Literature gap refers to the limitations of the research paper or any topic, not addressed in the paper. Sometimes, the researcher cannot get proper information about a topic.This wrong information is going to affect and they are unable to address the topic on the research paper. The researcher generally gather information from different sources such as different journals, books and research papers to complete a project, in spite of that it remains different gaps and limitations in the research paper regarding the cashless payment system. The researcher cannot explain the process by which the online transactions are made. The researcher cannot explain the problems regarding the internet related problems during the online transaction. Sometimes, the computer shows that the transaction failed but the certain amount of money gets already debited from the bank account. This is one more major problem of online transaction process. The researcher cannot identify the preventive measures regarding the problem. Hence, due to the focus on the advantages of cashless methods, this section lacks the discussion on the preventive methods of the disadvantages presented by cashless payment.、
China is one of the biggest and most developed countries in the world and the population of China is very high. This country’s economic and financial system of this country is very developed and upgraded. The government of China wants to move the transaction system from manual to cashless. There are different shopping malls and restaurants present in China, so the people of the country use different transaction modes in their daily lives. The majority of the people are using the cashless payment method for different purposes. Various types of tools are used in the Chinese market for meeting the purpose of the cashless transaction such as the electronic data capture machine, net banking, mobile wallet, RTGS and NEFT etc. While the inexperienced and the aged generation of people are facing troubles to use the cashless payment system but on the other hand, the younger age group seems to be more comfortable with the cashless system. There are some risk related problems for the online transaction but the problems are negligible. Because of that, the cashless payment system makes a huge response in the Chinese market. However, a generation perception of the Chinese public towards cashless payment has tried to be traced in this research. Moreover, the efforts of this research have been paid to divulge in this literature review the advantages as well as the barriers of cashless payment in alignment with the objectives of this research.