A SUMMER INTERNSHIP PROJECT REPORT

ON

Perception of Merchants Towards UPI

SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIRMENTS FOR

SUBMITTED TO: SUBMITTED BY:

Name: Dr. Akriti Gupta Student Name: Parv Singal

Designation: Assistant Professor UID: 21MBA3106

THE DEGREE IN

MASTER OF BUSINESS ADMINISTRATION (MBA)

Chandigarh University, Mohali MBA-Batch 2021-23

1
OFFER LETTER

2
3
4
5
CERTIFICATE

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 UNIVERSITY SCHOOL OF BUSINESS

CHANDIGARH UNIVERSITY

GHARUAN, MOHALI (PUNJAB)

Declaration by the student

I Parv Singal having 21MBA3106, a student of MBA, batch 2021-2023 declare that this project titled
[Perception of Merchants Towards (UPI) ] has been worked on, drafted and finalized by me. This project is
an original piece of work and not copied or plagiarized from any other source of literature, review article or
published article in this regard. This Summer Internship Project is being submitted in partial fulfillment of the
degree of Master in Business Administration (MBA) from University School of Business, Chandigarh
University and has not been submitted for the reward of any certificate, diploma, and degree, fellowship with
any other college, university or educational institute before this. In case any part of this work is reported as
copied from any another source, I shall be solely responsible for the same and will be answerable for any action
taken in this regard.

Student’s Signature

Name: Parv Singal

UID: 21MBA3106

Date: -------

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 Certificate by guide

This is to certify that, Mr. Parv Singal UID 21MBA3106, a student of MBA, (BATCH- 2022 -2023) with
University School of Business, Chandigarh University, Gharuan, Mohali, Punjab has successfully completed
his/her Summer Internship Project. His/her report is titled “[Perception of Merchants Towards (UPI)]”. The
student has carried out the work satisfactorily under my supervision. According to the declaration submitted by
the student, the report is an authentic and original work and may be considered for partial fulfillment towards
course credits. I wish her success in life.

Signature of Guide

Name of Guide: Dr. Akriti Gupta

Designation: Assistant Professor
Date: ------

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 ACKNOWLEDGEMENT

I've put out effort in this project. However, without the kind support and assistance of many individuals and
organizations, it would not have been feasible. I'd want to express my heartfelt gratitude to each and every one
of them.

I am quite grateful to Dr. Akriti Gupta for her direction and regular supervision, as well as for giving important
project information and for her assistance in completing the project. I'd want to convey my gratitude to the
management department faculty at Chandigarh University for their kind cooperation and encouragement in
helping me finish this capstone project. My gratitude and appreciation also extend to my classmates who
assisted me in preparing the capstone project and those who have volunteered to assist me with their skills. I
would like to express my special gratitude and thanks to the Chandigarh University.

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 EXECUTIVE SUMMARY

This report is prepared based on my 45 Days of practical experience at Gastos Private Limited. This internship
program helped me to learn about the practical problems and solutions of UPI payment apps.

This report has been presented based on my observation and experience gathered from the company.

The organization has many divisions and departments, but the focus is given more on Perception of Merchants
towards (UPI) as I only got the opportunity to work in this division. The report is based about the online
payment apps.

In this report the online payment has created a huge impact on consumers. Also, they are facing some issues
while using online mode of payment. But the UPI or mobile wallet apps has helped Indian economy in going
cashless.

During this internship or period of this report, I learned about the nature of the consumers toward the UPI and
also are some limitations arise during this report.

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 Table of Contents

Contents

OFFER LETTER ...................................................................................................................................... 2

Declaration by the student ......................................................................................................................... 7

Certificate by guide ................................................................................................................................... 8

ACKNOWLEDGEMENT ........................................................................................................................ 9

EXECUTIVE SUMMARY ..................................................................................................................... 10

COMPANY‟S PROFILE ........................................................................................................................ 14

INTRODUCTION ......................................................................................................................................... 14

HISTORY ....................................................................................................................................................... 14

Mission ............................................................................................................................................................ 15

Vision............................................................................................................................................................... 16

Core value ....................................................................................................................................................... 16

PRODUCT AND SERVICES ....................................................................................................................... 16

Key benefits for using Gastos Provider App ............................................................................................... 16

SECTOR ANALYSIS OF THE COMPANY .............................................................................................. 18

Various Digital Wallets Apps in India ......................................................................................................... 19

Paytm............................................................................................................................................................ 19

Google Pay ................................................................................................................................................... 20

Phone Pe ....................................................................................................................................................... 22

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Costing ............................................................................................................................................................ 22

Merits .............................................................................................................................................................. 23

DEMERITS .................................................................................................................................................... 24

HOW DO COMPANY WORKS .................................................................................................................. 24

Steps to Register ...................................................................................................................................... 25

Provider Verification ............................................................................................................................... 26

Registration – Step 1 ...................................................................................................................................... 27

Registration- Step 2........................................................................................................................................ 28

Registration- Step 3 ....................................................................................................................................... 29
Registration- Last Step .................................................................................................................................. 29

Wallet .............................................................................................................................................................. 31

Advertisement Feature .................................................................................................................................. 31

Benefits ............................................................................................................................................................ 32

Branding Feature ........................................................................................................................................... 33

RESEARCH METHODLOGY ............................................................................................................... 35

OBJECTIVES OF THE STUDY ............................................................................................................ 35

HYPOTHESIS OF THE STUDY ........................................................................................................... 36

TYPES OF STUDY ................................................................................................................................ 36

Quantitative Research: .................................................................................................................................. 36

Qualitative Research: .................................................................................................................................... 37

Applied Research: .......................................................................................................................................... 37

Empirical Research: ...................................................................................................................................... 37

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Analytical Research: ...................................................................................................................................... 37

Descriptive Research: .................................................................................................................................... 37

SAMPLE SIZE ............................................................................................................................................... 38

SAMPLE DESIGN ........................................................................................................................................ 38

DATA COLLECTION METHOD ......................................................................................................... 39

Primary Sources of Data Collection ............................................................................................................. 39

Secondary sources of Data Collection: ......................................................................................................... 39

QUESTIONNAIRES .............................................................................................................................................40

DATA ANALYSIS ...................................................................................................................................... 44

FINDINGS OF THE STUDY ...................................................................................................................... 57

CONCLUSION ............................................................................................................................................ 58

SUGGESTION AND RECOMMENDATION ........................................................................................... 59

LIMITATIONS OF THE STUDY .............................................................................................................. 60

BIBLOGRAPHY ........................................................................................................................................ 61

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 COMPANY’S PROFILE

INTRODUCTION

Gastos is FinTech Start-up Based in Chandigarh aimed to uplift the local and small businesses. Gastos is an
application-based start-up which helps user to save their money while doing payments at their local shops and
businesses also helping them to manage all of their expenses at one place.

Gastos has a potential of becoming a Billion Dollar Industry in coming years and has a potential user base of
more than 200 million to target. Gastos is the only start-up in India which is bringing Digital cards for the users
which helps them to save their money.

During this Covid-19 situation time and between the hard race of online delivery, the local and small scaled
businesses are mostly affected. Gastos is the start-up which is promoting these small businesses to grow and
become a brand before the user. Gastos is solving multiple problems for users like fake discounts, lack of
saving, unmanaged expenses.
Gastos is a simple and secure payment application based on UPI for promoting cashless transactions which
provides benefits on the payments at your local shops including food shops, saloons, etc. From your nearest
chaiwallah to a local food shop pay less on the bill made for your service and generation more profits to both
merchants and customers.

HISTORY

GASTOS PRIVATE LIMITED

Gastos is a FinTech Company registered in Bhiwani, Haryana & aimed to uplift the local and small businesses.
Gastos is an application-based start-up which helps user to save their money while doing payments at their local
shops and businesses also helping them to manage all of their expenses at one place.

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Gastos Private Limited is a 1 year 11 months old Private Company incorporated on 12 Jul 2020. Its registered
office is in Bhiwani, Haryana, India.
The Company's status is Active, and it has filed its Annual Returns and Financial Statements up to
31 Mar 2021 (FY 2020-2021). It's a company limited by shares having an authorized capital of Rs 10.00 lakh
and a paid-up capital of Rs 1.00 lakh as per MCA. 2 Directors are associated with the organization. Sahgal
Kumar and Virender Singh are presently associated as directors.

Recognized & certified by-

• Ministry of Information Technology

• Ministry of Electronics

• Ministry of Finance

• Ministry of Commerce

• Department of Internal Trade and Promotions

Not just registered we are a certified company Maybe we are new in the market but these ministries of

Government of India entrusted us so give us a chance so that together we can transform your business into an

Effective Brand Gastos is Certified and recognized by DPIIT and MEITY, and other international firms like Y
Combinator, SOSV, Fresh works, and many more.

Mission:

Our mission is to be a leading company providing superior quality products and services at competitive prices.

We want be a globally innovative and competitive business providing 100%genuine services to our customers.
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 We are committed to total customer satisfaction by providing quality products & services.

Vision:

“To work together with integrity and make customer feel valued.”

Core value:
“Respect our colleagues and the business itself.”

PRODUCT AND SERVICES:

PRODUCTS:

• GREEN CARD CLUB

• GASTOS PROVIDER APP

• GASTOS USER APP

SERVICES:

 Green card club:

Gastos Green Card Club is an exclusive club for our paid members who enjoy additional benefits of saving and
earning on each payment. As a member of the Green Card Club, you not only get instant discounts on every
payment but also earn reward points for it. By using Gastos as a payment application even not as a member you
get reward points but may or may not get discounts on the amount to be paid. So, to become a member of the
green card club, firstly you need to download Gastos App where you register yourself and activate your profile
and enjoy additional benefits.
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 Gastos provider app:

Under Gastos Provider Application, a shopkeeper, or a merchant is a „Provider‟, a contributor, a supplier for us.

„Provider‟ is what a person or a thing which gives, supplies something. The same is what a shopkeeper does in
the business, being as a „Provider‟. All the providers here are treated equally, no discrimination on any provider
is done here on Gastos Provider Application.

Key benefits for using Gastos Provider App:

• Get MORE customers for your BUSINESS

• Become a BRAND for FREE

• Secured payments and transactions

• Working made easier on mobile devices

• Making records and maintenance in a proper manner for FREE

• Does not charge any fee for registration

• Easy mode setup for provider

• Works on any mode of business.

• Keeping record of the transactions, and in a systematic manner.

While using Gastos Provider App, this is how the payment transaction works, for the reference of Gastos User
Application.
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Putting the 4 steps, as follows:

• Using Gastos User Application, Find the shop, or just find the QR code of our network shop and jump
on the profile of the shop.

• Filling the amount via the Gastos Provider in the billing page.

• Select the method, by selecting UPI card for proceeding the transaction.

• Done! Payment Done.

Provider user app:

Gastos is a simple and secure payment application based on UPI for promoting cashless transactions which
provides benefits on the payments at your local shops including food shops, saloons, etc.
From your nearest chaiwallah to local food shop pay less on the bill made for your service and generation more
profits to both merchants and customers.

Step 1: Open the Gastos app, scan the QR

Step 2: Enter the amount you want to pay

Step 3: And it’s done you just paid your bill and got an instant discount.

SECTOR ANALYSIS OF THE COMPANY

According to a study conducted by Capgemini and BNP Paribas, digital payments are expected to reach about
726 billion transactions by the year 2020. In India 98% of the total transactions used to be done through cash but
after the Demonetization of the Government on Nov 8 2016, our country has also started getting steered towards
a cashless society. Due to the Demonetization act already existing mobile payment applications came into the
limelight like Paytm, Google pay, Phone Pe etc.

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 The Digital India program is a flagship agenda of the Government of India with vision to transform India into a
digitally empowered society and a knowledge economy. “Faceless, Paperless, Cashless is one of the professed
roles of Digital India. The Prime Minister of India Mr. Narendra Modi has empowered India to adopt cashless
transactions by giving digital payments sector of India significant boost. The digital payment sector of India
experienced an unpredicted growth since Demonetization in November 2016. Digital wallet companies in India
have shown a growth of 271% for a total value of US$2.8 Billion i.e., Rs 191 crores. A Google- BCG Report
had estimated that the digital payment industry in India will experience a growth of US $ 500 billion by 2020.

Government of India is also encouraging various digital payment apps such as Aadhaar Payment app, UPI App,
Bharat Interface for Money (BHIM) app along with private sector apps like Paytm, Mobi Kwik, Free charge etc.
Such new apps are beneficial to transfer funds across various parts of our country. Digital payments industry in
India is growing on a rapid pace providing a highly attractive platform for foreign investors to invest in India.

Various Digital Wallets Apps in India

Paytm:

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Paytm is an Indian e-commerce operator and Financial Technology company. Paytm was founded in August
2010 by its founder Mr. Vijay Shekhar Sharma. In 2014, the company launched its first Digital E-wallet known
as Paytm Wallet. Paytm offers Digital wallet payment, mobile payments, online shopping, Paytm Payments
Bank etc. In the year 2015, RBI gave License to Paytm to launch Paytm Payments Bank which was later
inaugurated in the year 2017by the then Finance Minister Mr. Arun Jaitley.

Paytm works in 2 different ways:

1. Paytm Wallet and

2. Paytm Payments Bank

Paytm is known as a digital payment system which allows you to transfer money through your debit/credit cards
and which also allows you to do online banking. Once you register to Paytm you can make online payment of
bills or you can make payment through you Paytm wallet by first adding money into your wallet.

Google Pay:

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 Google Pay also known as G Pay or Pay with Google it is also one type of Digital Wallet and online payment
system developed by Google. The services of Android Pay and Google wallet merged in January 2018 and the
name was changed to Google Pay. On September 2017, Google launched an UPI-based app known as TEZ in
India which was later rebranded as Google Pay.
Google pay has more than 25 million active users in a month of the digital wallets in India. Google pay
transactions
are safe and secure.

Google Pay enables you to:

• Send and receive money

• Store your credit/ debit card information safe

And use this information to pay for various items on various apps. Google Pay is known for its security among
other similar digital payment apps. Google store your credit/debit card information in its secure servers using
strong encryption. Cloud storage and data security of the customers is the prime concern of Google.

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Phone Pe:

Phone Pe or Phone Pe Private Limited it is an Indian e-commerce payment service and digital wallet company.
PhonePe was founded in the year 2015 by its founders, Mr. Sameer Nigam and Rahul Chari and it was the first
payment app in India which was built on Unified Payments Interface i.e. (UPI). PhonePe is now available in 11
Languages. Phone Pe offers various services such as: - I. User can send or receive money through Phone Pe app.
ii. User can make various payment- mobile recharges, DTH recharges, users can also make payments of
shopping online on various apps. iii. Phone Pe even allows users to book tickets through various apps such as
Redbus, Goibibo, Ola etc. Phone Pe app has more than 100 million users and it has crossed more than 5 billion
transactions. Latest development of Phone Pe app is that it allows its customers to withdraw cash through its in-
app UPI feature which is also known as Phone Pe ATM, which means that transferring the said amount which
has to be withdrawn to a nearby Phone Pe enabled merchant/ seller.

By the year 2025 in India, it is estimated that cashless transactions would be 80 % and the volume of the digital
transactions would reach up to $ 1 trillion. In India it will take time to become a completely cashless society as
it will require the support and understanding by the public and various initiatives by the government. In India
the lack of digital literacy and education in rural areas can be a hindrance towards a cashless society. It is very
important to encourage people to adopt cashless modes of payment by giving various cash back offers which is

22
been provided by the payment apps whether private or government-initiated payment applications. By making
the payment process simpler, safe, transparent it will become easier for people to access.
Costing

The registration comes in two different cost Rs 599 & Rs 299 where you can choose your package of respective
price.

• If you are registering at Rs 599, then you will get registration voucher of Rs 3,000 which you use for
Ads and graphics from your app wallet.

• If you are registering at Rs 299, then you will get at registration voucher of Rs 1,200 which you can use
for Ads & Graphics.

Merits

• The very main benefit is that you will get a lot of customers from our side. More customers, More
PROFIT

• We help you to promote your Business in your city or outside the city through various ways that you
never knew.

• We help you to make your business as a Brand in your city or state so that you can have a good face
value which will help you in growing your business to greater extents.

• First of all, we are here to solve the problem of bargain, it means now you don’t have to worry about this
bargain headache. Our customers won’t bargain with you.

• You can manage your UPI QRs present at your shop; you can control which account to receive payment
if our customer is scanning any QR at your shop.

• We are creating campaigns so that customers can be there at your respective business rather than any
online order for which you have to daily manage & maintain your account.

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 • We don’t charge any margin from your business. Interesting right? So, whatever customers is paying
will be directly sent to you.

• Instantaneous Payment Settlement, you will receive money whenever the customer is making payment at
your business.

• Present your Business as a Brand and Promote to large numbers of customers so that you can have more
and more customers at your business.
• No Risk at all

• Customers at your business

• Paid amount can be easily used into business growth

• Registering yourself in a company which is certified by multiple Ministries of Government of India

• Make customers loyal at your business with our platform

DEMERITS

• It will increase the differences between two types of customers.1) one with the Gastos customers having
offers, and

• Another with the non Gastos customers without offers - one-way payment method

• Transaction availability only for merchants

HOW DO COMPANY WORKS

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 • Gastos builds connection between customers and merchants

• Gastos Team visits merchants to update them regarding the process of services provided by Gastos

• Gastos employees inform them about branding and marketing

• Team informs them about the offers they can provide to their customers.

Steps to Register

It’s very simple as installing WhatsApp and texting to a friend. So that process starts with the installation of our
Application from Play Store.
Installation Just search for “Gastos Provider” at Play Store and you will see this application there, so don’t wait
just download it.

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 Figure 1
Provider Verification

Figure 2

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27
 Registration –1

Basic Details

Enter all the basic details as asked in the fields as per your Shop Information and your Information.

Figure 3

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 Registration-2

Payment Information

Now add UPI QRs present at the shop

Scan all QRs one by one along with adding your respective merchant ID form the QR app

Example: if you’re scanning Paytm QR then just scan the QR and enter the merchant id from the Paytm
business app in your phone

Figure 4

29
 Registration-3

Discount Settlement Now set up discount for your customers so that they can show their interest into your
business

More discount = More customers = More profit

You can add minimum bill amount if you want to set and then set discount at a minimum bill amount that
our customers will Pay. You can add multiple discount cases as per your choice.

Figure 5

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 Registration- Last Step

Registration Payment

This is the last step of registration you have to pay Rs 599 for the Registration Welcome Pack No Subscription
will be there One time Pay, Life time Use Provider Welcome pack will be given Free with registration worth Rs
3,000.

Figure 6

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 Registration is Completed Now

Now you are at Home Screen where You can check the latest payment that you received from our customers.

And Various options as per your wish to do.

Figure 7

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 Wallet

You can check your wallet that you have received Rs 3000 in there.

Figure 8

Advertisement Feature

You can advertise from our platform through below given ways:

• Pop ups: on app opening pop up will be there highlighting the provider

• Push notifications

• SMS notification

33
• WhatsApp notification

• Listing top rated

• Banner

• Story

34
 Figure 9

Benefits

• You can promote your business to a lot of people via different ways

• You can show to people what’s new you are adding in your business

• You can add additional offers for your customers so that they always come at your business only and become
more loyal to you.
Figure 10
Branding Feature

As you can advertise, so you can also request for some cool and best designs as per your requirement for your
business. It will help you look Professional and More Effective in front of your customers so that they can feel
like an experience under a Brand.

Figure 11

Welcome to Gastos Provider Club Now you have understood the entire idea and process of registration.
It’s time to get you on board so that we can help you get more and more customers to improve your
business and present you as a Brand in your City. Start your journey from “Local Dukaan” to “Branded
Store” with us.
 RESEARCH METHODLOGY

Research Methodology is a way to solve the research problem in a systematic way. The research strategy
which forms the basic structure of the entire research project is methodology which helps in identifying the
methods to be used. Research methods and Research Methodology are two different concepts which has to
understood research methods can be understood as all the methods or techniques that will be used in the
research project, various research types have various methods and techniques. Research Methodology forms
the base of every research and the scope of research methodology is much wider than that of research methods
because research methodology also means specifying the logic behind the methods or the techniques, we use to
conduct research. Research Methodology also explains how to conduct research, how to find the information
and how to present the collected data. For example, how an architect designs a building he has to specify every
single detail and has to evaluate every single decision that he has taken and specify the result. Research
Methodology can be different for every research problem.

OBJECTIVES OF THE STUDY

Research objectives state or describe what the research is trying to achieve or what we expect to achieve by the
project. The objectives of the study give a brief idea about the areas of the research which is studied. Research
objectives help in the formulation of Hypothesis for the study and it also helps in narrowing down the research
and helps in focusing on the point.
Here are some of the objectives of the study: -
• To study the impact of online payment applications on merchants.
• To analyse the problems faced by the users while using online modes of payment.
• To know whether going cashless has helped the Indian economy.
 HYPOTHESIS OF THE STUDY

The principal instrument in any research is the Hypothesis of the research. A hypothesis is a proposed
explanation for the research problem to be solved. The integral part of a research project is the framing of the
hypothesis. Hypothesis framed has to be clear, precise and specific. Hypothesis framed should consider the
objectives of the research. There are two types of hypotheses i.e., Null hypothesis and Alternative hypothesis.
The null hypothesis states that there is no relation between the variables. The alternative hypothesis states that
there is relation between the variables. The Hypothesis designed should help us to find if there is any relation
between the variables that is being studied in the research project. The study on the topic is based on 1
Hypothesis:

Hypothesis 1: -

H0: There is no significant relationship between Gastos provider and consumer satisfaction.
H1: There is significant relationship between Gastos provider and consumer satisfaction.

TYPES OF STUDY

There are various types of study for doing research and they are:

• Quantitative Research: - Quantitative research is based on the measurement of quantity or the amount. It is
applicable to the phenomena that can be expressed through quantity. Quantitative research is used to solve
problems through numbers. It is a systematic investigation by collecting quantifiable data and performing
mathematical and statistical techniques.
• Qualitative Research: - Qualitative research is concerned with qualitative phenomena which means the
quality or the kind. This type of research is used in behavioural sciences in which it is important to find the
underlying motives and desires of human behaviour. Qualitative research can be applied using words, feelings,
emotions etc.

• Applied Research: - Research can be applied (action) research which aims to finding the solution for an
immediate problem facing by the society or any business organization. In applied research the main aim is to
find the solution to a particular problem.

• Empirical Research: - Empirical research is based on experience or observations. It is research which is

based on data which is capable of being verified by experiment so it can be called as experimental research. In
this type of research, the researcher should get the facts, data or the evidence to prove or disprove his hypothesis.

• Analytical Research: - In Analytical research the researcher has to use already available facts, information,
data and analyse them to draw a critical evaluation on the material.

• Descriptive Research: - This type of research includes surveys and fact-finding enquiries of various kinds.
The main characteristics of this research is that the researcher has no control over the various variables of the
research and can only report of what has happened or what is happening. In social science and business and
finance we often use descriptive research and descriptive research is studied by taking various Review of
literature in the research project.
The best advantages of conducting descriptive research are that we can study both the qualitative aspects of the
research as well as the quantitative aspects.

This research is based on Descriptive study as it studies both the qualitative and quantitative aspects of online
payment applications. Descriptive research is used to understand the concept behind the topic and to find the
problems faced on the research. However, my research also studies various Review of literature which acts as a
base for the study. In this research various online payments applications are studied and focus is given to Gastos
provider and my research perception of merchants towards UPI.
SAMPLE SIZE

Sample size refers to the number of respondents or participants or observations which is included in the
research. This is the term which is used to define the subjects of the study which is selected from the entire
population for the specific study. Sample size is an important feature in the entire research as through this we
understand the strength of our study i.e., the respondents. Correct sample size can give accurate results. The
sample size in this research is 80 respondents from the area Noida to greater Noida. so this becomes our
sample size. As the sample size is small to study the topic there may be slight inaccuracy of data which is
further stated in the research.

SAMPLE DESIGN

Sample design is classified into 2 types: - Probability sampling and non-probability sampling. Probability
sampling is also known as random sampling or chance sampling in which every item has an equal chance of
inclusion in the sample. The result obtained from probability sampling or random sampling can be assured in
terms of probability. Non-probability sampling is also known by deliberate sampling, judgement sampling. In
this type of sampling items for the sample are deliberately selected by the researcher. For the purpose of this
research, I have used probability random sampling for collecting responses as fixed set of questions were asked
to a small set of respondents.

DATA COLLECTION METHOD

Data for the study was collected from primary as well as secondary sources.
Primary Sources of Data Collection –

For this research primary source of data collection was done by survey method. The survey was conducted
through Structured Questionnaire which was asked to the respondents. The questionnaire was prepared keeping
in mind the objectives of the study and also the hypothesis of the study. The questions asked to the respondents
were close end so that the respondents could answer quickly without any problem. The questionnaire was
prepared with the help of Google forms. The questionnaire was divided in to 2 main parts i.e., the age, gender
and other details of the respondents and the questions relating to the topic.

Secondary sources of Data Collection: -

Secondary sources of data mean the data that is already available on various platforms. Secondary data can be
obtained by various publications by the central or the state government or by any organizations, journals,
books, magazines, and even newspapers, reports published by various organizations, schools, universities etc.
This type of data collection is used to gain more knowledge of the topic of our research by collecting articled
by authors who have previously researched on the topic that we have selected. In this study secondary data was
collected through various websites, online journals, which helped in completing the review of literature.
Secondary source of data collection was useful to understand the research topic more accurately.

QUESTIONNAIRE:

MERCHANT SURVEY

1. Which methods of payment do you offer your customers?

Mark only one oval.

Cash

Credit card

Debit card
 Mobile wallets Any other

2. Which mobile payment options do you offer?

Mark only one oval.

Paytm

Google Pay

PhonePe

Any other

3. Why did you decide to offer digital payments?

Mark only one oval.

Customer demand

Market hype

Competitor pressure

Benefits & discounts

Other

4. Have you ever considered offering digital payments?

Mark only one oval.

Yes
No
5. If you have considered offering digital payments, why did you choose not to?

Mark only one oval.

No customer demands

Expensive

Too complicated

Never heard of it

Other

6. Have you ever been approached by one of the digital payment’s companies?

Mark only one oval.

Yes
No

7. What would make you consider adopting them?

Mark only one oval.

Easy setup

Low fees

Discounts

Any other
8. Why have you not adopted UPI payments?

Mark only one oval.

No customer demands

Expensive

Too much hassle

Never heard of it Other

9. Does your business have a website?

Mark only one oval.

Yes
No

10. If you have a website, do you sell products or services through it?

Mark only one oval.

Yes
No

11. Do you use mobile wallets for personal use?

Mark only one oval.

 Yes
No

12. Do you think accepting payments through mobile wallets will make a difference in your sales numbers?

Mark only one oval.

Yes
No

Data Analysis

Data analysis is the practice of working with data to glean useful information, which can then be used to make
informed decisions. This idea lies at the root of data analysis. When we can extract meaning from data, it
empowers us to make better decisions. And we’re living in a time when we have more data than ever at our
fingertips. The collected data was analysed by using pie-charts and the analysis of the collected data is given
bellow. Data analysis helps us to determine whether our hypothesis is accepted or not. And it is also useful to
determine whether all our objectives are fulfilling or not. Data analysis helps us to draw a conclusion or a
result to our research problem. Overall Analysis of Online payment application on the basis of survey. Total
Respondents: 45 respondents
 Figure:1

Interpretation-

The above diagram is a Pie-chart. A pie-chart is a statistical graphic which is divided into pieces that
demonstrate the proportion of our data.

A pie-chart is used to demonstrate the data collected by the respondents. The above question is the method of
payments do you offer and the two options are Cash, CC, DC, Mobile wallets & any other.

Total respondents are 45 Cash respondents are in

count.
CC respondents are 2 in count.
DC respondents are 4 in count.
Mobile wallets respondents are 12 in count.
Any other respondents are 6 in count.
Total Cash respondents are 46.7% of the whole number of respondents and CC respondents are 4.4 %, DC
respondents are 8.9%, Mobile wallets respondents are 26.7% and any other respondents are 13.3% out of 100%.

This shows that there are more Cash respondents as compared to other respondents in our study.
Figure 1

Interpretation-

The above diagram is a Pie-chart. A pie-chart is a statistical graphic which is divided into pieces that
demonstrate the proportion of our data.

A pie-chart is used to demonstrate the data collected by the respondents. The above question is that Which
mobile payment options do you offer? and the options are Paytm, Google Pay, PhonePe, Any other.

Total respondents are 45

Paytm respondents are 21 in count.

Google Pay respondents are 15 in count.

PhonePe respondents are 7 in count.

Any other respondents are 2 in count.
Total Paytm respondents are 46.7% of the whole number of respondents, Google Pay respondents are 33.3%,
PhonePe respondents are 15.6%, and any other respondents are 4.4% out of 100%.
This shows that there are more Paytm respondents as compared to other respondents in our study.
Figure 2

Interpretation-

The above diagram is a Pie-chart. A pie-chart is a statistical graphic which is divided into pieces that
demonstrate the proportion of our data.

A pie-chart is used to demonstrate the data collected by the respondents. The above question is that Why did
you decide to offer digital payments? and the options are Customer demand, Market hype, Competitor pressure,
Benefits & discounts and Other.

Total respondents are 45

Customer demand respondents are 23 in count.

Market hyper respondents are 3 in count.

Competitor pressure respondents are 2 in count.
Benefits & discounts respondents 14 in count.
Other respondents are 3 in count.

Total Customer demand respondents are 51.1% of the whole number of respondents, Market hype respondents
are 6.7%, Competitor pressure respondents are 4.4.6%, Benefits & discounts respondents are 31.1 and other
respondents are 6.7% out of 100%.
This shows that there are more Customer demand respondents as compared to other respondents in our study.

Figure 3

Interpretation-

The above diagram is a Pie-chart. A pie-chart is a statistical graphic which is divided into pieces that
demonstrate the proportion of our data.

A pie-chart is used to demonstrate the data collected by the respondents. The above question is that Have you
ever considered offering digital payments? and the two options are Yes and No.

Total respondents are 45 Yes, respondents are

38 in count.
No respondents are 7 in count.
Total Yes respondents are 84.4% of the whole number of respondents and No respondents are 15.6 out of 100%.

This shows that there are more Yes respondents as compared to other respondents in our study.
Figure 4

Interpretation-

The above diagram is a Pie-chart. A pie-chart is a statistical graphic which is divided into pieces that
demonstrate the proportion of our data.

A pie-chart is used to demonstrate the data collected by the respondents. The above question is that if you have
considered offering digital payments, why did you choose not to? and the options are No customer demand,
Expensive, too complicated, never heard of it, Other.

Total respondents are 45

No customer demand respondents are 11 in count.

Expensive respondents are 2 in count.

Too complicated respondents are 10 in count.
Never heard of it respondents 3 in count.
Other respondents are 19 in count.
Total No customer demand respondents are 24.4% of the whole number of respondents, Expensive respondents
are 4.4%, Too complicated respondents are 22.2%, Never heard of it respondents are 6.7% and other
respondents are 42.2% out of 100%.

This shows that there are more others respondents as compared to other respondents in our study.
Figure 5

Interpretation-

The above diagram is a Pie-chart. A pie-chart is a statistical graphic which is divided into pieces that
demonstrate the proportion of our data.

A pie-chart is used to demonstrate the data collected by the respondents. The above question is that Have you
ever been approached by one of the digital payment’s companies? and the two options are Yes & No.

Total respondents are 45

Yes, respondents are 29 in count.
No respondents are 16 in count.

Total Yes respondents are 64.4% of the whole number of respondents and No respondents are 35.6 out of 100%.

This shows that there are more Yes respondents as compared to other respondents in our study.
Figure 6

Interpretation-

The above diagram is a Pie-chart. A pie-chart is a statistical graphic which is divided into pieces that
demonstrate the proportion of our data.

A pie-chart is used to demonstrate the data collected by the respondents. The above question is that What would
make you consider adopting them? and the options are Easy setup, Low fees, Discounts and Any other.

Total respondents are 45

Easy setup respondents are 27 in count.
Low Fees are 5 in count.
Discount respondents are 9 in count.
Any Other respondents are 4 in count.
Total Easy setup respondents are 60% of the whole number of respondents, Low fees are 11.1%, Discounts
respondents are 20%, and any other respondents are 8.9% out of 100%.

This shows that there are more Easy setup respondents as compared to other respondents in our study.
Figure 7

Interpretation-

The above diagram is a Pie-chart. A pie-chart is a statistical graphic which is divided into pieces that
demonstrate the proportion of our data.

A pie-chart is used to demonstrate the data collected by the respondents. The above question is that Why have
you not adopted UPI payments? and the two options are No customer demand, Expensive, too much hassle,
never heard of it, and Other.

Total respondents are 45

No customer demand respondents are 12 in count.

Expensive respondents are 2 in count.

Too much hassle respondents are 8 in count.
Never heard of it respondents 3 in count.
Other respondents are 20 in count.
Total No customer demand respondents are 26.7% of the whole number of respondents, Expensive respondents
are 4.4%, Too much hassle respondents are 17.8%, Never heard of it respondents are 6.7% and other
respondents are 44.4% out of 100%.

This shows that there are more others respondents as compared to other respondents in our study.
Figure 8

Interpretation-

The above diagram is a Pie-chart. A pie-chart is a statistical graphic which is divided into pieces that
demonstrate the proportion of our data.
A pie-chart is used to demonstrate the data collected by the respondents. The above question is that Does your
business have a website? and the two options are Yes & No.

Total respondents are 45 Yes, respondents are

22 in count.
No respondents are 23 in count.

Total Yes respondents are 48.9% of the whole number of respondents and No respondents are 51.1 out of 100%.

This shows that there are more No respondents as compared to other respondents in our study.
Figure 9

Interpretation-

The above diagram is a Pie-chart. A pie-chart is a statistical graphic which is divided into pieces that
demonstrate the proportion of our data.

A pie-chart is used to demonstrate the data collected by the respondents. The above question is that if you have
a website, do you sell products or services through it? and the two options are Yes & No.

Total respondents are 45

Yes, respondents are 26 in count.

No respondents are 19 in count.

Total Yes respondents are 57.8% of the whole number of respondents and No respondents are 42.2 out of 100%.

This shows that there are more Yes respondents as compared to other respondents in our study.
Figure 10

Interpretation-

The above diagram is a Pie-chart. A pie-chart is a statistical graphic which is divided into pieces that
demonstrate the proportion of our data.

A pie-chart is used to demonstrate the data collected by the respondents. The above question is that Do you use
mobile wallets for personal use? and the two options are Yes & No.

Total respondents are 45 Yes, respondents are

36 in count.
No respondents are 8 in count.
Total Yes respondents are 81.8% of the whole number of respondents and No respondents are 18.2 out of 100%.

This shows that there are more Yes respondents as compared to other respondents in our study.
Figure 11

Interpretation-

The above diagram is a Pie-chart. A pie-chart is a statistical graphic which is divided into pieces that
demonstrate the proportion of our data.

A pie-chart is used to demonstrate the data collected by the respondents. The above question is that Do you
think accepting payments through mobile wallets will make a difference in your sales numbers? and the two
options are Yes & No.

Total respondents are 45 Yes, respondents are

34 in count.
No respondents are 11 in count.
Total Yes respondents are 75.6% of the whole number of respondents and No respondents are 24.4 out of 100%.

This shows that there are more Yes respondents as compared to other respondents in our study.
• FINDINGS OF THE STUDY

➢ An online survey was conducted through structured questionnaire and in total we collected 45 responses
out of which: -

1. From the total respondents of 45, there was Cash respondents.

2. From the total respondents of 45, Majority of the respondents selected Paytm as a primary mod of
payment.

3. 51.1% of the total respondents had offered applications for online modes for making payments.

4. 46.7% of the total respondents had used Paytm for making payments.

5. 84.4% of the total respondents adopt online mode of payment to avail cashback offers and get
discounts as compared to physical payments and the respondents feel online payments are time saving
and convenient.

6. 26.7% of the total respondents use mobile wallets as a payment and only 46.7% of respondents use
cash.

7. 44.4% of the total respondents have the concern of fraud or theft while using E-payments and 60% of
respondents feel that transaction charges will be a concern while using payments.
 8. 84.4% of the total respondents agree that e-payment systems like UPI are a secure mode of payment
and use various e-payments modes.

9. 60% of the respondents use payment application because of easy setup and around 20% of the total
respondents use payment application because of discounts, 11.1 % of the respondents use applications
because of low fees.

10. Around 75.6% of the total respondents agrees that mobile wallets make difference in sales numbers
while accepting payments.

11. Around 81.8% of the total respondents are using mobile wallets for personal use.

12. According to the survey 64.4% of merchants are agreeing on the fact that they have been approached
by the payment companies.

RESULT

1. To study the impact of online payment applications on consumers-

After this survey, we find that before UPI, consumers are using cash, debit cards and credit cards as
transactions but now consumers are aware about UPI payment app which makes their transaction easy and
now no need to carry cash in their pockets. But still there are some consumers as well as some merchants
who are using cash except UPI and the consumers and merchants who are using UPI, they are mostly using
one UPI payment app that is Paytm. Mostly users are aware about more than one UPI payment app like
Google pay, PhonePe etc. but they are still using Paytm app because it is one of the easiest usable app and
the features of Paytm wallet makes it unique and it also gives wallet cashback and attractive scratch cards
which contains shopping vouchers.
2. To analyse the problems faced by the users while using online mode of payment-

After the survey, we find that the most of the users have more than one UPI payment app in their phone but
they are using Paytm app mostly. Some of the problems faced by the users while using online mode of
payment are server error. This problem is least faced in Paytm app than Google pay and PhonePe app.
Also, the users who are using UPI payment app for the first time, the users are mostly afraid of fraud while
using these apps.

3. To know whether going cashless has helped the Indian economy.

After this study, we found that the going cashless helped the Indian economy system. Nowadays, People
are aware about the online transaction and UPI payment app. This helps to reduce corruption and the flow
of black money which results in an increase of economic growth. Also, the expenditure used in printing
and transportation of currency notes is reduced. This helps in lowering the risk of theft, and tracking
spends of the transaction. Also, it is convenient to use and also helps in saving the time of the users. In this
way, going cashless has helped the Indian economy system.
 CONCLUSION

An online survey was conducted through structured questionnaire which received 45 responses some of the
respondents did not answer the questions accurately which proved to be the limitation of the study. From the
survey conducted it can be seen that many people are adopting cashless mode of payment as it has its own pros
like it: - reduces time and is convenient to use as well as various online payment apps offers various cashback
offers and discounts as well for encouraging people to use digital mode of payment. A consumer can track all
their expenses with online payment.

The concern that consumers have is their security, their privacy being hacked or leaked, high transaction
charges etc.

With the increase in the usage of smartphones the world has come closer and with a single touch any payment
can be done. In our study it can be seen that the consumers or the respondents are satisfied with the use of
Mobile Wallets for making various payments and that online modes of payments are increasing day –by-day
with the increase in various technologies which facilitate the entire process of a transaction.

As it can be seen that cashless economy or the use of online payment application has its various advantages and
disadvantages so if any government is planning to adopt cashless economy should carefully analyse the
situation of the country.

The government of India is taking efforts to encourage the people of India to use digital modes of payments
along with the private sector companies.
 SUGGESTION AND RECOMMENDATION

1. The merchants should be more careful while using the UPI or any other online payment
method.

2. The merchants should be more aware about the frauds that happen with the help of these
payment apps.

3. The merchants should not share their details with anyone on the Internet as there are some
fraud sites

available on the Internet.

4. Don't share your UPI OTP with anyone else and don't share your UPI pin.
 LIMITATIONS OF THE STUDY

There are certain limitations to every research as in research cannot cover all the aspects of the topic cannot be
covered and because of certain uncontrollable factors and variables limitations arise in a study.
Limitation of the study reduces the accuracy of the research project.
Here are certain Limitations of this study: -

• This research was carried in a shorter period of time with limited geographical areas into consideration.
• Some of the respondents did not answer the questions accurately with interest.
• The sample size was small and constraint, the research would have been accurate if the sample size was
more.
• For this research the scope of discussion was limited, the research could have been in more depth.
 BIBLOGRAPHY

There was extensive need and flow of information while conducting the analysis as well as while writing a report,
which was gathered through various sources, listed below:

1. Company’s Brochure

2. Company’s Website

Websites-

1. https://www.tofler.in/gastos-private-limited/company/U74999HR2020PTC0873…

2. https://in.linkedin.com/company/gastos-private-limited

3. https://en.wikipedia.org/wiki/Unified_Payments_Interface

4. cashlessindia.gov.in/upi.html