HAPTER: 2
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RESEARCH
METHODOLOGY
Data about the scheme of digital India and steps taken to achieve success in this scheme has
been collected. Various benefits of scheme and problems in implementing this scheme have
been mentioned. The source of data is secondary and much more can be done to make this
scheme a huge success.
OBJECTIVE OF THE STUDY:
1.To understand what is the concept of digital India
2. To illustrate the steps taken by the Government to fulfil the
dream to digital India
3. To analyse various benefits citizens are going to derive by
digitalizing Indian economy
4. To find out challenges being faced in achieving the goal of digital
India and how these challenges can be overcome
5 the most important objectives is to study about digital cashless in India project to know about the digital
services which India will going to adopt soon.
6.To create awareness about the digital services among the young generation
7.To make students aware of how they can maintain
8 . To make people use digital payment methods for their transaction of money for goods and
services fully, without elimination of physical cash from economic market completely
9.ToLimited cash in circulation support to controlgrowth of inflation rate.
10. to reduce the costs and risks of handling cash and to increase the ease of conducting
transactions.
11.To reduce the corruption which takes place mostly through the cash medium
12.To reduce the burden of the cost of printing currency and also handling them.
13.To transfer of money from one place to another is also gruesome.
14.To track the movement of money which is not possible completely in cash medium.
15.To revive the banking sector which is high on NPA and bad loans.
16.To make loans cheaper and affordable for everyone.
HYPHOTHESIS
Now a days almost every one uses cashless payment methods it is very convenient and easy to use.
ashless payments have made it possible to be able to go around cashless. There is no need to carry
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cash since most of the merchants accept payments through electronic mode.
arry cash is hectic and also associated to risk of theft or losing a wallet is also a problem there for cash
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less payments are secure.
ashless payments are secure because there is money send and receive directly in the bank account and
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we also receive the conformation from the bank when we make transaction.
Ever transaction is secure by PIN
ashless transaction is done through bank account and online wallet which helps us to keep the records of
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every transaction.
Increases the cybercrime against online transaction likejam tara
SCOPE:
Smooth,simpleandsecurepaymentprocesseswillhelptobringaboutbehaviouralchangesandfaster
adoption of digital payments and banking among un-banked segments. When newplayersenterthe
market, each with a slightly different take on the market and with differing business models, the
increasedcompetitionwillhelptheenvironmentandoffermoreoptionsforconsumerstochoosefrom.
Alargerpiewithmoreplayersisdefinitelygoodforthechangingdynamicsofthepaymentsindustry,
whichisstillnascentinIndia.Indianconsumptionisstilldominatedbycash,withcardscontributing
only 5 per cent of the personal consumption expenditure. In developed countries,30-50percentof
spendshappenthroughcards.So,thereishugegrowthopportunity.Therapidgrowthofsmartphones,
Internet penetration and e-commerce is complementing these; card payment volumes have been
growing in excess of 25 pe cent y-o-y. We expect this trend to continue, aided by the continued
increase in debitcardactivationandusage;debitcardtransactionshavebeengrowingat31percent
eachyear.Intensecompetitionandstrategiccollaborationamongexistingandnewmarketparticipants
likethepaymentsandsmallbanksandwalletswillhelpscaleunacceptanceandfostermorecreativity,
innovation and consumerchoice.Accordingtohim,thefutureholdsexcitingtimesforthepayments
industry inIndia,asallstakeholdersandregulatoryauthoritiescometogethertoachievea"less-cash
dependent"andeventually"cashless"society.ThecreditcardindustryinIndiaseesgreateracceptance
amongconsumersthisyear.AccordingtoWorldwideIndiaCardPaymentReport2014-15,thecredit
card base grew at 9.8 per cent in the past year. Worldwide India is a leader in the payment and
Transactions services in thecountry.Alternativemethodslikemobilewalletsandprepaidcashcards
accountedfor3percentofdigitaltransactions.Thisindustryhasbeengrowingsteadilyoverthepast
few years. Card transactions, both by debit and credit cards, are onanupwardtrajectory.Thereare
interesting dynamics at play in the Indian payments industry.
IMITATIONS OF CASHLESS SOCIETYS:
Themainissueofhavingacashlesssocietyiswhetherthebenefitswouldoutweighdisadvantages.It
is important that, if society moves toward a cash free economy, the benefits must outweigh the
negativeaspectsintheend.Therearemajorsocialandeconomicbenefitstoacashlesssocietysuchas
reductionincashrelatedcrimesandmonetarybenefits.Therearemajornegativeimplicationswitha
cashlesssocietysuchasprivacyissuesandlosingthelibertyofcash.Acashlesssocietycouldonlybe
implementedbythegovernmentsincethegovernmentistheorganizationthatprintsandcontrolsthe
supply of cash in society. With the implementation of a cash free society the major government
agency,CBNmaybeintotalcontrol.Whatthismeansisthatthegovernmentablebeabletomonitor
purchases,spendinghabitsandbusinessespatronized.“Therealdangeristooheavyahandwatching
overyourlife.It'snobody'sbusinesswhereyouspendyourmoneysolongasyouearnitlegally.No
governmententityshouldknowwhereyouspendmoneyforgroceries."Themaindisadvantagesofa
cashlesssocietyconsistofprivacyissuesandcomputerhackers.Oneofthemainissuesregardingthe
implementation of a smart card/chip that would record and control all financial transactions
electronicallyistheassaultonprivacy.Withallprivatemonetarydataexposedtogovernmentofficials
manycitizensmaybelievethatthegovernmenthassubstantialpoweroversocietybyhavingaccessto
these types of confidential information. People value their ability to make some of their purchases
using cash, with absolutely no record,electroniclog,oraudittrailofthosetransactions,asawayto
safeguardtheirprivacy(Brown,1997).Anothermajordisadvantagewithacashlesssocietyistherisk
of computer hackers. Computer experts, so-called "Yahoo-Yahoo Boys", who trick unsuspecting
individuals, and organizations online to part with their money, might alter records, create fictitious
millionaires,setupdummycompanies,andsoon.nshort,theycouldcreateanelectronicunderground
societyaswellascontributetotheissueofidentitytheft.Securityisclearlyofcrucialimportancein
considering any alternative to physical cash. At the root of this lies the problem of authentication,
i.e. the process ofverifyingtheidentityofaperson.Thisistypicallyperformedbyexaminingsome
identifying information such as a password or digital signature.
ACK OF AWARENESS
L AMONG PEOPLE FOR CASHLESS
TRANSACTIONS
Just 60% of our country is basically literates I.e., the just know whotoreadandwritetheirnames.
They don’t even have full-fledgedrunningbankaccountsandareunawareofitsbenefits.Education
is a big limitation in cashless transactions. So, for this technology to survive, the problem of
unawareness among people who are illiterates is again a challenging one to cope up with.
PRIVACY CONCERNS OVER PERSONAL ACCOUNT
Asallthetransactionisgettingrecordedinbankrecordbook,thereisapossibilitythatyourpersonal
transactions for any specific work are also getting in surveillance. This can be against thepersonal
freedomlawawardedbytheconstitutiontoitsentirecitizen.Indianshavefeartogotothebanks.This
is a big limitation of cashless transactions and cashless economy.
The money you earn should be yours and nobody has right to keep watching an eye onit.
CYBER CRIME
With people getting online, the bad one’s are also smart enough to tackle the technology with
unethicalmoveslikehackingandphishingwhereifyoutellthenthepasswordinanyway,thereisa
possibility that you will lose all your hard-earned penny.
People have to be very much careful whiledoingtheonlinetransactionsasthereisahigherriskof
cyber-attack if any carelessness is shown by the door.
“WAYS TO PROTECT AGAINST HACKERS.”
1. Don’t access personal or financial data with public Wi-Fi.
Thismayseemlikeano-brainer,butyou’dbesurprisedhowmanypeoplechecktheirbankaccounts
ormakepurchaseswithacreditcardwhileusingpublicWi-Fi.It’sbesttodothosethingsonasecure
connection.
2. Turn off anything you don’t need.
Hackerscanusecertainfeaturesonyourphonetogetatyourinformation,locationorconnection.So,
insteadofkeepingyourGPS,wirelessconnectionandgeo-trackingonallthetime,justturnthemon
when you need them.
3. Choose your apps wisely.
Onlydownloadappsfromtrustworthysourcesthathaveestablishedagoodreputation.Makesureyou
update your software and apps regularly and get rid of old apps you don’t use.
4. Use a password, lock code or encryption.
Makesureyourpasswordsareatleasteightcharacterslong,withamixofupperandlowercase,and
includenumbersorothercharacters,andneverusetheauto-completefeatureforpasswords.Youcan
use the storage encryption featureonyourphonetoprotectyourprivatedata,andsetyourscreento
timeout after five minutes or less.
5. Be sceptical about links and attachments.
If you’re not sure about the source, don’t use the link or open the attachment.
SIGNIFICANCE OF STUDY
Cashlesseconomyisthetermthateveryoneusestodescribethesituationwheretheflowofcashdoes
not exist within the economy. All the transactions take place through electronic channels. Going
cashless eases, one's life. It also helps formalize the transactions.
Further, it helps to curb corruption. And also, the flow of black money results in an increase in
economic growth.
Now, in the situation of this global coronavirus pandemic. The people of all statures got to know
about the benefits of cash-less economic transactions.
ManyofusfromtheeventsofLockdownsandtillnowareafraidtousethecurrencynotes.Andwe
tendtosanitizethemassoonaswereachourhomes.Becauseweallfearthatthiscurrencymaycarry
the virus, and that's why we don't want to use it.
Additionally,intheeventofacompletelockdown,manyofuswereunabletowithdrawmoneyfrom
banks and ATMs. Due to this problem, we started using UPI and other digital payment options to
purchase goods. And further, we understood the importance of these payment methods.
Thesamethingishappeningwitheveryonearoundtheworld.Soweall,withcorporateandbusiness
houses, are shifting towards cashless transactions.
So,tohelpyouallunderstandtheeffortsGovernmentistakingtomakeIndiaaCashlessEconomy,we
havepreparedthisarticle.Andwethinkthatwiththisblog,youcanassesswhatourstateisdoingfor
us and how we can contribute and improve it. Let's begin with it.
● accountsfrompubliccomputersthatcouldbeinfectedwithspywareormalware,ormayusean
unsecuredInternetconnection.Ifyoudousepubliccomputers,besuretologoutwhenyouare
finished.Ingeneral,itismoresecuretouseasmartphone’scellulardatanetworkthanapublic
or unsecured Internet connection.
● Create strong passwords.Toreducethechancesofyouronlineaccountsbeinghacked,change
your passwords frequently. Strongpasswordsareatleast12characterslong,includenumbers,
letters,specialcharacters(&,!,?,etc.),andarenottoopredictable.Forexample,don’tuseyour
name or date of birth for your password or common words like “password.” If you have
multiple online accounts, it isbesttohaveadifferentpasswordforeachaccount.Intheevent
thatoneofyouraccountsishacked,havingdifferentpasswordsforyourotheraccountsreduces
the likelihood of those accounts being accessed too.
● Use multifactor authentication on your accounts. Multifactor authentication works like this:
Whenyouenteryourpasswordforyouremailaccount,forexample,youaredirectedtoapage
that asks for a four-digit code. Your email provider then sends aunique,temporarycodeina
textmessageortoanotheremailaccount.Youmustenterthecode,whichexpiresafterashort
amount of time, toaccessyouraccount.Thismeansthathackerswhoobtainedyourpassword
still can’t access your account unless they also have access to that verification code, adding
another layer of protection. Many email providers, social media websites, and financial
institutions now make it easy for users to set up multifactor authentication on their accounts.
● Be cautious with “Save my information for next time.” Many websites now store personal
bankingorcreditcardinformationtomakeiteasierforyoutobuyaproductortopayabillin
the future. Although convenient,ifyouraccountishacked,yourpaymentinformationismore
easily available to hackers. Ensure any website where you enteryourfinancialinformationis
secure(thewebsite’sURLshouldstartwith“https://”—rememberthatthe“s”isfor“secure”),
that your password is unique to that account, and that you log out once you are done.
IF YOUR DEVICE OR ONLINE ACCOUNTS ARE HACKED
● Have devices inspected. If your computer or other device is hacked, disconnect it from the
Internet and have it looked at and repaired by a trusted specialist. Be cautious when calling
telephonenumbersfortechnicalsupportspecialiststhatyoufindonline.Scamartistssometimes
set up authentic-looking websites that may appear to be affiliated with your computer’s
manufacturer. When consumers call these entities, they are often told they must
p ayhundredsofdollarsfortheircomputertobefixed,orthe“technician”installsotherviruses
onto the computer that steal information or cause more problems. It is often best to take the
device to a physical repair shop, rather than trying to find a technician online. If you call a
technician online, be sure to research the company and its phone number to be sure it is
legitimate.
● Change your passwords. After getting a device repaired or cleaned of viruses, you should
change all the passwords for any accounts you accessed using the device. The malicious
software that was removed from your computer may have transmitted your passwords to an
attacker, granting the hacker easy access to your information. Similarly,ifoneofyouronline
accounts has been hacked, be sure to change your password immediately. Ahackermayalso
change your password, denying you access to the account. If you are unable to access your
account, contact the website directly and it can assist you in restoring your account.
● Monitor financial accounts. If a hacked account contains financial information, contact your
bank or credit card company immediately, letting it know that your account may be
compromised.Yourbankorcreditcardcompanymayissueyouanewcardoraccountnumber.
Be sure to monitor activity on the account for any fraudulent transactions. In some cases,
hackersmayhaveobtainedyourinformation,butwillnotuseitrightaway.Ifyouarenotissued
a new card or account number, you should monitor your account for an extended period.
● Notify others. When appropriate, contact your friends and family and make themawareyour
device or account has been hacked. Hackers maytrytogainaccesstoyouremailcontactlist,
and send emails from your account. Notifying friends and family that your account has been
hacked, and instructingthemnottoopenurgentorstrangeemails,“click”onsuspiciouslinks,
or download attachments that seem to come from you may help protect their accounts from
hackers.
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SELECTION OF THE PROBLEMS:
Problems for the unbanked- Cashless systems can be problematic for people who currently rely on
cash, who are concentrated in certain populations such as the poor, near poor, elderly, electronic
transactions require a bank account and some familiarity with the paymentsystem.Manypeoplein
impoverished areas are underbanked or unbanked. In the United States, almost one-third of the
population lacked the full range of basic financial services. According to FDICdata,ofhouseholds
that earnanannualincomeoflessthan$15,000peryear,almost25.6%donothaveabankaccount.
Nationwide,7.7%ofpeopleinUnitedStatesdonothavebankaccounts,withlevelsover20%insome
cities and rural counties, and over40%insomecensustracts.FraudulentActivities-Whenpayment
transactionsarestoredinservers,itincreasestherisksofunauthorizedbreachesbyhackers.Financial
cyber-attacksanddigitalcrimealsoformagreaterriskwhengoingcashless.Manycompaniesalready
suffer data breaches, including of payment systems. Electronic accounts are vulnerable to
unauthorizedaccessandtransferoffundstoanotheraccountorunauthorizedpurchases.Attacksonor
accidental outages of telecommunication infrastructure also prevents electronic payments from
working, unlike cash transactions which can continue with minimal infrastructure.
the sample is collected from random people (students, businessman, workers)
thesampleisprimarysourcefortheprojectandthedetailsiscorrectandtrueaccordingtomeandmy
knowledge.
The sample is collected from fifteen (50) individuals
The data which Icollectedfromindividualsareshownisthesectiondataanalysisinterpretationand
presentation.
DATA COLLECTION
The sources of recruitmentarebroadlydividedintoInternalSourcesandExternalsSources.Internal
Sources are the sources within organizational pursuits. The primary data is collected with direct
interaction with candidates through questionnaireandpersonalinterview.Thequestionnaireconsists
of closed ended and open-ended questions. Externals Sources are sources outside organizational
pursuits.
PRIMARY DATA
ThemainprospectofmyreportIhavedecidedtouseprimarydataanalysis.ForthisIhavestructured
asmallsurveyusingthe“GoogleFormsurvey”intheperspectiveofrecruitmentandselectionofthe
company using a Questionnaire model.
SECONDARY DATA
In this report I have basically focused on secondary data analysis. This means the information of this
reporthasbeencollectedfromHumanResourceManual,Magazines,Websitesandtextbooksfromvarious
libraries.
TABULATION OF DATA
Descriptive research is undertaken to describe the situation, community, phenomena, outcome or
programme.
Themaingoalofthistypeofresearchistodescribethedataandcharacteristicsaboutwhatisbeing
studied.
It is contemporary, topical and time bound.
They are relatively more structured and require a formal, specific and systematic approach to
sampling,collectinginformation,collatingandtestingthedatatoverifytheresearchassumptions.Itis
largely of a diagnostic nature without establishing the causality of the relationship.
Various kinds of tables and charts are used to represent the survey findings andresult.Chartslikepie
diagram, bar diagram are used.
This diagram consists of a series of rectangular bars standing on a common base. The
length of the bars is proportional to their magnitude.
The comparison among the bars is based on lengths. There
are three types of bar diagram.
TECHNIQUE AND TOOLS
Under descriptive research design we know there are two types of methods are normally used they are:
❖ Survey method
❖ Observation method
For my analysis I have used the survey method. This method works by obtaining information
basedonquestioningofrespondents.Respondentsareaskedavarietyofquestionsregardingtheir
behavior, intentions, attitudes, awareness. Questions are basically asked either
verbally or in writing or both in same time. In this case I have decided to use the structured
questioner format and asked the questions both verbally and allowed them to write the answers.
