PROJECT REPORT

“Cashless Payment A Convenient Mode of Payment ”

Submitted To: Prof. Dr. Namrata Khatri

1) Jogadia Vinay
2) Mistry Dhaval
Submitted By:
3) Sarnot Digvijay
4) Solanki Vikram
5) Sutariya Dhrumit

In partial Fulfillment of
Master of Business Administration Degree
Affiliated To
Veer Narmad South Gujarat University

Academic Year 2017-2019

INDEX

Sr. NO. Content Page No.

1. Theoretical Analysis 1 - 12

2. Research Methodologies 12 - 15

3. Data Analysis 16 - 28

4. Findings 29

5. Conclusion 30
 CHAPTER I: THEORETICAL ANALYSIS
1.1 INTRODUCTION
Cashless Transaction is a new way of doing payment. It is done without real cash or
money instead we use virtual money that is credit card or e-wallet.
Money on these virtual wallets or cards is regulated by the bank. One must have an
official bank account or registered account on sites offering e-wallet services.
Government of India is also taking necessary steps to boost cashless transaction.

Cashless Transaction is safe and secure in India. The ease of conducting financial
transactions is probably the biggest motivator to go digital. You will no longer need
to carry wads of cash, plastic cards, or even queue up for ATM withdrawals.

The cash back offers and discounts offered by mobile wallets like Paytm, as well as
the reward points and loyalty benefits on existing credit and store cards, and it could
help improve your cash flow marginally.

As all transactions are on record, it will be very easy for people to keep track of their
spending.

If stolen, it is easy to block a credit card or mobile wallet remotely. If any error is
noticed while doing transaction user can report it to Card Company or e-wallet and
get the transaction roll back.

Digital wave
Demonetization created huge growth opportunity for digital payment in India and
the digital wallet companies garbed the opportunities with both the hands to expand
their market share.
Demonetization has presented a unique platform for adoption of digital payment, as
an alternative to cash for Indian consumers.
Adoption of cashless transaction has been significantly pushed by Prime Minister
Mr. Narender Modi as part of government reforms after demonetization of high
value currency of Rs. 500 and 1000 (86% of cash circulation).

1
The demonetization resulted in unprecedented growth in digital payment.
Indian government and private sector companies such as Paytm, Freecharge and
Mobikwik had been aggressively pushing several digital payment applications,
including the Aadhaar Payment app, the UPI app, and the National Payments
Corporation of India (NPCI) developed the Bharat Interface for Money (BHIM)
app.
Digital transfers using apps has brought behavioural change and helped in the
adoption of digital payment.
This has resulted in ease of transfer of money in rural areas which was not touched
earlier by the digital payment method.
Now many foreign investors want to invest in digital payment industry which is new
attractive destinations because of scope of tremendous expansion in India.
There are number of facilitators which are leading to the growth of digital payment
and transition from cash economy to less cash economy.
These facilitators include penetration of internet connectivity on smart phones, non-
banking financial institution facilitating digital payment, one touch payment, rise of
financial technology sector and push by government either by giving incentives or
tax breaks.
These all factors are creating positive atmosphere for growth of digital payment in
India.

2
DIGITAL PAYMENTS IN INDIA 2018-2019
There is a lot of buzz around the digital payment. The government and private sector
both are riding on the digital payment wave. The people who use the digital payment
mode are considered more advanced. In this post, I would tell you about the digital
payment methods and its advantages.

What is Digital Payment

Digital payment is a way of payment which is made through digital modes. In digital
payments, payer and payee both use digital modes to send and receive money. It is
also called electronic payment. No hard cash is involved in digital payments. All the
transactions in digital payments are completed online. It is an instant and convenient
way to make payments.

If we talk about cash payments, you have to first withdraw cash from your account.
Then you use this cash to pay at shops. Shopkeeper goes to the bank to deposit the
cash which he got from you. This process is time-consuming for you and also for the
shopkeeper. But in digital payments, the money transfers from your account to the
shopkeeper’s account immediately. This process is automatic and neither you nor the
shopkeeper is required to visit the bank.

Digital payments save you from long queues of ATMs and banks. Because, if you
pay digitally, you won’t need to withdraw cash from your account. It also lots of time
and a little bit money as well.

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DIFFERENT TYPES OF DIGITAL PAYMENTS IN 2019

From commonly used cards to newly launched UPI, a digital payment has many
types of payment. Some modes meant for tech-savvies and some for less-technical
persons. Below are the different modes of digital payments.

 UPI apps
UPI or unified payment interface is a payment mode which is used to make fund
transfers through the mobile app. You can transfer funds between two accounts
using UPI apps. You will have to register for mobile banking to use UPI apps.
Currently, this service is only available for android phone users. Hence you can use
UPI only when you have an android phone.

You need to download a UPI app and create a VPA or UPI ID. There are too many
good UPI apps available such as BHIM, SBI UPI app, HDFC UPI app, iMobile,
Phonepe app etc. It is not mandatory to use the UPI app from your bank to enjoy UPI
service. You can download and use any UPI app.

UPI apps are a faster solution to send money using VPA or even IFSC and account
number. But they have some limitations also. If you do not have an android phone
you cannot use UPI app, it is not for you. Lack of stable internet connection can also
cause trouble for these apps.

4
  AEPS
AEPS is an Aadhaar based digital
payment mode. The term AEPS stands
for Aadhaar Enabled Payment Service.
Customer needs only his or her
Aadhaar number to pay to any
merchant. AEPS allows bank to bank
transactions. It means the money you pay will be deducted from your account and
credited to the payee’s account directly.

You need to link your Aadhaar number to your bank account to use AEPS. Unlike
Debit cards and USSD, AEPS does not have any charges on transactions. You can
use AEPS with the help of PoS (Point of sale) machines. You can withdraw or
deposit cash, send money to another Aadhar linked account with it. The good thing
about AEPS is that it doesn’t need your signature, bank account details or any
password. It uses your fingerprint as a password. No one can forge your fingerprints,
thus it is the most secure digital payment mode.

 USSD
USSD banking or *99# Banking is a mobile banking based
digital payment mode. You do not need to have a Smartphone
or internet connection to use USSD banking. You can easily
use it with any normal feature phone. USSD banking is as easy
as checking your mobile balance. You can use this service for
many financial and non-financial operations such as checking
balance, sending money, changing MPIN and getting MMID.

The *99# code works as a bridge between your telecom operator’s server and your
bank’s server. It uses your registered mobile number to connect with your bank
account. Hence, dial *99# with your registered number only. USSD banking has a
transaction limit of Rs. 5000 per day per customer. RBI has also set a maximum
charge of Rs. 2.5 per operation.

5
  Cards
Cards are provided by banks to their
account holders. These have been the most
used digital payment modes till now. Many
of us use cards for transferring funds and
making digital payments. Credit cards,
debit cards and prepaid cards are the main
types of cards. You can also use Rupay
debit card for digital payments.

Credit cards are issued by banks and some other entities authorized by RBI. These
cards give you the ability to withdraw or use extra money. Credit cards are used for
domestic as well as international payments.

Debit cards are issued by the bank where you have your account. You can use these
cards for the money in your account. The payments you make with these cards debit
from your account and credit immediately to the payee’s account. You can use these
cards to make payments to one bank account to another.

 Prepaid cards

Prepaid cards are another type of cards which you use to pay digitally. You must
have to recharge these cards before using just like prepaid SIM cards.

Cards are one of the best modes when you pay at portals or E-commerce sites. But if
we talk about paying to merchants it is not the most suitable way. It charges 0.75% –
2.0% on transactions. Also, you cannot use cards to pay if the merchant does not have
a PoS (swipe) machine.

6
  E-Wallets
E-wallet or mobile wallet is the digital version of your physical wallet with more
functionality. You can keep your money in an E-wallet and use it when needed. Use
the E-wallets to recharge your phone, pay at various places and send money to your
friends. If you have a Smartphone and a stable internet connection, you can use E-
wallets to make payments. These E-Wallets also give additional cash back offers.
Some of the most used E-wallets are State bank buddy, ICICI Pockets, Freecharge,
Paytm etc.

E-Wallets are an easy and faster way to make payments but have some limitations.
These apps are good if you send money to a wallet to another. But if you want to send
money to a bank account these apps are not suitable. Also, you have to be extra
careful with these apps. These apps do not ask for any PIN or password when you
perform a transaction using your wallet money. If you do not lock your phone,
anyone can use the money in your wallet. I suggest you must lock your phone if you
want to use E-Wallet apps.

7
  Advantages of Digital Payments
Easy and convenient: Digital payments are easy and convenient. You do not need to
take loads of cash with you. All you need is your mobile phone or Aadhaar number or
a card to pay. UPI apps and E-Wallets made digital payments easier.

Pay or send money from anywhere: With digital payment modes, you can pay from
anywhere anytime. Suppose your close friend’s mother fell ill at night. He called you
at midnight and asked some money. Don’t worry, you can send money to your friend
using digital payment modes such as UPI apps, USSD or E-Wallets.

Discounts from taxes: Government has announced many discounts to encourage

digital payments. If you use digital modes to make a payment up to Rs. 2000, you
get full exemption from service tax. You also get 0.75% discounts on fuels and 10%
discount on insurance premiums of government insurers.

Written record: You often forget to note down your cash spending. Or even if you
note, it takes a lot of time. But you do not need to note your spending every time
with digital payments. These are automatically recorded in your passbook or inside
your E-Wallet app. This helps to maintain your record, track your spending and
budget planning.

Less Risk: Digital payments have less risk if you use them wisely. If you lose your
mobile phone or debit/credit card or Aadhaar card you don’t have to worry a lot. No
one can use your money without MPIN, PIN or your fingerprint in the case of
Aadhaar. But it is advised that you should get your card blocked if you lost it. Also
call the helpline of your E-wallet to suspend the wallet account to prevent anyone
from using your wallet money.

 Drawbacks of Digital Payments:

Every coin has two sides so as the digital payments. Despite many advantages,
digital payments have a few drawbacks also.

Difficult for a non-technical person: As most of the digital payment modes are
based on mobile phone, the internet and cards. These modes are somewhat difficult
for non-technical persons such as farmers, workers etc.

8
 The risk of data theft: There is a big risk of data theft associated with the digital
payment. Hackers can hack the servers of the bank or the E-Wallet you are using
and easily get your personal information. They can use this information to steal
money from your account.

Overspending: You keep limited cash in your physical wallet. Hence, you think
twice before buying anything. But if you use digital payment modes, you have all
your money with you always. This can result in overspending.

Future of Digital Payments:

The future of digital payments is very bright. India is experiencing a remarkable
growth in digital payments. In 2015-16, a total of Rs. 4018 billion transacted
through mobile banking as compared to Rs. 60 billion in 2012-13. The percentage
of the digital payments through other modes is also increasing in a significant speed.

 There are many factors which are affecting the future of

digital payments.

Digital revolution
Digital revolution has provided an easy way to go for digital payments. India has
more than 100 crore active mobile connections and more than 22 crore Smartphone
users as of March 2016. This number is going to increase further with a faster
internet speed. The reach of mobile network, Internet and electricity is also
expanding digital payments to remote areas. This will surely increase the number of
digital payments.

Government’s support
The government is supporting digital payments a lot. It has reduced some taxes and
announced incentives for digital payments. It has launched Lucky Grahak Yojna for
customers and Digi Dhan Vyapar Yojna for shopkeepers. You can get cash prizes
up to 1 crore if you pay digitally. Due to these incentives and waivers, more people
are showing interest in digital payments.

9
A convenient way to pay
Digital payments are more convenient than cash payments. You do not need to carry
a lot of cash with you all the time. You can make digital payments in seconds. The
change is not a concern with digital payments when you can pay the exact amount.
You will also have all your payments recorded automatically. We all love simplicity
and ease. Hence, we can say that Digital payments are the future of fund transfer
and money transactions.

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1.2 LITERATURE REVIEW
 Radhika R & Dr. Florence John (2016)“Customers Intention to Use Electronic
Payment Systems in India - A Study” States that the services of different
technological payment systems provided by banks are increasing day-by-day, so the
customers and service providers are benefited from it. This leads competitiveness
among banks and challenges for the long run. The successful implementation of
technological payment system depends on benefits of both consumers as well as
bankers, in turn leads to the growth of economic systems.
 Lai Poey Chin (2015)“Consumers Intention to Use a Single Platform E-Payment
System: A Study among Malaysian Internet and Mobile Banking Users” states
Convenience is an important factor to reduce the risk and to develop both usefulness
and ease of use payment system that can lead to single platform E-payment system
among Malaysian customers.
 Annamalai, S. and Muthu R. Iiakkuvan (2008) in their article “Retail transaction:
Future bright for plastic money” states that the growth of debit and credit cards in the
retail transactions. They also mentioned the growth factors, which leads to its
popularity, important constraints faced by banks and summarized with bright future
and scope of plastic money.
 Gupta Promod (2004) in his article The Future of Plastic Money, discussed the use
of Plastic Money and its growth in India in recent years. He identified that the Use of
Plastic Money is growing at an unprecedented rate in India. Lesser number of
installed Points - of- Sale (PoS) terminals is the major obstacle in the growth of debt
cards. Smart Card has many innovative features which may spurt the use of cards in
India. Smart Card is safer to use in electronic form than the present form of cards.
Metwally and Prasad (2004) in their research paper Factors Restricting the Use of
Credit Cards in GCC Countries, examined the factors determining probability of
using credit cards more frequently in domestic transactions in the members of the
GCC (Gulf Corporation Council) which includes: Baharain, Kuwait, Oman, Qatar,
Saudi Arabia and the UAE. The state of Qatar is used as a case study where a sample
of 385 consumers was surveyed. Respondents, who hold credit cards, were asked to
indicate their degree of agreement using a five - point scale, with 23 statements
relating to their reluctance to use credit cards frequently in domestic transactions.
 The future of a specific electronic payment system depends upon how it overcomes
the practical and analytical challenges faced by various means of online payments.

11
These challenges include issues of law and regulation (buyer and seller protection),
technological capabilities of e-payment service providers, commercial relationships,
and security considerations such as verification and authentication issues (Paunov
and Vickery, 2006).

12
 CHAPTER II: RESEARCH METHODOLOGY
2.1. RESEARCH PROBLEM STATEMENT:

“Cashless Payment A Convenient Mode of Payment”

2.2. RESEARCH OBJECTIVE:

a) To study the pattern of cash and non cash form of spending.

b) To identify the motives for the use of a particular mode of payment.
c) To study the scope for acceptance of innovation in payment system.

2.3. RESEARCH DESIGN:

Descriptive study

2.4. SOURCE OF DATA & DATA COLLECTION:

A. Primary Data: Questionnaire filled by the students via Google Forms.

The questionnaire has three parts.
PART -1 Data of the demographic of the respondent.
PART-2 Data of the respondents what payment app is aware and they currently use
and for what type of payment they make
PART-3 what will be there future action regarding the new payment methods.
B. Secondary Data: The data are collected by qualitative research includes articles,
journals and internet websites.

2.5. SAMPLING TECHNIQUE:

A. Convenience Sampling
B. Population & Sample Size: 100 from South West Zone - Vesu Ward Surat.
C. Statistical Tool: SPSS Software

2.6. DATA ANALYSIS:

SPSS Software & Graphical representation

13
 2.7 Limitations of the study:

1. The analysis is based on responses provided by respondents and its accuracy cannot
be ascertained as, there may be the possibility of biased answer.
2. The study found similar type of customer segment using traditional communication
channels; it doesn’t clarify which particular channel was used by the identified
groups.

MODEL OF THE SOCIAL MEDIA ADOPTION

The technology acceptance model is an information systems theory that models how
users come to accept and use a technology.
The model suggests that when users are presented with a new technology, several
factors influence their decision about how and when they will use it, notably:

14
Perceived usefulness (PU) – "the degree to which a person believes that using a
particular system would enhance his or her job performance".
Perceived ease-of-use (PEOU) –"the degree to which a person believes that using a
particular system would be free from effort”.
Here the perceived ease of use depends on knowledge of the social media and the age
of the respondent matters.

15
CHAPTER III: DATA ANALYSIS.
Age
Frequenc Percent Valid Cumulative
y Percent Percent
18 - 25 62 61.4 61.4 61.4
26 - 30 13 12.9 12.9 74.3
31 - 40 16 15.8 15.8 90.1
Valid
41 and
10 9.9 9.9 100.0
above
Total 101 100.0 100.0

Gender
Frequenc Percent Valid Cumulative
y Percent Percent
Male 66 65.3 65.3 65.3
Valid Female 35 34.7 34.7 100.0
Total 101 100.0 100.0

Profession
Frequenc Percent Valid Cumulative
y Percent Percent
Service 21 20.8 20.8 20.8
Student 52 51.5 51.5 72.3
Valid Business 18 17.8 17.8 90.1
Others 10 9.9 9.9 100.0
Total 101 100.0 100.0

16
Q2

Awareness versus use of payment system?

Awareness of payment system Use of the payment system

90 89 90
82
75
67
84 60

67
80
55
47 41
38

Net Debit cards Credit Payment Contactless Contactless Real-time

banking Cards Apps / payment payment payment
Wallets via mobiles via cards (E.g. UPI)

Q3) which mode of payment you use for following particular activities?

Electricity bills

Frequenc Percent Valid Cumulative

y Percent Percent
Cash 35 34.7 34.7 34.7
Debit / credit cards 24 23.8 23.8 58.4
Payment apps /
Valid 33 32.7 32.7 91.1
wallets
Net banking 9 8.9 8.9 100.0
Total 101 100.0 100.0

17
 Gas bills

Frequenc Percent Valid Cumulative

y Percent Percent
Cash 33 32.7 32.7 32.7
Debit / credit cards 26 25.7 25.7 58.4
Payment apps /
Valid 33 32.7 32.7 91.1
wallets
Net banking 9 8.9 8.9 100.0
Total 101 100.0 100.0

Gas station

Frequenc Percent Valid Cumulative

y Percent Percent
Cash 40 39.6 39.6 39.6
Debit / credit cards 30 29.7 29.7 69.3
Payment apps /
Valid 27 26.7 26.7 96.0
wallets
Net banking 4 4.0 4.0 100.0
Total 101 100.0 100.0

Shopping at retail outlet

Frequenc Percent Valid Cumulative

y Percent Percent
Cash 27 26.7 26.7 26.7
Debit / credit cards 50 49.5 49.5 76.2
Payment apps /
Valid 20 19.8 19.8 96.0
wallets
Net banking 4 4.0 4.0 100.0
Total 101 100.0 100.0

18
 Restaurants / Food outlets

Frequenc Percent Valid Cumulative

y Percent Percent
Cash 38 37.6 37.6 37.6
Debit / credit cards 41 40.6 40.6 78.2
Payment apps /
18 17.8 17.8 96.0
Valid wallets
Net banking 2 2.0 2.0 98.0
Cheque 2 2.0 2.0 100.0
Total 101 100.0 100.0

Shopping online

Frequenc Percent Valid Cumulative

y Percent Percent
Cash 27 26.7 26.7 26.7
Debit / credit cards 40 39.6 39.6 66.3
Payment apps /
25 24.8 24.8 91.1
Valid wallets
Net banking 8 7.9 7.9 99.0
Cheque 1 1.0 1.0 100.0
Total 101 100.0 100.0

Tuition Fees

Frequenc Percent Valid Cumulative

y Percent Percent
Cash 57 56.4 56.4 56.4
Debit / credit cards 17 16.8 16.8 73.3
Payment apps /
3 3.0 3.0 76.2
Valid wallets
Net banking 6 5.9 5.9 82.2
Cheque 18 17.8 17.8 100.0
Total 101 100.0 100.0

19
 Money Transfer

Frequenc Percent Valid Cumulative

y Percent Percent
Cash 17 16.8 16.8 16.8
Debit / credit cards 26 25.7 25.7 42.6
Payment apps /
28 27.7 27.7 70.3
Valid wallets
Net banking 26 25.7 25.7 96.0
Cheque 4 4.0 4.0 100.0
Total 101 100.0 100.0
Internet service provider

Frequenc Percent Valid Cumulative

y Percent Percent
Cash 36 35.6 35.6 35.6
Debit / credit cards 24 23.8 23.8 59.4
Payment apps /
25 24.8 24.8 84.2
Valid wallets
Net banking 9 8.9 8.9 93.1
Cheque 7 6.9 6.9 100.0
Total 101 100.0 100.0
Cable TV service provider

Frequenc Percent Valid Cumulative

y Percent Percent
Cash 56 55.4 55.4 55.4
Debit / credit cards 28 27.7 27.7 83.2
Payment apps /
13 12.9 12.9 96.0
Valid wallets
Net banking 2 2.0 2.0 98.0
Cheque 2 2.0 2.0 100.0
Total 101 100.0 100.0

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 Rent

Frequenc Percent Valid Cumulative

y Percent Percent
Cash 57 56.4 56.4 56.4
Debit / credit cards 17 16.8 16.8 73.3
Payment apps /
11 10.9 10.9 84.2
Valid wallets
Net banking 4 4.0 4.0 88.1
Cheque 12 11.9 11.9 100.0
Total 101 100.0 100.0

Booking tickets (E.g. Bus, Train, and Movies etc.)

Frequenc Percent Valid Cumulative

y Percent Percent
Cash 23 22.8 22.8 22.8
Debit / credit cards 29 28.7 28.7 51.5
Payment apps /
38 37.6 37.6 89.1
Valid wallets
Net banking 10 9.9 9.9 99.0
Cheque 1 1.0 1.0 100.0
Total 101 100.0 100.0

Mobile recharge

Frequenc Percent Valid Cumulative

y Percent Percent
Cash 17 16.8 16.8 16.8
Debit / credit cards 33 32.7 32.7 49.5
Payment apps /
43 42.6 42.6 92.1
Valid wallets
Net banking 7 6.9 6.9 99.0
Cheque 1 1.0 1.0 100.0
Total 101 100.0 100.0

21
 Insurance premium

Frequenc Percent Valid Cumulative

y Percent Percent
Cash 34 33.7 33.7 33.7
Debit / credit cards 27 26.7 26.7 60.4
Payment apps /
13 12.9 12.9 73.3
Valid wallets
Net banking 19 18.8 18.8 92.1
Cheque 8 7.9 7.9 100.0
Total 101 100.0 100.0

Percentage usage of payment mode based upon above activities

Net Cheque
Payment banking 4%
apps / 9% Cash
wallets 35%
23%

Debit /
credit
cards
29%

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Q4) what motivates you to use a particular mode of payment?
Correlations
Usefulness Ease of Security Intension
use
Pearson
1 .729** .436** .558**
Correlation
Usefulness
Sig. (2-tailed) .000 .000 .000
N 101 101 101 101
Pearson
.729** 1 .480** .452**
Correlation
Ease of use
Sig. (2-tailed) .000 .000 .000
N 101 101 101 101
Pearson
.436** .480** 1 .247*
Correlation
Security
Sig. (2-tailed) .000 .000 .013
N 101 101 101 101
Pearson
.558** .452** .247* 1
Correlation
Intension
Sig. (2-tailed) .000 .000 .013
N 101 101 101 101
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).

23
 Q5) After demonetization did you get affected for payment of your
bills?(on the scale of 1 to 10 mark your response where 1 is lowest and 10
is highest )
Frequency Percent Valid Percent Cumulative
Percent
1 8 7.9 7.9 7.9
2 3 3.0 3.0 10.9
3 5 5.0 5.0 15.8
4 4 4.0 4.0 19.8
5 10 9.9 9.9 29.7
Valid 6 11 10.9 10.9 40.6
7 17 16.8 16.8 57.4
8 21 20.8 20.8 78.2
9 11 10.9 10.9 89.1
10 11 10.9 10.9 100.0
Total 101 100.0 100.0

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Q6) Do you want a change in payment system?
Frequenc Percent Valid Cumulative
y Percent Percent
Yes 59 58.4 58.4 58.4
Valid No 42 41.6 41.6 100.0
Total 101 100.0 100.0

25
Note for Q7 & Q8 respondents will be 59

Q7

Awareness related to Innovation in

payment system
Total respondents Awareness among respondents

59 59 59 59 59

39
32 35 34
29

26
Q8 Rank the following future payment mode which you
would want to have?

Descriptive Statistics
N Sum Mean Std.
Deviation
Payment through
wearable
59 138.00 2.3390 1.52689
technology like
Watch, Ring, etc.
Payment methods
that rely on
palm’s unique 59 157.00 2.6610 1.10812
vein pattern for
authentication.
Context-based
payments(where
payment will be
automatically 59 169.00 2.8644 1.07411
made after you
receive product or
service )
Contactless
59 204.00 3.4576 1.61162
payment
Payment via
crypto currency( 59 217.00 3.6780 1.26547
E.g. Bitcoin)
Valid N (listwise) 59

27
 Rank

1
2
3
4
5

Wearable Palm’s unique Context-based Contactless Payment via

technology vein pattern payments payment crypto
for currency
authentication.

28
 CHAPTER IV: FINDINGS
 From the research we found out that most of people are aware of the payment modes
but they don’t use it on the regularly basis some debit cards and payment apps are
more commonly used in day to day life.
 The other thing we found that the debit cards are the most commonly use mode of
payment option for paying bills or shopping and etc….
 People gets motivated to use the particular a mode of payment is because they see
usefulness of the mode or how to operate or use the particular mode of payment.
 So the affect of demonetization was bad and it affected the consumers because in
India no were using digital medium so, from then the people understood the value of
digital money.
 Some people from our research said that they want a change in payment modes and
they want to be more secure and tension free by using innovative payment option like
automatically payment deductions after shopping, or pay through the wearables.

29
 CHAPTER V: CONCLUSION
 What will be next?
 The new payment options will be the best and secure way of payment. (wearable
payment, palm scanning, or context based payment, or cyrptocurrency is the future)
 The technology has changed the way we live and it has become our lifestyle to have
it.
 In this study, we developed a conceptual research model based on prior study on the
technological adoption model.
 The model was tested by using a survey study and the results showed that people
have shifted from cash transactions t o non cash form of transactions and majority of
respondents are still looking for innovations in payment system

30
 BIBLIOGRAPHY
 https://www.theseus.fi/bitstream/handle/10024/139600/Yang_Wenjing.pdf?sequence
=1&isAllowed=y
 https://www.paypalobjects.com/digitalassets/c/website/marketing/global/shared/globa
l/media-resources/documents/PayPal_Asia_Research_Report_Digital_Payments.pdf
 http://eprints.ugd.edu.mk/15691/1/The%20Future%20of%20the%20Mobile%20Pay
ment%20as%20Electronic%20Payment%20System.pdf
 https://www.accenture.com/t20171012T092409Z__w__/us-en/_acnmedia/PDF-
62/Accenture-Driving-the-Future-of-Payments-10-Mega-Trends.pdf
 https://www2.deloitte.com/insights/us/en/industry/financial-services/default-
payments-innovation-in-payments-industry.html
 https://www.capgemini.com/wp-content/uploads/2017/12/payments-trends_2018.pdf
 https://www2.deloitte.com/us/en/pages/financial-services/articles/infocus-payments-
trends.html
 https://www.cio.com/article/2928333/wearable-technology/how-wearables-will-
shape-the-future-of-mobile-payments.html

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