A STUDY ON CUSTOMER PRESCRIPTION ON

USAGE OF UPI
A Project Report

Submitted in partial fulfillment of the Requirements for the award of the Degree of

BACHELOR OF MANAGEMNT STUDIES

By

Ms. ARUSHI DINESH

GOREGAONKAR (Roll No: M-7027)

Under the esteemed guidance of

Prof. Ms. AKSHATA RANAVADE

MODERN EDUCATION SOCIETY

D. G. RUPAREL COLLEGE OF ARTS, SCIENCE & COMMERCE

(Affiliated to University of Mumbai)

SENAPATI BAPAT MARG, MAHIM, MUMBAI, 400

016 MAHARASHTRA

MARCH 2024

1
 CERTIFICATE

This is to certify that ARUSHI DINESH GOREGAONKAR student of TYBMS Semester VI of the D. G.
Ruparel College of Arts, Science and Commerce has successfully completed the project report on “A
STUDY ON CUSTOMER PRESCRIPTION ON USAGE OF UPI” under the guidance of
PROF. AKSHATA RANAVADE for the academic year 2023-24.

INTERNAL EXAMINER EXTERNAL

EXAMINER PROF. AKSHATA RANAVADE

VIDYA PATIL
( VICE PRINCIPAL ) COLLEGE SEAL

Date of Submission: //

Place: Mumbai

2
 DECLARATION BY LEARNER

I the undersigned ARUSHI DINESH GOREGAONKAR here by, declare that the work
embodied in this project work titled “A STUDY ON CUSTOMER PRESCRIPTION ON
USAGE OF UPI” forms my own contribution to the research work carried out under the
guidance of Prof. AKSHATA RANAVADE is a result of my research work and has not been
previously submitted to any other University for any other Degree/Diploma to this or any
other University. Wherever reference has been made to previous works of others, it has been
clearly indicated as such and included in the bibliography.
I, here by further declare that all information of this document has been obtained
and presented in accordance with academic rules and ethical conduct.

ARUSHI DINESH GOREGAONKAR.

PROF. AKSHATA RANAVADE

(Project Guide)

DATE: / /

3
ACKNOWLEDGEMENT

To list who all have helped me is difficult because they are so numerous and the depth is so
enormous.
I would like to acknowledge the following as being idealistic channels and fresh dimensions
in the completion of this project. I take this opportunity to thank the University of Mumbai
for giving me chance to do this project. I would like to thank my I/C Principal, Dr. Dilip
Maske for providing the necessary facilities required for completion of this project
I take opportunity to thank our Coordinator blank for her moral support and guidance.
I would like to express my sincere gratitude towards my project Mentor Prof. Akshata
Ranavade whose guidance and care made the project successful. I would like to thank my
College Library, for having provided various reference books and magazines related to my
project. Lastly, I would like to thank each and every person who directly or indirectly helped
me in the completion of the project especially my Parents and Peers who supported me
throughout my project

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 INDEX
SR.NO Description Page
No.
1. CHAPTER-1

1 Abstract

2 Introduction

1.1 Digital payment

1.1.1 Usage of digital payments

1.1.2. Digital payment in India

1.1.3 Mode of digital payments.

1.2 Plastic money

1.2.1 Types of plastic money

1.2.2 Advantages of plastic money

1.2.3 limitations of plastic money

1.2.4. Fraudulent activities of plastic money

1.2.5 The introduction of UPI has certainly impacted

the usage and perception of plastic money

1.2.6. Reasons why UPI is considered better than

plastic money

5
1.3 UPI

1.3.1 Meaning of Up

1.3.2 Characteristics of UPI

1.3.3 Advantages of UPI

1.3.4 Benefits of UPI

1.3.5 installation & registration process

1.3.6 Various app available

1.3.7 Fraudulent activities associated with UPI

1.3.7 Up scams

1.3.8 Protect from UPI scam

1.3.9 Protect yourself from losing

money Frauds UPI

1.3. 10 Factor that successful in India

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2. CHAPTER-2

RESEARCH & METHODOLOGY

2.1 Scope of the Study

2.2 Objectives of the Study

2.3 Significance of the Study

2.4 Limitation of the Study

2.5 Problem faced when using UPI

3. CHAPTER-3

LITERATURE & REVIEW

3.1 Relevant Studies

4. CHAPTER-4

CLASSIFICATION OF TABULATION OF DATA

5. CHAPTER-5

ANALYSIS & INTERPRETATION OF DATA

6. CHAPTER-6

FINDINGS, CONCLUSION &

RECOMMENDATION

7. CHAPTER-7

ANNEXURE: - QUESTIONNAIRE

7
8. CHAPTER-8

BIBLOGRAPHY

8
ABSTRACT

The introduction of the Unified Payments Interface (UPI) in India has led to a significant shift
in the payment landscape. UPI is a real-time payment system that allows users to transfer
money directly from one bank account to another using a mobile app. Since its launch in
2016, UPI has become increasingly popular among users, with more than 2.7 billion
transactions processed in February 2022 alone. With the growing adoption of UPI, many
people have started to question the relevance of plastic money, such as credit and debit cards.

However, plastic money still holds a significant place in the payment ecosystem. While UPI
offers many advantages, such as real-time transactions and the ability to make payments
without the need for physical cards, credit and debit cards also offer many benefits that
cannot be ignored. For instance, credit cards allow users to borrow money up to a certain
credit limit, while debit cards are linked to the user's bank account and allow them to make
purchases using the funds available in their account.

One of the primary advantages of plastic money is its widespread acceptance. Credit and
debit cards are accepted at most merchants across India, including both online and offline
stores. In contrast, UPI is still gaining traction in some areas and may not be accepted at all
merchants. This is particularly true in rural areas, where there may be limited access to smart
phones or internet connectivity. As a result, many people continue to use plastic money for
their day-to- day transactions.

Moreover, plastic money offers many rewards and incentives that make them an attractive
option for users. For instance, many credit and debit cards offer cash back, reward points, or
discounts on purchases made at select merchants. These rewards can help users save money on
their transactions, making plastic money an appealing option. Another advantage of plastic
money is its ability to provide users with a credit history. Credit cards, in particular, allow
users to build their credit score by making timely payments and maintaining a good credit
utilization ratio. This can be beneficial when applying for loans or other financial products in
the future. However, there are also some drawbacks to using plastic money. For instance,
credit cards can lead to over spending and may result in high-interest charges if the balance
is not paid off in
9
full each month. Additionally, credit and debit cards are vulnerable to fraud and security
breaches, which can result in the loss of money or sensitive information.

In conclusion, while UPI has changed the way people make payments, plastic money still
holds a significant place in the payment ecosystem. The convenience and rewards offered by
credit and debit cards, coupled with their wide spread acceptance, make them a popular
choice for many consumers. As UPI continues to gain traction, it is likely that plastic money
will continue to evolve and adapt to the changing needs of consumers.

10
CHAPTER 1

1. INTRODUCTION

In recent years, the adoption of digital payment methods has witnessed a significant surge
globally, with India emerging as a prominent player in the digital payments landscape.
Among the various digital payment systems available, the Unified Payments Interface (UPI)
has garnered widespread attention and adoption due to its convenience, accessibility, and
versatility. The Unified Payments Interface (UPI) is a real-time payment system developed by
the National Payments Corporation of India (NPCI), aimed at facilitating inter-bank
transactions in India. Launched in 2016, UPI has revolutionized the way individuals and
businesses conduct financial transactions by providing a seamless and secure platform for
transferring funds between bank accounts.
As UPI continues to gain momentum, it becomes imperative to understand the consumer
sentiment and opinion regarding this innovative payment system. Consumer opinions play a
crucial role in shaping the future direction of UPI and influencing its adoption and usage
patterns. Therefore, conducting a comprehensive study to gauge consumer opinion on UPI is
essential for stakeholders, including policymakers, financial institutions, merchants, and
technology providers. The objectives of this study are twofold: Firstly, to assess the level of
awareness, usage, and satisfaction among consumers regarding UPI. Secondly, to identify the
key drivers and barriers influencing consumer perceptions and behaviors towards UPI
adoption

Methodology:
This study will employ a mixed-methods approach, combining quantitative surveys and
qualitative interviews to gather insights into consumer opinions on UPI. The target population
will include a diverse sample of Indian consumers across various demographic segments,
including age, gender, income level, and geographic location.
Quantitative Surveys: A structured online survey will be administered to collect quantitative
data on consumer awareness, usage patterns, satisfaction levels, and perceived benefits and

11
challenges associated with UPI. The survey questionnaire will be designed to elicit responses

12
on multiple aspects of UPI, including frequency of usage, preferred use cases, ease of use,
security perceptions, and likelihood of recommending UPI to others.

Data Analysis:
Quantitative data collected through surveys will be analyzed using statistical techniques to
identify trends, patterns, and correlations in consumer responses. Qualitative data from
interviews will be thematically analyzed to uncover recurring themes, opinions, and
narratives related to UPI usage.

Significance:

The findings of this study will offer valuable insights into consumer perceptions, preferences,
and experiences with UPI, informing strategic decision-making by policymakers, financial
institutions, merchants, and technology providers. By understanding consumer opinion on
UPI, stakeholders can devise targeted interventions to address consumer needs, enhance user
experience, and drive greater adoption and acceptance of UPI as a preferred payment method
in India.

Our study is all about finding out what people think about UPI, a way to pay for things using
your phone. We want to know if people like using UPI, how easy they find it, and if they
have any problems with it. By asking people questions and listening to what they say, we
hope to understand why some people use UPI a lot and why others don't use it much. This
information can help make UPI better and easier for everyone to use.

Our study is about understanding what people think about UPI, a way to pay for things using
your phone. We're curious to know how much people know about UPI, how often they use it,
and what they like or don't like about it. We'll talk to different people and ask them questions
to learn why some people love using UPI, while others might not use it much. By gathering
this information, we can help make UPI even better and more useful for everyone.

13
 1.1 DIGITAL PAYMENT

Digital payment, also known as electronic payment or e-payment, is a method of making

transactions using digital channels instead of traditional cash or checks. With the
advancement of technology and the widespread use of smart phones and computers, digital
payment has become increasingly popular and has transformed the way we make payments.

Digital payments allow users to transfer funds, make purchases, pay bills, and conduct other
financial transactions using various platforms such as mobile phones, computers, tablets, and
other electronic devices. Payment information is securely transmitted through encrypted
channels and processed electronically, making transactions faster, more convenient, and often
more secure than traditional payment methods.

The adoption of digital payments is driven by factors such as convenience, speed, security,
and cost-effectiveness. They also offer greater security and protection against fraud, as digital
transactions can be tracked and monitored more easily.

Overall, digital payment is an increasingly important and essential component of modern

financial transactions, and its adoption is expected to continue to grow as technology
advances and more people seek the convenience and benefits of digital payments.

14
 1.1.1 Usage of digital payments:

1. Convenience:

• Digital payments offer unparalleled convenience as transactions can be completed quickly

and easily from anywhere with an internet connection.

• Users can make payments or transfer funds at any time, eliminating the need to visit
physical banks or ATMs.

2. Cost-Effectiveness:

• Digital payments can be more cost-effective than traditional methods, as they eliminate the
need for physical infrastructure such as bank branches and paper-based transactions.

• Many digital payment platforms offer lower fees or even free transactions, reducing the
overall cost of financial transactions for individuals and businesses.

3. Speed:

• Digital payments are processed much faster than traditional methods, with transactions
typically settling within seconds or minutes.

• This speed is particularly advantageous for businesses, as it accelerates cash flow and
enables faster order fulfilment and delivery.

4. Record Keeping:

• Digital payments leave a digital trail, providing users with detailed records of their
transactions. • This facilitates easier budgeting, expense tracking, and financial planning, as
users can easily access and analyses their transaction history.

15
5. Integration with Other Services:

• Digital payment platforms often integrate with other financial services and applications,
such as budgeting tools, accounting software, and e-commerce platforms.

6. Global Reach:

• Digital payments enable cross-border transactions, allowing individuals and businesses to

send and receive money internationally without the need for traditional banking channels.

• This global reach fosters international trade, facilitates remittances, and promotes economic
growth on a global scale.

7. Innovation:

• The digital payments landscape is constantly evolving, with new technologies and payment
methods emerging regularly.

• Innovations such as mobile wallets, crypto currencies, and block chain-based solutions are
revolutionizing the way people think about and conduct financial transactions.

8. Financial Inclusion:

• Digital payments have the potential to promote financial inclusion by providing access to
banking services for underserved populations, such as those without a traditional bank
account.

• By leveraging mobile phones and digital platforms, financial services can reach previously
unbanked or under banked individuals, empowering them economically.

16
9. Contactless Transactions:

• With the rise of NFC (Near Field Communication) technology, digital payments enable
contactless transactions, reducing the need for physical contact during payment.

• This is particularly beneficial during situations such as the COVID-19 pandemic, where
minimizing physical contact helps to prevent the spread of disease.

10. Personalization:

• Digital payment platforms often utilize data analytics to offer personalized

recommendations and rewards to users based on their transaction history and preferences.

• This personalized approach enhances the user experience and encourages loyalty to specific
payment providers or merchants.

11. Subscription Services:

• Many digital payment platforms support recurring payments, making them ideal for
subscription-based services such as streaming media, software subscriptions, and utility bills.

• Users can set up automatic payments, eliminating the need to manually renew subscriptions
each month.

12. Peer-to-Peer (P2P) Payments:

• Digital payment apps and platforms facilitate peer-to-peer payments, allowing individuals
to send money to friends, family, or colleagues quickly and easily.

• P2P payments are often used for splitting bills, reimbursing expenses, or sending gifts on
special occasions.

17
13. Cash-back and Rewards:

• Digital payment platforms often offer cash-back rewards, loyalty points, or discounts to
users for making purchases using their services.

• These incentives encourage consumers to use digital payments over cash or other methods
and help drive customer engagement.

14. Charitable Donations:

• Many digital payment platforms enable users to make charitable donations with ease,
supporting various causes and organizations around the world.

• Users can contribute to charities directly through the platform, often with the option to set
up recurring donations.

15. Financial Education and Management:

• Some digital payment platforms offer educational resources and tools to help users improve
their financial literacy and management skills.

• Features such as budgeting tools, spending analysis, and financial planning calculators
empower users to make informed decisions about their finances.

17
1.1.2 DIGITAL PAYEMENT IN INDIA
➢ BHIM (Bharat Interface for Money):

BHIM is a UPI-based payment app developed by the NPCI. It enables users to make
payments using their UPI ID or mobile number and has become a popular digital payment
mode in India.

➢ UPI (Unified Payments Interface):

UPI is a real-time payment system developed by the National Payments Corporation of India
(NPCI) that enables users to transfer money between bank accounts instantly. UPI has
become one of the most popular digital payment modes in India, with many payment apps
and banks offering UPI-based payment services.

➢ Mobile wallets:

Mobile wallets such as Paytm, Ponape, and Google Pay are popular digital payment modes in
India. Users can add money to their mobile wallets and use them to make payments for a
wide range of services, including bills, mobile recharges, and online shopping.

➢ Debit/credit cards:

Debit and credit cards are widely used for digital payments in India. Most banks issue debit
and credit cards that can be used to make payments at online and offline merchants.

➢ Aadhaar-enabled payment system (Ape’s):

Ape’s is a payment system that enables users to make transactions using their Aadhaar
number and fingerprint authentication

18
 ➢ NFC-based payments:

Near Field Communication (NFC)-based payments allow users to make payments by tapping
their mobile devices or cards on a payment terminal. Many banks and payment providers in
India offer NFC-based payment services.

 QR Code Payments: QR code-based payments are widely used in India, allowing merchants
to accept payments by scanning a QR code displayed on their premises.

 Security Concerns: Despite the convenience, there are concerns about the security of digital
payments, including fraud and data breaches. Users are encouraged to take precautions such
as using secure networks and keeping their credentials

 confidential. Cashless Economy: The Indian government has been pushing for a transition
towards a cashless economy to reduce the reliance on physical currency and curb black
money transactions.

19
 1.1.3 Modes of digital payment

1. Credit and Debit Cards:

These are the most widely used digital payment methods, allowing users to make purchases
online, in-store, or over the phone by entering card details or using contactless technology.

2. Mobile Wallets:
Mobile payment apps like Apple Pay, Google Pay, Samsung Pay, and various banking apps
allow users to store their card information securely on their smartphones and make payments
by tapping their devices at compatible terminals.

3. Bank Transfers:
Online banking platforms enable users to transfer money electronically between bank
accounts. This can be done through internet banking websites, mobile banking apps, or third-
party payment platforms like PayPal or Venmo.

4. UPI (Unified Payments Interface):

20
 UPI is a real-time payment system developed by the National Payments Corporation of India
(NPCI). It allows users to transfer funds instantly between bank accounts using a virtual
payment address (VPA) or scanning a QR code.
5. Digital Wallets:
These are virtual wallets that users can preload with funds and use to make purchases or send
money to others. Examples include PayPal, Skrill, and Paytm.

6. Contactless Payments:
This involves using NFC (Near Field Communication) technology to make secure payments
by tapping a contactless card or smartphone on a compatible payment terminal.

7. QR Code Payments:
Merchants can generate QR codes that customers can scan using their smartphones to make
payments. This method is popular in markets, cafes, and small business

1.2 Plastic Money

Plastic money, also known as a plastic card, is a form of payment made with a plastic card
instead of cash or check. The term "plastic money" was first used in the 1960s and has since
become a ubiquitous part of modern society. Plastic money includes credit cards, debit cards,
and other payment cards that are made of plastic.

The origin of plastic money can be traced back to the early 20th century when merchants
began issuing credit cards to their customers. However, these early credit cards were limited
to use within a specific store or company. It wasn't until the 1950s that the concept of the
credit card as we know it today was developed.

In 1950, Diners Club introduced the first credit card that could be used at multiple merchants.
The card was initially intended for use by business executives who needed to travel and
entertain clients. The card allowed them to charge expenses to their account and pay the
balance at the end of the month. This was the first step towards the widespread use of plastic
money.

21
In 1958, American Express introduced the first plastic credit card, which was made of a
durable plastic material called celluloid. This new card was more durable and could be used
at more merchants than the Diners Club card. It was also the first card to offer a revolving
credit line, allowing cardholders to carry a balance from month to month.

In the 1960s, Bank of America introduced the first general-purpose credit card, known as the
BankAmerica. This card was eventually rebranded as Visa, which is now one of the largest
credit card issuers in the world. Mastercard, another major credit card issuer, was founded in
1966.

Debit cards, which allow customers to access funds directly from their bank account, were
introduced in the 1970s. The first debit card was issued by the First National Bank of Seattle
in 1978. Today, debit cards are one of the most common forms of plastic money, with many
people using them to make purchases and withdraw cash from ATMs.

Plastic money has made it easier for people to make purchases and has also made it easier for
merchants to accept payments. It has also led to increased consumer debt, with many people
carrying balances on their credit cards.

In conclusion, plastic money has come a long way since its early beginnings as a store
specific credit card. The introduction of general-purpose credit cards and the development of
debit cards have made plastic money an essential part of modern society. While there are
some concerns about the increased use of credit and the potential for consumer debt, plastic
money has also made it easier for people to make purchases and manage their finances.
Global Acceptance: Credit and debit cards are accepted globally, making them convenient for
travelers who can use them to make purchases and withdraw cash in foreign countries
without the need for currency exchange. Cashless Transactions: Plastic money promotes
cashless transactions, which can help reduce the risk of theft, streamline financial
transactions, and facilitate digital record-keeping for both consumers and businesses.
Electronic Payments With the advancement of technology, plastic money has evolved to
include contactless payment methods such as NFC (Near Field Communication) and mobile
wallets, further enhancing the convenience and security of electronic transactions.

22
Overall, plastic money has revolutionized the way people make payments, offering
convenience, security, and flexibility in financial transactions, and it continues to play a
significant role in the modern economy.

23
 1.2.1 Types of Plastic Money:

Plastic money refers to any type of payment card that is made of plastic material and can be used for
purchasing goods and services. The most common types of plastic money include:

• Credit Cards: These are issued by banks and financial institutions and allow users to borrow money
up to a certain credit limit. The user has to pay interest on the amount borrowed and any outstanding
balance.

• Debit Cards: These are linked to the user's bank account and allow them to make purchases using
the funds available in their account. Some debit cards also offer cash-back rewards.

• Prepaid Cards: These are loaded with a certain amount of money and can be used for purchases
until the balance is exhausted. Prepaid cards can be used for online transactions, travel expenses, and
other purchases.

• Charge Cards: Similar to credit cards, charge cards allow users to make purchases up to a certain
limit. However, the user is required to pay the full balance each month and there is no interest
charged.
• Gift Cards: These are preloaded with a certain amount of money and can be given as a gift to
someone. The recipient can use the gift card to purchase items at specific stores or online retailers.

• Store Cards: These are issued by specific stores or retailers and can be used only at those locations.
Store cards often offer discounts, rewards, or special financing options to incentivize customers to
use them.

Overall, plastic money provides a convenient and secure way to make transactions without the need for
cash.

24
1.2.2 ADVANTAGES OF PLASTIC MONEY

Here are some of the advantages of plastic money:

• Convenience:
One of the main advantages of plastic money is convenience. Credit and debit cards are widely
accepted, and users can make transactions quickly and easily without the need for cash or checks.
This makes plastic money a convenient payment option for both online and offline transactions
.
• Security:
Plastic money offers a higher level of security compared to cash. Credit and debit cards can be
locked if lost or stolen, and most banks offer fraud protection to their customers. This makes plastic
money a safer payment option for consumers.

• Record keeping:
Plastic money provides a record of all transactions, which makes it easier for users to track their
spending and budget their expenses. This is especially helpful for people who want to monitor their
expenses and avoid overspending.

• Rewards and discounts:

Many credit card companies offer rewards and discounts to their customers, such as cash-back,
points, and discounts on purchases. This makes plastic money a cost-effective payment option for
consumers who can take advantage of these rewards and discounts.

• Credit building:
Using credit cards responsibly can help build credit history and improve credit scores. This can be
helpful for people who are looking to apply for loans, mortgages, or other types of credit in the
future.

• Recordkeeping:
Transactions made with plastic money are recorded electronically, making it easier to track expenses
and manage finance

25
• Global acceptance:

26
Credit and debit cards are accepted worldwide, making them convenient for travel and online
purchases.

• Rewards and benefits:

Many cards offer rewards programs, cash-back, or other perks for using them, providing additional
value to users.

• Emergency funds:
Credit cards can provide a financial safety net in emergencies when cash may not be readily available.

 Easy to carry: Cards are lighter and fit easily into wallets compared to carrying a lot of cash.

 Safe: Cards have security features like PINs and can be canceled if lost, unlike cash which is
gone if stolen. Keep track of spending: Every transaction is recorded, helping to manage money
better
.
 Shop online: Cards allow buying things on the internet securely. Emergency money: Cards can
be used when you urgently need cash, even if you don't have any in hand.

 Get rewards: Some cards give you rewards like cashback or points for spending, which is like
getting free stuff for using your card.

27
1.2.3 Limitations of Plastic Money:

1) Risk of Overspending: With easy access to credit, there's a risk of overspending beyond
one's means, leading to debt accumulation and financial strain.

2) Interest Charges: Credit cards often come with high-interest rates on outstanding balances,
which can add up quickly if not paid off in full each month.

3) Fraud and Security Concerns: Despite security features, credit and debit card information
can still be compromised, leading to fraudulent transactions and identity theft.

4) Fees and Charges: Credit cards may come with annual fees, transaction fees, and other
charges, reducing the overall value of using them for certain transactions.

5) Privacy Concerns: Each transaction made with plastic money leaves a digital footprint,
raising concerns about privacy and data security, especially in light of increasing instances of
data breaches and identity theft.

6) Foreign Transaction Fees: When using credit or debit cards for international transactions,
additional fees may apply, including foreign transaction fees and currency conversion
charges, increasing the overall cost of purchases.

7) . Lack of Financial Education: Many users may not fully understand the terms and
conditions associated with credit cards, leading to misuse, overspending, and financial stress.

8) Environmental Impact: The production and disposal of plastic cards contribute to

environmental pollution and waste, as they are often made from non-biodegradable materials.

9) Potential for Impersonation Scams: Fraudsters may attempt to steal card information
through methods such as phishing scams or skimming devices, posing a risk to cardholders'
financial security and personal information.

28
1.2.4 Fraudulent activities associated with plastic money:

1. Card Skimming:
Fraudsters use skimming devices to capture card information, including the card number, expiration
date, and security code, when a card is swiped at compromised ATMs, gas pumps, or point-of-sale
terminals. This stolen information is then used to create counterfeit cards or make unauthorized
transactions online or in-person.
2. Phishing:
Fraudsters may send deceptive emails, text messages, or phone calls pretending to be from legitimate
financial institutions, asking recipients to provide sensitive information such as card numbers, PINs,
or login credentials. This information is then used to commit identity theft or unauthorized
transactions.
3. Card Not Present (CNP) Fraud:
In CNP fraud, fraudsters use stolen card information to make online or phone transactions where the
physical card is not required. They may purchase goods or services using stolen card details, often
exploiting weak authentication measures or bypassing security checks.
4. Friendly Fraud:
In cases of friendly fraud, cardholders dispute legitimate transactions with their bank or card issuer,
claiming they did not authorize the charges or did not receive the goods or services as promised.
This can result in chargebacks for merchants and financial losses for banks.

By understanding these fraudulent activities and implementing security measures such as

monitoring account activity, using secure payment methods, and safeguarding personal
information, consumers can reduce their risk of falling victim to plastic money fraud.
Additionally, financial institutions and card issuers continually invest in fraud detection and

28
 prevention technologies to combat evolving threats and protect their customers' financial
assets.
1.2.5 The introduction of UPI (Unified Payments Interface) has certainly impacted the
usage and perception of plastic money (credit and debit cards). Here are some ways in
which plastic money may have been affected:

1. Reduced Transaction Volumes:

With the convenience and simplicity of UPI transactions, users may opt to use UPI more
frequently than plastic money, leading to a decrease in transaction volumes for credit and
debit cards.
2. Shift in Consumer Preferences:
The user-friendly nature of UPI and its widespread adoption may lead to a shift in consumer
preferences away from plastic money, particularly among younger demographics who are
more tech-savvy and inclined towards digital payments.
3. Increased Competition:
The emergence of UPI has intensified competition in the digital payments landscape,
prompting card issuers to innovate and improve their offerings to remain competitive against
UPI-based payment solutions.
4. Pressure on Fee Structures:
The lower transaction fees associated with UPI transactions may put pressure on card issuers
to review and potentially revise their fee structures for credit and debit card transactions, in
order to remain competitive with UPI.
5. Educational Efforts:
Card issuers may need to invest in educational efforts to raise awareness among consumers
about the benefits and advantages of using plastic money in conjunction with UPI,
particularly for specific use cases such as international transactions or credit facilities.

Overall, while the introduction of UPI may pose challenges for plastic money, it also presents
opportunities for innovation, collaboration, and differentiation within the digital payment’s
ecosystem.

29
1.2.6 Here are the reasons why UPI (Unified Payments Interface) is considered better
than plastic money (credit and debit cards), point-wise:

❖ Convenience:

- UPI offers greater convenience as transactions can be initiated and completed using just a
smartphone and an internet connection.

- Users don't need to carry physical cards or remember PINs, making transactions faster and
easier.

❖ Instant Settlement:

- UPI transactions are settled instantly between bank accounts, providing real-time visibility
of transactions and balances.

- Credit card transactions may take a few days to reflect in the user's account, leading to
delayed updates and potential confusion regarding available funds

❖ No Need for Physical Cards:

- With UPI, you don't need to carry around physical cards like credit or debit cards.
Everything is done using your smartphone, making it super convenient.

❖ No Worries about Card Theft or Loss:

- Since there are no physical cards involved, you don't have to worry about losing your card
or having it stolen. Your bank account is securely linked to your phone.

❖ Easy for Small Payments:

- UPI is great for making small payments, like splitting bills with friends or paying for
groceries. You can do it instantly without having to swipe a card or enter a PIN.

30
❖ Saves Money on Transaction Fees:

- UPI transactions usually have lower fees compared to card transactions, so you end up
saving money every time you use it.

❖ No Need to Remember Complicated PINs:

- Instead of remembering long PINs for different cards, UPI just requires you to set a simple
PIN once, making transactions quicker and hassle-free.

❖ Instant Transfers, Anytime, anywhere:

- Whether it's day or night, weekday or weekend, UPI allows you to transfer money instantly
between bank accounts, making it super convenient for urgent payments or emergencies.

❖ Simplified Transaction Process:

- UPI streamlines the payment process by eliminating the need to enter long card numbers or
fill out forms. With just a few taps on your phone, the transaction is done.

❖ Supports Multiple Bank Accounts:

- UPI allows users to link multiple bank accounts to a single UPI ID, giving them flexibility
and choice in managing their finances.

❖ Enhanced Security Features:

- UPI apps come with advanced security features such as biometric authentication and device
lock, ensuring that your transactions are safe and secure.

❖ Encourages Innovation and Competition:

- The popularity of UPI has spurred innovation in the digital payments space, leading to the
development of new features and services that benefit consumers and drive healthy
competition
31
 1.3 UNIFIED PAYMENT INTERFACE (UPI):

 To use UPI, users need to download a UPI-enabled mobile application from their bank or a
third-party provider. They then need to link their bank account to the app and create a Virtual
Payment Address (VPA) which is a unique identifier for their account. Once the account is
set up, users can initiate transactions by entering the recipient's

 VPA or mobile number and the amount to be transferred. The transaction is completed by
entering a UPI PIN which is a 4- or 6-digit code that the user sets up during the registration
process.

 UPI supports a wide range of payment services including person-to-person (P2P) transfers,
bill payments, merchant payments, and donations. It also provides additional features like
balance inquiry, transaction history, and linking multiple bank accounts to a single VPA.

 Overall, UPI has become a popular payment method in India due to its convenience, speed,
and low transaction fees.

32
1.3.1 MEANING OF UPI

• Unified UPI serves as a unified platform that integrates various banking services, allowing users
to access multiple financial features through a single interface. This integration streamlines the
user experience and eliminates the need to navigate through different apps or platforms for
different banking activities.

• Payments: One of the primary functions of UPI is to facilitate payments. Users can transfer
funds instantly from one bank account to another in real-time using the UPI platform. Whether
it's sending money to friends, family, or merchants, UPI enables quick and hassle-free
transactions without the need for traditional payment methods like cash or checks.

• Interface: The "Interface" aspect of UPI refers to the user-friendly platform through which
individuals can interact with the system. UPI interfaces are typically mobile applications
provided by banks or third-party payment service providers. These

• Real-time: UPI transactions occur in real-time, meaning that the transfer of funds happens
instantly. Unlike traditional bank transfers that may take several hours or even days to complete,
UPI transactions are processed within seconds, providing users with immediate access to their
funds.

• Interoperable: UPI is interoperable across different banks and financial institutions in India.
This means that users can initiate transactions between accounts held at different banks
seamlessly, without any restrictions or additional charges. The interoperability of UPI promotes
financial inclusion by enabling individuals to transact with a wide range of banking partners.

• Secure: UPI prioritizes security and employs various measures to protect users' financial and
transactions. These measures may include multi-factor authentication, encryption, and transaction
limits to prevent unauthorized access.

33
1.3.2 Characteristics of UPI:

• Instant Transactions:

UPI enables instant fund transfers between bank accounts. This means that transactions are
processed and settled in real-time, allowing users to send and receive money quickly, without any
delays.

• Simplified Payments:

With UPI, making payments is as easy as sending a text message. Users only need the recipient's
Virtual Payment Address (VPA) or UPI ID to initiate a transaction, eliminating the need for
cumbersome account details such as bank account numbers and IFSC codes.

• Security:

UPI prioritizes the security of transactions by implementing robust

• Authentication measures.

Users need to authenticate each transaction using their UPI PIN, which adds an extra layer of
security and prevents unauthorized access to their accounts.

34
• Multiple Use Cases:

Apart from peer-to-peer fund transfers, UPI supports a wide range of use cases, including bill
payments, merchant transactions, online shopping, and more. This versatility makes UPI a
versatile platform that caters to various financial needs of users.

• Low Cost:

UPI transactions typically incur minimal or no fees, making it an affordable payment option
for users. This low-cost structure encourages the adoption of digital payments and reduces the
dependency on cash transactions.

• Enhanced User Experience:

UPI offers a seamless and user-friendly experience through intuitive mobile applications. The
simple interface and easy navigation make it accessible to users of all demographics,
promoting widespread adoption and usage.

• Transaction Limits:

UPI imposes transaction limits to mitigate the risk of fraud and ensure the security of
transactions. These limits may vary based on factors such as the user's bank, transaction
history, and authentication method.

• Cashless Economy:

UPI plays a crucial role in India's journey towards a cashless economy by reducing reliance
on physical currency and promoting digital transactions. It empowers individuals and
businesses to embrace digital payments, contributing to the country's economic growth and
financial inclusion efforts.

• Instant Transactions:

UPI enables instant fund transfers between bank accounts. This means that transactions are
processed and settled in real-time, allowing users to send and receive money quickly, without
any delays.

• Transaction Limits:

UPI allows for both small and large transactions, with some apps and banks offering higher
transaction limits for verified users.

35
• Multiple Bank Account Linking:

Users can link multiple bank accounts to a single UPI ID, providing flexibility in choosing the
account from which to make payments.
• Transaction History:

UPI apps maintain a transaction history, allowing users to track their payments and view past
transactions for reference.

• International Payments:

Some UPI apps support international payments and remittances, allowing users to send money
abroad directly from their bank accounts.

• Customizable Payment Requests:

Users can create customized payment requests with specific amounts and descriptions, making
it easier to request funds from friends, family, or clients.

• Emergency Fund Transfer:

UPI provides a quick and efficient way to transfer funds to family members or friends in need
during emergencies, regardless of geographical location.

• Government Schemes and Benefits:

Governments utilize UPI to disburse welfare schemes, subsidies, and benefits directly into
beneficiaries' bank accounts, ensuring timely payments and reducing leakages.

• Encrypted Transactions:

UPI transactions are encrypted, ensuring the security and privacy of users' financial
information during transmission.

36
1.3.3 Advantages of UPI:

• 24/7 Availability:

UPI transactions can be initiated anytime, anywhere, including outside of traditional banking
hours. This makes it convenient for making payments even during emergencies or urgent
situations.

• No Additional Charges for Transactions:

UPI transactions typically do not incur additional charges beyond what your bank may already
levy. This s transparency in pricing ensures that users are not surprised by hidden fees or charges

Interoperability:

UPI allows users to transfer funds between any two bank accounts instantly, regardless of the
bank or payment service provider they use.

37
 Multiple Language

Support: UPI apps often support multiple languages, making it accessible to users who may not
be proficient in English. This feature enhances inclusivity and ensures that a wider population can
benefit from digital payments.

• Instant Payment Requests:

UPI allows users to send payment requests instantly, eliminating the need for reminders or
follow-ups when borrowing money from friends, family, or colleagues

• Immediate Payment Confirmation:

Users receive instant notifications once a UPI transaction is completed, providing reassurance
that the payment has been successfully processed.

• Transaction Limits:

UPI allows for both small and large transactions, with some apps and banks offering higher
transaction limits for verified users, catering to a wide range of financial needs.

• Multiple Bank Account Linking

: Users can link multiple bank accounts to a single UPI ID, providing flexibility in choosing the
account from which to make payments or receive funds.

• transaction History:

UPI apps maintain a transaction history, enabling users to track their payments and view past
transactions, enhancing transparency and financial management.

• international Payments:

UPI apps support international payments and remittances, allowing users to send money
abroad directly

38
 from their bank accounts at competitive exchange rates.

• Customizable Payment Requests:

Users can create customized payment requests with specific amounts and descriptions, making
it easier to request funds from friends, family, or clients.

Emergency Fund Transfer:

In emergencies, UPI provides a quick and efficient way to transfer funds to family members or
friends in need, regardless of geographical location.

• Government Schemes and Benefits:

Governments leverage UPI to disburse welfare schemes, subsidies, and benefits directly into
beneficiaries' bank accounts, reducing leakages and ensuring timely payments.

• Encourages Digital Economy:

UPI adoption promotes the growth of the digital economy by reducing dependency on cash
transactions, fostering financial literacy, and driving innovation in financial services.

39
40
1.3.4 Benefits of UPI:

• Instant transactions:

UPI allows users to transfer money between bank accounts instantly, 24/7. Transactions are
processed in real-time, which means that users do not have to wait for hours or days for the
transaction to be completed.

• Convenient to use:

UPI is a user-friendly and convenient when it comes to its usage. Users can download a UPI-
enabled app from their bank or a third-party provider, link their bank account, and start making
transactions immediately.

• Multiple account linking:

UPI allows users to link multiple bank accounts to their UPI ID. This means that users can switch
between different bank accounts while making transactions, which can be useful for people who
have multiple accounts for different purposes.

• Security features:

UPI comes with several security features to protect users' transactions and personal information.
These include two-factor authentication, encryption, and transaction limits.

• Bill payments and merchant payments:

UPI can be used for bill payments and merchant payments. Users can pay bills for utilities,
mobile recharges, and other services, as well as make payments at offline and online merchants
that accept UPI payments.

41
42
1.3.5 INSTALLATION & REGISTRATION PROCESS

43
 Here are the general steps for installing and registering for a UPI account:

 Download a UPI-enabled mobile application from your bank or a third-party provider. Some popular
UPI apps include BHIM, Google Pay, Ponape, Paytm, and Amazon Pay.

 Once you have downloaded the app, open it and select the option to create a new account

 Follow the instructions to register your mobile number and link your bank account to the app. You
may be required to provide some personal and bank details, such as your name, date of birth, bank
account number, and IFSC code

 Once your bank account is linked to the app, you will need to create a Virtual Payment Address
(VPA). This is a unique identifier that you can share with others to receive payments. Your VPA can
be an easy-to-remember name, such as your mobile number or email address, followed by the name
of the UPI app. For example, if you are using the BHIM app and your mobile number is
9876543210, your VPA could be 9876543210@upi.

 Once you have set up your account and VPA, you will need to create a UPI PIN. This is a 4- or 6-
digit code that you will use to authenticate your transactions. Make sure to choose a strong and
memorable PIN and keep it secure.

 Once you have completed these steps, you can start using UPI to make payments, transfer funds, pay
bills, and more. To initiate a transaction, simply enter the recipient's VPA or mobile number, the
amount to be transferred, and your UPI PIN.

 Please note that the exact steps for installing and registering for UPI may vary depending on the app
and the bank you are using. You may also be required to complete additional security checks or
provide additional information during the registration process.

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1.3.6 VARIOUS UPI APPS AVAILABLE
There are several UPI (Unified Payment Interface) apps available in India, each with its own unique
features and functionalities. Here are some popular UPI apps in India:

• BHIM (Bharat Interface for Money): Developed by the National Payments Corporation of India
(NPCI), BHIM is a simple and secure UPI app that allows users to send and receive money, pay bills,
and more. It supports multiple languages and offers a cash-back program for users.

• Google Pay: Formerly known as Tez, Google Pay is a popular UPI app that enables users to make
payments, recharge mobile accounts, and more. It also offers a rewards program called Google Pay
Scratch Cards.

• Phone Pay: Owned by Flip-kart, Phone Pay is a UPI app that allows users to make payments, recharge
mobile accounts, pay bills, and more. It also offers cash-back and rewards to users.

• Paytm: Paytm is a popular digital wallet and UPI app that allows users to pay bills, book tickets,
transfer money, and more. It also offers cash-back and discounts to users.

• Amazon Pay: Amazon Pay is a UPI app that allows users to pay bills, book tickets, and more. It also
offers cash-back and discounts on Amazon purchases.

• Moby-Kwik: Mob Kwik is a digital wallet and UPI app that enables users to make payments, recharge
mobile accounts, pay bills, and more. It also offers rewards and discounts to users.

45
1.3.7 While UPI offers numerous advantages, like any digital payment system, it is not immune to
fraudulent activities. Some common fraudulent activities associated with UPI include:

1. Phishing: Fraudsters may send fake messages, emails, or calls posing as bank representatives or UPI
service providers to obtain sensitive information such as UPI PIN, OTPs, or personal details.

2. Fake UPI Apps: Criminals create fake UPI apps that mimic legitimate ones to trick users into
downloading them. These apps may steal users' credentials or initiate unauthorized transactions.

3. SIM Swapping: Fraudsters may fraudulently obtain control of a victim's mobile number through
SIM swapping techniques, allowing them to intercept OTPs and gain access to the victim's UPI
account.

4. QR Code Scams: Fraudulent QR codes may lead users to fake payment gateways or phishing
websites designed to steal their UPI credentials or personal information.

5. Account Cloning: Fraudsters may clone a victim's UPI account by obtaining their personal
information and creating a duplicate account. They then use this cloned account to initiate fraudulent
transactions, potentially causing financial losses to the victim.

6. Cash-back Fraud: Fraudsters exploit cash-back offers provided by UPI apps by creating multiple
fake accounts or engaging in fraudulent transactions to maximize cash-back rewards. This results in
financial losses for the app providers and potentially affects genuine users.

46
1.3.8 Protect yourself from UPI scams:

1. Use official UPI apps from trusted app stores.

2. Enable security features like MFA and biometric authentication.
3. Keep your device and apps updated with the latest security patches.
4. Be cautious of phishing attempts and verify communication from your bank or UPI provider.
5. Secure your device with strong passwords and avoid sharing sensitive information.
6. Monitor your transaction history regularly for any suspicious activity.
7. Educate yourself and your family about common UPI scams.
8. Verify payment requests and QR codes before proceeding.
9. Avoid conducting UPI transactions over unsecured networks.
10. Report any suspicious activity to your bank or relevant authority’s prompt.

47
 1.3.9 To secure yourself from UPI (Unified Payments Interface) and UPL
(United Phosphorus Limited) frauds, here are some essential tips:

1. Secure Your Devices:

Keep your smart-phone, tablet, or computer's operating system, apps, and antivirus software up to
date to protect against malware, viruses, and other cyber threats.

2. Use Official Apps:

Only download UPI apps from official app stores such as Google Play Store or Apple App Store.
Avoid third-party app sources to reduce the risk of downloading malicious or counterfeit apps.

3. Protect Your Credentials:

Safeguard your UPI credentials, including your UPI ID, PIN, and passwords, and never share them
with anyone. Beware of phishing attempts through emails, text messages, or phone calls asking for
your sensitive information.

4. Enable Two-Factor Authentication (2FA):

Wherever possible, enable two-factor authentication for your UPI transactions. This adds an extra
layer of security by requiring a second form of verification, such as a one-time password (OTP) sent
to your registered mobile number.

5. Verify Transaction Details:

Always double-check transaction details, including the recipient's UPI ID, amount, and purpose,
before authorizing any payments. Be cautious of unexpected or unfamiliar payment requests and
verify their legitimacy before proceeding.

6. Secure Your SIM Card:

Protect your SIM card from unauthorized access by setting up a PIN or password for SIM card lock.
This can help prevent SIM swapping fraud, where fraudsters attempt to take control of your phone
number to intercept OTPs.

48
7. Monitor Account Activity:
Regularly review your UPI transaction history and bank statements for any unauthorized or
suspicious activity. Report any discrepancies or fraudulent transactions to your bank or UPI service
provider immediately.

9. Keep Contact Information Updated:

Ensure that your contact information, including your mobile number and email address, is up to date
with your bank or UPI service provider. This ensures that you receive important notifications and
alerts about your account activity.

10. Set Transaction Limits:

Check with your bank or UPI service provider if they offer the option to set transaction limits for
your UPI account. Setting lower limits can minimize potential losses in case of unauthorized
transactions.

11. Use Strong Passwords:

Create strong and unique passwords for your UPI accounts, consisting of a combination of letters,
numbers, and special characters. Avoid using easily guessable passwords, such as birthdays or
common words, and refrain from sharing them with anyone.

12. Regularly Change Passwords:

Periodically change your UPI PINs and passwords to reduce the risk of unauthorized access to your
accounts. Set reminders to update your passwords at regular intervals, such as every three to six
months.

13. Verify Sender Identity:

Before responding to payment requests or sharing your UPI ID with others, verify the sender's
identity through trusted channels. Avoid clicking on suspicious links or providing personal
information to unknown individuals or entities.

49
14. Regularly Update Contact Information:
Ensure that your contact information, including your mobile number and email address, is accurate
and up to date with your bank or UPI service provider. This ensures that you receive important
notifications and alerts about your account activity.

15. Secure Your Physical Card:

If you have a UPI-enabled debit card, keep it secure and never share it with strangers. Avoid writing
down your card details or PINs in easily accessible places and report any lost or stolen cards to your
bank immediately.

16. Educate Yourself: Stay informed about the latest UPI fraud trends and common scam techniques.
Educate yourself and your family members about safe UPI practices to prevent falling victim to
fraudsters.
17. Beware of Phishing Attempts: Be cautious of phishing attempts via calls, messages, or emails
asking for your UPI PIN, OTP, or other sensitive information. Banks or UPI apps will never ask
for such details over phone calls or message

18. Use Official Apps: Download UPI apps only from official sources such as Google Play Store or
Apple App Store. Avoid third-party or unofficial sources to minimize the risk of downloading
compromised apps.

19. Monitor Transactions: Regularly monitor your transaction history and account balance to detect
any unauthorized or suspicious activity. Report any unauthorized transactions to your bank or
UPI service provider immediately.

50
 1.3.10 FACTORS THAT MADE UPI SUCCESSFUL IN INDIA
 Unified Payments Interface (UPI) became successful in India due to various factors, including:
 Government Support:
The Indian government's push for a digital economy and financial inclusion initiatives played a
significant role in the success of UPI. The government's "Digital India" campaign aimed to promote
the use of digital technologies for governance and economic activities, including digital payments.
 Ease of Use:
UPI is incredibly easy to use, with a simple and user-friendly interface. Transactions can be
completed in a matter of seconds, without the need for bank account details or IFSC codes.
 Interoperability:
UPI is an interoperable platform, which means it can be used across multiple banks and mobile
applications. This makes it accessible to almost everyone with a bank account, regardless of their
bank or mobile service provider.
 Security:
UPI transactions are highly secure, as they require two-factor authentication, including a PIN and
biometric authentication. Moreover, the platform uses advanced encryption technology to ensure that
all transactions are safe and secure.
 Innovation:
UPI has continued to innovate and introduce new features to enhance the user experience. For
instance, users can now make payments through UPI for a wide range of services, including
electricity bills, mobile recharge, and movie tickets.
 Increased Acceptance:
UPI has been widely adopted by merchants, small businesses, and service providers in India. This
has led to increased acceptance and usage of UPI for various transactions, making it a convenient
and reliable payment option

 In conclusion, the platform has transformed the digital payments landscape in India and has played a
significant role in driving financial inclusion and promoting a cashless economy.

51
CHAPTER-2
RESEARCH & METHODOLOGY

52
SCOPE OF THE STUDY

The scope of the study is to know about various modes of payment. The main scope of the study is to
analyze about consumer’s perception about usage of Plastic Money after the introduction of Unified
Payment Interface (UPI). The study makes you understand about what are the factors that made UPI
successful in India. The study also focuses on identifying payment method of users. The study also
analyses why people prefer UPI over other payment mode.

OBJECTIVES OF THE STUDY

• To examine the impact of UPI on the usage of plastic money.
• To determine the level of satisfaction among consumers with the convenience and security of using
plastic money and UPI.
• To study modes of digital payment.
• To evaluate the challenges faced by consumers in using UPI as a payment option.
• To identify the level of awareness among consumers about UPI as a payment option.
• To understand the factors that influence consumers to choose plastic money over UPI.
• To assess the impact of demographic variables such as age, gender, and income on the usage of plastic
money and UPI.

SIGNIFICANCE OF THE STUDY

53
Here are some potential significances of such a study:

• Identify user preferences

: A study comparing plastic money and UPI can help identify the payment method preferences of users
in India. Understanding the factors that influence user preferences can help payment service providers
and banks to design better products and services that meet the needs of their customers.
• Improve financial inclusion:
By identifying the impact of plastic money and UPI on financial inclusion, a study can help identify
ways to improve the accessibility of financial services to marginalized communities in India. This could
include identifying the barriers to adoption of digital payment methods and finding ways to overcome
them.
• Enhance security:
A study comparing the security of plastic money and UPI can help identify the strengths and weaknesses
of each payment method and help payment service providers and banks to improve the security of their
systems.
• Increase cost-effectiveness:
By identifying the cost-effectiveness of plastic money and UPI, a study can help payment service
providers and banks to design better pricing models that meet the needs of their customers while
remaining profitable.
• Facilitate policy decisions: The results of a study comparing plastic money and UPI can provide
valuable inputs to policymakers in India. The insights gained from such a study can help policymakers
design better policies to promote digital payment methods and enhance financial inclusion.
LIMITATIONS OF THE STUDY

54
 Here are some potential limitations of a study comparing plastic money (credit and debit cards) and
UPI (Unified Payments Interface) in India:
 Sample size: One potential limitation of the study could be the sample size. To draw meaningful
conclusions, a large and representative sample size would be required. If the sample size is small, the
results of the study may not be generalizable to the entire population.

 Geographic bias:
Another potential limitation could be geographic bias. If the study is conducted in only certain regions
of India, the results may not be representative of the entire country.

 Demographic bias: The study results may be affected by the demographic profile of the sample
population. If the sample is not representative of the entire population in terms of age, income,
education level, and other demographic factors, the results may not be applicable to the entire
population.

 Self-reporting bias: The study results may be affected by self-reporting bias. If participants are asked
to report their payment behavior, there may be a tendency to over-report desirable behaviors, such as
the use of UPI or plastic money.

 Limited timeframe: A study that is conducted over a short period may not capture the full extent of
the impact of UPI and plastic money. To understand the long-term impact of these payment methods,
a longer timeframe may be required.

 Some people might not understand the questions or be able to participate because of language
or education barriers.

 Other things happening in the world, like economic changes or new technology, could affect
how people feel about UPI.

 The study might only show opinions at one point in time, and those opinions could change later.

 People might not always give honest answers or accurately remember their experiences.
 People's feelings about UPI might differ depending on where they live or their background, and
the study might not capture all those differences.

55
  Some people might not want to participate in the study, which could make the results less accurate
 Not everyone who uses UPI might have been asked their opinion, so some perspectives could
be missing.

 We might only see opinions from one moment and not know how they change over time.

 People's opinions might be influenced by recent events or news, which the study might not consider.
 The study might not include people who don't have access to smartphones or internet
connectivity, which could leave out a significant portion of the population.

 Participants might feel rushed or distracted while answering survey questions, leading to
less thoughtful responses.

 Cultural differences in how people perceive and use digital payment systems like UPI might not
be adequately explored in the study.

 The study might not consider how different user interfaces or apps for UPI could impact
people's experiences and opinions.

 Some participants might not fully understand the concept of UPI or its benefits and limitations,
leading to less reliable responses.

Overall, while a study comparing plastic money and UPI can provide valuable insights, it is important to
consider these limitations to ensure that the results of the study are accurate and reliable.

56
PROBLEM FACING UPI

❖ Transaction Failures: Sometimes transactions may fail due to technical glitches, poor internet
connectivity, or issues with the UPI server. This can be frustrating, especially if you're trying to make an
urgent payment.

❖ Incorrect Details: Providing incorrect UPI ID, virtual payment address, or entering the wrong
amount can lead to transaction failures or money being sent to the wrong recipient.

❖ Fraudulent Activities: As UPI gains popularity, fraudsters may attempt to trick users into sharing
their UPI PIN or other sensitive information through phishing attempts or fake UPI apps.
It's essential to be cautious and only use trusted platforms and apps for UPI transactions.

❖ Delayed Payments: While UPI transactions are usually instantaneous, there might be cases where
payments are delayed due to technical issues or bank processing times.

❖ Limitations on Transactions: Some banks may impose daily or monthly transaction limits on UPI
payments. Exceeding these limits can result in transaction failures or the need to wait until the limit
resets.

❖ Compatibility Issues: Not all banks or financial institutions may support UPI, or there might be
compatibility issues between different UPI apps. It's essential to ensure that both the sender and receiver
are using compatible UPI platforms.

❖ Customer Support: In case of any issues or disputes with UPI transactions, getting prompt and
satisfactory customer support from banks or UPI service providers can sometimes be challenging.

❖ Technical Glitches in Apps: UPI transactions are primarily carried out through mobile apps
provided by banks or third-party service providers. Sometimes, these apps may have technical glitches
or bugs that can disrupt the user experience or cause transaction failures.

57
❖ Compatibility with Older Devices: Older smartphones or devices may not fully support UPI apps or
may experience compatibility issues, leading to difficulties in performing transactions or accessing
features.

❖ Dependency on Internet Connectivity: UPI transactions require a stable internet connection to

function properly. In areas with poor network coverage or during network outages, users may face
difficulties in initiating transactions.

❖ Merchant Acceptance: While UPI has gained widespread acceptance among consumers, some
merchants may not yet support UPI payments. This can limit the options for users who prefer to make
payments digitally.

❖ Limited Use Cases: While UPI is suitable for many types of transactions, including peer-to-peer
transfers and bill payments, it may not be accepted for certain types of transactions or purchases, such as
international transactions or high-value purchases.

❖ Lack of Awareness or Education: Some users may not be fully aware of how to use UPI or may not
understand its features and benefits. This can lead to confusion or hesitation in adopting UPI as a
payment method.

❖ Regulatory Changes: Changes in regulations or policies related to UPI by government authorities or

regulatory bodies may impact the user experience or functionality of UPI apps and services.

❖ Network Connectivity: Poor internet connectivity or network issues can lead to transaction failures
or delays in processing UPI transactions.

❖ Limited Bank Support: While most banks in India offer UPI services, some smaller banks or
financial institutions may not support UPI, restricting users' ability to use the platform.

❖ Third-party App Reliability: Users may encounter reliability issues with third-party UPI apps, such
as app crashes, slow performance, or technical glitches.

58
❖ Transaction Charges: Some banks may impose transaction charges or fees for certain types of UPI
transactions, affecting users' willingness to use the platform frequently.

❖ UPI App Updates: Users may face challenges with updating UPI apps or encountering compatibility
issues with newer versions of the app, affecting their ability to access features or make transactions.

❖ UPI PIN Reset: Users may encounter difficulties in resetting their UPI PIN, especially if they forget
their existing PIN or face technical issues with the PIN reset process.

❖ UPI ID Verification: Users may face challenges in verifying their UPI ID or virtual payment
address, which can delay the activation of UPI services or cause authentication errors during
transactions.

❖ Transaction Disputes: Users may encounter disputes related to UPI transactions, such as incorrect
debits, failed refunds, or unauthorized transactions, which require resolution through the bank's dispute
resolution process.

❖ UPI Service Downtime: Scheduled maintenance or unforeseen technical issues may lead to
downtime or unavailability of UPI services, impacting users' ability to make transactions during such
periods.

❖ Cross-Border Transactions: UPI is primarily designed for domestic transactions within India, so
users may face limitations or restrictions when attempting to use UPI for international transactions.

Addressing these challenges requires ongoing efforts from banks, payment service providers, and
regulatory authorities to enhance the reliability, security, and user experience of UPI services.

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CHAPTER-3
LITERATURE REVIEW
 A literature review is a critical examination and evaluation of published research and
scholarly articles relevant to a specific research question or topic. It involves identifying,
analyzing, synthesizing, and summarizing existing literature on a particular subject. The
purpose of a literature review is to provide a comprehensive overview of the current state of
knowledge on a particular research topic, to identify key gaps and areas for further research,
and to contextualize and justify a research study.

 The paper by Rajesh Tiwari and Priyanka Kumari (2018) Plastic money: trends issues
and challenges: examines the trends, issues, and challenges associated with the use of plastic
money in India. The study highlighted the benefits of plastic money, such as convenience,
ease of use, and enhanced security features. The study concludes that while plastic money has
immense potential in India, it is crucial to address the challenges associated with its usage to
ensure a secure and sustainable financial ecosystem.

 The paper by Reena Hooda and Deepak Dhaka (2017) Plastic money security issue in
India: focuses on the security issues associated with plastic money in India. The study
utilized a qualitative research approach to identify and analyses the security challenges and
vulnerabilities of various plastic money payment modes, including credit cards, debit cards,
and mobile payment apps. The study found that plastic money payment modes in India are
vulnerable to various security threats, including identity theft, phishing attacks, skimming,
and hacking. The study concludes that while plastic money payment modes offer
convenience and flexibility, it is crucial to address security issues to ensure a secure and
trustworthy payment ecosystem.

 The study by Sunil Kumari (2022) An empirical on gender prescription towards of up:
examines the gender perceptions towards the Unified Payments Interface (UPI) in India. The
study found that while there were no significant gender differences in the adoption and usage
of UPI, females had a slightly more positive attitude towards UPI than males. The study also
found that female respondents perceived UPI as safe and convenient compared to traditional
payment modes, while males perceived UPI as a modern and tech-savvy payment mode. The

60
 study concludes that while gender differences in the adoption and usage of UPI are minimal,
it is crucial to address the challenges faced by both males and females to ensure a smooth and
secure payment experience for all.
 The paper by Bhawna Makaria (2020) plastic money prospective challenges: examines the
prospective and challenges associated with plastic money in India. The research utilized a
comprehensive review of literature to identify the advantages and disadvantages of plastic money,
including credit cards, debit cards, and digital payment modes. The study concludes that while
plastic money has immense potential in India, it is crucial to address the challenges associated with
it to ensure a secure and sustainable financial ecosystem.

 The study by Shivam Tripathi and Pranshu Dixit (2020) A study on adoption digital
payment through mobile payment: focuses on the adoption of mobile payment applications
for digital payments in the state of Gujarat, India. The study found that perceived usefulness
and ease of use were the primary factors that influenced the adoption of mobile payment
applications in Gujarat. The study concludes that while the adoption of mobile payment
applications in Gujarat is growing, it is crucial to address the security concerns and promote
awareness about the benefits of digital payments to further enhance the adoption of mobile
payment applications in the state.

 The study by Satinder Bal and Raj Kumar Yadav (2020) several challenges associated
with payment apps: focuses on the growing popularity of payment apps in India. The study
aimed to identify the factors that have contributed to the growing popularity of payment apps
in India, including convenience, ease of use, and security. The study also identified several
challenges associated with payment apps, such as technical issues, limited merchant
acceptance, and concerns related to privacy and security. The study concludes that payment
apps have become an essential part of the digital payments ecosystem in India and are likely
to continue to grow in popularity in the coming years
.

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CHAPTER-4
CLASSIFICATION OF TABULATION OF DATA

4.1 Gender

Gender Percentage

Male 45%

Female 54%

Prefer not to say 1%

4.2 Age

Age Percentage

18-25 67%

25-35 16.5%

35-50 12.8%

50 and above 4%

4.3 Occupation

Occupation Percentage

Student 46.8%

Business 6%

Employee 34.2%

Others 13.5%

62
4.4 Family’s Monthly Income

Income Percentage

Below20,000 6%

20,000-30,000 15%

30,000-40,000 23%

Above 40,000 56%

4.5 Introduction of UPI has led to decline in usage of plastic money.

Response Percentage

Yes 67%

No 9%

Maybe 24%

4.6 COVID-19 has an impact to increased use of UPI payments.

Response Percentage
More cash and less UPI 13.5%
More UPI and less cash 60.4%
Only digital, no cash payment 18.9%
Same as before covid 7.2%

4.7 Impact of UPI on our Economy

Response Percentage

Positive 80%

Negative 9.1%

No impact 10.9%

63
4.8 E-Wallets you prefer the most.

Response Percentage

Gay 73%

Phone Pay 14.4%

Paytm 5%

Others 8.1%

4.9 Reason to use the above E-Wallet.

Response Percentage
Better features 5%
Convenient 24.3%
Safe & Secure 27%
All of the above 45%

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4.10 Due to UPI, fraudulent activities have been increased.
Response Percentage
Yes 53.2%
No 16.2%

Maybe 30.6%

4.11 Reasons why Plastic Money is not preferable.

Response Percentage
Overspending Potential 17.1%
Cash 1%
Hidden Fees 18.9%
Find it too Risky 31.5%
Others 31.5%

4.12 Disadvantages of using UPI.

Response Percentage

Server issues 49.5%

Connectivity issues 26.1%

Fear of Fraud 17.1%

Others 7.2 %

Lack of Knowledge 7.2 %

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4.13 Duration of using UPI.
Response Percentage

Less than a year 59%

1-3years 29%

3-5years 9%

Morethan5 years 3%

4.14 Impact of COVID-19 on usage of

UPI.

Response Percentage

More cash, less UPI 3%

More UPI, less cash 72%

Only digital, No cash payments 10%

Same as before COVID-19 15%

4.15 UPI is safest mode of transaction.

Response Percentage

Yes 59.5%

No 7%

Maybe 34.2%

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4.16 Reliable & Secured way for payments.

Response Percentage

Cash 21.8%

Card 20%

UPI 58.2%

4.17 Frequency of payment through UPI.

Response Percentage

Daily 65.8%

Weekly 22.5%

Monthly 6%

Rarely 6%

4.18 Indian Economy will go fully cash less in Future.

Response Percentage

Yes 42.3%

No 12.6%

Maybe 45 %

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TYPE OF RESEARCH
 Descriptive Research:

 Descriptive research is a research method that aims to describe and explain a particular
phenomenon, behavior, or situation. It involves collecting and analyzing data without
manipulating or changing any variables. Descriptive research is often used in social sciences
such as psychology, sociology, and anthropology.
 The main goal of descriptive research is to provide a detailed and accurate picture of the
subject being studied. This can be achieved through various methods, such as surveys,
questionnaires, interviews, observation, and case studies. Descriptive research may also
involve analyzing existing data, such as demographic statistics, economic data, or historical
records.
 Descriptive research can provide valuable insights into various phenomena, such as social
trends, attitudes, behaviors, and beliefs. It can also be used to identify patterns and
relationships between variables, which can be useful in developing hypotheses for further
research. However, descriptive research has some limitations, such as its inability to establish
cause-and-effect relationships or to control for confounding variables.

68
Aims to understand what consumers really think about the Unified Payments Interface (UPI), a
popular digital payment method in India. Through surveys and interviews, we want to find out why
people use UPI, what they like or dislike about it, and how satisfied they are with their experience.
By listening to consumers' opinions, we hope to learn how to make UPI even better and more user-
friendly for everyone

RESEARCH METHOD
 Survey is done by circulating the questionnaire among the 110 respondents.
 Past case studies and observation are also used to derive the end results.

69
TYPE OF DATA:

The sources of data include both primary and secondary data.

PRIMARY DATA:
 Primary data is data that is collected directly from the source through methods such as
surveys, interviews, observations, or experiments. This type of data is typically original
and has not been analyzed or interpreted before. Primary data is often specific to a
particular research question or study. Examples of primary data include survey responses,
interview transcripts, and experimental data.
 In this research primary data is collected by forwarding/distributing the questionnaire
among the set of respondents and their responses are collected, tabulated and analyzed
using Google Forms App.

SECONDARY DATA:
 Secondary data refers to data that has already been collected by someone else for a
different purpose and is now being used for a new research question or analysis.
 Secondary data can be very useful for researchers but has some limitations, such as
potential lack of relevance or accuracy for the research question at hand, and lack of
control over how the data was collected or coded.
 In this research secondary data is collected from the company websites, different other
websites, media publications and book and case studies.

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SAMPLE

❖ The sample selected for the research has following characteristics:

• Sample size is of 110 people.
• Sample age is ranging between 18 to 50 and above.
• Samples occupations ranges from students, employee’s businessman.

Non-probability sampling methods are techniques for selecting a sample from a population without
knowing the probability of selection for each individual or unit. These methods are often used when
it is difficult or impossible to obtain a complete list of the population or when the population is very
large or dispersed.

71
Data collection method

❖ SURVEY& QUESTIONNAIRE:
 A Survey has been carried out by using a questionnaire to gather and analyze the perception
of people about plastic money and UPI.
 The questionnaire consists of demographic profile of respondents and close ended questions
only.
 Surveys conducted through online platforms or websites allow respondents to answer
questions using their computers or mobile devices.
 Data collected from online surveys can be represented in a pie chart to show the distribution
of responses for different categories or options.

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CHAPTER-5
ANALYSIS AND INTERPRETATION OF DATA

73
 Interpretation:
 67.3% of the respondents are of the age group 18- 25.
 16.4% of the respondents are of the age group 25 -35
 12.7 %of the respondents are of the age group 35-50
 3.6 % of the respondents are of the age group above 50 years.

Interpretation:
 46.8 %of the respondents are students.
 6% of the respondents are employees.
 34.2 %of the respondents are Businessmen.
 13.5 %of the respondents are of other profession.

74
Interpretation:
 73% of the respondents prefer to use Gay as their E-Wallet.
 14.4% of the respondents prefer to use Ponape as their E-Wallet.
 5% of the respondents prefer to use Paytm as their E-Wallet.
 8.1% of the respondents prefer to use other E-Wallets available.

Interpretation:
 5% of the respondents prefer to use their E-Wallet because it is convenient to use.
 24.3% of the respondents prefer to use their E-Wallet because better features are available in
it.
 27% of the respondents prefer to use their E-Wallet because they find it to be safe & Secure
compared to other45 %of the respondents prefer to use their E-Wallet because of the better
ratings of that E-Wallet.

75
Interpretation:
 72.3 % of the respondents think that introduction of UPI has led to decline in usage of Plastic
Money.
 8% of the respondents do not think that introduction of UPI has led to decline in usage of
Plastic Money.
 18.8 % of the respondents think that introduction of UPI maybe has led to decline in
 usage of Plastic Money.

Interpretation:
 57.7% of the respondents find cash to be the reliable & secured for making payments.
 19.8% of the respondents find cards to be reliable & secured for making payments.
 22.5 % of the respondents find UPI to be the reliable & secured for
making payments.

76
Interpretation:
 59.8% of the respondents find UPI to be the safest mode transaction.
 33.9 % of the respondents do not UPI to be the safest mode transaction.
 6% Of the respondents say maybe UPI is the safest mode of transaction.

Interpretation:
 18.8% of the respondents say that because it leads to Overspending.
 32.1% of the respondents say that because it contains Hidden Fees in it.
 17 % of the respondents say that because they find its usage to be too Risky.
 31.3% of the respondents say that because it charges Interest for Non-Payment.

77
Interpretation:
 65.2 % of the respondents use it daily.
 23.2% of the respondents use it weekly.
 6% of the respondents use it monthly.
 % Of the respondents use it rarely

Interpretation:
 29% of the respondents think the main disadvantage is the server issues faced during the
transaction.
 22% of the respondents are concerned with connectivity issues.
 20% of the respondents are Afraid of Fraud while using UPI.
 22% of the respondents are concerned with the complicated instructions provided.
 7% of the respondents think lack of knowledge is the disadvantage of UPI.

78
Interpretation:
 14.3% of the respondents say that COVID-19 has led to use of more cash and less UPI.
 59.8% of the respondents say that COVID-19 has led to use of more UPI and less Cash.
 18.8% of the respondents say that COVID-19 has led to use of only digital payments and no
cash payments.
 7.1% of the respondents say that it has no impact on usage of UPI and it is same as it was
before COVID-19.

Interpretation:

 70% of the respondents say that fraudulent activities have increased due to UPI.
 4% of the respondents say that fraudulent activities have not increased due to UPI.
 26% of the respondents say that maybe fraudulent activities have increased due to UPI.

79
Interpretation:
 80.2% of the respondents say it has positive impact on our economy.
 9 % of the respondents say it has negative impact on our economy.
 10.8 % of the respondents say that it has no impact on our economy.

Interpretation:
 68% of the respondents think that Indian Economy will go fully cashless in Future.
 3% of the respondents do not think that Indian Economy will go fully cashless in Future.
 29% of the respondents think that maybe Indian Economy will go fully cashless in Future.

80
 CHAPTER-6
FINDINGS, CONCLUSION & RECOMMENDATION

FINDINGS
 The findings of a project refer to the results or conclusions that have been drawn from the
research, analysis, or work that has been carried out as part of the project.
 Here, in this research we found that –
 72.3% of the respondents agree that the introduction of UPI has led to decline in usage of Plastic
Money.
 59.8 % of the respondents agree that COVID-19 has an impact on increased use of UPI.
 80.2 %of the respondents say that there is positive impact of UPI on our economy.
 73.2 %of the respondents prefer to use Gay as their E-Wallet for the purpose of making payment
through UPI.
 44.2 % of the respondents use their preferred E-Wallet as they its use to be more convenient
compared to other E-Wallets.
 52.7 %of the respondents say that the fraudulent activities have been increased due to use of UPI.
 17 % of the respondents do not prefer the usage of Plastic Money as it leads overspending.
 49.6 %of the respondents think that the biggest disadvantage of UPI is Server issues.
 59.8 %of the respondents find that the use of UPI payment apps to be the safest mode of transaction.
 42.9 %of the respondents find UPI to Indian economy go fully cashless in future

81
CONCLUSION
 Acceptance: Plastic money is widely accepted at most merchants and online stores, while UPI is
gaining popularity as an easy and reliable mode of payment for peer-to-peer transactions.
 Transaction fees: While UPI transactions are usually free of cost, credit and debit card
transactions may attract transaction fees and interest charges.
 Rewards and cash-backs: Credit and debit card transactions often come with rewards and cash-
back offers, which are not typically available with UPI transactions.
 Convenience: Both plastic money and UPI offer the convenience of cashless transactions.
 Customers can make payments easily without having to carry cash
 Security: both plastic and UPI secure mode of payment as they offer multiple layers of
authentication and encryption to ensure to safety of transaction.


82
RECOMMENDATIONS
 Choose a reliable and secure UPI app: Make sure to choose a UPI app that is secure and
reliable and has good reviews. Some popular UPI apps include Google Pay, Ponape,
Paytm, and BHIM.
 Link your bank account: You need to link your bank account with the UPI app to use it.
Make sure to link the correct bank account and verify it.
 Set up a UPI PIN: You need to set up a UPI PIN to make transactions. Choose a secure
and strong UPI PIN, and don't share it with anyone.
 Verify the recipient's details: Before making a transaction, make sure to verify the
recipient's details such as the name, bank account number, and UPI ID. This will help avoid
sending money to the wrong person.
 Enable two-factor authentication: Enable two-factor authentication such as fingerprint, face
ID, or PIN to ensure that only you can make transactions.
 Be cautious of frauds: Be cautious of UPI frauds such as phishing, vishing, and
social engineering scams. Never share your UPI PIN, OTP, or personal details with
anyone.
 Check your transaction history: Regularly check your transaction history to ensure that all
transactions are authorized by you. If you notice any unauthorized transactions, report them
to your bank immediately.
 By following these recommendations, you can use UPI safely and securely to transfer money
and make payments.

83
CHAPTER-7
ANNEXURE: - QUESTIONNAIRE

84
Q.1 Name

Q.2 Gender
• Male
• Female
• Prefer not to say

Q.3 Age
• 18-25
• 25-35
• 35-50
• Above 50 years

Q.4 Occupation
• Student
• Business
• Homemaker
• Others

Q.5 Family’s Monthly Income

• Below 20,000
• 20,000-30,000
• 30,000-40,000
• Above 40,000

Q.6 Do you think that he introduction of UPI has led to decline in usage of Plastic Money?
• Yes
• No
• Maybe

85
Q.7 Do you think COVID-19 has an impact on increased use of UPI?
• Yes
• No
• Maybe

Q.8 According to you, what impact does UPI has on our Economy?
• Positive
• Negative
• No impact

Q.9 Which of the following E-Wallets do you prefer the most?

• Gay
• Ponape
• Paytm
• Others

Q.10 Why do you prefer to use the above E-Wallet?

• Better features
• Convenient
• Safe & Secure
• Better Ratings

Q.11 Do you think, due to UPI fraudulent activities have been increased in the society?
• Yes
• No
• Maybe

Q.12 Reasons why you think the use of plastic money is not preferable?
• Overspending potential
• Credit card debt
• Hidden fees
• Find it too risky

86
Q.13 What do you think, are the disadvantages of using UPI?

• Server issues
• Connectivity issues
• Fear of Fraud
• others
• Lack of Knowledge

Q.14 Duration of using UPI

• Less than a year
• 1-3 years
• 3-5 years
• More than 5 years

Q.15 What is the impact of COVID-19 on usage of UPI?

• More cash, less UPI
• More UPI, less cash
• Only digital, No cash payments
• Same as before COVID-19

Q.16 Do you find use of UPI payment apps to be safest mode of transaction?
• Yes
• No
• Maybe

Q.17 According to you, which is the most convenient way for payments?
• Cash
• Card
• UPI

87
Q.18 Which of the following, do you consider to be more reliable & secured?
• Cash
• Card
• UPI
Q.19 How frequently do you make payment through UPI?

a) Daily
b) Weekly
c) Monthly
d) Quarterly
e) Rarely

Q.20 Do you think, Indian Economy will go fully Cashless in Future?

a) Yes
b) No
c) Maybe

Q.21 Which organization developed UPI?

a) Reserve Bank of India (RBI)
b) National Payments Corporation of India (NPCI)
c) Securities and Exchange Board of India (SEBI)
d) Ministry of Finance, Government of India

Q.22 How likely are you to recommend UPI to others for making transactions?
a) Very likely
b) Likely
c) Neutral
d) Unlikely

Q.23. Are you aware of the security features provided by UPI to protect your transactions?
a) Yes
b) No
c) maybe
88
Q.24 On a scale of 1 to 5, how satisfied are you with the overall experience of using UPI for
transactions?

1 - Very Dissatisfied
2 - Dissatisfied
3 - Neutral
4 - Satisfied

Q.25 What factors influence your decision to choose UPI for making transactions?
a) Speed of transactions
b) Security features
c) Availability of rewards or cashback
d) Others

Q.26How do you primarily access UPI for making transactions?

a) Mobile banking app
b) Third-party payment apps
c) UPI-enabled feature phone
d) Others

Q.27. Have you ever used UPI for receiving payments (e.g., salary, refunds, reimbursements)?
a) Yes
b) No
c) Not applicable

Q.28 How would you rate the user interface and overall design of the UPI apps you have used?
a) Good
b) Average
c) Poor

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Q.29 How would you rate the user interface and overall design of the UPI apps you have used?
a) Excellent
b) Good
c) Average
d) Poor

Q.30. How likely are you to continue using UPI in the future?
a) Very likely
b) Likely
c) Neutral
d) Unlikely

Q.31 What improvements or additional features would you like to see in UPI to enhance your
experience?
(Open-ended) GIVE YOUR OPINION

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CHAPTER-8
BIBLIOGRAPHY

Websites:
https://openai.com/blog/chatgpt

https://www.researchgate.net/publication/361127752_User_Survey_of_UPIEnabled_Payment_Apps

https://www.researchgate.net/publication/329072445_PLASTIC_MONEY_TREND_ISSUES_A
ND_CHALLENGES

https://www.researchgate.net/publication/363125039_A_study_on_digital_payment_applications in
India

https://www.researchgate.net/publication/317792581_Plastic_Money_Security_Issues_in_India

https://www.researchgate.net/publication/363639817_An_Empirical_study_on_Gender_per
ceptions_towards_UPI

https://www.researchgate.net/publication/341318057_PLASTIC_MONEY_PROSPECTIVE_AN
D_CHALLENGES

https://www.researchgate.net/publication/341218919_A_Study_on_Adoption_of_Digital_Pa
yment_through_Mobile_Payment_Application_with_Reference_to_Gujarat_

91