ENTREPRENEURSHIP & NEW VENTURES

ENVB19

PLATFORM ASSIGNMENT
UPI vs Wallets: Payment Platforms for
Entrepreneurs

Submitted
Prof. Rajeev Roy

Sanket (H19103)
Shashwat Luthra (H19105)
Shubham Agrawal (H19109)
Group Members Declaration:
We hereby declare that this project has been made with equal contributions from (in alphabetical order)
Sanket, Shashwat Luthra and Shubham Agrawal. Following is the individual contribution
Sanket (H19103)- Analysed the point of view of the end user; collected data from shopkeepers in
Deoghar & interviewed an employee of Matchmove; researched on the literature available on the
transaction systems.
Shashwat (H19105)- Analysed the point of view of the merchants using payment platforms; collected
data from shopkeepers in Gurgaon & interviewed an employee of Paytm; researched on the literature
available on the UPI transactions.
Shubham (H19109)- Analysed the viewpoint of the Businesses and Entrepreneurs, collected data from
merchants in Surat city; Interviewed employee from Cred and an entrepreneur; researched on the
literature available on the wallets.

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UPI vs Wallets: Payment Platforms for Entrepreneurs

Shubham Agrawal1, Shashwat Luthra2, Sanket3

1
PGDHRM, XLRI-Xavier School of Management, Jamshedpur, India
2
PGDHRM, XLRI-Xavier School of Management, Jamshedpur, India
3
PGDHRM, XLRI-Xavier School of Management, Jamshedpur, India

E-mail: h19109@astra.xlri.ac.in, h19105@astra.xlri.ac.in, h19103@astra.xlri.ac.in

Abstract

The demonetization action of the Indian government gave a major push towards digital payments. This led to emergence of
several large and small players in the space of payment network – whether it was wallets, UPI or payment merchants. While
the low set-up cost UPI platform became a favorite for new players to start with, wallets became the means to expand into
the domain further. Thus, not only did it give a boost to the economic growth and cashless transactions, it became an area
where entrepreneurs ventured to set up their business and grow quickly. Paytm, Google Pay and several such players
emerged as winners making use of this opportunity. The paper aims to draw a comparison between digital payment platforms
– wallets and UPI in particular, while exploring digital payment systems in general. It then goes on to recommend the best
platform to be used by an entrepreneur looking to start a business in the digital payments space.

Keywords: UPI, Wallet, Mobile Payment Systems

1. Introduction transactions. A report by RBI stated that digital transactions

are now more than Rs. 149.6 Trillion.
A cashless economy or a digitalized economy is one where
cash is not used for financial transactions. Instead digital The below table shows the number of consumers using
means of transaction are used. Due to demonetization, the Mobile wallets and the number of downloads of different
government pushed for digital economy i.e. minimal paper types of wallet (numbers as per research paper).
currency and maximum transactions electronically. This led
Table 1: Wallets downloads in India
to even more widespread use of credit and debit cards, e-
N Downloads in Millions
wallets, and net banking. It has further led to development of
a
P 5
the UPI interface, which was started with BHIM. Soon, many
F
a 01
other wallets and non-wallet using firms switched to linkage
G
r 10
to UPI. M 10
o
P
o 10
The advancement in technology has further aided this
B
h 10
process. Today, mobiles are used to carry out these
HS 10
transactions simply through application installed. The mobile IB 50
wallet is one such development which has caught the eye of H
C 5
major players and new entrants in the domain of digital O
D 5
x

2
The major modes of electronic payments that are currently
applicable in the market are:
Citizens to Government (C2G) and Business
Government (B2G): for citizen services such as payment of
taxes, electricity bills, Gas connections etc.
Governments to Citizens (C2G): beneficiary transfers of
subsidies and tax returns, transfer of money under schemes
such as MGNREGA
Government to Businesses (G2B): procurement of goods
and services, payments for contracts, GST payments etc.
Government to Employee (G2E): salaries and pensions to
employees
Government to Government (G2G): transfers of money to
state governments and other such planned and non-planned
expenditures
Most of these payments involve large scale transactions
which are carried out through net banking transfers.
However, transactions of smaller scale are now shifting
towards mobile wallets, while UPI is becoming the preferred
medium for larger transactions owing to bank account
linking.
In this paper, we have started with the history of digital
payments in India and its adoption in a country which had
low technology prowess compared to the western world.
From this, we move on to the overview of transaction
systems where we look into payment platforms such as UPI
and wallets and draw a comparison between them. We then
get into a detailed analysis through our literature review
where we explain the secondary research activities that were
carried out to arrive at the most appropriate platform for our
entrepreneur to start with. We then look into our research
methodology, finally concluding with our research findings.
This research gave us an opportunity to understand the
ecosystem of digital payments and then use that knowledge
to chalk out the ideal strategy to be followed by an
entrepreneur, to derive maximum profitability and business
growth from entering into a new venture.
2. Current state of online payment ecosystem in
India
to A brief History of digital payments in India
Indians have historically thought of cash as the only reliable
and trustworthy source of transaction. As a matter of fact,
when the PoS (point of sales) terminals arrived in India,
Indians have been very hesitant to use that as well. E-
banking has been present here since early 2000s, however it
was limited to large business transactions.
The meteoric rise of India’s digital payment space in India is
akin to none. Unlike other nations, where the penetration was
gradual in nature, Indian government’s policies and
interventions like demonetization and compelling telecom
operators to reduce their service costs propelled India’s
digital payment to a new high. It was during this phase, that
the Indian consumer became comfortable with online
payment methods. Almost immediately, Indian government
started providing benefits and incentives for choosing online
transaction. The launch of a Unified Payment Interface added
more convenience and therefore propelled the growth even
further. It added more trust since it was a government of
India initiative and online payment could make its way into
the psyche of Indian consumers. The boom in online
payments has had its own set of benefits like transparency
and accountability. Along with that, it has been known that
cashless transactions encourage people to purchase more,
therefore contribute to the nation’s economic growth as well.
Wallets and UPI - A comparison
UPI is a payment interface which enables a bank to bank
transfer of funds, therefore requires a bank account whereas
wallets are a platform-based application which can be used
informally or without requiring a bank account.
UPI is only available in India so cross border transactions are
also not possible. However, UPI has a higher transaction
limit than wallets. One key thing that we should understand
here is that a wallet has multiple payment options and UPI is
one of those payment options.
The following table captures all the differences between a
payment and UPI based transaction.
3
 Table 2: Comparison of Wallets and UPI

Payment Wallets
Permits cross border
transactions
Requires a separate platform
Can be used by the informal
sector as no bank linkages
required
UPI based transactions
Transactions are limited to
India (INR)
No need for a separate platform
– only links bank accounts
Due to bank linkages, the only
use is by formal sector
For a medium or a small business, a wallet could prove too
expensive for them, since it has a high initial cost to set up
due to fact that it is a platform-based product unlike UPI
which is just an interface. Along with that due to less hassle
of adding money to wallet, UPI has been gaining a lot of
popularity and has surpassed the volume and value of wallet
transactions by a huge margin. This is also attributed to

Serves multiple purposes such Can only be used for purchases multiple factors like low transaction limit of transfer, or a
as cross-currency transactions, and account transfers general aversion towards storing money in wallets.
borrowing, and lending

Companies can control the Transaction Data available with

transaction data to be shared the government

Higher associated costs – Low added costs as the only

infrastructure, training, bank to bank transfers
platform support systems

Fig 1: UPI and Wallet transactions

However, a lot of organization prefer to have wallets in
conjunction with a UPI interface, simply because wallets are
believed to have a better customer retention than UPI. The
popularity and convenience of UPI is also unmissable – as
shown in the graph above – hence a conjunction of both is
preferred. UPI has already been launched in Singapore and is
expected to be launched in multiple other countries in recent
future.
One of the major disadvantages of UPI is that it could not
facilitate cross border transactions but given the new
developments it could mean that there is an entirely new
incoming episode in the Wallet vs UPI discussion.
3. Literature review
Overview of transaction systems

4
When we look at the overview of the transaction value chain,
we find that it contains 4 major parts – Issuer bank, Acquirer
bank, Merchant, and finally the consumer [7]. The issuer
bank and the acquirer banks can be same or different. If they
both are different and extra charge is levied.

Almost all the electronic transactions work in a similar way

including wallets. A wallet here is a mediator which takes
cares of everything in the backend including dealing with Fig 3: Mobile payment volume
acquirer and issuer banks.

Types of Wallets

There are primarily 4 kinds of wallets depending the types

and extent of transactions permitted. [8]

1. Open wallet – These kinds of wallets are valid across

platforms, and enable the customer to transfer funds, buy
goods and services and even withdraw cash from ATMs.
However, only a Bank could facilitate and launch an open
wallet service. Eg – Vodafone Mpesa

2. Semi-Open Wallet – This kind of a wallet lets us utilize

Fig 2: Transaction Systems
the money loaded in the wallet to purchase all kinds of goods
Wallets
and services, but it does not permit withdrawal of cash in
The number of mobile devices in India has been proliferating anyway whatsoever. Eg – Airtel money
consistently. Following the internet revolution, more and
3. Closed Wallet – This kind of a wallet is limited to only
more people are connected with the world. Coupled with the
one merchant. All kinds of goods and services can be
impact of demonetization, India has been moving towards a
purchased but only from one merchant. Eg – Spicejet,
cashless society faster than ever, and digitals wallets are one
IRCTC iMudra
of the primary enablers. [2]
4. Semi-Closed Wallet– There is a support for multiple
A digital wallet, also known as e-wallet, is essentially an
merchants in this kind of a wallet. However, that is limited to
application - web or mobile - which securely stores account
only the partner merchants. A good example of this would be
information and facilitates online transaction quickly and in a
PayTm wallet since it allows payments at only partner sites
hassle-free manner with partner merchants. It can be
and locations.
integrated and used in concomitance with payment systems -
mobile or web. Digital wallets can be used in conjunction UPI
with mobile payment systems, which allow customers to pay
Unified Payment Interface or UPI is a mobile-interface
for purchases with their smartphones. [3]
payment initiative taken up by the National Payments
Corporation of India (NPCI). UPI enables a bank account
holder to transfer funds without even entering the bank
account number by using just a single identifier - mobile
number, VPAs or Aadhar numbers. UPI enables one to link

5
multiple bank accounts on to one VPA and has merged and The following figure explains the objectives, drivers,
streamlined multiple banking features into one platform. concerns, Requirements, Concerns and Features of UPI [6]

Fig 4: UPI

As per the research paper on Impact of mobile Wallets on

Cashless transactions published by P.Sarika and S.Vasantha
in April 2019, mobile wallets are alternate ways of carrying
money which are filled up using other means of digital
transactions such as credit, debit cards, UPI or net banking.
They can be used for purchase of goods or services online by
using the money stored directly in the wallet account. Further
it was revealed that UPI transactions reached a new high of
145.5 million transactions in December 2017. Further it was
found that UPI has seen much faster adoption when Fig 5: Adoption Rate of major payment gateways

compared to mobile wallets. This is also evident from the

graph below. It was also found that this growth in UPI based One of the most important aspects of the research was the

payments would be accelerated with the introduction of new behavioral factors that led to the adoption of mobile wallets

platforms such as WhatsApp Pay. in the first place. These were the risk and perceived value of
adoption, expectation of performance, regulations and laws,
promotional benefits offered and the environmental factors
that facilitate its adoption. There were several researches that
were conducted prior to this one, and the main findings from
such researches are shown below.

6
From the above research findings, it is evident that
government norms have been encouraging digital payments
due to which mobile wallets gained much faster adoption.
But, at the same time, 50% of the population not having a
bank account and mobile network issues have led to limited
adoption of both mobile wallets as well as UPI payment
platforms. One of the other findings that stood out was that
for retailers, UPI has been the most preferred way of carrying
out cashless transactions.
In the research conducted by Dr. N. Rakesh, Dr. K. Suresh
Kumar and Dr. S. Satheesh Kumar on UPI – the growth of
cashless economy in India, the most important hurdles to the
adoption of UPI or wallet platforms was the penetration of
mobile networks and internet connectivity. According to
them, the major reasons for adoption of UPI after the RBI
opened it up in 2017, were the presence of Internet service
Table 3: Transaction Volumes
Further research conducted revealed that UPI has a user base
of more than 100 million with over a billion transactions till
date. Further, the run rate of annual transactions through the
UPI platform stands at roughly 19% of the GDP of India.
providers. Once phone numbers were linked to UPI, it made
the transactions much simpler while increasing the market
penetration of UPI compared to mobile wallets. The biggest
advantage that UPI offers over mobile wallets is that transfer
of funds can happen from one bank account to another,
without any processing or transaction fee. It even allows
addition of beneficiaries without needing their account
details or IFSC codes. This makes digital payment wallets
which require a user to first add money, and then make a
transaction, a much more complicated and long process.
From the table given below, it is evident that the growth in
UPI as a payment platform has taken over every other way of
digital payments. Not only this, the research also shows a
57.2% decline in traditional digital banking methods such as
mobile banking.
The graph presented below shows that UPI transactions have
been on a constant increase and its adoption and post
demonetization, the spread of COVID-19 has shifted users to
even more transactions occurring through UPI.
7
 Fig 6: UPI Transactions in 2019-20
Research Methodology
The study aims to [9] establish the drivers for selection of a
payment portal by different customer types; [10] identify the
barriers to switch between the payment types; and [11]
developing a roadmap for an entrepreneur to choose a
payment portal, kind of customer to target, the approach of
going into cost leader or differentiation and organization
structure across industry cycle.
For the purpose of secondary research, we have utilized
secondary sources of information such as research papers
published in journals, news articles and business magazines.
Apart from this, we also conducted interviews with
customers and with employees working in mobile wallet
organizations. The aim of this research is to be able to get a
better understanding of the platform of UPI and wallets itself.
This will also allow us to take a more nuanced view of things
during primary research, so that there can be a thorough
understanding of the matter at hand both from first-hand
accounts as well as with analysis on understood facts.
Primary research was also conducted via surveys and in-
depth interviews. The aim was to conduct such interviews
with customers as well as those working in mobile wallet
companies to understand market perception and customer
behaviour regarding wallets and UPIs. A total of 389
consumer responses were collected from West, East and
North India to sample the retail consumers. We have also
clustered such interviews across income levels to find out
whether there are significant dissimilarities or trends
emerging based on income, having kept most other
environmental factors at a baseline.
37 MSMEs were interviewed to take inputs of merchant
consumers.
To understand the business perspectives 3 interviews were
conducted with the current players in the mobile payments
ecosystem. 2 entrepreneurs currently in the mobile payments
ecosystem were also interviewed to understand the major
drivers and barriers of the payment ecosystem.
For the purposes of this study, we have focused on no
particular geographical area but we did research the aspect
where such data arises that points towards geographical
dissimilarities in behavior. Discussion guides for the
interviews were attached to help the reader understand the
flow of these interviews. Such interviews were recorded post
permission in order for us to reflect on them and draw
insights about the matter at hand.
Finally, the data collected were collated to come up with a
set of metrics that can which of the platforms among UPI and
wallets are more preferred by the customer and better for an
entrepreneur to start with. We also used this data to chalk out
a roadmap for the entrepreneur going through various stages
of organizational set up and growth depending on consumer
preferences, competition and other such indicators of digital
payment industry.
Results from data collection
8
End Users

We initially saw that the volume of transactions in wallets is

significantly higher than that of UPI. However the value of
the transactions done through UPI was much higher than the
value of transactions done through wallets clearly indicating
that large value transactions are done through UPI. This key
insight is why we decided to focus on these types of
transactions as well.

We first looked at peer to peer transactions vs transactions at

an outlet. We found that people exceedingly prefer UPI when
sending money to peers, whereas wallets have a slightly
greater preference when it comes to payment to outlets. This
clear distinction can be seen in figure abc below.

Medium used for transaction at merchant outlets

38%

62%

UPI Wallets

9
 Medium preffered as per the transaction amount
40%

35%

30%

25%

20%

15%

10%

5%

0%
O-1OO 1OO-2OO 2OO-5OO 5OO-1OOO 1OOO+

Wallets Exponential (Wallets)

UPI Exponential (UPI)

Fig 7: Consumer Choice for merchant transactions

Medium used for Peer to Peer transactions

19%

81%

UPI Wallets

Fig 8: Consumer choice for Peer to Peer Transactions

Once we could see this difference, we moved on to analyse

the payments at merchant outlets. We tried to look into the
correlation between amount of money paid at outlets vis a vis
platform of digital payment used.

Figure cde clearly display the inverse correlation between

payment through wallets and the amount of money. The
amounts greater than 1000 are rarely paid through wallets.
Amounts less than 200 were most popular on wallets. We
could infer from here that Wallets are preferred for
transaction at outlets, that too for amounts less than 500 INR.

10
The trend lines clearly indicate the preference of medium of
payment as per the size of transaction.

In terms of failure rates people have experienced more

failures from UPI than wallets. The significantly higher
percentage rate of UPI failure in the figure 11 shows how
transactions through wallets are perceived to be less failure
prone. The primary reason for the same appears to be
multiple moving parts in a UPI transaction. There is a sender
bank, receiver bank and the UPI itself. If any of these have
any sync issue, the transaction is deemed to be a failure. One
more reason for people being affected by UPI transaction
Fig 9: Medium preffered as per the transaction amount
failures was that the issue resolution could take anywhere
between 7-1O working days, unlike wallets which takes a
maximum of 48 hours.

Which medium has more frequent failures?

21%

Next, we wanted to find how the end users rated UPI and 79%
digital wallets on multiple parameters like ease of use, failure
rates, daily limits and many more. In terms of ease of use, UPI Wallets
our respondents rated UPI platforms higher than wallets.
Fig 11: Transaction Failure Frequency
Similarly, on almost all parameters UPI was rated higher.
The figure 10 shows the preference of end users for the same.
The direct bank account to account transfer modus operandi
of UPI is one thing that makes it more preferred by people.
Which is easier to use?
Compared to this, people feel constrained by the wallets
since there is no available option for inter-wallet
31% transactions. As we even observed before, this is one of the
major reasons why people prefer it for peer to peer and large

69% transactions. Wallet being less failure prone is one of the

prime reasons that people use them for small transactions at
outlets. These results confirm the previously mentioned
UPI Wallets sentiment analysis which states that people get more positive
Fig 10: Ease of use responses from using UPI when compared to wallet.

11
Merchants 5 business interviews were conducted over call to understand
the businesses point of view of the mobile payment
Once we had collected enough insights from the end user’s
ecosystem. We conducted semi-structured interviews and
side, we moved on to understand the point of view of local
talked informally with dozens of company representatives.
entrepreneurs and merchant who used digital payment at
Given the exploratory nature of the subject the interviews
their outlets. Our interviews yielded one key insight. There
were semi-structured. The interviews were recorded and
was a sharp divide between large outlets and small outlets –
transcribed. The data from the interviews were supplemented
When we looked at merchants having very high volume of
with information from company websites, industry reports
sales or the ones who already PoS for debit cards. Most of
and academic literature. We made case descriptions, which
them were fine with both the wallet and UPI and even
we used for cross-case analyses. To ensure internal validity,
provided both options.
all involved researchers used the same interview and case
Compared to them, the merchants with relatively smaller description templates. In addition, the researchers conducted
sales volume had a direct aversion to wallets. They the interviews in different combinations and reviewed and
overwhelmingly preferred UPI to digital wallets. A lot them discussed each other’s case descriptions.
did not even have an option to pay via wallets in their outlets.
The underlying theme was very evident that the current
The smaller the outlet, the less probability of having a wallet.
players wanted to use the wallets as a means of higher
Almost all the street vendors that we had interacted with had
revenue source as well to ensure consumer loyalty which in
only UPI as an option.
turn resulted in higher market share. Because of the limited
Investigation further revealed that the hassle of taking the scope of the wallets i.e. useability and universality in the
pro member ship combined with the Wallet’s surcharge on normal day to day use, the businesses are trying to venture
withdrawing money to bank accounts is why small merchants and establish partnership in all sectors to ensure seamless
were averse to it. However, the large merchants had already transactions and may be trying to replace money as
been paying a surcharge for PoS transaction, so it was transaction medium. Due to the consumer preferences
nothing new to them. Hence, they provided both the options towards UPI due to minimum hassles, the companies are
to their consumers. trying to move towards other mediums to ensure consumer
stickiness. Paytm and Airtel have started their Payments
We also looked at how many of the merchants had multiple
bank to provide complete banking solutions to subscribers.
wallets. It was 68% of total merchants that had at least one
Paytm has also started its subscriber based Paytm First to
wallet. We learnt that most of the wallet owners had more
offer premium subscription-based rewards & loyalty program
that one options to offer the people. We also learnt that 16%
for users. Mobikwik has moved to provide extra money
of merchants who had previously offered wallet as payment
management solutions like transaction trackers.
option, are offering only UPI as an option.
Comparing cost structures of both the options, the
From our overall analysis we found that in terms of
development of UPI is cost effective as compared to Wallet.
transaction by wallets is still higher and continues to grow
Wallet’s initial setup costs are too high due to high
further. However, one the few things keep people away from
infrastructure cost, manpower costs which includes
using UPI for small transactions at small shops is the high
developers, compliance team and risk team, regulatory
failure rate. The new technological improvements have been
compliances, and association with networks and card
consistently decreasing the error rate. With the advent of a
processors. The ROI are so low that firms like Paytm haven’t
seamless UPI, wallets are bound to be overpowered very
been able to cover the losses even after 12 years in business.
soon.

Businesses & Entreprenuers

12
Features like international transfers, easy setup and ease of
transactions are something that are giving the wallets edge
over the fast approaching UPI.
A recent addition to the payments portal is CRED. The firm
has created its own niche segment by targeting credit card
payments and offering cashbacks and vouchers from
associated partners. The start-up also uses UPI for it’s
payments and has developed a good consumer base in short
time.
Wallets started as a means to develop customer loyalty and
improve customer base for a business. The advent of UPI has
seen a gradual and steady shift of transactions in terms of
volume and value. The businesses initially introduced UPI to
provide more options to consumers, but now are abandoning
the wallets due to reduced transactions in terms of volume
and overall value as compared to UPI. There has been a
gradual shift to other innovative marketing strategies to
ensure consumer loyalty. While wallets still make a
significant chunk of the overall mobile payments market, it is
losing out to UPI rapidly.
Conclusion
We tried to cover three aspects of digital payments in our
research. The first one was focused on the end-user or the
customer’s point of view. We found out that UPI is preferred
more in India due to its direct to bank account transfer
scheme. UPI is univocally rated better than digital wallets on
multiple parameters like ease of use and transaction limit.
However, the failure rates of UPI are significantly higher
than wallets. The less time taken to resolve transaction errors
or queries on wallets gives it an edge for small transactions.
We also found how it is prevalent for payments at outlets
whereas UPI is majorly used for peer to peer transactions.
The second aspect was of the local entrepreneurs or
merchants. There was a sharp divide here, with large
merchants preferred wallets or UPI almost equally due to
wallet’s unlimited transfer schemes along with straight to
bank transfers at a marginal price which was comparative to
other PoS systems like credit cards. However, the small
merchants preferred the UPI more, and their primary reason
for aversion was the extra fee levied by wallets for bank
transfers.
The third aspect was of the startups which required any
means of digital payment gateway integration. The people
associated with the organizations agreed that wallets had
previously been more profitable in the long term since they
boost customer loyalty and improve customer retention.
However, wallets also required a much larger investment
initially and consumers are increasingly moving away from
use of wallets due to lack of inter-wallet transfer.
After analyzing all three point of views, the best course of
action for a budding technology entrepreneur would be to go
ahead with a UPI payment interface integration, to begin
with since it is cheaper and people find it hassle-free but
unlike the trend a few years ago, moving to create one’s own
wallet ecosystem in the long term is not advised. However,
there has to be a payment by wallet option available because
they would not only provide an alternative to the frequent
failures of wallets.
Apart from this, the analysis also shows the digital payment
firms should start exploring beyond wallets or UPI and start
looking at providing more banking services like PayTm and
MobiKwik to sustain a competitive advantage.
Limitations of the research
1. The research that has been carried out so far is based only
on the interviews conducted with one employee in a payment
wallet firm and several customers. The sample size of the
research so far is very small to extrapolate the results. Thus,
we have made use of data from secondary research and will
be conducting in depth primary research in due course of
time.
2. For primary data, the respondents would have personal
biases based on their experiences, which cannot be ruled out
completely.
3. The sample that we would collect the data from may not
be representative of the entire population and hence it may be
difficult to replicate the research results for an entire
population of entrepreneurs.
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4. The payment wallet industry changes rapidly with
government policies, competition practices and new
innovations. Thus, the research results may not hold true in
drastically different situations.
Direction of future research
Though our study tries to cover a lot of variables, there are
still many factors and variables that may be responsible for
consumers’ choice of using a payment platform. These
factors can be explored. The research can be conducted by
adding age as the control variable and varying it to study its
impact on the overall research. The study can also be
performed on a cross country level so that the effect of
geography on the overall research can be better studied.
Appendix
Sample Questionnaire for the businesses and
entrepreneurs:
Q1. What are the basics of UPI and wallet platform?
Q2. Is there a need for KYC on both platform?
Q3. What are some of the disadvantages of UPI?
Q4. What is the high-level flow of transactions?
Q5. What are some of the latest developments in UPI?
Q6. What are the factors which determine which platform
will be more successful?
Q7. What is the path that companies use to enter the market
today?
Q8. What are the various costs that are associated with
wallets?
Q9. What should be some of the important pointers for an
entrepreneur to look for?
Sample Questionnaire for Customers:
1. Payment service is easy to use
2. Payment services are always available at any time in a day
3. Unavailability of the service
4. The site offers detailed explanations as to how to review,
cancel modify or record a payment
5. The site provides security statements on security-policy,
contact information under emergency, technical descriptions,
and functionalities
6. Your personal information, such as contact details or
payment details, has never been stolen
7. The site provides a step to verify a payment before the
finalization of the actual payment
8. Your personal information has not been released to other
third parties by the service provider for any other purposes
9. EPS always call for username and password when you
login
10. A confirmation is sent to you through one of several
available methods (online, email, etc.) to assure you that the
payment has in fact been received
11. I trust each participant, such as seller and buyer, involved
in EPS
12. In general, the tool is easy to use.
13. Speedy business transactions
14. Most frequently used service
15. I can use the service for all type of transactions
16. According to me, the service is most used
17. The service provides offers to help me save costs
18. Other banking services are available on this service
19. I trust the brand of the service provider
20. I would qualify the service provider as honest
21. I think that the service provider is responsible.
22. The service saves my time
References
1. https://www.emerald.com/insight/content/doi/10.11
08/JIBR-10-2015-0112/full/pdf?title=behavioural-
intention-to-adopt-mobile-wallet-a-developing-
country-perspective
2. https://patents.google.com/patent/US8041338B2/en
3. https://www.investopedia.com/terms/d/digital-
wallet.asp
4. https://teknospire.com/mobile-wallets-in-india-
2020/
5. https://pdfs.semanticscholar.org/b8fe/31b0bd26819
5e563860dd853daac1bc767b6.pdf
6. UNIFIED PAYMENT INTERFACE (UPI) - A
WAY TOWARDS CASHLESS ECONOMY
7. https://gendal.me/2014/08/09/a-simple-explanation-
of-fees-in-the-payment-card-industry/
8. http://www.ijrar.org/papers/IJRAR190D031.pdf
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9. https://acadpubl.eu/hub/2018-118-24/2/378.pdf
10. https://www.researchgate.net/publication/33925303
8_Impact_of_mobile_wallets_on_cashless_transacti
on
11. https://www.arabianjbmr.com/pdfs/Arabian
%20Journal%20of%20Business%20and
%20Management%20Review%20(Oman
%20Chapter)_special_issue_PETEAM_2018/5.pdf
12. https://www.researchgate.net/publication/33925303
8
13. www.rbidocs.rbi.org.in/rdocs/content/docs/EL
ECT07022016_NOV17.xls

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