Cashless society: Utopia or platform for scams

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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CASHLESS SOCIETY: UTOPIA OR PLATFORM FOR SCAMS
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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CASHLESS SOCIETY: UTOPIA OR PLATFORM FOR SCAMS
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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CASHLESS SOCIETY: UTOPIA OR PLATFORM FOR SCAMS
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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CASHLESS SOCIETY: UTOPIA OR PLATFORM FOR SCAMS
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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CASHLESS SOCIETY: UTOPIA OR PLATFORM FOR SCAMS
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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CASHLESS SOCIETY: UTOPIA OR PLATFORM FOR SCAMS
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