Cashless society: Utopia or platform for scams

This paper concentrates on having an understanding of cashless societies and whether it is a utopia or a platform of scams in the global world. The researcher has created a background of the paper with the help of which objectives of the thesis paper has been constructed.

Running head: CASHLESS SOCIETY: UTOPIA OR PLATFORM FOR SCAMS
Cashless society: Utopia or platform for scams
Name of the Student:
Name of the University:
Author’s Note:

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CASHLESS SOCIETY: UTOPIA OR PLATFORM FOR SCAMS
Abstract
This paper concentrates on having an understanding of cashless societies and whether it is a
utopia or a platform of scams in the global world. In this manner, the researcher has created a
background of the paper with the help of which objectives of the thesis paper has been
constructed. The literature review has been constructed with the help of the aspects that have
been identified and the elements that are related to this topic. The methodology of the paper has
created the idea about the data that would be used for the purpose of analysis and therefore
primary and secondary data has been used with the help of which effectiveness of cashless
society in Singapore has been understood. The outcome of the paper has therefore explained that
cashless society is beneficial for the development of the economy as a whole and maintaining
proper measures and techniques would be useful for elimination of the scams.

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Table of Contents
Chapter 1: Introduction....................................................................................................................6
1.1 Background of the Study.......................................................................................................7
1.2 Research Aims and Objectives..............................................................................................8
1.3 Research Questions................................................................................................................9
1.4 Rationale of the Research......................................................................................................9
1.5 Conclusion...........................................................................................................................10
Chapter 2: Literature Review.........................................................................................................11
2.1 Introduction..........................................................................................................................11
2.2 SMS.....................................................................................................................................11
2.3 QR Code..............................................................................................................................11
2.4 NFC......................................................................................................................................12
2.5 Ancient Methods of Payment..............................................................................................13
2.6 Contemporary Works...........................................................................................................13
2.7 Advantages of Cashless Payment System...........................................................................14
2.8 Attaining Cashless Society..................................................................................................17
2.9 Disadvantages......................................................................................................................17
2.10 ICT as Drivers....................................................................................................................20
2.11 Conceptual Framework......................................................................................................21
2.12 Conclusion of the literature...............................................................................................21

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Chapter 3: Research Methodology................................................................................................23
3.1 Introduction..........................................................................................................................23
3.2 Research Philosophy............................................................................................................23
3.3 Research Approach..............................................................................................................24
3.4 Justification of the choice of methodology..........................................................................24
3.5 Research Design..................................................................................................................25
3.6 Process of data collection....................................................................................................25
3.6.1 Quantitative Data..........................................................................................................26
3.7 Primary data collection........................................................................................................27
3.8 Secondary Data....................................................................................................................27
3.9 Sampling and sample size....................................................................................................27
3.10 Data Analysis Plan.............................................................................................................28
3.11 Ethical Consideration.........................................................................................................28
3.11 Conclusion.........................................................................................................................29
Chapter 4: Data Analysis and Discussion......................................................................................30
4.1 Introduction..........................................................................................................................30
4.2 Frequency Analysis.............................................................................................................30
Answer to Question No 1......................................................................................................30
Answer to Question No 2......................................................................................................31
Answer to Question No 3......................................................................................................33

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Answer to Question No 4......................................................................................................34
Answer to Question No 5......................................................................................................36
Answer to Question No 6......................................................................................................38
Answer to Question No 7......................................................................................................39
Answer to Question No 8......................................................................................................40
Answer to Question No 9......................................................................................................42
Answer to Question No 10....................................................................................................44
Answer to Question No 11....................................................................................................45
4.3 Descriptive Statistics...........................................................................................................47
4.4 Interview Results.................................................................................................................48
Question 1..............................................................................................................................49
Question 2..............................................................................................................................49
Question 3..............................................................................................................................50
Question 4..............................................................................................................................51
Question 5..............................................................................................................................51
Question 6..............................................................................................................................52
Question 7..............................................................................................................................52
Question 8..............................................................................................................................53
Result.....................................................................................................................................53
4.5 Secondary Data....................................................................................................................54

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4.5.1 Correlation....................................................................................................................54
4.6 Results..................................................................................................................................55
4.7 Conclusion...........................................................................................................................55
Chapter 5: Conclusion, Recommendation and Future Work.........................................................56
5.1 Conclusion...........................................................................................................................56
5.1.1 Addressing the objective...............................................................................................56
5.2 Recommendation.................................................................................................................58
5.3 Future Work.........................................................................................................................58
Reference List................................................................................................................................60
Bibliography..................................................................................................................................65
Appendix........................................................................................................................................70
Questionnaire.............................................................................................................................70

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Chapter 1: Introduction
The development of science and technology has led to the introduction of new and
innovative tools and techniques that have made life easier for human beings and have even
improved their standards of living. One of the essential elements that is associated to the
everyday life of a human being has been day to day transactions that one needs to make in order
to communicate with the society and obtain their daily needs and desires (Khanna 2017). It is
because of this factor that there have been several machines and tools that have been introduced
globally so that the financial transactions that are taking place daily can be improved.
With the advent of digitalization, there has been incorporation of various technological
tools and equipment that assists in easing the financial transactions of human beings but
accordingly have led to the creation of various risks that can have adverse impacts on human
beings as well.
In the earlier days people used to make transactions and make payments through cash,
but after the incorporation of bank accounts and the development of bank debit and credit cards,
human beings are able to make payments without the use of cash. The development of internet
globally have made payments closer and easier to the customers as internet banking thereafter
became the most easy and normal to undertake rather than visiting a bank for the purpose of
checking balances, transferring money and making payments in an effective manner. The
development of the mobile phones into smart phones has been one of the essential factors that
have made mobile banking to be a necessity and a trend even when the customers do not have
access laptops and desktops in order to access internet (Kumari and Khanna 2017). There have
been several mobile applications that looks to cater the distinct demands and the needs of the
customers like the payment of the bill, funds transfer and more. The transfers and the payments

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then became the easiest and the simplest way of transaction and this is done by taking assistance
of the frameworks and the structures that are available. With respect to the utilisation of cards,
like the swiping of the cards, there has been an upgradation of the technology in which in the
current time period, one can just tap the card with the help of which transactions can take place
without even making any contact. There are several contactless payment processes like the
Android Pay, Apple Pay and Samsung Pay etc that ease the process of transactions just by
making use of smart phones (Jumoke, Olugbenga and Mudasin 2015). There have been
development of e-wallets and digital wallets that includes the WeChat Pay etc that are linked to
the bank account of the users and are currently extensively used in China and cashless
transactions are used even in taxis and road side stalls. It is seen that payment through face scan
is a future trend so that customers can even undertake payments without keeping any evidence
on hand. The customers just need to scan their face and thereafter enter their account name and
passwords.
1.1 Background of the Study
The advent of users permits the users to make online purchases in a convenient manner
and even provides benefits and opportunities for the criminals to undertake scams and fiddles.
One of the well-known scams that have taken place with the help of internet is the fraud related
to purchase in which the scam makers gather the credit card and internet banking information of
the internet users and even the PIN numbers with the help of which they have the ability to
withdraw money from the bank account of the victims (Odiboh, Oresanya and Ekanem 2016).
The scams that involve investments look for people who are looking for fast and rapid returns
and have low level of self-control. Furthermore, the easiness of transfer of funds with the help of
using the internet, smart phones and other electronic gadgets makes the level of scams easier for

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the ones who are making the fiddles. The willingness of the individuals to undertake investments
that are risky replicates their demand and desire for immediate satisfactions. Ejoh, Adebisi and
Okpa (2014) addressed that there has been a significant rise in the level of the financial scams
with the help of cashless transactions like the lottery scams and the other kinds of scams as the
victims would be able to transfer their money to the scam makers unlike withdrawing hard cash.
In Singapore, there has been significant level of development in the cashless transactions in the
society and therefore it is essential to undertake a research on this topic with the help of which an
understanding can be attained as to whether the cashless society is improving the lifestyle and
the financial transactions of human beings or is creating bigger scams and losses that are leading
to dissatisfaction and financial losses for human beings. Singapore is a developed country and
therefore an assessment of this country will be effective in understanding the effectiveness and
the threats related to cashless transactions.
1.2 Research Aims and Objectives
The aims and objectives of the research looks to address the aspects and the elements that are
creating issues in the process of cashless transactions and therefore these issues needs to be
addressed in an effective manner in order to complete this paper in an effective manner and
creating a safe and secured cashless transactional society. The aim of the paper has been
explained as follows:
 Examine whether cashless society is beneficial or it would bring in harm and damage as
the total number of scams increases
The objectives of the paper have been explained as follows;
 Recognise the cashless payments options that are available

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 Discover to what degree is Singapore is moving ahead towards cashless society
 To explain what are the factors that lead to the increased number of cases in accordance
to frauds and scams
 To assess the relationship among the cashless society and the development of the
fraudulent cases
1.3 Research Questions
The research question addresses the questions that need to be answered in this paper in
order to have an understanding of the issues and accordingly take steps in order to complete the
paper in a precise manner. The research questions related to this topic have been explained as
follows:
Q1. How has the number of fraudulent cases increased with the development and the availability
of more cashless options?
Q2. Is there a pattern that there is a rise in the level of scams as the society moves towards the
cashless activities?
1.4 Rationale of the Research
This research paper has been undertaken as there has been changes that are taking place
in the economy along with the changes that are taking place within an organization. The changes
that are taking place within the economy as well as in the organization leads to the thinking that
whether cashless society is creating a benefit to the society or is creating a problem as the level
of scams are increasing. It is essential to gain the understanding whether cashless society is
helpful for the economy and the human beings or is having an adverse impact on the society so
that adequate steps and measures can be taken with the help of which these issues can be

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resolved and accordingly the economy of Singapore would have secured and safe cashless
society.
1.5 Conclusion
This section of the paper has looked to address the background of the study that is related
to the topic that has been undertaken and accordingly an idea can be obtained with respect to the
development of the cashless society and how the companies and the individuals who are
associated with cashless transactions undertake these kinds of transactions and what have been
the changes that have taken place in the cashless society with the advent of time. This section has
even provided the research objectives and the research questions with the help of which the
paper can move forward.

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Chapter 2: Literature Review
2.1 Introduction
This literature review that is framed for a research paper has the intention of explaining
the aspects and the variables that have been addressed by other researchers who have undertaken
researches on similar research papers and accordingly an idea has been obtained as to what are
the variables that are associated to the cashless society and gaining an idea about the pros and the
cons related to the cashless society and their platforms.
In the previous few years, there has been a development of various processes for the
purpose of making payments. Some of these methods are inclusive of transferring money with
the help of mobile with the help of Short Message Service, Near Field Communication and
Quick Response Codes.
2.2 SMS
The process of SMS has been existent in the world from the year 1992 and the messages
can only be forwarded with the help of 160 characters. The use of SMS has been observed in in
the television shows, purchasing tickets or having a friendly chat with friends (Emengini and
Alio 2014). The SMS technology has always been functional as it works as a remote
communication basis with the help of GSM and EDGE networks among the one and the others.
2.3 QR Code
This code is known as a 2D based bar code that is scanned with the help of mobile
phones by making use of a network on the phone browser of the mobile. In the similar manner,
the users of this technique enter their credit and debit card information so that any transactions
can be undertaken with the help of this process (Thiemann and Hütten 2017). The QR code is
even used for the purpose of verification for certain purchases like taking the boarding pass in

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order to board a flight. This code can be directly scanned on the mobile phones by agent of the
flight and thereby reduces the time gap between examining the boarding pass manually.
However, this process requires further development in the field of making cashless transactions
as there are several faults associated with this process.
2.4 NFC
This is one of the more innovative and the most sophisticated process within the RFID
technology, which acts as a subset of the RF technology. This process is reliant on a wireless but
within a limited proximity transmission from one mobile phone to the other or to the reader at
the optimum range of 10 cm. An assessment was undertaken by Khanna (2017) that
recommended that the rise in the usage of the process of cashless payment would generate a
cashless society, which has been a topic that has been argued in an extensive manner among the
information technology people, banks, politicians and organizations. In a society that would be
cashless, the process of payments can be made at the vending machines that would be unmanned,
a manned point of sale, with the use of the internet, utilising the mobile phones, smart cards and
PDAs and other modes of electronic payments like the use of the credit and the debit cards. The
generation of a cashless society leads to a complex issue. If the cashless society is to succeed,
then it would have a positive impact on the economy with respect to health, crime and the
environment as a whole. In a time when the future of the state or a nation is taken up for the
purpose of discussion, effective financial savings and effective developments are essential
features for the future development and welfare (Bátiz-Lazo, Haigh and Stearns 2014).
Conversely, paying is an intrinsic social communication that every one of them takes
participation on a frequent basis and hence that kind of paying is so general that it has become
very difficult to make any changes.

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2.5 Ancient Methods of Payment
In the early days of 2000s, the contents and the services of the mobile phones like the
ringtones and the logos were very attractive and thereby made payment through the mobile
services an attractive topic that has been able to overpower the internet operations as well. In the
latter period of time, payment with the help of mobile has been a substitute of the micro
payments at the POS, where the utilisation of cash has been falling by the years (Cywiński
2017). There have been development of several mobile based and electronic payment methods
with the advent of time, but it is seen that most of them have been failures or had low level of
penetration ability. It is essential to make a note of the fact that the payment concept is a general
act which cannot be altered as the process of payment in most of the countries are done in the
similar manner and therefore it would turn out to be a greater issue if all the countries had their
own process of electronic payment process. There are additional issues that develop when the
organizations frame their own process of electronic payment system. Odiboh, Oresanya and
Ekanem (2016) agrees with this explanation and addresses that the payment process needs to be
standardised in order to be incorporated by the customers. One of the successful electronic
payment processes has been PayPal which was established in the year1999.
2.6 Contemporary Works
With the advent of time, there has been development of several kinds of payment systems
that have improved the financial transaction process of the consumers and have eased up the life
of the individuals. It is even seen that there has been contactless payment processes have even
been developed that are useful in reducing the time gap that is taken in order to undertake a
payment either with cash or even with the banking solutions (Lobel 2016). In the present time
period there has been development of internet banking facility with the help of which the

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customers can even access their bank accounts and other transaction methods by just using their
desktops and the mobiles. The maintenance of various tools and technologies that assists in the
reduction in the internet scams and frauds are helpful in the development of the cashless society
and the use of electronic payment system (Chen, Ardila-Gomez and Frame 2017).
2.7 Advantages of Cashless Payment System
There has been a lot of discussions on the basis of the ease and convenience of electronic
cash and the amount of time it saves for an entity and the and the simplicity of the access that
leads to the money being available very easily without having to be undertaken while on the
other hand the exchange of the currency will not be available. The cashless society would lead to
an increased level of control as the movement from the electronic money to cash is a segment of
a well framed process to unify the world and thereafter manage the same with the help of the
currency (Naidoo, Inderpal and Karodia 2014). It would lead to an extensive development in
order to bring in economic uniformity all the over the globe. A cashless society will additionally
lead to the development of globalisation that would be a feature of the current time period. The
computerised processes can be utilised in order to minimise the extent of the paper trails. Also by
substituting the paper with the help of the cashless credits and transfer of money through
electronic process it would be helpful in minimising the level of illegal activities like crimes,
terrorism, trading of drugs, human trafficking, illegal immigrations and corruptions. The cashless
society would go a longer way in order to make the earth and the society a better place by
minimising the level of criminal activities (Perry and Ferreira 2018). The paper cash that is
physical in nature cannot be traced is unaccountable and is very easy to conceal, lose and
counterfeit and this kind of money will not be traced. In this manner, it is observed that paper
cash has permitted to the development of all kinds of criminal operations. Conversely, in an

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economy that is cashless in nature, this will develop when few of the crimes have been
completely eliminated (Felix, Kenneth and Rebecca 2015). The crimes that are violent in nature
like the robberies in the banks, cash theft by the employees, armed thefts, purse snatching and
kidnapping for attaining ransom would be reduced by a significant margin if not eliminated due
to the fact that individuals would be reducing the extent of cash that is generally carried by them.
The illegal trades and human trafficking businesses are reliant on cash and therefore the
development of the cashless economy would lead to a disruption in these illegal activities.
Another aspect that is generally avoided by the consumers has been the fact that transactions that
are made by cash even leads to the spread of various kinds of diseases (Jain 2017). It is seen that
the paper notes are handled by various consumers and therefore several kinds of diseases and
viruses are spread throughout the environment and thereby creating chances for various kinds of
diseases. The development of the cashless society leads to a reduction in the risk of disease
transference. The consumers would become less prone to sickness due to the disease
contamination from the bank coins and notes as paper currencies have been recognised as the
carrier for disease and the channel of the transmission of the diseases. By looking at the point of
view of the consumers, payments with the help of mobile phones have certain benefits like in the
avoidance of a queue, freedom of place, time, enhancement and the speeding up of the services
and easy access to the payment services (Tee and Ong 2016). By assessing the notion of the
banks, the cashless society leads to certain benefits that are in the form of savings. The bank
managers and the cashiers would be redundant and therefore only a limited number of employees
are essential in order to serve the self-service counters. On the part of the government such a
society is not demanded as this would be lower the number of jobs within a country and thereby
lead to challenges like the rise in crime and insecurity within the economy (Kumar 2017).

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The other benefit that is seen among the banks have been the possibility of a fall in the
cost of production of the cards when the consumers are looking to pay with their individual
mobile phones or their individual payment card, data on the paper is then transferred together
with the money and thereby deleting the requirement for the bonus, loyalty and member cards.
A cashless society is looked upon to be the one where the individuals make use of the
debit and the credit cards and thereby reducing their amount of cash in the wallet. It is believed
that the community which is cashless has various benefits (Arvidsson, Hedman and Segendorf
2016). It is seen that in the cashless society there is no requirement for the individuals to
maintain cash in their wallet and rather maintain a card or any electronic payment process with
the help of which they can undertake transactions in a precise manner. This reduces the chances
of any kind of thefts and reduces the issues that are related to the carrying of cash and eliminates
the issues that are observed when undertaking transactions of odd amounts and there are no risk
of attaining currency that are counterfeit (Humbani and Wiese 2017).
The other benefit that is observed for the cashless economy has been observed that it
becomes simpler for the economy to track the black money and the transactions that are taking
place illegally because if the cash is used only for the purpose of making direct illegal
transactions then it would be not be easy to detect the same as the money would not be coming to
the banking system (Dhanda and Arora 2017). However, if the transactions are undertaken with
the help of digital transactions, then a track can be maintained over the money and any kind of
illegal transactions that are taking place can be discovered and therefore all the transactions
remain transparent and thereby lead to reduction in the level of corruption in the economy of a
nation.

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The other benefit that has been observed in the cashless economy is that as all the
transactions would take place with the help of an organized medium especially through financial
organizations and banks, it will lead to a rise in the revenue from tax for the government and
even for the transactions that have been taken for cash, which were done in an illegal manner
before coming to the banking process which in a manner assists the government in keeping track
of all the transactions and thereby incurring tax on them which would be used by the government
for the development of the economy of a nation (Balaji and Balaji 2017).
2.8 Attaining Cashless Society
The benefits of the cashless society can be overviewed along with the similar lines of the
reasons that is given by the government and the Central Bank for the incorporation of new cash
policies. In order to attain the modernisation and the development of the new payment system it
is essential to stay in line with the vision that has been constructed. It is essential to mitigate the
banking services cost and enhance the financial inclusion by giving out effective options for
transactions and better reach (Antragama 2017). It is essential to enhance the efficiency of the
monetary policy in taking care of the inflation and leading to the economic development. These
aspects have been essential for the development of a cashless society that would be helpful for
the development better transactions for the purpose of a society that would be free from any
frauds and scams with respect to financial transactions.
2.9 Disadvantages
In spite of the effectiveness of the technology that has been proposed, there are certain
disadvantages of a cashless society as explained below: the cons are inclusive of electronic value
of money that is unstable and will become more volatile especially provided that the individuals
will be undertaking the business with the help of the virtual money. The government will be able

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to manage the purchases, the habits related to spending and the businesses that are patronised.
With the help of the new process, the government will have an overall authority over the
transactions and hence exposing the individual’s privacy. The other issue that is related to the
transactions are inclusive of the children with the challenge of ascertaining the age during which
these children would be able to undertake actions for these kinds of transactions like making use
of their pocket money as it would require a payment card or a mobile phone in order for the
children to make use of the money they would be receiving as pocket money (Jha, Shah and
Ghuwalewala 2017). A cashless society would this compel the guardians to purchase mobile
phones and electronic cards for their children at an earlier stage rather actual in order to provide
pocket money to their children.
The effective managing of the payment cards and the mobile phone hence becomes an
extra threat provided that the users are able to remember distinctive information regarding the
passwords and PIN (Personal Identification Number). This may look to be an issue for the
illiterate people and the elderly who may have faced problem and may have to sacrifice privacy
and lead to the personal codes in order to look for assistance.
The other problems are the rise in the potentiality of thefts. The individuals face the
losses of their mobile phones more than their wallets. This factor can be even stated as a security
issue. It is seen that the electronic process that has been constructed by the skilled personnel can
be dissected by the ones who have objectionable purposes and are utilised for anti-socials (Alao
and Sorinola 2015).
It is seen that one of the biggest disadvantage of the cashless economy is that everybody
does not have knowledge of undertaking transactions that are digital in nature and therefore their
reach is restricted to the centres located in the urban and the semi-urban areas and hence it is

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very complex to incorporate the cashless economy in the bigger nations where several sections of
the community in the rural areas are poor and are uneducated (Kumar 2015). Therefore the
absence of the effective framework and education among the residents is not beneficial as long
as the cashless economy is associated.
The other disadvantage that is seen with respect to cashless economy is that even though
it is simpler to undertake transactions that are digital in nature and at the same time it is looked
upon to be very risky in nature in comparison to the transactions that are undertaken with the
help of cash. Therefore, the people having inadequate knowledge about the digital payments may
get exposed to the cybercrimes and frauds and thereby losing their money in the online hacking
and scams from the bank accounts and therefore it is effective enough to undertake cash based
transactions more than undertaking digital transactions in circumstances when the customers are
not totally aware of the transactions that are undertaken based on the online platforms (Metri and
Jindappa 2017).
The other demerit that is related to the cashless economy is that the digital process of
making payments with the help of the credit cards, internet banking, electronic wallet payments
are associated with certain transaction fee and this is not the case with the cash transactions and
therefore any person thinking of undertaking online transactions will not consider the costs of
transactions and will not favour any kind of online medium of transactions (Yu and Sun 2018).
Therefore the occurrence of the transaction cost is a limitation of the cashless economy and
discovering the recognition among the citizens of the nation.
Hence, it can be said that the cashless economy has certain benefits and limitations and
any of the government of a country that are looking to implement the model of cashless economy
can assess in a careful manner in order to evaluate the demerits and the merits and thereby takes

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decisions as it is seen that the cashless economy cannot be levied on the individuals rather than it
can be implemented slowly by the individuals of the nation.
2.10 ICT as Drivers
ICTs are looked upon as more than just internets and computers. Even though there is a
tendency to concentrate on the technology of internet, the studies related to the effects of the
technology in the fields of the business and economy must even be regarded on a closer basis. In
the current time period, ICTs needs to be regarded on a wider basis in order to cover the
information that are created by the business and utilise along with the extensive spectrum of the
rising convergent and the associated technologies that assesses these data. Hence, ICTs can be
regarded as a collection word for an extensive range of the software and the hardware,
management of the information and telecommunications tools which are utilised in order to
generate, manufacture, assess, process, distribute, package, retrieve, receive, alter and store the
information (Gayathri 2017). In a specific manner, ICTs have extensive level of potential for
creating a cashless economy with the assistance of the efficient utilisation and effective
integration of ICTs in the process of the business while supporting them to make more effective
decisions that is relevant with their performance. ICTs have the ability to create a step alteration
in a cashless community and make them more inexpensive and create development. In the
current time period, the economy needs to be understood as a global perspective. In this process,
ICT can provide extensive varieties of advantages to the different kinds of companies. In a
specific manner, the ICT can reduce the cost of the business, enhance the level of productivity
and improve the growth potentialities when there is an introduction of the cashless societies
(Ayinde and Adeyemo 2015). Furthermore, the incorporation and the adoption of the ICT by the

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Cashless
Business
SMS
QR Code
NFC
ICT
Drivers
Development of
Cashless Society
CASHLESS SOCIETY: UTOPIA OR PLATFORM FOR SCAMS
companies can even enhance the relationships related to the business, knowledge diffusion and
quality in a cashless community.
2.11 Conceptual Framework
Table 1: Conceptual Framework
2.12 Conclusion of the literature
The literature review that has been constructed for this paper has looked to address the
various modes of cashless payments that are available to the community and thereby have looked
to address the fact that what are the benefits and limitations that have been associated to the
incorporation of cashless process and whether it is will be a utopia or a financial crisis. The

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recommendations that have been provided by the researchers in this section will be helpful in
taking this current research forward.

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Chapter 3: Research Methodology
3.1 Introduction
The introduction section of the paper looks to answer the data that would be used in this
paper in order to undertake data analysis. It is seen that there are several sorts of data that can be
utilised by the researcher for the purpose of data analysis and the researcher chooses the data
based on the topic that has been taken into consideration in this paper and the data that is felt
ideal by the researcher. The collection of data is undertaken with the help of the several stages
and that includes the philosophy, research design and approach of the research, selection of the
suitable methodology, the process of data collection, data analysis plan and the sample size that
would be used for the purpose of analysis. These are the mediums that are taken into
consideration prior to the process of analysis of the data.
3.2 Research Philosophy
The philosophy of the research assists the researchers to recognise the fundamentals of
the research by making use of a precise research pattern. There are four kinds of philosophies
which can be used by the researchers and they are pragmatism, interpretivism, positivism and
realism. The research philosophy is looked upon as certain features that are inclusive of the
axiology, epistemology and ontology (Wulandari, Soseco and Narmaditya 2016).
In accordance to this paper that looks to address the effectiveness of cashless society, it is
seen that the researcher feels viable to select positivism philosophy because of the fact that this
philosophy functions on the basis of the presence of practicality by utilising the techniques that
are actualised scientifically. Therefore, as this paper is related to understanding the effectiveness
of cashless society, it is seen that understanding the reality of the situation is helpful for
gathering the most effective data.

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3.3 Research Approach
The approach of the research is most essential phase in undertaking the paper in a precise
manner in order to attain the result that is real and demanded. There are two sorts of approaches
that the researcher has in their arsenal and they are inductive and deductive approach. The
inductive approach refers to the process in which the researcher constructs new and innovative
models and theories and accordingly these models are suitable for gaining the results related to
this paper in a precise manner (Ebeiyamba-Oluchukwu 2014). On the other hand, the other
approach is the deductive approach that relates to the models and the frameworks that have been
used earlier in the economy by the other researchers and thereby attaining results that would lead
to the completion of the paper.
However, in accordance to the concerned paper, which is related to having an
understanding of the effectiveness of the cashless society, it is seen that deductive approach will
be taken into consideration as tools and techniques that would be used by the researcher are
already available in the market and therefore the results that would be attained can bring in
effective results. It is seen that both primary and secondary data would be used for the purpose of
data analysis and deductive approach is highly suitable for this paper.
3.4 Justification of the choice of methodology
The methodology that would be used by the researcher comprises of the action course
that would be used in order to reach the precise results. This paper tries to have an understanding
of the effectiveness of cashless society and therefore the responses of the individuals who are
making use of cashless society would be taken into consideration. This is known as the primary
data. On the other hand, the researcher is looking to collect secondary data with the help of
articles and journals that have been constructed by the other researchers with the help of which

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the history of cashless society can be taken into consideration. Therefore, the researcher has
chosen quantitative and qualitative data analysis and accordingly the desired can be attained. The
current research paper would therefore be making use of quantitative data and accordingly
effective results can be attained.
3.5 Research Design
The design of the research assists the researchers in attaining a chance of taking the paper
forward in order to reach the desired objectives that have been constructed earlier in this thesis
paper. Lai (2016) addressed that research design is helpful to the researcher to give out the
references by maintaining the obtainable results within which the remaining section of the
overall research is undertaken on the basis of a goal that is pre-determined. The research design
is of three types and they are mainly the exploratory research design, descriptive research and
explanatory research design.
In accordance to this paper, which is related to having an understanding of the
effectiveness of the cashless society in an economy, it is seen that descriptive research design is
highly suited as the descriptive research design looks to discover the address the problems and
the complexities that are faced by the researcher in order to collect the data and undertake the
analysis of the paper. This design provides an opportunity to the researcher in order to expand
their understanding and knowledge with respect to this topic. In this manner, the researcher
would be able to gain an understanding of the problems and the issues and thereby explain the
same in the paper in an effective manner.
3.6 Process of data collection
Data is regarded as the essential requirement that is useful in certifying the rate of success
of the research paper and the gathering of the effective data relies on the nature of the study.

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Ifeonu and Ward (2015) explained that data needs to be classified into two aspects and they are
secondary and primary data.
The primary data is obtained from the responses of the individuals and Amiri and
Woodside (2017) addressed that this kind of data is in nature more precise and valid in
association to the secondary data. The secondary data on the other hand are collected several
sources and they are inclusive of the websites, electronic and manual journals and the several
kinds of internet websites and these areas can be used for the purpose of undertaking the process
of analysis. It is seen that primary data can be segmented into qualitative and quantitative data
and in this manner, the quantitative data is increasingly suitable for this paper because of the fact
that the responses that would be used will be transformed into figures and numeric and
accordingly effective results can be obtained. Qualitative data is not appropriate in this thesis
because of the fact that the researcher does not have adequate time.
3.6.1 Quantitative Data
The quantitative data addresses the fact that a section of the information, which can be
assess in order to realise the data in accordance to the outcome of the paper. Nagdev et al.(2018)
cited that quantitative data assists in giving out the information on the basis of the individual
mind set with respect to the topic of the paper. Hence, the paper is in need of a bigger and
effective sample size. In accordance to the paper, that looks to discover the effectiveness of the
cashless society, it is seen that the researcher has selected primary and secondary data from
various sorts of sources. In this respect, it is seen that the data requires being collected from valid
and true sources in order to attain effective results for the research paper.

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3.7 Primary data collection
The researcher has sourced the primary data by assessing the individuals who are making
use of the cashless process. The researcher has discovered that survey analysis is one of the
effective measures with the help of which primary data can be collected. In order to undertake
the survey analysis, it is seen that a questionnaire is constructed and the questions comprises of
the close ended questions with the help of which the respondents would be able to provide their
responses in an effective manner (Patil 2014). The questionnaire is forwarded to the selected
respondents through electronic mail and thereafter is asked to submit the responses with the help
of the link that has been forwarded to them. An interview questionnaire is even constructed in
order to take the responses from three managers who are related to cashless businesses and eight
open ended questions are asked with the help of which their responses on this topic can be
attained.
3.8 Secondary Data
The researcher in this paper has been making use of secondary data by taking assistance
of the various resources like the thesis papers that have been constructed in the past, the relevant
books, articles and internet sources where valid information with respect to this topic has been
collected. The secondary data that is collected comprises of the overall card billings that have
taken place in Singapore for the last five years and the number of e-commerce cheatings that
have taken place during the same time period. This will be helpful in determining the effect of
cashless society and the extent of frauds that are related to it.
3.9 Sampling and sample size
The process of sampling is a tool that is undertaken by the researcher in order to select
the ideal population of the current research paper. The process of sampling assists the researcher

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to select the valid and the authentic data that is available through the primary data and
accordingly combine the information with the objectives of the research. Simple random
sampling has been chosen and accordingly a sample size consisting of 51 respondents have been
selected. On the other hand, three managers have been chosen for the purpose of interviewing
them with the help of which effective results can be gathered.
3.10 Data Analysis Plan
The information has been assessed by taking help of analytical and statistical tools and
processes. Jana (2017) stated that suitable choice of the analytical process is essential in order to
attain the outcome that is desired in this paper. The analysis plan is helpful in creating a
transparency and thereby dissecting the constructed data. The data has been disclosed by taking
assistance of the graphs and tables and therefore SPSS software has been used in order to
transform the responses of the participants into percentage in order to project the pattern of the
insight of the participants.
3.11 Ethical Consideration
The researcher has maintained a precise conducting process in undertaking the tasks in
the numerous types of the process of data collection. The primary and the secondary data that has
been used for the purpose of the research is collected from valid and solid sources with the help
of which the results would be true and fair (Anowor and Okorie 2016). The ethics have been
maintained by the researcher by taking assistance of the principles and the ethics that have been
framed by the national and the international bodies with the help of which effective and fair
results can be obtained.

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3.11 Conclusion
This section of the paper has even highlighted the process that would be undertaken in
order to collect the data and the kind of data that would be undertaken in order to collect precise
and effective data. The design and the approach that has been used in this paper has been attained
and it is seen that the process of data collection and data analysis has been explained with the
help of which the paper can move forward.

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Chapter 4: Data Analysis and Discussion
4.1 Introduction
The data analysis section has been constructed in order to have an idea about the factors
that are related to cashless society and whether they are increasing scams or is improving the
economy of a nation. The data analysis section comprises of two sections and the first section
comprises of the analysis of the primary data that is collected from the responses of the
respondents and the second section of the paper consists of the secondary data which has been
gathered from various sources that are inclusive of the internet websites, several journals and
articles that are related to the impact of cashless society. In this paper, frequency analysis,
correlation and regression analysis has been undertaken with the help of which the results
indicative towards cashless society can be understood. The primary data analysis is even
inclusive of the interview results that have been attained from three managers. The secondary
data is collected from several websites and regression and correlation analysis of the same is
done in order to have an understanding of the overall outcome.
4.2 Frequency Analysis
Answer to Question No 1
Gender
Frequency Percent Valid Percent Cumulative
Percent
Valid
Female 19 37.3 37.3 37.3
Male 32 62.7 62.7 100.0
Total 51 100.0 100.0

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This first question is related to gaining an answer towards the gender of the respondents
and the responses reveal that 32 of them are male and the rest of 19 respondents are female. The
results explain that most of the respondents who are undertaking cashless transactions are male.
Answer to Question No 2
Age
Frequency Percent Valid Percent Cumulative
Percent
Valid 25-34 years 15 29.4 29.4 29.4
45-54 years 13 25.5 25.5 54.9

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55-64 years 11 21.6 21.6 76.5
Above 65 years 3 5.9 5.9 82.4
Below 25 years 9 17.6 17.6 100.0
Total 51 100.0 100.0
This question is associated to having an understanding of the age group of the
respondents and the results reveal that 15 of them are within the age group of 25-34 years
followed by 13 respondents within the age group of 45-54 years. It is seen that 11 of them are
within the age group of 55-64 years, while 9 of them are within the age group of 25 years and
below. It is seen that a small percentage of 3 respondents are within the age group of 65 years
and above. The results reveal that most of the respondents are middle aged and they are the ones
who are mostly associated with cashless transactions.

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Answer to Question No 3
I have heard about Cashless Economy
Frequency Percent Valid Percent Cumulative
Percent
Valid Agree 21 41.2 41.2 41.2
Disagree 6 11.8 11.8 52.9
Neutral 13 25.5 25.5 78.4
Strongly Agree 6 11.8 11.8 90.2
Strongly Disagree 5 9.8 9.8 100.0

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Total 51 100.0 100.0
This question looks to answer whether they have heard about cashless societies and 21 of
them agree to this point and 6 of them strongly agree to this point. 13 respondents remain neutral
while 6 of them disagree. 5 respondents on the other hand strongly disagree to this statement. It
is seen that most of the respondents have heard about cashless economy.
Answer to Question No 4
It would reduce risk of carrying cash

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Frequency Percent Valid Percent Cumulative
Percent
Valid
Agree 21 41.2 41.2 41.2
Disagree 6 11.8 11.8 52.9
Neutral 14 27.5 27.5 80.4
Strongly Agree 6 11.8 11.8 92.2
Strongly Disagree 4 7.8 7.8 100.0
Total 51 100.0 100.0
This question is associated to gaining an understanding whether cashless society would
reduce the risk of carrying cash. The results indicate that 21 of them agree to this statement and 6
of them strongly agree. 14 respondents have remained neutral and 6 of them disagree to this
statement. A small percentage of 4 respondents strongly disagree to this statement. The results
indicate that cashless society reduces the burden of carrying cash.

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Answer to Question No 5
It would prevent money laundering.
Frequency Percent Valid Percent Cumulative
Percent
Valid Agree 28 54.9 54.9 54.9
Disagree 5 9.8 9.8 64.7
Neutral 14 27.5 27.5 92.2
Strongly Agree 2 3.9 3.9 96.1
Strongly Disagree 2 3.9 3.9 100.0

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Total 51 100.0 100.0
This question looks to answer whether cashless society would reduce the extent of money
laundering. The results disclose that 28 of them agree to this point and just two of them strongly
agree. A large percentage of 14 respondents remain neutral to this question and 5 respondents
disagree. It is seen that 2 respondents have strongly disagreed to this statement. The results show
that extent of money laundering can be prevented with the use of the cashless transactions.

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Answer to Question No 6
It can reduce corruption
Frequency Percent Valid Percent Cumulative
Percent
Valid
Agree 19 37.3 37.3 37.3
Disagree 7 13.7 13.7 51.0
Neutral 18 35.3 35.3 86.3
Strongly Agree 4 7.8 7.8 94.1
Strongly Disagree 3 5.9 5.9 100.0
Total 51 100.0 100.0
This question looks to answer whether cashless transactions can reduce the extent of
corruption. It is seen that 19 respondents agree to this statement and 4 of them strongly agree to
this statement. A larger number of 18 respondents remain neutral to this point and 7 respondents
disagree to this point. 3 respondents on the other hand strongly disagree to this statement. it
indicates that cashless society can reduce the level of corruption.

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Answer to Question No 7
It can stimulate economic growth
Frequency Percent Valid Percent Cumulative
Percent
Valid Agree 25 49.0 49.0 49.0
Disagree 5 9.8 9.8 58.8
Neutral 12 23.5 23.5 82.4
Strongly Agree 7 13.7 13.7 96.1
Strongly Disagree 2 3.9 3.9 100.0

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Total 51 100.0 100.0
This question looks to answer whether cashless society can stimulate economic growth. It
is seen that 25 respondents agree to this point and 12 of them remain neutral to this statement. it
is seen that 7 of them strongly agree and 5 of them disagree to this point. 2 respondents strongly
disagree to this statement thereby stating that cashless society can stimulate economic growth.
Answer to Question No 8
The literacy required is basic numerals

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Frequency Percent Valid Percent Cumulative
Percent
Valid
Agree 25 49.0 49.0 49.0
Disagree 3 5.9 5.9 54.9
Neutral 17 33.3 33.3 88.2
Strongly Agree 4 7.8 7.8 96.1
Strongly Disagree 2 3.9 3.9 100.0
Total 51 100.0 100.0
This question has looked to answer whether the literacy rate that is required is basic
numerical and the results explain that 25 of them agree to this point and 4 of them strongly agree
to this point. It is seen that 17 of them remain neutral and 3 of them disagree to this point. It is
seen that 2 of them strongly disagree to this statement. This explains that the rate of literacy rate
which is essential is numerical and therefore is easy for anyone to access the cashless
transactions.

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Answer to Question No 9
Increase in ATM thefts
Frequency Percent Valid Percent Cumulative
Percent
Valid Agree 24 47.1 47.1 47.1
Disagree 5 9.8 9.8 56.9
Neutral 10 19.6 19.6 76.5
Strongly Agree 9 17.6 17.6 94.1
Strongly Disagree 3 5.9 5.9 100.0

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Total 51 100.0 100.0
This question has tried to find out whether cashless transactions have led to a rise in the
thefts in the ATM. It is seen that 24 of them agree to this statement and 9 of them strongly agree
to this statement. It is seen that 10 of them have remained neutral and 5 of them disagree and the
rest of 3 respondents strongly disagree to this statement. Therefore, it can be said that cashless
transactions lead to a rise in the extent of thefts in the ATM.

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Answer to Question No 10
Increase in Internet fraud
Frequency Percent Valid Percent Cumulative
Percent
Valid
Agree 21 41.2 41.2 41.2
Disagree 2 3.9 3.9 45.1
Neutral 16 31.4 31.4 76.5
Strongly Agree 11 21.6 21.6 98.0
Strongly Disagree 1 2.0 2.0 100.0
Total 51 100.0 100.0
This question has been asked in order to have an understanding of whether cashless
transactions would lead a rise in the internet fraud. It is seen that 21 respondents agree to this
statement and 11 respondents strongly agree to this statement. 16 respondents remain neutral and
a small group comprising of 2 respondents disagree to this statement and 1 respondent strongly
disagree to this point.

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Answer to Question No 11
Cashless Economy should be introduced
Frequency Percent Valid Percent Cumulative
Percent
Valid Agree 22 43.1 43.1 43.1
Disagree 8 15.7 15.7 58.8
Neutral 13 25.5 25.5 84.3
Strongly Agree 4 7.8 7.8 92.2
Strongly Disagree 4 7.8 7.8 100.0

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Total 51 100.0 100.0
This question looks to answer whether cashless economy can be introduced in the
country and 22 respondents have agreed on introducing cashless economy in the country. 4
respondents strongly agree to this statement. 13 respondents remain neutral while 8 respondents
disagree to this statement. It is seen that 4 respondents strongly disagree to this statement. it can
therefore be said that cashless economy can be introduced in the economy in order to have a
better lifestyle for the human beings. Even though certain scams are related to this kind of
cashless structure, but it is seen that mitigation of these scams can be helpful in a better and
developed economy that can enhance the operational functions of the country.

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4.3 Descriptive Statistics
The descriptive statistics look to answer the mean and the standard deviation of the
variables that have been taken into consideration. The table below provides the descriptive
statistics of the same.
Statistics
I have heard
about Cashless
Economy
It would reduce
risk of carrying
cash
It would prevent
money
laundering.
It can reduce
corruption
It can stimulate
economic growth
N Valid 51 51 51 51 51

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Missing 0 0 0 0 0
Mean 2.37 2.33 1.92 2.31 2.14
Std. Deviation 1.385 1.337 1.163 1.225 1.281
Statistics
The literacy required
is basic numerals
Increase in ATM
thefts
Increase in Internet
fraud
Cashless Economy
should be introduced
N
Valid 51 51 51 51
Missing 0 0 0 0
Mean 2.12 2.25 2.39 2.22
Std. Deviation 1.227 1.369 1.282 1.301
It is seen that the mean of the variable has been ranging among 1.92 to 2.37 indicating
that results that have been attained are positive with respect to this topic. The standard deviation
values have explained the same and thereby explaining that cashless society can be a utopia for
the country.
4.4 Interview Results
The interview process has been undertaken by taking assistance of 3 managers who are
associated with the financial institutions and are associated with cashless transactions. The
managers who have been selected are from three different departments and therefore responses
and idea from three different perspectives can be understood with the help of which an effective
and actual result can be attained with respect to this topic. There are in all eight questions that
have been answered and these eight questions have been same when asked to the three managers.

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Question 1
Manager 1
The first manager who has been interviewed is the operations and the training manager
and the first question that has been asked to him has been whether cashless society has been
beneficial and the response of the manager suggests that cashless society is beneficial as he feels
it is safer and convenient with respect to security.
Manager 2
The second manager is recruitment group manager and when he is asked the same
question answers with a dual aspect by addressing the pros and the cons of cashless society. The
manager answers in a different of the advantages of the cashless society by addressing that it
creates wider opportunities, enhances productivity and leads to innovative ideas. On the other
hand the limitations that have been identified that it makes human beings lazy and even makes
people rely on the virtue which is not owned physically.
Manager 3
The third manager is the manager of human resource and his answer is positive as well as
he indicates cashless society is beneficial with respect to convenience and especially in country
where the currency denomination is high.
Question 2
Manager 1
The next question asked regarding scams and the manager responds that level of scams
increase when there is a slowdown of the economy.

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Manager 2
This manager feels the same way as well as it is seen that scammers look to make use of
innovative ways and this can hamper children as well.
Manager 3
The third manager agrees as well as the number of scams in the cashless society increases
as well as the there has been a rise in the number of frauds with respect to credit cards and phone
in Singapore.
Question 3
Manager 1
This question was asked in order to have an idea about the factors that lead to these kinds
of scams and the results indicate that rise in the use of the electronic payment options and
various electronic devices leads to the rise in scams even though the cashless society can reduce
the rate of criminals as the criminals would be easy to detect.
Manager 2
This manager feels that the lack of knowledge about the ways of how scams are
undertaken and the processes to prevent the same. Cashless scams can take place with the
pressing of the wrong button and the consumer even not being aware of it.
Manager 3
The third manager feels that the rise in scams is due to the development of technologies
and therefore the scams are done with the people who are not Tech Savvy.

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Question 4
Manager 1
This question was asked in order to have an idea whether a relationship between cashless
society and the cases of scams and the manager has indicated it is correlated.
Manager 2
In accordance to the same question this manager has a dual side answer as he expresses
that it may be or maybe not.
Manager 3
This manager does not feel there is a relationship.
Question 5
Manager 1
This question is related to knowing the cashless option that is most popular and the
manager responds with Paylah, credit / debit card scan, smart feature watch.
Manager 2
This manager responds with the fact that any kind of process that makes use of hand
phone.
Manager 3
This manager has said that credit card is the most popular.

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Question 6
Manager 1
The manager expresses that scams have increased than before in the country because of
busy work schedules and fast lifestyle of human beings.
Manager 2
Manager 2 expresses that most of the consumers are not aware of the virtual transactions
in a proper manner and therefore this leads to rise in scams.
Manager 3
This manager feels the exposure to technology and internet has been the factor for the
rise in the level of scams.
Question 7
Manager 1
The manager feels that scams can be prevented with the help of the artificial intelligence
process.
Manager 2
This manager states creating awareness and educating the consumers can be helpful in
the preventing scams
Manager 3
This manager feels the same and explains that increasing the security features and the
increase in education on these aspects will be useful in preventing the scams.

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Question 8
Manager 1
This question has looked to answer methods that can be used for the purpose of
protecting the users are
- Secure system of transaction
- Consumer behaviour (Convenient)
- Mobile applications to facilitate payment
- Facial recognition features
- Location Tracking System
Manager 2
This manager feels stronger law enforcements can be one of the better process.
Manager 3
This manager feels that development of back end algorithm in order to detect fraudulent
transactions, which would require additional authentication.
Result
The overall results of the interview that has been undertaken indicates that each of the
managers feel that cashless society can be a boom for the country however, mitigation of the
scams will be helpful for the development of the cashless society as well.

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4.5 Secondary Data
The assessment of the secondary data is undertaken by creating a correlation and
regression analysis with the help of which a substantial relationship can be created with respect
to the benefits or the limitations of having a cashless society. The assessment has been done with
respect to the total number of card billings for the last 5 years which are from the year 2013 to
2017 and the number of e-commerce frauds that have taken place in Singapore.
Data
year total card billings
ecommerce
cheating
2013 41602.2 510
2014 44582.4 1665
2015 47103.9 2239
2016 49904.1 2140
2017 54275.9 1961
By looking at the above table it can be said that e-commerce frauds is the dependent
variable and total number of card billings is the independent variable. In this manner, the
correlation table has been constructed.
4.5.1 Correlation
total card billings
ecommerce
cheating
total card billings 1
ecommerce
cheating 0.711033505 1
By assessing the correlation table it can be explained that there exists a positive and
mutual relationship among the two variables because of the fact that the value that has been
attained is close to 1 and thereby indicating that as the number of total card billings increase

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there is a rise in the number of scams. It can be said that both of the variables are directly related
to each other.
4.6 Results
The results that have been gathered from the analysis of the secondary data as well as the
primary data that is inclusive of the respondents and the managers who have been interviewed
indicates that frauds are a part of cashless societies and development in the use of cashless
transactions would lead to a rise in the level of frauds and therefore in order to make a better
cashless society it is essential to construct plans, policies and measures that would be useful for
mitigating and eliminating the scams and the frauds that are related to such transactions and
thereby influencing the consumers to make use of these kinds of transactions in order to have a
secured and better life.
4.7 Conclusion
The results that have been attained in this section of the paper has been effective enough
in determining the effect of cashless society in the current environment and whether the cashless
process is beneficial or a platform for scam can be understood. The results that have been
obtained are gathered with the help of the responses that have been received from the employees
and the interview results that have been attained the managers who have been selected. The
results indicate that cashless society can be beneficial for the society if all the scams and frauds
that are related to this process are mitigated.

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Chapter 5: Conclusion, Recommendation and Future Work
5.1 Conclusion
The results that have been obtained in the previous chapter have been helpful in
determining the actual outcome of the research paper. The results that have been collected have
been possible with the help of the background that has been created in the first chapter of this
paper. In this chapter a focus on the country that has been taken into consideration and history
that is related to cashless transactions and cashless societies. The research aims and objectives
that have been constructed looks to answer the aspects that have been recognized in relation to
cashless societies. The results that have been gathered have tried to answer the objectives that
have been constructed earlier in this paper.
5.1.1 Addressing the objective
Objective 1: Recognise the cashless payments options that are available
This paper has been successful in addressing the various kinds of payment options that
are available in Singapore and the paper has even been able to discover the most popular mode
of cashless transactions that are undertaken by the consumers.
Objective 2: Discover to what degree is Singapore is moving ahead towards cashless society
The results that have been obtained indicate that Singapore is a developed country and
therefore with the advent of time the usage of cashless transactions have been increasing at a
rapid rate. The country is looking to transform their transactional process in such a manner so
that the burden for carrying cash can be reduced and accordingly human beings can have a safe
and secured life. With the mitigation of the scams that are taking place within these kinds of

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transactions, it is seen that the development of the cashless society can be enhanced in an
extensive manner.
Objective 3: To explain what are the factors that lead to the increased number of cases in
accordance to frauds and scams
The results that have been gathered have been helpful in determining the factors that have
lead to the rise in the number of scams and frauds. It is seen that advancement of technology,
lack of proper education and awareness has been the key factors because of which the rate of
scams have increased.
Objective 4: To assess the relationship among the cashless society and the development of the
fraudulent cases
The results indicate that there exists a direct relationship among the development of
scams and cashless society because of the fact that as the extent of cashless transactions
increases, it is seen that there has been a rise in the number of frauds on an average.
Therefore, by looking at the results that have been obtained, it can be justified that all the
objectives have been answered in a precise manner and the it can be concluded that cashless
society is a utopia for Singapore, even though scams that take place are a limitation of such
society and the proper governance and maintenance of the cashless society and their transactions
would be helpful in mitigating the extent of scams in the country and thereby make cashless
societies a better and a resourceful one.

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CASHLESS SOCIETY: UTOPIA OR PLATFORM FOR SCAMS
5.2 Recommendation
The completion of the paper leads to the discovery of various outcomes and accordingly
suggestions and recommendations can be given with the help of which these issues can be
resolved and accordingly a better society can be maintained.
It is recommended that the government prepares extensive level of monitoring and
governance with the help of which issues related to scams can be resolved and thereby the
society can gain access to a better and safer mode of online transactions. The companies that are
related to these kinds of transactions need to make use of artificial intelligence systems and
better technologies with the help of which the authentication of the transactions can be confirmed
and accordingly a track of all the transactions can be maintained. It is even seen that there needs
to be a precise and plan and policy that needs to be maintained by every companies who are
performing these kinds of cashless transactions.
It is even recommended that assessment and monitoring the cashless transactions are
done on a frequent basis so that any kind of faults that can be discovered within the process can
be resolved effectively and thereby making the level of transactions more smooth going. The
incorporation of these aspects can be helpful in making cashless society a utopia for the country
rather than a platform for scams.
5.3 Future Work
The concerned topic has certain amount of limitations, which has restricted the researcher
to gain access to several areas and aspects. Therefore, future work on this topic can be
undertaken in order to bring about better results and in the same manner a comparison with the
current paper can be undertaken in order to discover the changes that have taken place in the
cashless transactions and processes because of the fact that with the advent of time changes in

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CASHLESS SOCIETY: UTOPIA OR PLATFORM FOR SCAMS
the tastes and preferences of the consumers would take place and accordingly newer and better
technologies would be developed with the help of which effective results can be attained.

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CASHLESS SOCIETY: UTOPIA OR PLATFORM FOR SCAMS
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Appendix
Questionnaire
Demographic Questions
Gender Male Female
Age Group Below 25
years
25-34 years 45-54 years 55-64 years Above 65
years
Survey Questions on the Topic
Cashless
Society
Strongly
Agree
Agree Neutral Disagree Strongly
Disagree
I have heard
about
Cashless
Economy
Cashless
Economy
should be
introduced
It would
reduce risk of

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CASHLESS SOCIETY: UTOPIA OR PLATFORM FOR SCAMS
carrying cash
It would
prevent
money
laundering.
It can reduce
corruption
It can
stimulate
economic
growth
The literacy
required is
basic
numerals
Increase in
ATM thefts
Increase in
Internet fraud