A

PROJECT REPORT ON
INVESTORS PERCEPTIONS TOWARDS INVESTMENT IN
STOCK MARKET SUBMITTED TO
SCHOOL OF COMMERCE AND MANAGEMENT
YASHWANTRAO CHAVAN MAHARASHTRA OPEN UNIVERSITY
NASHIK

IN PARTIAL FULFILLMENT OF REQUIREMENT

FOR THE AWARD OF THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION (MBA)
SUBMITTED BY
MR. MOHINI JAYWANT AGIWALE
PRN: 2022017000707643
UNDER THE GUIDANCE OF
PROF. SACHIN P. KAMBLE
THROUGH
THE COORDINATOR
35315- JEEVANDEEP COLLEGE, GOVELI

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 ACKNOWLEDGMENT

It is indeed a great pleasure to submit this project. Which is a sheer output of my hard work and
dedications and staff. Personal who have put their best efforts to make this project a Success? I
take pleasure in thanking each other of them.

I would like to express my sincere gratitude to my project guide from the Prof. Sachin P. Kamble.
The Continues support and direction she gives during the project work.

I would like to thank for Principal K. B. Kore and project guide Prof. Sachin P. Kamble for their
valuable support. I would like to thank all these persons whose valuable guidance at every phase of
the project has helped me in the completion of the project.

DATE: 05/03/2024
PLACE: DOMBIVLI

MISS MOHINI JAYWANT AGIWALE

MBA 2ND YEAR

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 DECLERATION

The undersigned Miss. MOHINI JAYWANT AGIWALE here by declared that the project work
entitled “A PROJECT REPORT ON INVESTORS PERCEPTIONS TOWARDS INVESTMENT IN
STOCK MARKET’’ has been successfully completed from the result of my own efforts and the

same has not previously submitted to my examination of the Mumbai University or any other
university.

This project reports is submitted to YASHWANTRAO CHAVAN MAHARASHTRA OPEN

UNIVERSITY NASHIK in the partial fulfillment of the degree of MASTER OF BUSINESS
ADMINISTRATION (MBA).

DATE: 05/03/2024
PLACE: DOMBIVLI

MISS. MOHINI JAYWANT AGIWALE

MBA 2ND YEAR

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 CERTIFICATE

This is to certify that Miss. MOHINI JAYWANT AGIWALE is student of this institute and the project
report named "A PROJECT REPORT ON INVESTORS PERCEPTIONS TOWARDS INVESTMENT IN
STOCK MARKET” Is constructed and completed by her submitted here with in the partial fulfillment of
his "MASTERS OF BUSINESS ADMINISTRATION" (P-79). The report is uniquely prepared by her
and has not been submitted to any other. If found such, the student will be able for the legal action by
the University.
Thanking You.

PLACE: DOMBIVILI
DATE: 26/03/2024

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 TABLE OF CONTENTS

Serial Description Page

Number Number
1 ACKNOWLEDGEMENT 1-2
2 DECLARATION 3
3 CERTIFICATE 4
4 TABLE OF CONTENTS 5
6 CHAPTER I: INTRODUCTION 6-31
7 CHAPTER II: RESEARCH METHODOLOGY 32-34
8 CHAPTER III: LITERATURE REVIEW 35-40
9 CHAPTER IV: DATA ANALYSIS AND 41- 65
INTERPRETATIONS
10 CHAPTER V: CONCLUSION & SUGGESTION 66-67
11 BIBLIOGRAPHY/WEBLIOGRAPHY 69-70
12 ANNEXURE 71-73

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 CHAPTER – 01

INTRODUCTION

Digital payments are transactions that take place via digital or online modes, with no
physical exchange of money involved. This means that both parties, the payer and the
payee, use electronic mediums to exchange money.
The Government of India has been undertaking several measures to promote and
encourage digital payments in the country.
As part of the ‘Digital India’ campaign, the government has an aim to create a ‘digitally
empowered’ economy that is ‘Faceless, Paperless, and Cashless’. There are various
types and methods of digital payments.
Please note that digital payments can take place on the internet as well as on physical
premises. For example, if you buy something from Amazon and pay for it via UPI, it
qualifies as a digital payment. Similarly, if you purchase something from your local
Kirana store and choose to pay via UPI instead of handing over cash that also is a digital
payment.

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Methods of digital payments

1: Banking Cards
Indians widely use Banking cards, or debit/credit cards, or prepaid cards, as an
alternative to cash payments. Andhra Bank launched the first credit card in India in
1981. Cards are preferred because of multiple reasons, including, but not limited to,
convenience, portability, safety, and security. This is the only mode of digital payment
that is popular in online transactions and physical transactions alike. Nowadays, many
apps are being launched with the sole purpose of managing card transactions like Cred,
Square, etc.

Debit Cards
They allow the card holder to transfer money electronically from their bank accounts
and can also be used as ATM cards to withdraw cash using the Automated Teller
Machine. Keep in mind that you’re not borrowing money using debit card, you are
using the money deposited in the bank account linked to the card, whereas in credit
cards, you borrow money to make payment
Deferred Debit Card allows the facility of payment being done a few days later from
the date of purchase.

Credit Cards
Credit cards allow the user to borrow money from the bank and make purchases. Bank
or companies issuing the credit card creates a revolving account and grants a line of
credit to the cardholder, and then the user borrows money for payments or can also
withdraw cash at times. Companies issuing credit cards also set a minimum repayment
amount for the amount borrowed and also charge interest on delayed payments.

Forex Cards
Forex Cards stands for Foreign Exchange Cards and are used for international travels
to hold foreign currency. There are two main variants- single currency cards and
Multicurrency forex cards. Forex cards can also be used to withdraw the currency
abroad.

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Prepaid cards
Just as the name suggest in prepaid cards you can load the amount in advance and then
use the money to make transactions, they are not linked to any bank accounts. Most
common example is prepaid gift card.
RuPay in India also brought the prepaid cards in 2014 considering the huge opportunity
in the untapped, unorganized, corporate gifting and other business space.

Electronic cards
Electronic cards can be considered as debit cards issued in specific overdraft accounts
that are in the nature of personal loan without any specific end-use restrictions. Banks
have been permitted to issue electronic cards to natural persons having overdraft
accounts so as to enable domestic digital transactions in such accounts. For all purposes
like security, Additional Factor of Authentication (AFA), Merchant Discount Rate
(MDR), etc., the instructions relating to debit cards are applicable on such electronic
cards as well.

2: Unstructured Supplementary Service Data (USSD)

USSD was launched for those sections of India’s population which don’t have access
to proper banking and internet facilities. Under USSD, mobile banking transactions are
possible without an internet connection by simply dialing *99# on any essential feature
phone.0
This number is operational across all Telecom Service Providers (TSPs) and allows
customers to avail of services including interbank account to account fund transfer,
balance inquiry, and availing mini statements. Around 51 leading banks offer USSD
service in 12 different languages, including Hindi & English.

3: Aadhar Enabled Payment System (AEPS)

AEPS is a bank-led model for digital payments that was initiated to leverage the
presence and reach of Aadhar. Under this system, customers can use their Aadhar-
linked accounts to transfer money between two Aadhar linked Bank Accounts. As of
February 2020, AEPS had crossed more than 205 million as per NPCI data.
AEPS doesn’t require any physical activity like visiting a branch, using debit or credit
cards or making a signature on a document. This bank-led model allows digital

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Payments at POS (Point of Sale / Micro ATM) via a Business Correspondent (also
known as Bank Mitra) using Aadhar authentication. The AEPS fees for Cash
withdrawal at BC Points are around Rs.15.

4: Unified Payments Interface (UPI)

UPI is a payment system that culminates numerous bank accounts into a single
application, allowing the transfer of money easily between any two parties. As
compared to NEFT, RTGS, and IMPS, UPI is far more well-defined and standardized
across banks. You can use UPI to initiate a bank transfer from anywhere in just a few
clicks.
The benefit of using UPI is that it allows you to pay directly from your bank account,
without the need to type in the card or bank details. This method has become one of the
most popular digital payment modes in 2020, with October witnessing over 2 billion
transactions.

5: Mobile Wallets
Mobile Wallets, as the name suggests, are a type of wallet in which you can carry cash
but in a digital format. Often customers link their bank accounts or banking cards to the
wallet to facilitate secure digital transactions. Another way to use wallets is to add
money to the Mobile Wallet and use the said balance to transfer money.
Nowadays, many banks have launched their wallets. Additionally, notable private
companies have also established their presence in the Mobile Wallet space. Some
popularly used ones include Paytm, Freecharge, Mobikwik, mRupee, Vodafone M-
Pesa, Airtel Money, Jio Money, SBI Buddy, Vodafone M-Pesa, Axis Bank Lime, ICICI
Pockets, etc.

6: Bank Prepaid Cards

A bank prepaid card is a pre-loaded debit card issued by a bank, usually single-use or
reloadable for multiple uses. It is different from a standard debit card because the latter
is always linked with your bank account and can be used numerous times. This may or
may not apply to a prepaid bank card.

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A prepaid card can be created by any customer who has a KYC-complied account by
merely visiting the bank’s website. Corporate gifts, reward cards, or single-use cards
for gifting purposes are the most common uses of these cards.

7: POS Terminals
POS (Point of Sale) is known as the location or segment where a sale happens. For a
long time, POS terminals were considered to be the checkout counters in malls and
stores where the payment was made. The most common type of POS machine is for
Debit and Credit cards, where customers can make payment by simply swiping the card
and entering the PIN.

With digitization and the increasing popularity of other online payment methods, new
POS methods have come into the picture. First is the contactless reader of a POS
machine, which can debit any amount up to Rs.2000 by auto-authenticating it, without
the need of a Card PIN.

8: Internet Banking
Internet Banking, also known as e-banking or online banking, allows the customers of
a particular bank to make transactions and conduct other financial activities via the
bank’s website. E-banking requires a steady internet connection to make or receive
payments and access a bank’s website, which is called Internet Banking.

Today, most Indian banks have launched their internet banking services. It has become
one of the most popular means of online transactions. Every payment Gateway in india
has a virtual banking option available. NEFT, RTGS, or IMPS are some of the top ways
to make transactions via internet banking.

9: Mobile Banking
Mobile banking refers to the act of conducting transactions and other banking activities
via mobile devices, typically through the bank’s mobile app. Today, most banks have
their mobile banking apps that can be used on handheld devices like mobile phones and
tablets and sometimes on computers.

Mobile banking is known as the future of banking, thanks to its ease, convenience, and
speed. Digital payment methods, such as IMPS, NEFT, RTGS, IMPS, investments,

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Bank statements, bill payments, etc., are available on a single platform in mobile
banking apps. Banks themselves encourage customers to go digital as it makes
processes easier for them too.

10: Micro ATMs

Micro ATM is a device for Business Correspondents (BC) to deliver essential banking
services to customers. These Correspondents, who could even be a local store owner,
will serve as a ‘micro ATM’ to conduct instant transactions. They will use a device that
will let you transfer money via your Aadhar linked bank account by merely
authenticating your fingerprint.

Essentially, Business Correspondents will serve as banks for the customers. Customers
need to verify their authenticity using UID (Aadhar). The essential services that will be
supported by micro ATMs are withdrawal, deposit, money transfer, and balance
inquiry. The only requirement for Micro ATMs is that you should link your bank
account to Aadhar.

REASONS TO USE ONLINE PAYMENT

Most businesses seek online payment to increase purchases by accepting
bankcards. In addition to expanding the payment options available to
customers, certain inherent risks faced by businesses can be reduced by using
online credit payment. This section reviews fiveways providers bring value to
businesses: improved cash flow efficiency, guaranteed transactions, reduced
costs, increased protection of sensitive information, and increased protection of
the payment provider.

Improved Cash Flow Efficiency

Online payment providers assist businesses in keeping costs of receiving
payments low while enhancing and improving the company’s ability to collect
funds. Finding an efficient and cost-effective way to collect money is of great
importance for any company. Hundreds of methods exist for a business to
create a dynamic website and collect customer information, but far fewer allow
for the easy collection of funds.

Online payment providers improve cash flow efficiency for small incremental

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Costs. Many services offer the ability for customers to make a one-time payment
or to pay by subscription. Both methods tend to involve corresponding
transaction fees, depending on the type of account the customer selects.
Transaction fees facilitate more sales without large upfront costs.

Guaranteed Transactions
Online payment providers help reduce some of the risks associated with online
purchasing by guaranteeing transactions with proper support and by protecting
sensitive information If customers are not confident that a companywill provide
them with guaranteed transactions, they may refuse to conduct business with
the company, with devastating effects on revenues. Online payment providers
offer straightforward ways of assuring business transactions over the Internet.
One way is by collaborating with larger companies and major financial
institutions to obtain the resources necessary to guarantee payments. For
example, PayPal teamed up with Wells Fargo to provide greater functionality
and stability to its service.

Reduced Costs
Online payment providers help reduce costs on both the business side and the
client side of a transaction by reducing the paper work, processing time, and
human resources needed to complete it. More important, they may also reduce
data-entry errors because customers enter their own information into the system
rather than relying on a customer service representative to enter the data for
them. Online payment providers also allow companies’ to eliminate the need
forexpensive servers, software, and administrative staff. Many businesses do
not possess the capital to purchase and configure their own servers, nor do they
want to worry about maintenance. Furthermore, using an online payment
provider can reduce costs associated with server downtime. Since small
businesses are particularly susceptible to losses caused by system downtime
(much more than larger businesses [Ball, 2001]) reducing of downtime is
important in these environments. Using a provider also greatly reduces the need
for technically proficient developers and administrators assuring the reliability,
timeliness, and efficiency of the payment system.

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Increased Protection of Sensitive Information
Online payment providers can also decrease the potential for payment fraud by
increasing the security of sensitive information. Payment fraud is 30 times more
likely in the virtual world than in the physical world. Accordingly, consumers
conducting business over the Internet are extremely concerned with the security
of their personal information [Wright, 2002]. Using an online payment provider
should decrease employee access to financial information, reduce internal
employee theft, and protect sensitive customer information. An online payment
provider allows a business to control sensitive information without having to
invest in a complex web application. Once a client’s personal information is
stored in the payment provider’s database, it will not be transferred again over
the Internet. To decrease the costs of fraud further, online payment providers
typically assume the risk of credit card fraud, identity theft, and other financial
fraud. Online payment providers typically are well- equipped to provide
increased data security during transmission processes through techniques such
as cryptography. Virtually all major online payment providers maintain
sophisticated fraud control groups that conduct cyber sleuthing to reduce the
amount of fraud committed with their services.

Benefits of Digital Payments

Faster, easier, more convenient: Perhaps, one of the biggest advantages of
cashless payments is that it speeds up the payment process and there is no need
to fill in lengthy information. There is no need to stand in a line to withdraw
money from an ATM or carry cards in the wallet. Also, with the move to digital,
banking services will be available to customers on a 24/7 basis and on all days
of a year, including bank holidays. Many services like digital wallets, UPI, etc,
work on this basis.

Economical and less transaction fee:

There are many payment apps and mobile wallets that do not charge any kind
of service fee or processing fee for the service provided. The UPIinterface is one
such example, where services can be utilized by the customer free of cost.
Various digital payments systems are bringing down costs.

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Waivers, discounts and cashbacks:
There are many rewards and discounts offered to customers using digital
payment apps and mobile wallets. There are att cash back offers given by many
digital payment banks. This comes as boon to customers and also acts a
motivational factor to go cashless.

Digital record of transactions:

One of the other benefits of going digital is that all transaction records can be
maintained. Customers can track each and every transaction that is made, no
matter how small the transaction amount this.

One stop solution for paying bills:

Many digital wallets and payment apps have become a convenient platform for
paying utility bills. Be it mobile phone bills, internet or electricity bills, all such
utility bills can be paid through a single app without any hassle.

Helps keep black money under control:

Digital transactions will help the government keepa track of things and it will
help eliminate the circulation of black money and counterfeit notes in the long
run. Apart from this, this may also give a boost to the economy as the costof
minting currency also goes down

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16
 INTRODUCTION OF UNIFIED PAYMENTS INTERFACE
(UPI)

EXECUTIVE SUMMARY

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 payment system which has the
potential to transform and universalize digital payments in India. The paper
traces the evolution of payments systems in India and examines in detail the
technology behind Unified Payment Interface focusing on its architecture and
security systems through empirical and theoretical literature review. UPI is a
significant advancement as compared to extant payment system in terms of cost,
ease of use for consumers, settlement times and security and has witnessed good
user adoption. Its modular application programming interface (API) based
architecture will enable development of innovative solutions for consumers and
businesses. UPI is currently in its infancy stage and development of merchant
centric UPI solutions will greatly increase the user adoption. UPI can help bring
a large part of the population within the ambit of digital economy and can be a
great tool for financial inclusion in India.

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Unified Payments Interface (UPI)
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 on11th April 2016 by Dr. Raghuram G Rajan, Governor, and RBI
at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store
from 25th August, 2016 onwards.

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.
 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.
 Bill Sharing with friends.
 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, Barcode (Scan and Pay) based
payments.
 Donations, Collections, Disbursements Scalable.
 Raising Complaint from Mobile App directly.

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Participants in UPI
 Payer PSP
 Payee PSP
 Remitter Bank
 Beneficiary Bank
 NPCI
 Bank Account holders
 Merchants

UPI - Benefits to the Ecosystem participants

Benefits for banks:

 Single click Two Factor authentication

 Universal Application for transaction
 Leveraging existing infrastructure
 Safer, Secured and Innovative
 Payment basis Single/ Unique Identifier
 Enable seamless merchant transactions

Benefits for end Customers:

 Round the clock availability
 Single Application for accessing different bank accounts
 Use of Virtual ID is more secure, no credential sharing
 Single click authentication
 Raise Complaint from Mobile App directly

Benefits for Merchants:

 Seamless fund collection from customers - single identifiers
 No risk of storing customer’s virtual address like in Cards
 Tap customers not having credit/debit cards
 Suitable for e-Com & m-Com transaction
 Resolves the COD collection problem

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 Single click 2FA facility to the customer - seamless Pull
 In-App Payments (IAP)
 Registration in UPI enabled application

Steps for Registration:

 User downloads the UPI application from the App Store/Banks website
 User creates his/her profile by entering details like name, virtual id (payment
address), password etc.
 User goes to “Add/Link/Manage Bank Account” option and links the bank and
account number with the virtual id

Generating UPI – PIN:

 User selects the bank account from which he/she wants to initiate the transaction
 User clicks one of the option –

Change M-PIN
In the case of 3(a) -
 User receives OTP from the Issuer bank on his/her registered mobile number
 User now enters last 6 digits of Debit card number and expiry date
 User enters OTP and enters his preferred numeric UPI PIN( UPI PIN that he
would like to set) and click on Submit

 After clicking submit, customer gets

notification (successful or decline) In the case
of 2(b) -
 User enters his old UPI PIN and preferred new UPI PIN (UPI PIN that he would
like to set) and clicks on Submit
 After clicking submit, customer gets notification (successful or failure)
Performing a UPI Transaction:

PUSH – sending money using virtual address

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 User logs in to UPI application
 After successful login, user selects the option of Send Money/Payment
 User enters beneficiary’s/Payee virtual id, amount and selects account to be debited
 User gets confirmation screen to review the payment details and clicks on Confirm
 User now enters UPI PIN
 User gets successful or failure message

PULL – Requesting money:

 User logs in to his bank’s UPI application
 After successful login, user selects the option of collect money (request for
payment)
 User enters remitters/payers virtual id, amount and account to be credited
 User gets confirmation screen to review the payment details and clicks on confirm
 The payer will get the notification on his mobile for request money
 Payer now clicks on the notification and opens his banks UPI app where he reviews
payment request
 Payer then decides to click on accept or decline
 In case of accept payment, payer will enter UPI PIN to authorize the transaction
 Transaction complete, payer gets successful or decline transaction notification
 Payee/requester gets notification and SMS from bank for credit of his bank account

Product
A. Financial Transactions: UPI supports the following financial transactions viz.

Pay Request: A Pay Request is a transaction where the initiating customer is pushing
funds to the intended beneficiary. Payment Addresses include Mobile Number &
MMID, Account Number & IFSC and Virtual ID

Collect Request: A Collect Request is a transaction where the customer is pulling funds
from the intended remitter by using Virtual ID.

B. Non-Financial Transactions: UPI will support following types of non-financial

transactions on any PSPApp viz

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  Mobile Banking Registrations*
 Generate one Time Password
 (OTP)Set/Change PIN
 Check Transaction Status
 Raise Disputes / Raise quary

UPI APPS IN INDIA

1. PHONEPE
PhonePe or PhonePe Private Limited it is an Indian e-commerce payment
service and digital wallet company. PhonePe was founded in the year 2015 by
its founders, Mr. Sameer Nigam and Rahul Chari and it was the first payment
app in India which was built on Unified Payments Interface i.e. (UPI). PhonePe
is now available in 11 Languages. Phone Pe offers various services such as:-

i. User can send or receive money through Phone Pe app.

ii. User can make various payment- mobile recharges, DTH recharges,
users can also make payments of shopping online on various apps.Phone
Pe even allows users to book tickets through various apps such as
Redbus, Goibibo, Ola etc.

Phone Pe app has more than 100 million users and it has crossed more than 5
billion transactions.

Latest development of Phone Pe app is that it allows its customers to withdraw

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cash through its in app UPI feature which is also known as Phone Pe ATM,
which means that transferring the said amount which has to be withdrawn to a
nearby Phone Pe enabled merchant/ seller.

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

Google Pay enables you to:-

 Send and receive money.
 Store your credit/ debit card information safe.
 And use this information to pay for various items on various apps.

Google Pay is known for its security among other similar digital payment
apps. Google storeyour credit/debit card information in its secure servers
using strong encryption. Cloud
Storage and data security of the customers is the prime concern of Google.

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 3. PayTM
PayTM is an Indian e-commerce operator and Financial Technology
company.
Paytm was founded in August 2010 by its founder Mr. Vijay Shekhar Sharma. In 2014, the
company launched its first Digital E-wallet known as Paytm Wallet. Paytm offers Digital
wallet payment, mobile payments, online shopping, Paytm Payments Bank etc.

In the year 2015, RBI gave Licence to Paytm to launch Paytm Payments
Bank which was laterinaugurated in the year 2017 by the then Finance
Minister Mr. Arun Jaitley. Paytm works in 2different ways:- Paytm Wallet
and Paytm Payments Bank.

Paytm is known as a digital payment system which allows you to transfer

money through yourdebit/credit cards and which also allows you to do
online banking. Once you register to Paytm you can make online payment
of bills or you can make payment through you paytm wallet by first adding
money into your wallet.

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 4. UPI BHIM App
BHIM stands for Bharat Interface for Money. BHIM App is developed by
National Payments Corporation of India i.e. (NPCI) and it is based on Unifies
Payment Interface i.e.(UPI). Our Prime Minister Shri Narendra Modiji had
launched this app. BHIM App was launched on 30th December 2016 and is
currently available in 20 languages.

BHIM App accepts all Indian banks which works on UPI system and which
is built overIMPS i.e. Immediate Payment System which allows the user to
transfer money to Bank accounts of any two parties.

Using UPI system user can make transactions in an easy, quick and
simple manner.Through BHIM App users can do the various services:-
i. User can send money.
ii. User can Request money, for this it is mandatory that the users mobile
number belinked with the bank account using.
iii. For quick transactions users can Scan and Pay.
iv. Additional feature of BHIM App is that it allows the customers to
check theirtransactions history.
v. There is a report tab in BHIM App for the customers if they have any
complaintto raise they can use this tab to do the same.
vi. Next option in the BHIM App is the Bank account option, so through
this option user can view the bank account that is linked with his/her

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 BHIM App. A customer can also change the bank account by just
clicking „Change Account‟ in the BHIMApp.
vii. Through BHIM App it is easy to transfer money as BHIM App allows
a customerto transfer money to more than one payment address.

5. Amazon pay

Amazon was founded in 2007. Amazon Pay provides options for shopping at reasonable
discounts. It also provides discounts on Amazon Prime subscriptions. Through this
application, you can purchase products, pay for movies and bills, etc. The features of
the application are:

 Pay later through a wallet.

 Win Several rewards and receive cashback options
 Pay electricity, gas and credit card bills.
 Avail of easy travel booking and insurance payment options.
 Get gift coupons.

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 6. whatsApp pay

WhatsApp Pay is an in-chat payment feature that allows users to make transactions via
WhatsApp to their contact list. It is UPI-based payments service that allows you to both
send and receive money. It was developed by the National Payments Corporation of
India (NPCI).
When was WhatsApp Pay introduced?

WhatsApp Pay was launched in February 2018 in India as part of a trial run. Payments
through WhatsApp were introduced to a million users under a partnership with ICICI
Bank. On February 7, 2020, the messaging app received NPCI's approval to roll out its
digital payment service in a phased manner. In the first phase, WhatsApp will offer
payment services to 10 million users in the country.

How to enable WhatsApp Pay?

To use WhatsApp Pay, a user must initiate a payment to a contact. Once the request is
received, the user can set up their UPI account on WhatsApp.

How to use WhatsApp Pay?

Users can send money directly through chat by tapping on the share file icon and
selecting ‘payment’. The ‘payment’ section is available on the shortcut menu. Users
can check their transaction history and account details in that section. The payment
system works on the Unified Payments Interface (UPI) method, where fund transfers
can be initiated without having to provide bank account numbers and IFSC codes of
recipients.

WhatsApp Pay: Modes of transaction

WhatsApp Pay allows users to send money only to their contacts after which it enables
UPI ID. WhatsApp Pay users could enter the UPI ID and send money. Through QR
code, WhatsApp users can also send money to people who are not in their contact list.

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 7. MobiKwik

MobiKwik is also another Indian company app which acts as a digital wallet,
as a mobilepayments system. MobiKwik is an app founded by Bipin Singh and
Upasana Taku in theyear 2009. Initially MobiKwik was just a website with
closed wallet facility but later started with mobile apps. In the year 2016
MobiKwik launched -Mobikwik Lite app which was for older 2G mobile
networks and those with poor network connectivity.
MobiKwik launched its first ever Mobile Wallet system in the year 2012.

Mobikwik also launched the feature of sending and receiving money

through a mobileapp. Mobikwik also provides financial services such as
providing loans, various insurances such as life insurance, accident
insurance, fire insurance as well as mutual funds. In the year 2017,
MobiKwik „s biggest competitor was Paytm.
According to Forbes India Magazine, in the year 2015 MobiKwik was used
by more than15million users for its unique features and was also claiming of
increase of one million users every month.

In the year 2016, India had Demonetization during this time Mobikwik
had a 400%increase in Financial Transactions.

28
 8. HDFC PAYZAPP

PAYZAPP is a mobile payment app developed by HDFC Bank. Payzapp

allows customers to recharge their phones DTH recharges as well, pay utility
bills such as electricity bill etc., customers can buy movie, train, flight tickets,
book a cab and can alsoshop online. Customers can also send money to their
family and friends and can also track their expenses.

Customer has to link their bank account with HDFC PAYZAPP app to
enjoy the mostsecure way of payment. You have to just scan a QR Code to
make any payment in Payzapp app.

During the launch of Payzapp app, Aditya Puri the Managing Director of
HDFC Bank said “The wallet we introduced under Payzapp, unlike other
wallets, is not a pre-paid wallet. It reflects your account and it reflects your
credit card balance. More importantlyit is one click. That is the convenience.”

How to start with Payzapp App:-

i. First you have to download the Payzapp app from Playstore.
ii. Enter your registered mobile number i.e. the mobile number which
is registeredwith your bank account.

29
 iii. Complete the registration process by reading all the KYC steps.
iv. The in the next step you have to link you bank account or your credit
card withthe Payzapp app.
v. You are ready to use Payzapp app.

9. YONO by SBI
This mobile wallet application was introduced by State Bank of India. This
wallet offers its services in 13 Languages. The word YONO means You Only
Need One, this app helps users to access various financial and other services, it
acts as a Digital Banking platform which offers various services such as online
shopping payments, booking ticketsof (train, bus, taxi, flights), it also allows
customers to make medical bill payments.
YONO app was launched in the year 2017 by Mr. Arun Jaitley, the then Finance
Ministerof India. This app can also be used by customers to make ATM
withdrawals as well as this app can be used to make various fund transfers, etc.
Through YONO app a customer can track his/her OD account balance, can
even openfixed deposit, recurring deposits, and can even invest in mutual
funds. Customers caneven track their loans through this app.

30
 10. CITI MASTERPASS

CITI MasterPass was launched by Citi Bank India and Mastercard. It is India’s
firstglobal Digital wallet.

Citi MasterPass safely stores the confidential information i.e. the data of
customer’s card and their shipping information is stored in their MasterCard.
So while making the paymentthe customer simply has to select the option of
„Buy with MasterPass‟ as the payment option while checkout, by doing this the
customers need not have to fill in all the details.
By this feature the risk of customer’s confidential information can be
exposed, ascustomer are always in need of safe, secure, simple and
quick transactions whileshopping.

CITI MasterPass is present in more than 24 countries worldwide. In today’s

world around41 % transactions of Citi Bank are performed through online
mode because of its secure, safety and innovative services.

31
 CHAPTER -02
RESEARCH METHODOLOGY

Statement of Problem

During demonetization, digital payment took place and had a lot of

significance. In recent days after all situations getting normal, again cash
transactions are increased. It is importantto study how the digital payment
gateway is working in these days.

Objectives
 To know the customer preference and level of satisfaction towards the UPI
scheme.
 To study about awareness of UPI payment services.
 To study the problems faced by customers in using UPI scheme.

Research Methodology
This research paper uses descriptive research. Primary data will be collected
through goggle forms from respondents by drawing a sample size of 200.
Data which is collected will be analyzed and interpreted in systematic
analytical presentation though graphs.
 Sampling - Integrative Sampling
 Sources of data – Primary Data (Based on respondents), Secondary Data
(Based on several articles, research papers of different universitiesand
international journals.
 Tools of data collection – Questioner
Review of Data Collection Method

 Secondary Data
The research started with secondary data which is available on different
websites, journals and other profiles by different experts.

32
  Primary Data
The primary data is being collected through google forms from different
respondents who may have different way of perception. To collect this
data, the sample size is considered 200 and the analysation is done with
the help of questioner tool.

Methodology
The methodology used to get information about choice of preference towards Unified
Payment Interface of general consumer people in Bangalore city. The survey
questionnaire is designed and distributed via goggle forms. The target population for
this study is the internet user consumers in Bangalore city. Questionnaire is design to
apply to a sample which answered in general questions about Gender, Age group,
Education level, Occupation, Location and purchase behavior factors.

Using Statistical Package for Social Science (SPSS) following test were
administered

1. Reliability Test
2. Simple percentage analysis
3. Chi-Squared Tests.

LIMITATIONS OF THE STUDY

 Time limit is main constraints.
 Limitation of the study is the selection of existing studies which may
not be appropriate.
 Due to time limitation, I only searched a few journals. This may ignore
some other prominent empirical studies.
 The study has been conducted within the in Bengaluru city and
considered all the factors analyzed for one particular city only.
 Another major limitation is; the study was conducted during pandemic
lock down of COVID19 which was restricted to meet some respondents.
This may affect the accuracy of data.

33
Need of the Study
It is necessary to study on this concept to understand how people are aware and
fine useful to digital payment gateway. It is necessary to understand the
significance, preference of cashless transactions. The study particularly will be
based on how it works, why it is significant, and final analysis of the primary
data collected.

34
 CHAPTER -03

LITERATURE REVIEW

Somanjoli Mohapatra (2017)

In their study reported that the single interface across all NPCI systems besides
creating interoperability and superior customer experience. The UPI seeks to
make money transfers easy, quick and hassle free. The proliferation of smart
phones, the availability of an online verifiable identity, universal access to
banking and the
Introduction of biometric sensors in phones will proactively encourage
electronic payment systems for ushering in a less-cash society in India.

Radhika Basavaraj Kakade, Prof. Nupur A. Veshne (2017)

In their study reported that the UPI has made digital transaction for individuals
as easy as sending text messages. Service is available 24X7, not like RTGS or
NEFT which don’t work on holidays or during non-banking hours. This will
bring enormousefficiency in the system and help India become a truly cashless
economy.

Roshna Thomas, Dr. Abhijeet Chatterjee (2017)

The study reported that UPI is a tool with compatible features that can make
monetary transactions easy and affordable to the customers though it is difficult
to sideline the challenges. A strong Andhra platform (UID) combined with
statistics for the country pertaining to increased financial inclusion, Smartphone
adoption and telecom subscription indicate positive prospects for UPI whereas
competition from mobile wallets and possible cases of failure from banks to
overcome technical errors especially relating to the front-end platform designed
by them may negatively impactthe scope of this innovative payment tool.

35
Ravish Rana (2017)
In their study reported that adoption of digital payment is influenced by the
educationlevel of the customer. If a person has studied beyond matriculation
and internet

Savvy, he or she will be inclined to use the digital payment mode. It was also
found that in the areas/region where education level is high such as Delhi NCR
and other metropolitan area, the possibility of acceptance of digital payment is
much higher. The growth of users of Smartphone and internet penetration in
such area also facilitated the adoption of digital payment.

Ved Prakash Gulati (2017)

Study focuses about an Internet E-Commerce Payment Gateway is a critical
infrastructural component to ensure that such transactions occur without any
hitchesand in total security over electronic networks. This component has
multiple benefitswith critical ones being multiple payment options, secure
transmission, multi- currency settlements and rapid processing. While there are
several payment gateways, the paper proposes a National Internet e-Commerce
Payment Gateway thatcan support all banks and transactions.

Piyush Kumar and Dr. Dhani Shanker Chaubey (2017)

This study talks about the period when demonetization took place in India and
in those days how digital payment was adopted, about its opportunities, issues
and challenges. It talks about how behavior of Indian society changed due to
digital payment.

Joyojit Prakash, Priyank Chandra (2018)

Using theoretical work on market and information behavior, we examined
environmental pushes for technology adoption against prevalent transactional
practices, trust, and control. We propose that the move toward digital payments
mustbe framed within a larger undertaking of technology-driven modernity that
drives these initiatives, rather than just the efficiency or productivity gains digital
payments.

36
NN Murthy, BM Mehtre, KPR Rao (2016)
The study explains about the various components or subsystems making up the
e- commerce super system include Digital Payment Systems, Payment server,
Payment Gateway, Wallet, and security systems like Firewall and Intrusion
Detection. Digital Payment Systems include payment instruments like e-
cheque, and credit cards. E Wallet is used to hold different payment
instruments. Payment Server and Payment Gateways help to realize the end-
to-end payment in the electronic domain. Public Key Infrastructure is the
necessary infrastructure required for effective operation of ecommerce in real
life applications.

K. Suma Vally, Dr. K. Hema Divya (2018)

The study is about how in recent days many changes took place in the payment
system like digital wallets, UPI and BHIM apps for smooth shift to digital
payments.The objective of this research paper is to study the positive impact
that Digitization of payment system. The present paper focuses on the analysis
of the adoption level of these digital payment systems by customers.

Pallavi Maindola, Neetu Singhal (2017)

The authors analyses sentiments by using the IBM Watson software tools in
varioussocial networks by taking different payment system into consideration.
The authors analyzed the documents, forums, tweets and other sources where
the users shared their feedback for the wallets from 8 th November 2016 to 7 th
November 2017. Thisstudy brings various interesting insights about India's
readiness to adopt change for digital payment options and sentiments of the
users for the same.

Kadam (2020)
Digital payment methods are often easy to make more convenient & provide
customers the flexibility to make payments from anywhere and at any time,
these area good alternative to traditional methods of payment and speeded up
transaction cycles. Post demonetization, people slowly started embracing

37
Digital payments and even small time merchants & shop owners started
accepting payments through the digital mode.

Pratham Singh, RS Rajput (2019)

The studybrings into focus the security issues related to payment apps. Keeping
these facts in view in the present study we investigate the security constraints of
some digital wallet and mobile payment apps in India.

Mhmd. Moinuddin (2017)

The study focuses about how a terminal component can receive a portion of
data related to a payment for at least one of a good or a service. A mobile device
can include at least one mobile payment card (m-card), wherein the m-card is
created by establishing a link to an account associated with a form of currency.
The mobile device can employ public-key cryptography (PKC) to securely and
wirelessly transmit a payment to the terminal component utilizing the m-card and
linked account.

Sivathanu (2019)
This study aims to investigate the actual usage (AU) of digital payment systems
by the consumers during the period of demonetization (from November 9, 2016
to December 30, 2016) in India.

Mrunal Joshi (2017)

This paper is an attempt to study the trend in various modes of digital payments
like NFS Inter Bank ATM Cash Withdrawal, NACH, CTS, IMPS, AEPS,BBPS,
UPI, BHIM (UPI) and NETC in last three years. In this study it is foundthat in
previous two years (2015-16 and 2016-17) and especially during the year2017-
18 (up to July2017) there is remarkable growth in digital payment in volume
and value both.

Tanya Sanatani (2017)

This study focuses on the impact that Demonetization has had on the various

38
paymentmethods in India. Specifically, it aims to see how the various digital
platforms have evolved with the advent of demonetization.

Balaji, Vijayakumar (2020)

This study revolves around digital payment systems in rural areas of South India.
The intention of the research is to determine the benefits of digital payments and
its influence on the rural sector of India. The study conducted convenient
sampling survey with selected number of respondents in rural part of Southern
India. The paper presents conceptual framework for better understanding of the
concept and uses SEM as the research tool for obtaining Good Fit Model.

Singh, Grover (2017)

This study seeks to determine the dimensions of quality from the perspective
of “voice of the consumer”. It uses the Total Interpretive Structural Modelling
(TISM) with construct of Usefulness, Ease of Use, Security &Trust, Visual
Appeal, Complementary Relationship and Customer Service.

Sumathy, Vipin (2017)

The Digital India programmer is a prestigious programmer of the Government
of Indiawith a vision to transform India into a digitally empowered society and
to become a knowledge economy. “Faceless, Paperless, Cashless” is one of
professed role and slogan of Digital India. As part of promoting cashless
transactions and converting India into less-cash society, various modes of
digital payments are available.

Sahu, Rana (2018)

This paper studies the Critical Success Factors’ (CSFs) for the adoption of
Digital Payment System in India. There are few studies about the literature on
CSFs for the adoption of the digital payment system in the Indian context. This
study is an attempt to cover this gap. In this study, we reviewed the theories for
adoption model at the individual level used in Information System (IS) and
discussed four technology model including “Technology Acceptance Model”

39
Singh, Sinha (2017)
The purpose of this paper is to test the conceptual model of consumers’ intention
and satisfaction towards mobile wallets. This study uses the integrated UTAUT
model which includes variables such as ease of use, trust, security, self-
efficacy, etc., and an additional variable (hedonism) to test consumers’
behavior in the context of mobile banking technologies.

Roy (2018)
This study is an attempt to identify, which modes have been emerged as top
most for making payment of their transactions. The paper has highlighted the
many issues of on-going development happened in the market after
demonetization of money which has been announced by the Indian Prime
Minister, Narendra Modi on 8 November 2016, of all ₹500 and ₹1000
banknotes. The study has found that E-wallet payment method is more preferred
than any other payment methods. Keywords: Preferences, Cashless payments,
Demonetization & Payment Mode.

Mishra, Gunasekar, Gupta (2016)

This study aims to evaluate product perception, discount buying behavior of
consumer and cash back related perceptions as motivators of online payments.
The data collected through an online survey across India was analyzed using
logistic regression.

40
 CHAPTER -04

DATA ANALYSIS AND INTERPRETATIONS

4.1 Percentage Analysis
The data which is collected from primary sources is presented in percentage and graphical
method.

Table 4.1: Gender

Valid Percent
Frequency Percent
Valid Male 137 68.2% 68.2%
Female 64 31.8% 31.8%
Total 201 100 100

Figure: 4.1 Data showing the respondents based on gender

Gender
201 responses

Female
Male
31.8%

68.2%

Total Respondents: 200 Respondents.

Interpretation

The collected data shows that 31.8% of respondents are male and 68.2% respondents
are female.

41
Table: 4.2 Age

Valid
Frequency Percent Percent
Valid 18 to 25 Years 120 59.7% 59.7%
26 to 35 Years 54 26.9% 26.9%
36 to 45 Years 19 9.5% 9.5%
46 Years and 8 3.9% 3.9%
above
Total 201 100 100

Figure 4.2 Data showing responses based on age

201 responses

18 to 25 Years
26.9% 26 to 35 years
36 to 45 years
9.5%
45 years and above

59.7%

Interpretation

The collected data shows that 59.7% respondents are from age category 18 to 25 years.
Hence it is showing that most of the respondents are from youth generation.

42
 Table 4.3 Occupation

Valid
Frequency Percent Percent
Valid Private 98 48.8% 48.8%
employee
Governme 34 16.9% 16.9%
nt
employee
Student 50 24.9% 24.9%
Other 19 9.5% 9.5%
Total 201 100 100

Figure 4.3 Data based on Occupation

Occupation
201 responses

Private employee
24.9% Government employee
Student
16.9% Other
9.5%

48.8%

Interpretation

The majority of people are private employee with 48.8% of total responses followed by
government employee, student and other fields.

43
 Table 4.4 Income Level

Valid
Frequency Percent Percent
Valid 5000 to 10000 ₹ 83 41.3% 41.3%
10001 to 20000 ₹ 57 28.4% 28.4%
20001 to 30000 ₹ 27 13.4% 13.4%
30001 ₹ and 34 16.9% 16.9%
above
Total 201 100 100

Figure 4.4 Data based on income level

Income level
201 responses

13.4%

16.9%
28.4%

41.3%

Interpretation
The majority of people that is 41.3% people belong from 5000 to 10000₹.

44
Table 4.5 Awareness of UPI payment

Valid
Frequency Percent Percent
Valid Fully Aware 119 59.2% 59.2%
Partially 60 29.9% 29.9%
Aware
Not Aware 22 10.9% 10.9%
Total 201 100 100

Figure 4.5 Data Showing awareness of UPI

Awareness of UPI
payment
201 responses

29.9% Fully Aware

Partially Aware
Not Aware
10.9%

59.2%

Interpretation
The above data shows that 59.2 % respondents are fully aware of UPI Payment and
29.9% respondents are partially aware and 10.9 % respondents are not aware of UPI.

45
Table 4.6 No. of years using UPI

Frequency Percent Valid Percent

V

1 to 2 years 89 44.3% 44.3%

2 to 3 years 60 29.9% 29.9%
3 years and above 52 25.9 25.9%
%
Total 201 100 100

Figure 4.6 Data showing No. of years using UPI

No. of years using UPI

201 responses

to 2 years
to 3 years
25.9%
29.9% years and

44.3%

Interpretation

The data shows that majority of respondents that is 44.3% are using UPI from 1 to 2
years.

46
Table 4.7 Familiar with UPI

Valid
Frequency Percent Percent
Valid Beginner 43 21.4% 21.4%
Average 84 41.8% 41.8%
Knowledge
Advanced 49 24.4% 24.4%
Knowledge
Expertise 25 12.4% 12.4%
Total 201 100 100

Figure 4.7 Data showing familiar ness with UPI

Familiar with UPI

201 responses

Beginner
24.4%
Average knowledge
Advance knowledge
Expertise
12.4%

41.8%
21.4%

Interpretation
The data above shows that 41.8% respondents are having Average knowledge to use
UPI as it is a majority of responses.

47
Table 4.8 Frequency to use UPI in a week

Valid
Frequency Percent Percent
Valid Less than 10 116 57.7% 57.7%
times
More than 10 85 42.3% 42.3%
times
Total 201 100 100

Figure 4.8 Data showing frequency to use UPI in a week

Frequency to use UPI in a

week
201 responses

Less than 10 times

42.3% More than 10 times

57.7%

Interpretation
The data shows that 42.3% respondents use UPI for more than 10 times. 57.7% people
do use the UPI less than 10 times in a week.

48
Table 4.9 Cashback motivation

Frequency Percent Valid Percent

Valid Yes 152 75.6% 75.6%
No 49 24.4% 24.4%
Total 201 100 100

Figure 4.9 Data showing cashback motivation

Cashback motivation
201 responses

Yes
No
24.4%

75.6%

Interpretation
The above data shows that majority of people that is 75.6% get motivated by cashback.
24.4% people shows that they do not get motivated from cashback.

49
Table 4.10 Problem of waiting time while transferring through UPI

Frequency Percent Valid Percent

Valid Often 75 37.3% 37.3%
Rare 106 52.7% 52.7%
Never 20 10% 10%
Total 201 100 100

Figure 4.10 Data showing problem of waiting time while transferring

through UPI

Problem of waiting time while transferring

through UPI
201 responses

Often
Rare
52.7%
Never
10%

37.3%

Interpretation
The data says that 52.7% people face problem of waiting Rare while transferring the
money through UPI.

50
Table 4.11 Problem during login process

Frequency Percent Valid Percent

Valid Often 60 29.9% 29.9%

Rare 113 56.2% 56.2%
Never 28 13.9% 13.9%
Total 201 100 100

Figure 4.11 Data showing problem during login process of UPI

Problem during login

process
201 responses

Often
Rare
56.2% Never
13.9%

29.9%

Interpretation

In above data the majority of people says that they rarely face the problems during
UPI login process that is 56.2% respondents.

51
Table 4.12 The UPI Payment is fully secured.

Valid
Frequency Percent Percent
Valid Agree 103 51.2% 51.2%
Neither agree nor 62 30.8% 30.8%
disagree
Disagree 36 17.9% 17.9%
Total 201 100 100

Figure 4.12 Data showing The UPI Payment is fully secured.

The UPI payment is fully

secured
201 responses

Agree
Disagree
30.8%
17.9% Neither agree nor disagree

51.2%

Interpretation

Majority of respondents agree that UPI payment is fully secured.

52
Table 4.13 There are too many steps involved while processing the
transaction through UPI.

Valid
Frequency Percent Percent
Agree 60 29.9% 29.9%
Neither agree nor 37 18.4% 18.4%
disagree
Disagree 104 51.7% 51.7%
Total 201 100 100

Figure 4.13 Data showing there are too many steps involved while
processing the transaction through UPI.

There are too many steps involve while processing the

transactionthrough UPI
201 responses

Disagree
29.9% Agree

18.4% Neither agree nor

disagree

51.7%

Interpretation

The above data shows that the majority of people that is 51.7% says that they do
disagree for thestatement that there are too many steps involved while processing the
transaction through UPI.

53
Table 4.14 Please rate the easy use of UPI

Frequency Percent Valid Percent

Valid Very 182 90.5% 90.5%
easy
Not easy 19 9.5% 9.5%
Total 201 100 100

Figure 4.14 Data showing the responses on the basis of rating

Please rate the easy use of

UPI
201 responses

Very
easy
Not easy

9.5%

90.5%

Interpretation

The above data shows that 90.5% of the respondents are agree that using UPI is Very
easy process.

54
Table 4.15 The service provided by UPI is convenient

Frequency Percent Valid Percent

Valid 1 184 91.5% 91.5%
2 17 8.5% 8.5%
Total 201 100 100

Figure 4.15 Data showing the rating on the basis of convenience of UPI services

Service provided by UPI is

convenient
201 responses

Convenient
Not convenient

8.5%

91.5%

Interpretation
The present data shows that 91.5% people of total respondents gave convenience of
UPI services.

55
Table 4.16 The UPI service contribute to the customer needs.

Frequency Percent Valid Percent

Valid 1 169 84.1% 84.1%

2 32 15.9% 15.9%
Total 201 100 100

Figure 4.16 Data based on rating of responses customer needs.

The UPI service contribute to the customer

needs
201 responses

Strongly yes
Not at all

15.9%

84.1%

Interpretation

As per above the data, most respondents gives the rating of strongly yes for the UPI
service contribution towards customer needs.

56
Table 4.17 The UPI System Services provide good layout.

Valid
Frequency Percent Percent
Valid 1 171 85.1% 85.1%
2 30 14.9% 14.9%
Total 201 100 100

Figure 4.17 Data showing rating given by respondents based on UPI layout.

The UPI system service provide good

layout
201 responses

Very good
Not good at all

14.9%

85.1%

Interpretation
The above data shows that majority of people that is 85.1% people gives the rating
of very good for UPI layout.

57
Table 4.18 In which mobile application do you use UPI.

Frequency Percent Valid Percent

Valid Google pay 145 72.1% 72.1%

Phone pay 86 42.8% 42.8%
Paytm 44 21.9% 21.9%
Amazon pay 30 14.9% 14.9%
Other 7 3.5% 3.5%
Total 201 100 100
Respondent

Table 4.18 Data showing in which mobile application do you use UPI.

In which mobile application do you use

UPI?
201 responses

Google pay 145 (72.1%

Phone pay 86 (42.8%)

Paytm 44 (21.9%)

Amazon pay 30 (14.9%)

Othe 7 (3.5%)

50 100 150

Interpretation
The above graph shows that majority of people (72.1%) respondents choose the
Google pay.

58
Table 4.19 Preference of UPI payment for Bill payments

Frequency Percent Valid Percent

Valid 1 177 88.1% 88.1%
2 24 11.9% 11.9%
Total 201 100 100

Figure 4.19 Data showing Preference of Bill payment through UPI

Preference of UPI payment for bill

payment
201 responses

Preferable
Do not preferable

11.9%

88.1%

Interpretation
According to collected data, majority of respondents prefer for Bills payments.

59
Table 4.20 How did you get to know about UPI

Frequency Percent Valid Percent

Valid Friends and 89 44.3% 44.3%

relatives
Advertisement 48 23.9% 23.9%
Bank staff 44 21.9% 21.9%
Other source 20 10 10
Total 201 100 100

Figure 4.20 Data showing how you got to know about UPI

How did you get to know about

UPI?
201 responses
Bank staff
Friends and relatives
23.9%
Advertisement
Other source
10%

44.3%
21.9%

Interpretation
According to collected data, majority of people got to know about UPI is friends and
relatives.

60
Table 4.21 If through advertisement, specify the source of awareness

Frequency Percent Valid Percent

Valid Internet 158 78.6% 78.6%

Television 61 30.3% 30.3%
Poster and 25 12.4% 12.4%
banner
Total 201 100 100
Respondent

Figure 4.21 Data showing if through advertisement, specify the source of

awareness

If through advertisement, specify the source of

awareness
201 responses

Internet
158

Television
61

Poster and banner

25

10 15 20

Interpretation
The above graph shows that majority of people (78.6%) respondents choose the
Internet.

61
Table 4.22 Problem faced while using UPI.

Frequency Percent Valid Percent

Valid Safety and 76 37.8% 37.8%

security
Network 110 54.7% 54.7%
problems
Pending for 57 28.4% 28.4%
verification
Authentication 26 12.9% 12.9%
Total 201 100 100
Respondent

Figure 4.22 Data showing Problem faced while using UPI.

Problem faced while using

UPI
201 responses

Safety and security

76

Network problems 110

Pending for verification 57

Authentication 26

50 10 15

Interpretation
The above graph shows that majority of people (54.7%) respondents choose the
network problems.

62
Table 4.23 State level of satisfaction towards the following.

Frequency Percent Valid Percent

Valid Recharge 109 54.2% 54.2%

Fund transfer 93 46.3% 46.3%
Bill payments 92 45.8% 45.8%
Balance enquiry 64 31.8% 31.8%
Privacy 49 24.4% 24.4%
Total 201 100 100
Respondent

Figure 4.23 Data showing State level of satisfaction towards the following.

State level of satisfaction towards the following

201 responses

Recharge
109

Fund transfer
93

Bill payments
92

Balance enquiry 64

Privacy 49

50 100 150

Interpretation
The above graph shows that majority of people (54.2%) respondents choose the
Recharge.

63
Table 4.24 The benefit of using UPI.

Frequency Percent Valid Percent

Valid Saves times 116 57.7% 57.7%

24/7 service 110 54.7% 54.7%
Easy to use 99 49.3% 49.3%
Other reason 16 18% 18%
Total 201 100 100
Respondent

Figure 4.24 Data showing the benefit of using UPI.

The benefit of using UPI

201 responses

Saves times 116

24/7 110

Easy to use
99 (49.3%)

Other

(8%)
50 100 150

Interpretation
The above graph shows that majority of people (57.7%) respondents choose the
saves times.

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Table 4.25 Do you want to continue using UPI.

Frequency Percent Valid Percent

Valid Yes 194 96.5% 96.5%
No 7 3.5% 3.5%
Total 201 100 100

Figure 4.25 Data showing do you want to continue using UPI.

Do you want to continue using UPI?

201 responses

Yes
No

96.5%

Interpretation
The above data shows that majority of people that is 96.5% will continue using UPI.

65
 CHAPTER -05

CONCLUSION & SUGGESTION

Conclusion
Bankers are divided on the UPI story so far. One group believes UPI is only
attracting deal-seekers who will switch back to traditional methods of
payments once the deals are gone. Others say the cashbacks and rewards are
essential to creating new habits and onboarding users on to digital payments
in a country where cash still rules. That while payments to merchants are
desirable as they create value, incentives are necessary to chart a path toward
that.
UPI has brought a big change in peer to-peer payments and a lot of recurring
cash transactions have perhaps moved to UPI. This is a big positive for the
payments ecosystem,” said Sujath a Mohan, head of digital and new
initiativesat RBL Bank, which runs its own UPI app named BHIM RBL Pay.
“Merchant adoption on an interoperable manner has begun but is not at scale.
If scale is achieved then this payment method (UPI) will be as ubiquitous as a
(credit ordebit) card. Industry estimates suggest that more than 90% of UPI
transactionsare peer to-peer. Regulators do not differentiate peer-to-peer
payments and payments to merchant under UPI transaction data.
BHIM registered impressive transaction volumes initially, because of its
novelty factor as well as the referral bonuses the government announced for
drawing more people to the app. That in itself was a novelty.

The Reserve Bank of India (RBI) has been trying hard to make the Indian
economy a ‘cash free economy’. It is finding ways to reduce the transactions
based on cash in the entire financial system. The UPI system seeks to make
the transfers of money easy, convenient, hassle-free and safe. As of now, 29
major banks are a part of the UPI system out of which 15 banks have already
started integrating the interface into their smart phone apps and this number
will multiply very fast as the system gains popularity.

In conclusion, ETF or Digital Payment Gateway have been around for many
years and the economy has greatly benefited from this technological advance.
An electronic payment system such as credit cards has facilitated monetary
transactions and even provides a way to finance everyday purchases through
credit. Because of this, bit coins are gaining popularity but there are still many
questions and considerations of a virtual economy. However, the risk of
identity thefts, market euphoria, and privacy issues will always exists. As
history has showed us, new technology can cause irrational exuberance that
only leads to overvalued securities and ultimately end in a financial collapse.

66
Nonetheless, new financial technology is not yet perfected and can be very
costly. But with new innovations and proper usage, financial technology can
be the key to successfully managing one’s money. The number of transactions
via real-time payments system, the Unified Payments Interface (UPI), were
1.2 times higher than the number of debit card transactions in 2018-19,
according to the Reserve Bank of India's annual report.
According to the report, there were as many as 5.35 billion UPI-based
transactions, compared to 4.41 billion debit card payments. In a first, UPI-
based transactions overtook debit card payments, indicating a shift in
consumers' choices and preferences as far as digital payments are concerned.
Besides UPI and debit cards, National Electronic Fund Transfer (NEFT),
prepaid payment instruments such as wallets, internet banking are some other
popular e- payment options.
The jump is phenomenal, considering UPI was launched three years ago by
the RBI-backed National Payments Corporation of India. During 2017-18,
there were 915.2 million UPI transactions, compared to 3.34 billion debit card
transactions.
During 2018-19, the number of card payment transactions carried out through
credit cards and debit cards was 1.8 billion and 4.4 billion, respectively.
Prepaid instruments recorded about 4.6 billion transactions worth ₹2.12
trillion.
The acceptance infrastructure also witnessed substantial growth, the number of
point of sale (POS) terminals increased by 21% to 3.72 million at the end of
March 2019, from 3.08 million at the end of March 2018. However, during the
same period, the number of ATMs witnessed a decline from 222,247 to 221,
703," the annual report said.
Another popular mode of electronic payments, mainly used by businesses,
NEFT system handled 2.3 billion transactions worth ₹228 trillion in 2018-19,
up 19.1% in terms of volume and 32.3% in terms of value against the year ago.
The report said the NEFT facility was available through 144,927 branches of
209 banks.
In a boost to the government’s digital payment plan, the banking regulator
said it will make online payment system NEFT available 24x7 from
December.
The report also said that the next-generation NEFT will lead to higher degree
of automation and state-of the-art features ensuring conformity to global
standards. “Introduction of ISO 20022 messaging format in NEFT would
standardize messages across the payment and settlement systems and ensure
interoperability between payment systems. The Reserve Bank will
consolidateits network and storage for easier manageability and monitoring,"
it said.

67
Suggestion

 As times and resources were one of the critical factors limiting the
study, future research should apply more timeframe and allocate more
resources to conduct the study in Bangalore city to obtain larger
sample size to better represent the overall consumer population in
Bangalore.
 Study should include more variables that able better understanding
about its effects on consumer’s choice of preference as it will help
consumer’s population purchasing behavior through Unified
Payment Interface.
 There are other UPI service providers other than considered in to this
study which should be included in future studies.
 Majority of the responses belong to student; the suggestion is to
concentrate on equal occupational status for better understanding
theintension to preference towards UPI payment services.
 This study was majorly focused on Unified Payment Interface only. In
future analysis to maintain the comparative analysis it is necessary to
take some more way of payments.

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 BIBLIOGRAPHY

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Indian e- Transaction Process. International Journal of Applied
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OPPORTUNITIES, ISSUES ANDCHALLENGES. Abhinav National
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15. Balaji, R. P., & Vijayakumar, T. (2018). Diffusion of digital payment
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Websites
Digital Payment Systemhttps://www.priyankc.com/
Mobile Wallet Paymenthttps://patents.google.com/patent/US8041338B2/en

70
 ANNEXURE

1. Gender

o Male
o Female

2. Age

o 18 to 25 Years
o 26 to 35 Years
o 36 to 45 Years
o 46 Years and above

3. Occupation

o Private employee
o Government employee
o Student
o Other

4. Income level

o 5000 to 10000 ₹
o 10001 to 20000₹
o 20001 to 30000₹
o 30001 and above

5. Are you aware of UPI services?

o Fully Aware
o Partially Aware
o Not Aware

6. No. of years using UPI

o 1 to 2 years
o 2 to 3 years
o 3 years and above

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7. Familiar with UPI

o Beginner
o Average Knowledge
o Advanced Knowledge
o Expertise

8. Frequency to use UPI in a week

o Less than 10 times

o More than 10 Times

9. cashback motivation

o Yes
o No

10. Problems of waiting time while transferring through UPI?

o Often
o Rare
o Never

11. Problem during login process?

o Often
o Rare
o Never

12. The UPI payment is fully secured.

o Agree
o Disagree
o Neither agree nor disagree

13. There are too many steps involved while processing the
transaction through UPI.
o Agree
o Disagree
o Neither agree nor disagree

14. Please rate the easy use UPI

o Very easy
o Not easy

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15. The service provided by UPI is convenient

o Convenient
o Not Convenient

16. The UPI service contribute to the customer needs.

o Strongly yes
o Not at all

17. The UPI services provide good layout.

o Very good
o Not good at all

18. In which mobile application do you use UPI?

o Google pay
o Phone pay
o Paytm
o Amazon pay
o Other

19. Preference of UPI payment for bill payment.

o Preferable
o Do not preferable

20. How did you get to know about UPI?

o Bank staff
o Friends and relatives
o Advertisement
o Other source

21. If through advertisement, specify the source of awareness.

o Internet
o Television
o Poster and banner

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22. Problem faced while using UPI
o Safety and security
o Network problems
o Pending for verification
o Authentication

23. State level of satisfaction towards the following.

o Recharge
o Fund transfer
o Bill payments
o Balance enquiry
o Privacy

24. The benefit of using UPI

o Saves times
o 24/7 service
o Easy to use
o Other reason

25. Do you want to continue using UPI

o Yes
o No

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