Trinity Institute of Professional Studies

Affiliated To Guru Gobind Singh Indraprastha University

SECTOR 16-C, DWARKA, NEW DELHI

Subject:

Project Report

Assignment on:

Scope and Impact of UPI in Online Transaction

Submitted By: Submitted to:

Soujanya Mondal Ms. Ashima Jindal
00324001719
BBA 6th Semester
2nd Shift, 3rd Year
 CERTIFICATE

TO WHOM SO EVER IT MAY CONCERN

This is to certify that the project work “Scope and Impact of UPI in Online Transaction”
made by Soujanya Mondal of BBA(G), 6th semester, 3rd year, 2nd shift, 00324001719 is an
authentic work carried out by her guidance and supervision of Ms. Ashima Jindal.

The project report submitted has been found satisfactory for the partial fulfillment of the
degree of Bachelors of Business Administration.

Project supervisor: Ms. Ashima Jindal.

Signature:

Name:
 DECLARATION

I hereby declare that the following documented project report titled “Scope and Impact of
UPI in Online Transaction” is an original and authentic work done by me for the partial
fulfillment of Bachelors of Business Administration (G) degree programme at “Trinity
Institute of Professional Studies, DWARKA”.

I hereby certify that all the Endeavour put in the fulfillment of the task are genuine and
original to the best of my knowledge and I have not submitted it earlier elsewhere.

SOUJANYA MONDAL

BBA(G), 6th SEMESTER, 3rd YEAR, 2nd SHIFT

00324001719
 ACKNOWLEDGEMENT

It is in particular that I am acknowledging my sincere feeling towards my mentors who

graciously gave me their time and expertise.

They have provided me with the valuable guidance, sustained efforts and friendly approach.
It would have been difficult to achieve the results in such a short span of time without their
help.

I deem it my duty to record my gratitude towards the Project supervisor Ms. Ashima Jindal.
who devoted his/her precious time to interact, guide and gave me the right approach to
accomplish the task and also helped me to enhance my knowledge and understanding of the
project.

Signature

SOUJANYA MONDAL

BBA(G), 6th SEMESTER, 3rd YEAR, 2nd SHIFT

00324001719
S.no. Index pg. no.

1 Chapter-1

1. Introduction 1-11
2. History
3. Literature Review

2 Chapter-2 12-16
1. Objective:
a. Primary Objective:
2. Scope:
3. Research Methodology:
4. Research Design
a. Descriptive Research Design
5. Data Collection Method
a. Primary Data:
b. Secondary Data:
6. Sample Design
7. Sample Unite
8. Sample Size:
9. Sample Technique:
10. Sampling Instrument
11. Questionnaire:

3 Chapter-3 17-42
1. Analysis of data
2. Findings
4 Problems of Studies/Limitations 43

5 Conclusion 44

6 Suggestions 44

7 References/Bibliography 45

8 Annexure 46-51
 Chapter 1
INTRODUCTION

Unified Payments Interface (UPI) is an instant real-time payment system developed by

National Payments Corporation of India (NPCI) facilitating inter-bank peer-to-peer (P2P)
and person-to-merchant (P2M) transactions. NPCI is umbrella organisation for all digital
payments. The interface is regulated by the Reserve Bank of India (RBI) and works by
instantly transferring funds between two bank accounts on a mobile platform. As of
November 2021, there are 274 banks available on UPI with a monthly volume of 418 crore
(4.18 billion) transactions and a value of ₹7.1 lakh crore (US$94 billion) UPI witnessed 6,800
crore (68 billion) transactions till November 2021. The mobile-only payment system helped
transact a total of ₹34.95 lakh crore (US$460 billion) during the 67 months of operation
starting from 2016. As of May 2021, the platform has 15 crore (150 million) monthly active
users in India with plans to achieve 50 crore (500 million) by 2025. IIT Madras is also
working to integrate voice command feature that can support English and Indian vernacular
languages in the future. The proportion of UPI transactions in total volume of digital
transactions grew from 23% in 2018-19 to 55% in 2020-21 with an average value of ₹1,849
per transaction. Digital transactions worth ₹8.32 lakh crore in January 2022 with UPI.

In other words, Unified Payments Interface (UPI) is a system that powers multiple bank
accounts into a single mobile application (of any participating bank), merging several
banking features, seamless fund routing & merchant payments into one hood. It also caters to
the “Peer to Peer” collect request which can be scheduled and paid as per requirement and
convenience. With the above context in mind, NPCI conducted a pilot launch with 21
member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan,
Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google
Play store from 25th August, 2016 onwards.

According to data from EY, digital transactions based on UPI increased 110% in volume
and 109% in value between June 2020 and June 2021 if current trends continue over the next
few

years, UPI’s contribution to the nation’s entire digital payments industry will increase
significantly.

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 HISTROY
In April 2009 with the objective to integrate all the payment mechanisms available in the
country and make them uniform for retail payments, the National Payment Corporation of
India was formed. By March 2011, RBI found out that in India only six non-cash transactions
happen every year per individual citizen while 1 crore (10 million) retailers accept card-based
payment. Around 14.5 crore (145 million) families have no access to any form of banking.
There is also the problem to tackle black money and corruption that happens mostly in cash.

RBI in 2012 released a vision statement for a period of four years that indicated commitment
towards building a safe, efficient, accessible, inclusive, interoperable and authorized payment
and settlement system in India. It is part of the Green Initiative to decrease the usage of paper
in domestic payments market. UPI was officially launched in 2016 for public use.

Under RBI guidance, NPCI became the primary body with the task to develop a new payment
system that is simple, secure, and interoperable. UPI works on four pillar push-pull
interoperable model where there will be remitter/beneficiary front end PSP (payment service
provider) and remitter/beneficiary back-end bank that settles the monetary transaction for the
users. As per CEO of Netmagic Solutions, UPI became one of the most successful deep-tech
innovation coming out of India.

In December 2019, noting the success of UPI, Google suggested to the US Federal Reserve
Board the development of FedNow, a real-time payment system for United States.

With exponential growth of UPI, India became the world's largest real-time payment market
with 2,550 crore (25.5 billion) annual transactions in 2020 as per data from ACI Worldwide
and GlobalData leaving behind China and United States.

As part of financial inclusion initiative, NPCI with fintech start-up Ubona Technologies in
2021 started working on developing a voice-based payment service for feature phone users in

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low connectivity zones over UPI payment ecosystem under Interactive Voice Response
project. The system will use Dual Tone Multi-Frequency (DTMF) signalling technology with
two-factor authentication (2FA) flow for peer-to-peer (P2P) transaction. From September
2020 to June 2021, it is under beta testing and awaiting RBI approval for large scale
deployment. The beta testing and pilot experiment was completed by October 2021 and RBI
started formulating guidelines for nationwide use.

As per the Economist Intelligence Unit Report 2021, UPI made India a leader in global real-
time payment market followed by China and South Korea. After the decision of Ministry of
Finance to nullify merchant discount rate (MDR) in 2019 on UPI, the number of low value
transactions skyrocketed making huge gains on real-time transaction volume data. Many
nations such as Brazil, Bahrain, Saudi Arabia, Singapore, United States and European Union
are now trying to emulate the success of UPI in their own market.

From January 1, 2019, UPI became a popular payment option for Initial Public Offerings
(IPOs). The transaction limit was enhanced from ₹1,00,000 to ₹2,00,000 in March 2020.
From December 2021, RBI again increased the limit to ₹5,00,000 for Retail Direct Scheme
and IPO applications. To make UPI economically feasible for payment companies, RBI is
considering merchant discount rate (MDR) on future UPI transactions.

UPI 2.0

On 16 August 2018, UPI 2.0 was launched which enabled users to link their Overdraft
accounts to a UPI handle. Users were also able to pre-authorise transactions by issuing a
mandate for specific merchant. 2.0 version included a feature to view and store the invoice
for the transactions. There's also an added feature of AutoPay facility for recurring payments.
As of August 2021, State Bank of India (SBI), Bank of Baroda (BOB) and Paytm Payment
Bank are live on UPI AutoPay each registering 6,60,000, 2,04,000, and 1,86,000 mandates,
respectively.

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UPI Lite

NPCI is testing a solution called UPI Lite that will work without an internet connection. The
service is under development for feature phones which can help in low value transactions
below ₹200. UPI Lite will either use SIM overlay by functionality enhancement or over-the-
air programming by firmware upgrade. It is based on the directive given by RBI to improve
digital payment services and infrastructure around rural areas. The RBI directive came into
force from 5 January 2022.

Internationalisation

Main article: Internationalization

Around 77.7 crore (777 million) Indian consumers shop across the border in 2021. To make
ease of payment, NPCI International Payments Limited (NIPL) signed memorandum of
understanding (MoU) with UK based PPRO Financial on 17 November 2021 to expand the
acceptance of UPI into foreign markets especially in China and United States which accounts
for half of all international transaction coming from India. On 26 January 2022, UK based
fintech startup Transact365 enabled UPI for global merchants with real time currency
conversion facility that will help them do business in India independent of local presence.

Remittance

Main article: Remittance

Due to increasing remittances to India, NIPL with Western Union is going to integrate UPI to
help the Indian diaspora receive and send money abroad with ease. The service will become
operational from second quarter of 2022. IndusInd Bank and Thailand based financial service
provider DeeMoney will use UPI ID to verify customers in India for cross border transaction.
This is part of Money Transfer Operator (MTO) partners programme of NPCI. IndusInd Bank
is planning to collaborate with more foreign entities to increase acceptability of UPI abroad.

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NIPL on 27 January 2022 signed MoU with Netherlands based Terra Payment Services that
will help UPI users receive international payments from around the globe in real time.

Service

Unified Payments Interface is a real-time payment system that allows sending or requesting
money from one bank account to another. Any UPI client app may be used and multiple bank
accounts may be linked to a single app. Money can be sent or requested by using a user-
created Virtual Payment Address (VPA) or UPI ID that helps in sending or requesting money
from a bank account using the know your customer (KYC) linked mobile number. UPI also
generates a specific QR code for each user account for the purpose of contact-less payment.

Mobile apps

Any UPI app can use payment and transfer fund from and to UPI enabled banks. Apart from
various third-party apps such as Google Pay (previously Tez), PhonePe, Paytm, MobiKwik,
Amazon Pay, Samsung Pay, WhatsApp Pay, NPCI manages its own app called BHIM.

From 21 banks in April 2016, the total number of banks linked to UPI platform is 216 as of
April 2020.

In June 2021, NPCI removed the restriction placed on WhatsApp on UPI customer
onboarding which till now was limited to 2 crore (20 million) users. With 53 crore (530
million) registered users in the Indian market, WhatsApp can now formally introduce UPI to
all its customers.

On-Device Wallet

Since 50% of UPI transactions are below ₹200 with a higher frequency rate, it creates a large
backlog of volume which increases the failure rate and affects the stability of the entire
payment network. To save electricity consumption and computing power of banks, UPI
mobile apps will have to support on-device wallet features as per the RBI directive from
December 2021. The in-built wallet will help in low-value instant payment by using the
infrastructure of the mobile app developer, thus decreasing the load on banks through
decentralisation of back-end infrastructure and resources.

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Supported banks

The website of National Payments Corporation of India (NPCI) lists the banks that facilitate
UPI. Banks here are termed as Payment Service Providers (PSP) – listed with their UPI
application and handle – and issuers. PSP includes those banks which have their own mobile
application to facilitate transaction and issuers include banks which don't have their payments
interface and rely on third-party software for transaction using UPI.

e-RUPI

e-RUPI or e₹UPI (portmanteau of electronic Rupee and UPI) developed in collaboration with
Department of Financial Services, Ministry of Health and Family Welfare and National
Health Authority. It was introduced from 2 August 2021. e-RUPI is to ensure leak proof
delivery of welfare services and bypassing middle man to decrease corruption. Private sector
can use the service for their own corporate social responsibility initiative (CSR). e-RUPI is
basically e-voucher based on QR code or SMS string that can be delivered through mobile
phone. e-RUPI will act as a precursor for future Central Bank Digital Currency (CBDC) that
will be launched by RBI as it will help in highlighting the gaps within the national digital
payment infrastructure.

Financial Software and Systems (FSS) integrated e-RUPI on 1 December 2021 for financially
under-served segments of the society. Government of Karnataka partnered with NPCI to
provide student scholarship through e-RUPI which can even be received on feature phones.

How is it unique?

 Immediate money transfer through mobile device round the clock 24*7 and 365 days.
 Single mobile application for accessing different bank accounts.
 Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet
provides for a very strong feature of seamless single click payment.

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  Virtual address of the customer for Pull & Push provides for incremental security with
the customer not required to enter the details such as Card no, Account number; IFSC
etc.
 QR Code
 Best answer to Cash on Delivery hassle, running to an ATM or rendering exact
amount.
 Merchant Payment with Single Application or In-App Payments.
 Utility Bill Payments, Over the Counter Payments, QR Code (Scan and Pay) based
payments.
 Donations, Collections, Disbursements Scalable.
 Raising Complaint from Mobile App directly.

Participants in UPI

 Payer PSP
 Payee PSP
 Remitter Bank
 Beneficiary Bank
 NPCI
 Bank Account holders
 Merchants

Difference between UPI and mobile wallet?

1) Unified payment interface (UPI) transaction is a direct bank to bank transfer whereas
digital wallets act like intermediaries between bank accounts.

2) UPI uses virtual payment address and identity whereas digital wallets use mobile number.

3) UPI transaction limit is Rs 1 lakh per transaction while the wallet transaction is limited to
Rs 10,000 per month for non-KYC customers.

4) UPI transactions can take place between any two banks whereas digital wallets
transactions occur bet.

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Pros or Advantages of UPI:

1. Using the UPI pin, you will be able to make the most secure payment. This is a very
safe medium, it just gives you a single PI, through which you can transfer money.

2. If you make payment from UPI, you will not have to pay any charges as this is
completely free by the Indian government.

3. UPI that you can also send any payment at one time or ask for it in your account. It
either deposits money into your account or transfers money to another account in a
matter of seconds.

4. UPI offer access to all your bank account through a single mobile application

5. You can send payment to any unified payments interface support bank, which is very
easily without any charge, the State bank of Panjab national bank, and all other banks.

6. UPI is easy to access, you can use24*7 hours a day, at any time and any place, even
on public holidays.

7. UPI is the one that does not need to fill in the various details like ATM card number,
IFSC code, account number.

8. The UPI payment is very simple, with the help of this, you can send money quickly
and easily to another account.

9. If you send any money to another account holder, then if you send the same payment
through the UPI, they are given some cashback in it. You can get a lot of benefits
from it.

Famous UPI Based apps

1. Google Pay (formally known as TEZ)

2. Phone pay

4. BHIM UPI

3. Pay TM

4. Razor pay

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Scope of the UPI Services/BHIM App:

UPI :- The Services allows Users to request for fund transfers or funds collection or respond
to funds collection for any of their linked bank Accounts through mobile banking channels in
a secure manner using BHIM App.

Review of Literature

1. Divakar Mandal, (2018) “From PPIs to UPI Indian Mobile Payments are Evolving”: The
researcher analyses the latest trends in mobile banking platforms in India and its evolution
from PPI (Prepaid Payment Instrument) to the latest UPI (Unified Payment Interface). He
also provided the details about the various players in the UPI based mobile banking platforms
and their market shares and their changes in the recent times (Mandal, 2018).

2. Nupur A. Vishne and Radhika Basavaraj Kakade, (2017) “Unified Payment Interface
(UPI) - A Way towards Cashless Economy”: the article is about how the UPI payments
systems are working and how to set up a UPI platform in your smart phones. Also includes
the details about the various online payment techniques used in Indian and their market
shares. It’s give the introduction to the UPI platforms and their evolves in the market.
(Kakade & Veshne, 2017).

3. Shivakumar Goel and Deepak Kailash Gupta, (2017) “A Review on Unified Payment
Interface [UPI]: in this scholarly article the authors are mentions the various differences
between the UPI and other mobile banking techniques like NEFT and IMPS. They also
provide the pictorial representation of the work flow of the UPI (Goel & Gupta, 2017).

4. Rahul Gochhwal, (2017) “Unified Payment Interface—An Advancement in Payment

Systems”, Indian Institute of Management, Calcutta, India: This paper studies Unified
Payment Interface (UPI), a new age payment system introduced in India by National Payment
Corporation of India. Unified Payment Interface is a mobile centric, real time interbank

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payment system which has the potential to transform and universalize digital payments in
India. (Gochhwal, 2017).

5. Shailesh Rastogi, Chetan Panse, Arpita Sharma, Venkata Mrudula Bhimavarapu,

(2021) “Unified Payment Interface (UPI): A Digital Innovation and Its Impact on Financial
Inclusion and Economic Development”. This paper is aimed at exploring how UPI is
impacting, financial literacy, financial inclusion and the economic development of the poor in
India. (Rastogi, Panse, Sharma, Bhimavarapu, 2021).

6. Somanjoli Mohapatra, (2017) “Unified Payment Interface (UPI): A Cashless Indian e-

Transaction Process” This article aims to empower the bank customer to ‘send’ and ‘collect’
money in real time with just an e-mail, like a financial address, both for person-to- person
(P2P) payments and Business to Consumer (B2C) Collect. (Mohapatra, 2017).

7. Shweta Bhardwaj & Manish Kaushik, (2017) “Unified Payment Interface—A Way
Ahead for Demonetization in India” The payments infrastructure in banking has seen a rapid
development in India over the last few years. (Bhardwaj & Kaushik, 2017)

8. Sunil Abraham, (2020) “Unified Payment Interface: Towards Greater Cyber Sovereignty”
The Ministry of Electronics and Information Technology (MeitY) of India celebrated
#5YearsOfDigitalIndia. Given the recent call by the prime minister for Atmanirbhar Bharat
(‘self-reliant India’) the IT minister found the occasion apt for trumpeting a crowning jewel
of Digital India—the Unified Payment Interface that was launched almost four years ago.
(Abraham,2020).

9. Dr. Yogesh Chandra Vishnoi, (2021) “Critical Study of Unified Payment Interface (UPI):
E-Payment Mode of Digital Revolution”: UPI (Unified Payment Interface) is the improved
version of IMPS (Immediate Payment System). Today, it has become a notable change digital
payment instrument that has made India #1in the world of real-time payment. (Vishnoi,2021)

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10. Mr. P. Satish Kumar &Mr. Ch. B. V. L. Sudheer, (2018) “A STUDY ON GROWTH
OF UPI (UNIFIED PAYMENT INTERFACE) IN DIGITAL EMPOWERMENT” Payment
and settlement systems in India have undergone rapid changes during the past few years. The
Vision Document on Payment Systems released by the Reserve Bank of India states several
measures for building a less cash ‘society.

11. Sayantan Khanra, Rojers P. Joseph, Amandeep Dhir & Puneet Kaur, (2020)
“Antecedents of the Barriers Toward the Adoption of Unified Payment Interface” This study
examines the influence of factors related to consumer resistance on the intention to continue
using the Unified Payment Interface (UPI) for electronic payments.

12. K Neema, A Neema (2016) “UPI (Unified Payment Interface) –A new technique of
Digital Payment: An Explorative study” Demonetization has presented a distinctive platform
for acceptance of digital payment for Indian consumers. Adoption of cashless transaction has
been extensively pushed by the government reforms after demonetization

13. P Saha, KB Kiran - International Journal of Electronic Government, (2022) “An

Exploration of Trust as an Antecedent of Unified Payment Interface Usage: A SEM-Neural
Network Approach” Introduction of UPI has revolutionized the Indian banking system and
since then dynamics of payment ecosystem has noted a major transformation. UPI has proved
to be a boon in the pandemic situation by facilitating contactless and remote transactions.

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 Chapter 2

OBJECTIVE

The main objective of this research is to find out the impact of UPI on online transaction for
the betterment of business and commerce in our country.

Primary Objective:

 Whether UPI is more efficient and effective than any other online transaction method.
 How UPI can be used for commerce?

Scope:
The main scope of this research is to find out the impact of UPI on online transaction will
help to uplift living standards, economic standards, political standards, profitability and
whether is faster and safer transaction method.

Research Methodology

 A questionnaire was prepared to gauge the awareness of online transaction method

user in India.
 A survey was done out of the company covering a wide area.
 The questionnaire was presented to person through digital methods.
 Responses of the concerned person had been thoroughly analysed.
 Conclusions had been arrived at using the response of the concerned persons and not
on questionnaire alone.

In this context the questionnaire was not a fully-fledged one and was made with an intention
of getting the main information as candidates don't have that much time to spare and also a
long questionnaire may irritate them. So, the questionnaire used in my research was really
crisp and was aimed at getting the required information in the least time, also the
questionnaire was used for primary purpose only.

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 Research Design

Research design specifies the methods and procedures for conducting a particular study. A
research design is the arrangement of conditions for collection and analysis of the data in a
manner that aims to combine relevance to their search purpose with economy in procedure.
Research design is broadly classified into three types as:

 Exploratory Research Design

 Descriptive Research Design
 Causal Research Design

Descriptive Research Design

Descriptive research studies are those studies which are concerned with described the
characteristics of particular individual. In descriptive as well as in diagnostic studies, the
researcher must be able to define clearly, what he wants to measure and must find adequate
methods for measuring it along with a clear-cut definition of population he wants to study.
Since the aim is to obtain complete and accurate information in the said studies, the
procedure to be used must be carefully planned. The research design must make enough
provision for protection against bias and must maximize reliability, with due concern for the
economical completion of the research study.

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Data Collection Method

Primary Data: - Primary data means data that are collected by different techniques like
questionnaire, Survey, Schedules etc. In this project, primary data has been collected by the
means of questionnaire.

Secondary Data: - Secondary data means data that are already available i.e.: they refer to the
data which have already been collected and analysed by someone else. Usually published
data are available in Various publications of the central, state/local governments or foreign
governments, technical and trade journals etc. The secondary data involved in this project has
been gathered from the medical journals, literatures and internet.

Sample Design

A sample design is a definite plan for obtaining a sample from the given population. It refers
to the technique to the procedure adopted in selecting items for the sample designs are as
below:

Sample Unite

A sampling unit can refer to any single person, animal, plant, product or ‘thing’ being
researched. In the context of market research, a sampling unit is an individual person.

Sample Size:

Sample size measures the number of individual samples measured or observations used in a
survey or experiment. The sample size has been of the research is 100 candidates. Conclusion
had been arrived at using the responses of the questionnaire.

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 Sample Technique:

A sampling technique is the name or other identification of the specific process by which the
entities of the sample have been selected. In this research project, I am using convenience
sampling method. Convenience sampling (also known as grab sampling, accidental sampling,
or opportunity sampling) is a type of non-probability sampling that involves the sample being
drawn from that part of the population that is close to hand. This type of sampling is most
useful for pilot testing.

Sampling Instrument

In this research a questionnaire was made using survey method which was used as a sampling
instrument. Survey Research may be defined as a technique whereby the researcher studies
the whole population with respect to certain sociological and psychological variables.

QUESTIONNAIRE

It's one of the most simple, versatile and low-cost, self-reporting method. It Consists of pre-
determined set of questions. In other words, these are highly structured Questionnaire is used
for collecting demographic info, attitudes, knowledge etc. Types of questions used in a
survey are:

1. Open Ended: E.g. What is friendship to you?

2.Close Ended: E.g., Friendship is a) Love b) Family

3. Rating method: From most preferred to the least.

In this context my research questionnaire consisted of a mix of closed ended questions only
as they were easy to answer, quick and not boring and easy to compute results.

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Closed ended questions included:

 Dichotomous Questions: - These are simple questions that ask respondents to answer
in a yes or no. One major drawback with dichotomous questions is that it cannot
analyse the answers between yes and no, there is no scope for a middle perspective.

 Matrix Question: - These are a type of multiple-choice questions presented on a grid.

It is one of the most popular question types in online and traditional pen-and-paper
survey.

 Likert Scale questions:- are a form of closed question and one of the most widely
used tools in researching popular opinion. They use psychometric testing to measure
beliefs, attitudes and opinion. The questions use statements and a respondent then
indicates how much they agree or disagree with that statement.

This Photo by Unknown Author is licensed under CC

BY

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 Chapter-3

ANALYSIS OF DATA

Analysis of data plays an important role in the fulfilment of research objectives. Data is
summarized and observed to find patterns or relationships. Data is analysed using various
statistical techniques requiring substantive theoretical as well as practical knowledge a
researcher should first acquire theoretical as well as practical knowledge and then proceed for
data analysis on real data collected. The techniques would vary depending on the nature of
the research (qualitative/ quantitative study). This step of the research process also includes
the interpretation of findings and writing down the results and conclusions.

TYPES OF ANALYSIS USED:

1. Frequency Distribution.

2. Cross Tabulation

FREQUENCY DISTRIBUTION

Frequency Distribution is a method of displaying the frequency (number of times a particular

value of a variable repeats in the data) of different values of a categorical/ nominal variable in
a dataset. It represents the counts of all outcomes of a variable in a sample. The frequency
distribution of variable can be represented in tabular as well as graphical forms (bar charts,
pie charts, etc.) Frequency distribution is very common and important method for analysing
the nominal (categorical) and ordinal (ranking) variables in a dataset.

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 CROSS TABULATION

Cross tabulations also referred to as contingency tables or crosstabs group variables together
and enable researchers to understand the correlation between the different variables. By
showing how correlations change from one group of variables to another, cross tabulation
allows for the identification of patterns, trends, and probabilities within data sets.

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 Age :-
Cumulative
Frequency Percent Valid Percent Percent
Valid 18-25 46 44.7 44.7 44.7
26-35 22 21.4 21.4 66.0
36-45 17 16.5 16.5 82.5
46-55 13 12.6 12.6 95.1
56 above 5 4.9 4.9 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the “age” of the candidates who willingly
submitted the survey. According to this table and bar graph most of the willing candidates
were from the age group of 18-25 and 26-35 years i.e., 46 and 22 candidates respectably from
category.

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 Education Qualification:-
Cumulative
Frequency Percent Valid Percent Percent
Valid Graduate 43 41.7 41.7 41.7
Higher secondary 23 22.3 22.3 64.1
Ph.D. 4 3.9 3.9 68.0
Post Graduate 33 32.0 32.0 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the “Education Qualification” of the candidates
who willingly submitted the survey. Most of the candidates were graduate, post graduate and
higher secondary i.e., 43 ,33 and 23 candidates from the total sample population of 103 and
only 4 or 3.9% were from Ph.D. category.

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 Marital Status: -
Cumulative
Frequency Percent Valid Percent Percent
Valid Married 49 47.6 47.6 47.6
Single 54 52.4 52.4 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the “Marital status” of the candidates who
willingly submitted the survey. According to this table and bar graph almost the same amount
single and married candidates i.e., 54 candidates or 52.4% of the total sample population of
103 candidates and 49 candidates or 47.6% of the total population were willing to fill the
survey form.

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 Your Status :-
Cumulative
Frequency Percent Valid Percent Percent
Valid Homemaker 5 4.9 4.9 4.9
Retired 2 1.9 1.9 6.8
Student 44 42.7 42.7 49.5
Working 52 50.5 50.5 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the “current status” of the candidates who willingly
submitted the survey. According to this table and bar graph most of the willing candidates
were working person i.e., 52 candidates or 50.5% of the total sample population out of 103
candidates, 44 candidates were students, 5 were homemaker and only 2 candidates or 3.6% of
the total population were retired.

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 Are you familiar with UPI system?
Cumulative
Frequency Percent Valid Percent Percent
Valid No 6 5.8 5.8 5.8
Yes 97 94.2 94.2 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us whether candidates are familiar with UPI system.
According to this table and bar graph most of the willing candidates said “Yes” to the consent
i.e., 97 candidates or 94.2% of the total sample population of 103 candidates and only 6
candidates or 5.8% of the total population said “No”.

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 Have you ever used UPI transaction method?
Cumulative
Frequency Percent Valid Percent Percent
Valid No 9 8.7 8.7 8.7
Yes 94 91.3 91.3 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the consent of the candidates towards the question
of whether candidates have ever used UPI transaction method. According to this table and bar
graph most of the willing candidates said “Yes” to the consent i.e., 94 candidates or 91.3% of
the total sample population of 103 candidates and only 9 candidates or 8.7% of the total
population said “No”.

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 Do you agree that UPI is a fast transaction method?
Cumulative
Frequency Percent Valid Percent Percent
Valid Strongly Disagree 1 1.0 1.0 1.0
Disagree 2 1.9 1.9 2.9
Neutral 5 4.9 4.9 7.8
Agree 24 23.3 23.3 31.1
Strongly Agree 71 68.9 68.9 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the consent of the candidates towards the question
of what extend the candidates agrees to the fact that UPI is a fast transaction method.
According to this table and bar graph 71 or 68.9% candidates strongly agrees to this fact, 24
candidates only agree, 5 were neutral and 2 disagreed and only one candidate strongly
disagreed to it out of total population of 103 candidates.

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 How frequently do you use UPI transaction?
Cumulative
Frequency Percent Valid Percent Percent
Valid Never 7 6.8 6.8 6.8
Rarely 6 5.8 5.8 12.6
Sometimes 14 13.6 13.6 26.2
Often 35 34.0 34.0 60.2
Always 41 39.8 39.8 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the consent of the candidates towards the question
Of how frequently do the candidates uses UPI transaction. According to this table and bar
graph 41 or 39.8% candidates always uses UPI transaction, 35 candidates indicated that they
often use UPI whereas 14 candidates use UPI sometimes and 6 rarely and 7 candidates never
used UPI transaction method out of total population of 103 candidates.

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 Do you think UPI system is Efficient?
Cumulative
Frequency Percent Valid Percent Percent
Valid Very Inefficient 2 1.9 1.9 1.9
Inefficient 2 1.9 1.9 3.9
Neutral 5 4.9 4.9 8.7
Efficient 32 31.1 31.1 39.8
Very Efficient 62 60.2 60.2 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the consent of the candidates towards the question
whether the candidates think UPI system is efficient. According to this table and bar graph 62
or 60.2% candidates agreed that it is very efficient, 32 candidates indicated that UPI is
efficient 5 candidates were neutral whereas 2 of each said UPI is inefficient and very
inefficient respectably.

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 Do you think UPI is important in today's world?
Cumulative
Frequency Percent Valid Percent Percent
Valid Extremely Unimportant 1 1.0 1.0 1.0
Unimportant 2 1.9 1.9 2.9
Neutral 5 4.9 4.9 7.8
Important 26 25.2 25.2 33.0
Extremely Important 69 67.0 67.0 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the consent of the candidates towards the question
whether UPI is important in today’s world. According to this table and bar graph 69 or 67%
candidates agrees to the fact the it is extremely important, 26 candidates thought it is
important, 5 were neutral about it and 2 thought it was unimportant in today’s world and only
one candidate thought it was extremely unimportant.

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 Do you think UPI is helpful in doing commerce?
Cumulative
Frequency Percent Valid Percent Percent
Valid Very Unhelpful 2 1.9 1.9 1.9
Unhelpful 1 1.0 1.0 2.9
Neutral 12 11.7 11.7 14.6
Helpful 27 26.2 26.2 40.8
Very Helpful 61 59.2 59.2 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the consent of the candidates towards the question
whether UPI is helpful in doing commerce. According to this table and bar graph 61 or 59.2%
candidates agrees to the fact that UPI is very helpful in doing commerce, 27 candidates
thought that UPI is helpful, 12 were neutral about it and only 1 thought it was unhelpful in
doing commerce and 2 candidates thought it was very unhelpful.

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 How often have you faced UPI based problem?
Cumulative
Frequency Percent Valid Percent Percent
Valid Never 15 14.6 14.6 14.6
Rarely 19 18.4 18.4 33.0
Sometimes 35 34.0 34.0 67.0
Often 14 13.6 13.6 80.6
Very Often 20 19.4 19.4 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the consent of the candidates towards the question
that how often have the candidates faced UPI based problem. According to this table and bar
graph 20 or 19.4% candidates claimed that they very often faced problems in UPI system, 14
candidates said they often faced UPI based problem, 35 or 34% candidates claimed they
sometime faced UPI based problem about it and 19 confirmed they rarely faced problem and
15 candidates claimed that they never faced problem.

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 Do you agree that UPI will help in growing economy?
Cumulative
Frequency Percent Valid Percent Percent
Valid Strongly Disagree 2 1.9 1.9 1.9
Disagree 1 1.0 1.0 2.9
Neutral 15 14.6 14.6 17.5
Agree 25 24.3 24.3 41.7
Strongly Agree 60 58.3 58.3 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the consent of the candidates towards the question
of will UPI help in growing economic. According to this table and bar graph 60 or 58.3%
candidates strongly agrees to this fact, 25 candidates only agree, 15 were neutral and 1
disagreed and only 2 candidates strongly disagreed to it out of total population of 103
candidates.

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 Do you prefer transaction through UPI?
Cumulative
Frequency Percent Valid Percent Percent
Valid Never Preferred 3 2.9 2.9 2.9
Rarely Preferred 2 1.9 1.9 4.9
Sometimes Preferred 17 16.5 16.5 21.4
Often Preferred 25 24.3 24.3 45.6
Most Preferred 56 54.4 54.4 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the consent of the candidates towards the question
of whether they prefer transaction through UPI. According to this table and bar graph 56 or
54.4% candidates most preferred transaction through UPI, 25 candidates claimed that they
often prefer transaction through UPI whereas 17 candidates sometime preferred UPI
transaction whereas 2 rarely and 3 candidates never preferred UPI for transaction out of total
population of 103 candidates.

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 Do you agree that UPI is beneficial in online transaction?
Cumulative
Frequency Percent Valid Percent Percent
Valid Strongly Disagree 2 1.9 1.9 1.9
Disagree 1 1.0 1.0 2.9
Neutral 8 7.8 7.8 10.7
Agree 28 27.2 27.2 37.9
Strongly Agree 64 62.1 62.1 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the consent of the candidates towards the question
of whether candidates agree that UPI is beneficial in online transaction. According to this
table and bar graph 64 or 62.1% candidates strongly agrees to this fact, 28 candidates just
agreed, 8 were neutral and 1 disagreed and only 2 candidates strongly disagreed to it out of
total population of 103 candidates.

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 Do you agree that UPI transaction is faster than any other mode of
transaction?
Cumulative
Frequency Percent Valid Percent Percent
Valid Strongly Disagree 2 1.9 1.9 1.9
Neutral 12 11.7 11.7 13.6
Agree 29 28.2 28.2 41.7
Strongly Agree 60 58.3 58.3 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the consent of the candidates towards the question
of whether candidates agree that UPI transaction is faster than any other mode of transaction.
According to this table and bar graph 60 or 58.3% candidates strongly agrees to this fact, 29
candidates just agreed, 12 were neutral and only 2 candidates strongly disagreed to it out of
total population of 103 candidates.

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 Do you agree that UPI transaction is Safe and Secure?
Cumulative
Frequency Percent Valid Percent Percent
Valid Strongly Disagree 3 2.9 2.9 2.9
Disagree 4 3.9 3.9 6.8
Neutral 19 18.4 18.4 25.2
Agree 36 35.0 35.0 60.2
Strongly Agree 41 39.8 39.8 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the consent of the candidates towards the question
of whether candidates agree that UPI is a safe and secure transaction method. According to
this table and bar graph 41 or 39.8% candidates strongly agrees to this fact, 36 candidates just
agreed, 19 were neutral and 4 disagreed and only 3 candidates strongly disagreed to it out of
total population of 103 candidates.

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 How satisfied are you with UPI transaction?
Cumulative
Frequency Percent Valid Percent Percent
Valid Very Unsatisfied 3 2.9 2.9 2.9
Unsatisfied 1 1.0 1.0 3.9
Neutral 13 12.6 12.6 16.5
Satisfied 33 32.0 32.0 48.5
Very Satisfied 53 51.5 51.5 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us the consent of the candidates towards the question
of whether to what extend candidates are satisfied with UPI transaction. According to this
table and bar graph 53 or 51.5% candidates were very satisfied with UPI transaction, 28
candidates were just satisfied, 13 were neutral, 1 was unsatisfied and 3 candidates were very
unsatisfied out of total population of 103 candidates.

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 Do you know the following UPI based apps:- [Google Pay]
Cumulative
Frequency Percent Valid Percent Percent
Valid No 9 8.7 8.7 8.7
Yes 94 91.3 91.3 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us whether candidate the candidate knows the about
the app Google Pay. According to this table and bar graph most of the willing candidates said
“Yes” to the consent i.e., 94 candidates or 91.3% of the total sample population of 103
candidates and only 9 candidates or 8.7% of the total population said “No”.

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 Do you know the following UPI based apps:- [Phone Pe]
Cumulative
Frequency Percent Valid Percent Percent
Valid No 9 8.7 8.7 8.7
Yes 94 91.3 91.3 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us whether candidate the candidate knows the about
the app Phone Pe. According to this table and bar graph most of the willing candidates said
“Yes”, i.e., 94 candidates or 91.3% out of the total sample population of 103 candidates and
only 9 candidates or 8.7% out of the total population said “No”.

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 Do you know the following UPI based apps:- [BHIM UPI]
Cumulative
Frequency Percent Valid Percent Percent
Valid No 21 20.4 20.4 20.4
Yes 82 79.6 79.6 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us whether candidate the candidate knows the about
the app BHIM UPI. According to this table and bar graph most of the willing candidates said
“Yes”, i.e., 82 candidates or 79.6% out of the total sample population of 103 candidates and
21 candidates or 20.4% out of the total population said “No”.

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 Do you know the following UPI based apps:- [PayTM]
Cumulative
Frequency Percent Valid Percent Percent
Valid No 8 7.8 7.8 7.8
Yes 95 92.2 92.2 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us whether candidate the candidate knows the about
the app Pay TM. According to this table and bar graph most of the willing candidates said
“Yes”, i.e., 95 candidates or 92.2% out of the total sample population of 103 candidates and 8
candidates or 7.8% out of the total population said “No”.

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 Do you know the following UPI based apps:- [Razor Pay]
Cumulative
Frequency Percent Valid Percent Percent
Valid No 58 56.3 56.3 56.3
Yes 45 43.7 43.7 100.0
Total 103 100.0 100.0

Interpretation:

The above Table and Bar Graph shows us whether candidate the candidate knows the about
the app Razor Pay. According to this table and bar graph most of the willing candidates said
“Yes”, i.e., 45 candidates or 43.7% out of the total sample population of 103 candidates and
58 candidates or 56.3% out of the total population said “No”.

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 FINDINGS

 94.2% of the total population i.e., most of the candidates were familiar with
UPI System and only 5.8% of claimed that they were not familiar with UPI
system.
 91.3% of the total population of candidates have used UPI system in some
point of time.
 68.9% of the candidates claimed that UPI is a fast mode of transaction.
 39.8% of the total population always uses UPI transaction method for their
payment.
 60.2% of the total sample population claims that UPI system is very efficient
and 31.1% just claimed UPI to be just efficient.
 UPI is extremely important in today’s world as per 67% of the total population
and only 1.9% thinks it is extremely unimportant.
 According to majority of the candidates UPI is very helpful in making
transaction i.e., 59.8% out of the total population.
 54.4% of the total population most prefer UPI transaction method.
 39.8% strongly agreed that UPI is safe and secure and 35% just agreed
whereas 2.9% strongly disagreed and 3.9% disagreed and 18.4% were neutral.
 51.5% of the population were very satisfied with UPI transaction method.
 According to the survey almost half of the population 56.3% were not familiar
and 47.3% were familiar with UPI based app Razor Pay.
 62.1% of the total population thinks UPI is beneficial.

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 LIMITATIONS
Despite of having a complete analysis of the topic, there are following limitations faced
during the study and for the preparation of this report:

 This topic requires in-depth research but only 103 respondents have taken the
questionnaire.
 Lack of scope of discussion.
 Time for the research was limited.
 This study covers only the understanding the structure of internet banking and mobile
wallet.
 Lack of Interaction, as the research was done online.
 Must have a computer, smart phones, or access to a digital interface to fill this survey.
 Respondents may not feel encouraged to provide accurate, honest answers
 Respondents may not feel comfortable providing answers that present themselves in
an unfavourable manner.
 Respondents may not be fully aware of their reasons for any given answer because of
lack of memory on the subject, or even boredom.
 Surveys with closed-ended questions may have a lower validity rate than other
question types.
 Data errors due to question non-responses may exist. The number of respondents who
choose to respond to a survey question may be different from those who chose not to
respond, thus creating bias.
 Survey question answer options could lead to unclear data because certain answer
options may be interpreted differently by respondents. For example, the answer option
“somewhat agree” may represent different things to different subjects, and have its
own meaning to each individual respondent. ‘Yes’ or ‘no’ answer options can also be
problematic. Respondents may answer “no” if the option “only once” is not available.
 Customized surveys can run the risk of containing certain types of errors.

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 CONCLUSION

Through this survey we came to know that UPI is a good system and it is increasingly
becoming more favourable among every person in India as the system or method is very
efficient and fast. UPI system is slowly developing and in near future, new versions of UPI
may appear which could increase the security and eliminate all the flaws which today’s
population is facing during transaction. UPI is mainly more popular among the younger
generations i.e., 18-35 year of age. It has eased the hassle of carrying physical money ,not
only that it has also helped in increasing online transaction which has led to the creation and
enhancement of 3rd party apps like Paytm, PhonePe, etc.

SUGGESTIONS

 UPI system should give periodical updates.

 UPI should increase their safety and security of transaction.
 UPI should encourage their costumers for periodical feedbacks for increasing their
efficiency.
 UPI should try to minimalize the problems faced by costumers while using their
transaction system.
 UPI authority should slowly aim for globalizing their system in some form so that the
necessity of plastic and cash money is reduced.

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 BIBLIOGRAPHY

 https://vikaspedia.in/e-governance/digital-payment/unified-payment-
interface/unified-payment-interface-usage-examples-and-samples
 https://www.npci.org.in/what-we-do/upi/product-overview
 https://www.bhimupi.org.in/
 https://www.bankbazaar.com/ifsc/unified-payment-interface-
upi.html
 https://scholar.google.com/
 https://www.scirp.org/journal/paperinformation.aspx?paperid=7987
9
 http://www.journal-aquaticscience.com/article_136176.html
 https://search.proquest.com/openview/e38f1107b6d5a02139d60e0bfa
303941/1?pq-origsite=gscholar&cbl=2032161

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 ANNEXURE

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