REVIEW OF LITERATURE:

Literature review as per the name show it is process of reviewing of research literature which is
done by any researchers in past. A literature review is an exploration to identify the related
research to make or set relation with current research project with a conceptual and theoretical
context:

K.Suma Velly and K.Hema Divya-(2018): In their study on “Digital Payment in India
with Perspective of Consumer Adoption” they said that due to demonetization it’s resulted
tremendous growth in digital payments. These transformations make a great change toward
digital payments and make a more transparency in transactions which empowers the economy of
the country. The purpose of this study is to get a research the impact of demonetization on
adoption of online payments and digitization of payment system to analyses the level of adoption
of digital payment system by the customers’ E-payment system are important mechanism used
by the individual and organization as a convenient way of making payments over the internet and
at a same time a gateway to technological advancement.

Raghvendra Nayak (2018): It was a conceptual study on “Digitalisation of Banking-Issues

and Challenges in Rural India”. He studied that the campaign of digital India made a noticeable
effect on banking sector of India. Even the development in digitalization still India lagging
behind in the implementation of digitalization to banking sector and It is true the digitalization of
banking will bring revolution in the Indian economy but it is still needed to implement digital
services in rural areas also. It’s related with many conceptual issues and challenges in
implementing digitalization of rural banking areas. It studied about the efficiency of banking and
enable smoother transactions. It helps to found the factors which enable fast and furious changes
in banking sector in adopting digitalization special references to rural are

Rajiv Ranjan Singh and Anandita Bagchi (2018): They publish a paper no-351 on
demonetization “A golden opportunity for widening the taxpayer base”. In their paper they
recommended to department act with a focus on the customer and in a non instructive and tax
payer friendly manner with the effect of demonetization wider the area of tax payer. All
transactional data received since 201 the large amount of historical data and third party available
helps to action by government should be based on proper data analysis since six year after March
2017.

Renita D’souza ( 2018) - He publish his paper on “digitalIndia Getting Incentives Rights” He
publish a key chapter in fourth industrial revolution (4IR) such as production and management,
which is an outcome of leveraging technology and digital innovation in consider the case of
virtual or digital markets. These markets have made physical space constraints redundant and
eliminated the need to visit sops on ground. Today it is the time for digital transactions. Digital
transaction is positively correlated with the level of education and consumer income. The size of
the informal economy of a nation reflects the productivity of cash use lock in persistent cash as
the inevitable status queue. There are no shortcuts to becoming irrelevant in this economy banks
and other financial institutions will have to consider reconfiguring their business processes and
functioning with Smartphone’s.

Dr.S.Manikandan And J.Mary Jayakodi (2017) - In their research paper ‘An Empirical Study
On Consumer Adoption Of Mobile Wallet With Special Reference To Chennai City’ they found
that in present world smart phones play an important role in the daily life of people. He found
smart phones are made as devices with advancement of technological which were used as money
transactions or payments by using application installed in phones by the users of mobile. For this
they prepared a structural questionnaire collect data from 150 respondents for finding the factors
affecting the consumer for the adoption and usage of mobile wallet to analyses to get the result
for their research. After the results finding they clear the online payments were altered by mobile
wallet.

Naincy Prajapati and Sanjeev Kumar Singh (2017) - The research scholars describe in their
study on ‘Impact of Demonetization on Online Transactions.’ That move of demonetization
gives a new path to the Indian economy going towards the digitaleconomy. India becomes a
growth country after demonetization with a potential for the companies deals in E- Commerce.
The cash crunch in the economy cut down the cash on delivery order in the country and increase
the online payments. After all this positive effects people are facing many problems during the
cash crunch. This study finds out the effects of online transactions during the period of
demonetization. India is country which is a cash dominant country, demonetization is great cause
of facing problems in India due to suddenly a huge transformation from cash to non cash.

P.Pani Bhaskar and D.Prasanna Kumar (2017): In his paper ‘Affect of Demonetization on E-
Commerce’. The authors clear about the E-Commerce ecosystem. Before the demonetization in
India situation of E-Commerce is the accurate flat form for the development for online business
but the situation of demonetization leads the people to adopt the online transactions or net
banking in their day to day life. For urban areas E-Commerce is not a new technology but in
urban it’s necessary of loyalty towards online business. According to the authors the
demonetization in India encourage and insist the Indian people to increase or start the online
transaction instead of using traditional method of payment trough cash. Before demonetization
E-Commerce companies have huge payment on cash on delivery which decrease after
demonetization it will provide a positive change in E-Commerce.

Piyush Kumar And Dr. Dhani Shanker Chaubay (2017): In his research paper
‘Demonetization and Its Impact ON Adoption of Digital Payment’ researchers explain the
opportunities issues and challenges in adoption of digital payments after demonetization these
digital payments changed the economic condition of Indian government. After demonetization E-
payments become a day to day part of Indian peoples. These issues provide a research agenda to
encourage the researcher to explore new knowledge. Mobile payments are also adopted after
demonetization by Indian peoples. Mobile banking are also adopted which provide by the banks
which allows the customers to doing transactions with their mobile devices.

Vistara Financial Services Report Financial Year (2017) - A report on ‘Riding Out The
Demonetization Wave’ by Mr. C.B.Bhave, B.Y.Brahman and Mr. Ramakrishna Nishtala.
Indicate in India MSME sector continuous unprecedented growth and embrace digitization.
Demonetization had its effect on us here at vistara as well as our MSME customers but our
strong leadership and crises management expertise helped in making this transition effortless for
our patrons. We immediately implemented several measures, such as providing customers with a
range of options for smoother repayment trough cheques; RTGS and online payment portals
staying connected without customers helped us. Lose 75 percent of respondents experienced a
drop in sales within 10 days of Demonetization.

Economic Survey 2016-2017 In India: The government of India the ministry of finance the
department of economic affairs economic division on January 2017 present on economic survey
2016-2017. In this report they also include the demonetization and its effect on economy.
Demonetization is a radical, unprecedented step with short term cost and long term benefits. Fast
demand driven, remonetisation, further tax reforms, including bringing land and real estate into
the GST, reducing tax rates stamp duties.In starting the demonetization was fourfold to curb
corruption, counterfeiting the use of high denomination notes for terrorist activities and
especially the accumulation of black money which generated by income that has not been
declared to the tax department.

Mrs. Pranjali AND Etal (2017): The author describes the importance of digitaleconomy in his
paper ‘Impact and Importance of DigitalTransactions in India’. The Government of India
estimated that the digitalpolicy will increase employment, reduce cash related robbery and cash
related corruption and also attract more foreign investors to the country. It is expected
modernization of payment systems will reduce the cost of banking services. Accordingly cash
economy is not the complete absence of cash but a setting in which goods and services are
bought and paid trough electronic media. Importance of digitaltransaction it reduce red tapism
and bureaucracy reduce the black money and corruption helps in accurate taxation reduce the tax
corruption. Stop the cash related illegal activities make easier transactions.

Reserve Bank of India (2017) - A preliminary assessment by reserve bank of India presented on
‘Macroeconomics Impact Of Demonetization’. A surge in deposits to a sharp expansion in the
consolidated balance sheet of scheduled commercial banks and created large surplus liquidity
conditions. An important consequence of Demonetization has been the sharp increase in the use
of digital transactions. The decision was guided by the of reaping its enormous potential medium
term benefits in the form of reduced corrupting, greater digitization of the economy increased
flow of financial saving and greater formalization of the economy. These would lead to higher
GDP growth and tax revenues that could be used by the government for inclusive and stronger
economic growth within the norms of fiscal prudence besides contributing to overall
improvement in economy.

Prof. Meera Mathur and Mr. Kuldeep Sharma (2017) - The author in his research paper
‘Demonetization and Internet Shopping Trends in India’ describe that internet shopping in India
is not a new phenomena. He says after the development of 3G to 4G internet, availability of low
cost Smartphone’s are make a great contribution toward the growth of internet shopping
behavior in India. He says the internet shopping offers various advantages to the shoppers such
as variety of products discreet shopping, variety of durable products convenience of product
discount and price comparison.

Preeti Garg And Manvi Panchal (2016) - According the study on ‘Introduction Of
DigitalEconomy In India 2016’ the research scholars explain the benefits and challenges towards
adoption of digitaleconomy in India. After demonetizing the Indian government has
implemented major changes in their economic environment of commerce. The government
works on many policies to decline the dependency on cash. And start many programmes at
various levels to encourage the people to do digitaltransaction to strengthen the digitaleconomy
in the interest of everyone. After all this a large part of Indian population is still outside the scope
of online transaction.

Zlatko.Bezhoveski (2016): In his research ‘The Future of the Mobile Payments as Electronic
Payment System’ he explain the need of M-Commerce after the development of E-Commerce
and future of adopting mobile device as payment mode. E-Commerce fostered digitalization in
the payment processes with use of variety of electronic payment options. After introduction of
mobile commerce we get familiar with mobile wallets and its uses in payment transactions. In
this paper also examines the factor which affects the habit of adoption of mobile payments
methods by consumers expected that further developments in future of M-Commerce. However
there are several barriers identified to the adoption of mobile payment method with the widely
accepted payment method across the globe.

Abdul Gaffar Khan (2016): In his research paper ‘Electronic commerce: A Study On Benefits
And Challenges In An Emerging Economy’ E-Commerce began in 1995 now a day’s E-
Commerce growing popular in an emerging economy after diffusion of ICT in the global
business community. It is rapidly growing towards B2B E-Commerce. There is great deal in E-
Commerce but due to various economic infrastructural legal reasons. It not widely spread in the
past. Benefits of E-Commerce are reduced transactions costs for participating transactions in the
business. It is also time saving and quick process of transaction the main profit in E-Commerce
in the point of view of seller it increases the revenue with reduction of cost. The main challenges
issues are lack of education, poor concept of online marketing internet area is limit and lack of
trustable business and enterprises.
Edelweiss Report (2016) : According to a report of Edelweiss research team on
‘Demonetization A Ground Zero: Better Seen Than Heard’ the demonetization announced by the
Indian Government has enviticed extreme reaction by the 10 members in 8 location to gather the
information to accurately assess the impact of demonetization across the selected sectors like
Auto, Banking ,FMCG, Retailers, and Jewels. They found a regional disparity in a wide and
clear manner was far more accepting has quickly adopted to the changing landscape due to
relatively well entrenched banking habits. Accordingly the demonetization is high on agenda but
low on preparedness. Demonetization could significantly impact their business unless they push
the reset button. There is knee-jerk drop in demand in the initial week improving gradually in the
past weeks.

Mathew (2015): The Mathew conducted an empirical study on changing trends in shopping
regarding E-Commerce. In his study he found that the people in present scenario getting started
to use the method of shopping online instead of using physical stores for shopping. He describes
that advanced development in computer and network technologies assure safe transactions over
the internet. Online monetary transactions increasing day by day. It’s rising in customers order
through online payments. The frequencies of online shopping rapidly increasing people are using
their plastic money and mobile wallets for their payments. In addition to this retailers are also
offering various incentives for to the online shoppers most of the customers turned towards
online shopping for their everyday essentials.

Mohammad Auwal Kabir And Aidi Ahmi (2015) : In their research ‘Adoption of E-Payment
System: A Review Of Literature’ they describe the emergence of information and communication
changed the method of payments of Indian citizens. It make a great evolutionary changes in
digital technologies with this effect transactions are constantly shifting from cash based
transactions to electronic based ones.. This study led to wide and in depth for different
perspective of people towards E-Payments system. Defining other factors they were reviewed for
the purpose of empirical study that addressed issues on E-Payments adoption factor in different
parts of world.

Aditya Sharma (2015): In his research paper ‘Digital India – A New Change In India Economy’
he search about the recently new concept about the adoption of digital India. At the time of
digital campaign in India 160 million Jan Dhan accounts 130 million direct benefit transfer and
110 million insurance policies transfer in digital only in few weeks to give power of
digitalization. In 1986 in India the service of internet started from that starting till today India
growing at very high growth rate. He explains the 9 pillars of digital India. It is a Indian
government initiatives to ensure government services are made easily available to the people
online in digital form by increasing internet connectivity.

Mr.P.Phani Bhaskar And Dr.D.Prasanna Kumar (2015) : It’s become important to building
and maintain E-loyalty in digital market after the introduction of E-Commerce and ON-line
consumer shopping trends. In his article ‘E-Loyalty and E-Satisfaction of E-Commerce’ writer
describe the importance of E-Loyalty and E-Satisfaction of customers towards E-Commerce and
online marketing. Today’s world E-Commerce facing intensified competition after adoption of
online habits E-retailers and E-Sellers ought to build a brand and promote its brand awareness
trough sales promotion because brand awareness is high its brand loyalty will also increase. In
online shopping satisfaction of consumer’s influences passively and significantly the E-loyalty of
cyber consumers.

Gratautis Remantas and Taruits Mantas (2014): In their article ‘Controllable Factors Impact
On Consumer Online Behavior’ finds that adoption of online shopping after adoption and
diffusion of information and communication technologies (ICT) between an enterprise and
consumer continuity in growing E-Commerce. According them ICT has brings new opportunities
in adoption of online shopping. It gives enterprises and intensified competition between
companies giving wider choice for online consumers. In research find that controllable factors
reveals that sales in a virtual environment.

Acilar Ali (2011) : In his article ‘Positive Attitude of Undergraduate Students towards Online
Shopping’ his research and findings toward the behavior of undergraduate students of turkey
towards online shopping trend. He found in research that internet have become an important part
of modern societies along with spread of internet the acceptance of online has been growing.
This study explored that the turkey students have more positive attitude toward acceptance
online shopping. He also found that male student that male student have more positive attitude
than female students. There is positive correlation between income level and positive attitude
towards online shopping as monthly family income increase participants have more positive
attitude towards online shopping.

Master Card Worldwide (2008) : A survey conducted by master card worldwide on 5037
respondent in 10 market across :-Australia, Hong Kong, India, china, Singapore, south Korea,
Japan , UAE, Thailand and south Africa found that online shopping in the Asia pacific region is
acceleration at an annual rate 23.3 % by 2011. India and china fueling this growth in latest report
of master card insight report ‘economic crises and preference for online shopping in Asia pacific,
Middle East and Africa’. That shows in India the average frequency of online purchases increase
to 2.9 in 4th quarter of 2008. The Asia pacific region was found to be an active one for online
shopping as so highlighted the rise of shopper in the fast growing markets of china and India.

Zhou Lina And Etal (2007) : The author in their paper reveals that since 1990 online shopping
has taken off as a number of consumers have started shopping online his paper ‘Online Shopping
Acceptance Mode- A Critical Survey of Consumer Factors in Online Shopping’. The main focus
of the study by the author was on factors how to attract and retain consumers for online shopping
.In this research paper author include a vast study and finding references about the OSAM model
which is called online shopping acceptance model So as to find the habits and factors of
consumer acceptance of online shopping. In the model he found and explains many factors
which have impact on consumer’s behavior. Studied that how these factors influencing
consumers toward online shopping acceptance.

Abrazhevich And Dennis (2004) : They describe in his thesis ‘Electronic Payment System A
User Centered Perspective And Interaction Design’ advantages and limitations of electronic
commerce. Primary classification of payment system. The rapid development of E-Commerce
support the E-Commerce clearly emerges. He research about the applicability of E-Commerce.
All usability of electronic payment system and safety security related online payment. Over the
time E-Commerce context of real use allow all the user of internet for online transactions
enabling to control all critical situation. In the 1990s the world encountered a way of trade online
which known as E-Commerce over the period E-Commerce become popular Its helpful both
perspective of consumer and business.

Balasubarmanian and Menon.M.N. (2003): In his paper Mr. Subramanian study about the
customer satisfaction at physical stores regarding shopping habits. Some traditional service
quality dimensions the determine customer satisfaction like physical appearance employs and
employees responsiveness empathy are unobservable. In shopping contrast in seller may play a
central role in enhancing customer’s satisfaction and elucidate the linkages between trust and
other factors related to the performance of the online service provider and to the service
environment.

Jarvelian Jonna (2003): In the paper of Joanna “The Impact Of Prior Online Shopping
Experience On Future Purchasing Channel” discuss the factors directly and indirectly effecting
the consumers online shopping behavior and their experiences on selecting and the intentions to
select the internet as purchasing channel. In theoretical approach discuss about the consumer
behavior based on technology acceptance model and media appropriateness. They found that the
experience regarding the shopping effect online shopping habits.

Dave Chaffy (2002): The author Dave chaffy describes about E-commerce in his book “E-
Business and E-Commerce Management’. In his book Mr. Dave clear the strategy,
implementation and practices of E-Commerce. E-Commerce is a business which persuades
online means on internet. This book help to identify the key management decision required by
organizations moving to E-Business and consider the process by which these decisions fulfill. E-
Commerce helps in model analyses of how supply chain activities can add value to products and
service delivered to the customers. Each part of the book is summarized with a brief list of issues
on the impact of the new trend of E-Commerce on traditional business The growth in popularity
of social networks. The selection of mobile services which exploit the usage of mobile phones
and other portable wireless devices such as laptop around the world to illustrate how different
markets perceive internet marketing.
Miyazaki D. Anthony And Fernandez Ana (2001): In the paper ‘consumer Perception of
Privacy and Security Risk for Online Shopping’. Discuss about privacy and securities are main
obstacles in online shopping. It is identified the security and safety become a issue for both new
and experienced online user who experience online shopping. Also explore risk perception of
customers related with online shopping activities. It shows the relationship between consumer
and their satisfaction level toward the online shopping. The consumer’s welfare are also
discussed. So consumer privacy is necessary in order to boost the growth of online shopping
trend.

Bellman S. Lohse and Etal (1999): In the paper ‘Predictor Of Online Buying Behavior’ the
author explain the factors affecting the behavior of consumers regarding their buying habit
online. He explain that consumers in worldwide with online facilities can shop online 24*7
hours. In market sectors in online services included insurance, financial service, computer
hardware and software, travel, books, music, video and automobiles are experiencing rapid
growth in online selling. Author explains that with growth of networking system the habit of
consumers towards online shopping increased rapidly. Paper suggest the implication for
designing of online sale and shopping environment as sites should make it convenient to sale and
buy its product and make the possibility of repetition.

RESEARCH GAP:
I have gone through some research paper and PhD theses in related to this field but haven’t an
explicit discussion about adoption of digital economy and level of adoption of online payment
system after demonetization. So in my working domain “Adoption of Digital Economy” I signify
the research gap on finding out level of adopting online transactions after demonetization
announcement on 8th November 2016. I want to do research on the topic of adoption of digital
economy in special reference to rohtak district in Haryana state. So I need to address by
explicitly saying that it is the research gap which I want to fill worked on to cover in my project.
Until now there has been little work in specifying or detailing the importance of online payment
methods. So its underline reasons i opt this to explain with my research project. It helped in
framing needs, scope and objectives of present study. No studies confined to asses online
payment system adoption by consumers in Rohtak district. There exists a research gap among
various studies available so far. Therefore present research project has been under taken to
signify the level of adoption online transaction system in rohtak district state Haryana.

SCOPE OF STUDY:
In this world any country can be go ahead only without corruption in the country. To remove this
corruption we have to choose way to digitalized all transaction related to cash or money because
digitalized of transaction can remove the black money. Here black money means unaccounted
money if we have all transactions related to money digitalized then we have proof of all
transactions. For fulfill this purpose online payment system in recent make a great step ahead
because all online transactions are digitalized.

This study will help us to know about the perception of customers toward digital economy. We
can come to describe the advantages and draw backs of digital economy and we will find out the
problems which any customers face practically on the time of adoption of online transaction.

Due to demonetization people become familiar with digital transactions. A large number of
people know about online transaction system after demonetization that is why I choose this topic
to study the perception of Indian citizen towards digital economy. Demonetization changing the
E-Commerce trends in India. After this it becomes essential to give priority to the progress of E-
Commerce. Now a day’s people of India become familiar to cash less economy.