaction user based on gender, nearly 50.0

percent.of both male and female are cashless transaction user. Male
faculties being the highest with a percentage of 47.1 percent while
students being the highest among female respondents with percentage of
93.3 percent.

7. Physical Cash still is the most preferable mode of payment used by people
and next is the debit or credit card. It shows that expenses below Php
5,000 pesos are mostly paid by physical cash, 97.0 percent says that they
used physical cash in paying their expenses amounting Php 1,000 and
below. For expenses Php 1,001 to Php 5,000, 79.0 percent were paid in
 physical cash, 21.0 percent were paid using credit/debit card. For
expenses Php 5,001 and above 51.0 percent of the respondents were using
cash, and 49.0 percent of the respondents were using credit/debit card.

8. The level of favorability of implementing cashless transaction system in

the Philippines is quite high. 83.9 percent of male respondents and 89.3
percent of the female respondents still favor paying through cash. The
percentage of combined male respondents who favors credit/debit card
and e-payment is 61.3 percent. For female respondents, the combined
answers of those who favors credit/debit card and e-payment is 82.1
percent. The relationship between preferring to use cashless system in
paying monthly utility bills, based on gender 17.9 percent of female
strongly prefer to use the system. While 40.6 percent of male respondents
strongly prefer to use cashless system in paying monthly bills. 0

9. From the survey conducted by the researchers, both male and female
agreed about the convenience of using mobile phone for making payments
in the future. All the respondents’ answers agree, 43.33 percent of
students who agree, 10 percent of the faculty, and 15 percent for
employees; this means that all the respondents are fine of using it.

10. The level of preference factor of using cashless payments in paying

expenses and bills like water, electricity, food, etc. from the answers of
the respondents, most number of answers for this question would be the
Agree. 51.57 percent came from the student section and 15 percent from
the employees. On the other hand, from the faculty respondents, 6.67
percent strongly believed that it would be more convenience to them if
they use this kind of system for paying basic bills.

11. All the 3 respondents (Students, Faculties, and Employees) has the same
highest of votes for agree with a total of 60.00 percent; 33.33 percent,
10.00 percent, and 16.67 percent as follows. This means that all the
 respondents believed that using mobile payment application is convenient
to use.

12. From the surveyed question, the level of safeness of cash and cashless one
for payment, that can either be cash or cashless system was asked by the
researcher. All the respondents answers agree with a total of 53.33 percent
which by then believed that using cashless one is safer to use than
bringing a cash. 30.00 percent of the students, 6.67 percent of faculties,
and 8.33 percent of employees answered agree.

B. Recommendations
Based on the conclusions the following recommendations have been
drawn:

1. Develop and improve the current cashless transaction system in

supermarkets, store branch, store outlets, department stores etc. because
these are the most frequent shopping place among all kind employment
status, gender and age. We recommend accepting wide varieties of
cashless payments among these stores and shopping places.

2. Cashless transaction system is used for convenience of the user and easy
access to their money, with that we recommend to the different outlet
store, supermarket etc. all over the Philippine is to shorten the process
undergo of the people who are paying cashless because based on
experience paying in cash is more faster than paying using debit/credit
card so it shows that it is more convenient to use cash than cashless
transaction system. To shorten the process, we recommend using
fingerprint than signature and pin code in validating the data of the user,
maybe it is time to change the current equipment we used whenever we
pay using our debit/credit cards. We also suggest that they should create a
system that will record all the transactions of the cashless payers that store
personnel don't need to keep a physical proof or record of the payment
 and make their customer wait longer in the queue line in the cashier.

3. E-payment solution companies should create a dynamic and effective

marketing efforts to persuade consumers to use e-payment platforms or
cashless transactions system. Among the marketing efforts that can be
implement on the e-payment solutions are promotions, discounts, rewards
and cashbacks. Intensive advertisements on social media, televisions and
phone applications are way of developing awareness about e-payments.
These marketing efforts can greatly affect on the buying behavior of
consumer as it can make the users to spend more which is beneficial to the
companies. Reach to users through text messaging, emails and the likes to
notify about the sales, rewards, discount that e-payment companies are
implementing.

4. E-payment solution companies should advertise to consumers the

importance of cashless transaction system and how it can benefit the
potential users especially among male consumers. Male consumers are not
trend driven customers. Trend among the innovation of payment system is
not effective to male customers. However, female consumers are more
trend driven customers. E-payment companies should emphasize the perks
of implementing cashless transaction system especially among male
customers. The incrementation of the awareness about the significance of
cashless system in daily life, can be done through email blast, or text
messaging blast. This are already done by e-payment companies like
PayMaya, Gcash, Visa, MasterCard. We recommend e-payment solutions
company to develop a strategic plan on how they can increase the
awareness and make the aged consumers to switch from using cash to
become cashless user.

5. Develop and implement e-payments in bazaars especially in the current

generations, exhibits or bazaars are trend because of its cheaper selling of
goods that in malls; exhibits like this is more popular for female because
 they're more likely to shop more. Supermarket and related store is the
popular shopping place among the Benildean community. Male
respondents prefer to shop in supermarkets and women prefer to shop in
related stores rather than bazaars and supermarkets.

6. Consumers can be driven by recommendations, reviews and opinions of

other people. On the result of our survey, it proves that consumers buying
decision can be influence by opinions of others. Companies selling
products or services should continuously innovate and promote quality of
product or service. This is one way of generating good reputation among
customers. Promoting of goodwill is also one of our recommendation to
provide good opinions among customers. Providing great experience
about the services must be the utmost importance when building
consumer value or increase the consumer satisfaction in using the product
or service a company is offering.

7. There is still a huge gap as the Philippines goes for a cashless transaction
system. Many Filipinos would still prefer cash payments while 2 out of 10
of Filipinos used cashless system this is because of misunderstandings
about the contactless payment and they’re still worrying about the security
of their personal information. Which is not possible because people can
now do anything because of technology nowadays, ordinary people with
low profile can access anything online out of their curiosity. That’s why
strong security for personal information used for banking and payment
purposes should be develop and implement a specific department under
the government that will help secure their information.

8. Improved a better service by bank companies through developing and

implementing new cashless offers and rewards. Among Benildean
community, culture, traditions and beliefs is one factor that influences
their buying behavior; so, by means of new offers and rewards, consumers
may enjoy and possibly recommend it to other consumers.
9. Expand the materials or equipment in using cashless system, this means
that it should not only be used in cards but also through mobile phones for
their convenience. A person can no longer go to an ATM machine to track
down their payment or deposit history, they can just install bank
application signed under their account. Second is by using their mobile
banking application for payment it can either be through account transfer
or just a tap of their phone to a supermarket/convenience store’s scanner.

10. Develop a highly secured department to lessen the robbery incidents; this
may happen not just when a person carries a cash but also in cashless too.
Hacking mobile accounts and bank’s system may also means robbery.
From the result of the survey, all the respondents believe that going
cashless is safer than carrying cash.

11. Create more payment center business for the card users. Using cards for
paying the food that every person eats, other miscellaneous fees, or the
basic bills may often have a longer line that the ones who pays with cash;
this maybe because of a system error, slow acceptance by the system, or
card problem.
Conclusion
From the above findings, it is concluded that half of consumers
have moderate level of perception towards digital payment.
Significant difference exits between perception of consumers towards
digital payment and their socio- economic status. The superiority,
efficiency, safe and secured, convenient, cost and time savings, user
friendly, easiness and protection of privacy of digital payment have
positive and significant influence on the rate of adoption of digital
payment of consumers. Therefore, digital payment system should be
strengthened to improve safety and security of financial transactions
of consumers and it must be simplified and make it user friendly. In
addition, digital payment system should minimize risk associated with
transactions of consumers and it must adopt appropriate measures to
overcome undue delay in its processes.
India is taking a lot many vital initiatives exclusively post –
demonetization which in a while is capable of transforming it from
developing to a developed country. One such initiative which is
making India competitive against developed economies is ‘Cashless
Economy’. Under the initiative of ‘Digital India’ the country is making
its people transact digitally (online). But the transition from developing
country to developed country through digitalization as tool is ever
challenging. To reap the benefit of cashless economy, it has to be
widely accepted by its people. For the people to accept, the concerning
factor has been safety and security. Thus, the role of the Central Bank
(i.e RBI in India) is vital. RBI is dynamically regulating the banks.
However, it is also imperative that they educate the people or users
which will ensure security in digital payment and get wide
acceptance.