Consumers’ Opinion on Cashless Trade in Erode City

Abstract

Every nation requires cash to carry out its economic activity. Cash is the legal aspect with which all the transactions occur in a country. The circulation of currency notes provides scope for unaccounted transactions by creating unaccounted money or black money. This increases the disproportionate of expenditure with the accounted income thereby providing less scope for the taxable income. The transparency, efficiency, circulation of money through banking channel, impose of checks on black money necessitates the cashless transactions1. Further, the advent of technology has increased the technology driven activities in the country. In this aspect, the present study examines opinion on cashless trade by employing chisquare analysis, ANOVA, Z-test and factor analysis. The result reveals the factors which are considered as significant by the people while using cashless trade.