Genera Topicthe Impact of Online Payments On Small Businesses

A
PROJECT REPORT
ON
“A STUDY ON IMPACT OF COVID-19 ON DIGITAL PAYMENT SYSTEM: WITH

REFERENCE TO SURAT CITY”
IN
PARTIAL FULFILMENT FOR THE AWARD OF DEGREE OF
MASTER OF BUSINESS ADMINISTRATION
SUBMITTED BY
RATHOD DIVYA
MBA (SEM-4)
SECTION : B
SUBMITTED TO
DEPARTMENT OF BUSINESS AND INDUSTRIAL MANAGEMENT
1
DECLARATION
I, Divya Rathod, hereby declare that project report on “A study on Impact of Covid-19 on
Digital Payment System : With Reference to Surat city” is an original piece of project work
carried out by me under the guidance and supervision of Dr. Janki Mistry (my winter project
mentor and guide from DBIM). It was not submitted to any other organization, universities
and institutions or published any time before. The information has been collected from
genuine & authentic sources. The finding and conclusion of this report is purely based on my
experience & working knowledge. The work has been submitted in partial fulfilment of the
degree of MASTERS OF BUSINESS ADMINISTRATION of my department.
SUBMITTED BY:
RATHOD DIVYA
DATE:
2
CERTIFACTE OF DEPARTMENT
To whomsoever it may concern
This is to certify that Miss Divya Dhansukhbhai Rathod has completed her winter project
at The Department of Business and Industrial Management (VNSGU, Surat) as a part of
MBA Curriculum. She has undertaken and successfully completed a project on “A STUDY
ON IMPACT OF COVID-19 ON DIGITAL PAYMENT SYSTEM : WITH
REFERENCE TO SURAT CITY”under my guidance. Her work is found to be the
standard required for summer training of MBA curriculum.
Dr. Janki Mistry Dr. Renuka Garg
(Project Guide) (Head of the Department)
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ACKNOWLEDGEMENT
The success and final outcome of this project required a lot of guidance and assistance from
many people and I am extremely fortunate to have got this all along the completion of my
project work. Whatever I have done is only due to such guidance and assistance and I would
not forget to thank them.
I owe my profound gratitude to my project guide Prof. Dr. Janki Mistry, who took keen
interest on my project work and guided me all along, till the completion of my project work
by providing all the necessary information for developing a good system.
I am thankful to and fortunate enough to get constant encouragement, support and guidance
from all Teaching staffs of DEPARTMENT OF BUSINESS AND INDUSTRIAL
MANAGEMENT which helped me in successfully completing my project work.
I extend my gratitude to Department of Business and Industrial Management for giving me

this opportunity.
My thanks and appreciation also go to my colleagues in developing the project and people
who have willingly helped me out with their abilities.
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EXECUTIVE SUMMERY
This study has been presented in five chapters as follows:
Chapter 1 introduction. How to define digital payments? Importance of digital payments,

advantages and disadvantages of digital payments, Types of digital payments.
Chapter 2 reviews of literature
Chapter 3 describes the research statement, objectives, type of research, sources of data
collection, sample design, and limitations of the study.
Chapter 4 deals with data analysis segregated into two sections. First section includes data
analysis using descriptive statistics frequency analysis and second section deals with data
analysis using inferential statistics factor analysis.
Chapter 5 has reported major findings of the research. The conclusion chapter where whole
research work is summarized and conclusions pertaining to the objectives of the study are
described.
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TABLE OF CONTENTS
Particulars Page No.

DECLARATION
CERTIFICATE
ACKNOWLEDGEMENT
EXECUTIVE SUMMARY
1. Introduction 9-19
1.1. Introduction 10
1.2. Definition of Digital payment 11
1.3. Importance of Digital payment 11
1.4.Advantage of digital payments 12
1.5.Disadvantage of digital payments 13

1.6. Types of digital payments 14
2. Literature review 20-21
3. Research methodology 22-24
3.1. Research statement 23
3.2. Objective of the study 23
3.3. Research design 23
3.3.1. Descriptive research 23
3.4.Sources of data(data collection) 23
3.4.1. Primary data collection 23
3.4.2. Secondary data collection 23
3.5. Sampling size 23
3.6. Data analysis 23
3.7. Statistical tool 23
3.8. Limitations of the study 24
4. Data analysis 25-49
5. Findings and Conclusion 50-52
Bibliography 53
Annexure 54-56
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INDEX OF TABLE

1. Frequency table of gender 26
2. Frequency table of age 27
3. Frequency table of education 28
4. Frequency table of occupation 29
5. Frequency table of income 30
6. Frequency table of Duration of using digital payment system 31
7. Frequency table of Different digital payment methods used by the 32-34
customers ( all methods )
8. Table of KMO and Bartlett’s Test 35
9. Table of communalities 35-38
10. Table of total variance explained 39
11. Table of component matrix 41-43
12. Table of rotated component matrix 44-47
13. Table of Component Transformation Matrix 48
14. Frequency table of Do you want to continue using digital payment 49
systems
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TABLE OF FIGURE

1. Figure of gender 26
2. Figure of age 27
3. Figure of education 28
4. Figure of occupation 29
5. Figure of income 30
6. Figure of duration of using digital payment system 31
7. Figure of screen plot 40
8. Figure of Do you want to continue using digital payment systems 49
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CHAPTER 1
INTRODUCTION
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“A study on Impact of Covid-19 on Digital Payment System :
With Reference to Surat city”
INTRODUCTION
Digital payments play an important role in this pandemic. In view of the current situation in
which individuals are forced to maintain a physical distance, digital payment modes are
actually being adopted. Many businesses were shattered completely after the arrival of the
coronavirus. Small merchants, moreover, closed their shops. Many people across the globe
have lost their sources of income. All these things have made the economic situation very
unfortunate. However, digital payment modes play a very beneficial role in the face of this
critical situation.
Digital payments in India have risen since the Pandemic. The Coronavirus epidemic will
eventually achieve what India's shock demonetization struggled to achieve four years ago by
using digital payment from the electricity bill to the cab fares.
Covid-19 pandemic has adversely affected the entire economy, even the Indian economy as
well very badly. From 24th March 2020 onwards, throughout the nation Lockdown are
started. This affected almost all the sectors, all the offices, malls, temples, schools, colleges,
hotels were shut down. People stopped going out from their leaving places. This has given a
major effect on the digital payment system. Before Covid-19, people prefer to use digital
payment systems, but after the pandemic effect the number of user’s has increased
drastically.
There are many digital payment modes are available in India as well a throughout the world.
The major payment modes are ATM/ Debit card, credit card, Google pay, phone pay,
different banking apps, Paytm, NEFT, RTGS, POS, IMPS, Mobile wallets, Internet banking
and many more.
People prefer these different kinds of payment modes mainly because convenient, easy to
use, saves time, no need of going to bank branches, cashless transactions, no fear of losing
cash, 24x7 service, non-banking hours also one can get the banking facilities, flexibility. But
these digital payment systems are not free from difficulties. The major issues of digital
payment systems are highlighted as follows, fear of fraud, hidden charges, technical issues,
connectivity problems, server problems, network issues, lack of knowledge, fear of data
leakage, complicated instructions, non- availability of up to date information from the bank
staffs, lack of trust and so on.
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How to define digital payments?
A digital payment, sometimes called an electronic payment, is the transfer of value from one
payment account to another using a digital device such as mobile phone POS(point of sales)
or computer, a digital channel communication such as mobile wireless data or SWIFT(society
for the worldwide interbank financial telecommunication). This definition includes payments
made with bank transfers, mobile money and payment cards including credit, debit and
prepaid cards.
Importance of Digital Payments

1. Cost Savings :
Digital Payments will reduce a huge amount of cost that governments and companies used to
invest.
2. Accessibility and Convenience :
Using digital payment modes is very easy. You can make online payments within a second.
In case of a contactless transaction, you need to hover your card over the payment equipment.
People can use it using any mobile device.
3. Lower Risk :
Online payment gateway will securely send the important transaction details. There is no
specific time for making an online transaction, you can do it whenever you want.
4. Trace Everything :
The best part of using digital payment mode is that you can trace your transaction.
5. Future of Digital Payment :
After the arrival of COVID-19, the online payment industry is booming. Various digital
payment companies are doing their hardest to encourage digital payment methods. There is
no doubt that the post pandemic era will be the era of digital payment mode. There are
several enterprises that have introduced advanced payment terminals as technology
progresses. This payment terminals would make it easier for retailers to take payments via
credit card. Customers would now have the option to make deposits in a comfortable manner.
As a consequence, for small merchants, the digital payment mode will be a blessing in
disguise.
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Advantage of digital payments
1. Instant Payment :
Electronic payments are much faster than the traditional methods of payments such as cash or
cheques. In the case of online payments, you do not have any constraint of time or location.
You can easily make payments at any time from anywhere across the globe.
E-payment systems have eliminated the need for going to the banks to make payments. Now
your customers do not have to waste their time standing in the long lines at banks. They can
easily pay you by using an electronic payment app.
2. Higher payment security :
Despite its robust features, electronic payments systems has not become so popular among
the merchants. They are still using the same old methods for accepting payments. Due to
which, they are missing out the opportunity for serving more customers.
Electronic payment systems offer you multiple ways of securing your payments such as
tokenization, encryption, SSL, etc. Now your customers do not have to enter their card details
every time as they can save their card details or complete their transactions by using a One
Time Password.
3. Better customer convenience :
Electronic payments can help you to provide convenient payment experience to your
customers. It allows your customer to purchase goods on credit by offering them with the pay
later facility. Instead of sending constant reminders for payment to your customers, you can
automatically collect money after a specific period.
4. Saves processing costs :
If you want to provide payment services to your customers then you first need to tie up with a
card processor. The processor will provide you with a payment gateway for processing and in
exchange, it will charge a fixed cost from you. This cost is very high.
On the other hand, if you are using an electronic payment system in your business then you
do not have to incur such high charges. You just have to pay a fixed subscription to your
service provider.
5. Low risk of theft :
The phrase ‘Cash is the king’ is popular in the business world, but this king has also had
some limitations. If you are using cash for accepting payments from customers, chances are
there it can be stolen. Also, you need to take high safety measures in depositing cash into
your bank account.
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But this risk can be decreased if you are using a secure electronic payment system in your
business. By using it, you do not have to worry about your payment record. You can easily
get an accurate record of all your transactions at the end of the day.
6. Transparent :
Transparency becomes an essential factor when it comes to payments. And when you are
using the digital medium for accepting payments, then it becomes essential for you to
maintain transparency in your transactions.
In the case of electronic payments, you do not have to worry about the record of your
payment details. Also, you can provide the payment details to your customers beforehand. So
that there will be fewer chances of confusion.
7. Contactless :
In the times of the COVID-19 pandemic, people have started finding ways of avoiding
human touch to save themselves from getting affected by the coronavirus. Due to this, the
need for contactless payments has increased.
You can use contactless POS terminals in your business to avoid the human touch. In this
system, the payee needs to hold his phone near the terminal and his payment will get
automatically processed. Also, you can enable your customers to make payments by using
QR codes or One Time Passwords (OTP).
Disadvantage of digital payment
1. Security Concerns :
Although stringent measures such as symmetric encryption are in place to make e-payment
safe and secure, it is still vulnerable to hacking. Fraudsters, for instance, use phishing attacks
to trick unsuspecting users into providing the log-in details of their e-wallets, which they
capture and use to access the victims' personal and financial information. Inadequate
authentication also ails e-payment systems. Without superior identity verification measures
like biometrics and facial recognition, anyone can use another person's cards and e-wallets
and get away without being caught. These security concerns may make some people reluctant
to use e-payment systems.
2. Disputed Transactions :
If someone uses your company's electronic money without your authorization, you would
identify the unfamiliar charge and file a claim with your bank, online payment processor or
credit card company. Without sufficient information about the person who performed the
transaction, though, it can be difficult to win the claim and receive a refund.
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3. Increased Business Costs :
E-payment systems come with an increased need to protect sensitive financial information
stored in a business's computer systems from unauthorized access. Enterprises with in-house
e-payment systems must incur additional costs in procuring, installing and maintaining
sophisticated payment-security technologies.
Types of digital payment
1. Payment Cards :
The most common types of payment cards are credit cards and debit cards. Payment
cards are usually embossed plastic cards. Most commonly, a payment card is
electronically linked to an account or accounts belonging to the cardholder. These accounts
may be deposit accounts or loan or credit accounts, and the card is a means of
authenticating the cardholder.The information required for using payment cards are Card
Verification Value (CVV Number) and Expiry date of the payment card. CVV number is
a combination of features used in credit and debit cards for the purpose of establishing
owner’s identity and minimizing the risk of fraud. Payment cards require 2 factor
authentications. Authentication is a process in which credentials provided are
compared to those on file in a data base of authorized users information on a local operating
system. Factors of authentication includes Knowledge factor (PIN), Possession factor (ID
card, Smart phone) and Inherence factor (Fingerprint, face or voice).Generally the
Payment cards can be distinguished on the basis of its features. They are
Credit card: The first universal credit card, which could be used at a variety of
establishments, was introduced by the Diners' Club, in 1950. Another major card of this
type, known as a travel and entertainment card, was established by the American Express
Company in 1958.Central Bank of India was the first public bank to introduce Credit card.
The issuer of a credit card creates a line of credit (usually called a credit limit) for the
cardholder on which the cardholder can borrow. The cardholder can choose either to
repay the full outstanding balance by the payment due date or to repay a smaller amount,
not less than the "minimum amount", by that date.
Debit card: Debit card was introduced by Citi Bank .With a debit card, when a
cardholder makes a purchase, funds are withdrawn directly from the cardholder's bank
account.
Smartcard:Banks are adding chips to their current magnetic stripe cards to enhance
security and offer new service, called Smart Cards. Smart Cards allow thousands of times
of information storable on magnetic stripe cards. In addition, these cards are highly
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secure, more reliable and perform multiple functions. They hold a large amount of
personal information, from medical and health history to personal banking and personal
preferences.
Charge card:With charge cards, the cardholder is required to pay the full balance shown
on the statement, which is usually issued monthly, by the payment due date. It is a form of
short-term loan to cover the cardholder's purchases.
Fleet card: A fleet card is used as a payment card, most commonly for gasoline,
diesel and other fuels at gas stations.
Gift card: A gift card also known as gift voucher or gift token is a prepaid stored-
value money card usually issued by a retailer or bank to be used as an alternative to cash for
purchases within a particular store or related businesses.
Store card: It is a credit card that is given out by a store and that can be used to buy goods
at that store.
2. Unstructured Supplementary Service Data (USSD) :
USSD is sometimes referred to as "Quick Codes" or "Feature codes", is a protocol used
by GSM cellular telephones to communicate with the service provider's computers. A
typical USSD message starts with an asterisk (*) followed by digits that comprise
commands or data. Groups of digits may be separated by additional asterisks. The
message is terminated with a number sign (#).The innovative payment service *99# works
on Unstructured Supplementary Service Data (USSD) channel.
This service allows mobile banking transactions using basic feature mobile phone, there
is no need to have mobile internet data facility for using USSD based mobile banking.
USSD is generally associated with real-time or instant messaging services.USSD is
sometimes used in conjunction with SMS. The user sends a request to the network via
USSD, and the network replies with an acknowledgement of receipt:"Thank you, your
message is being processed. A message will be sent to your phone." The Information
required for USSD transaction is MPIN/ IFSC/Aadhar number/Account number. Mobile
Banking Personal Identification Number (MPIN) works as a password when we perform
any transaction using Mobile. 3. Aadhaar Enabled Payment Service (AEPS) The AEPS
system leverages Aadhaar online authentication and enables Aadhaar Enabled Bank
Accounts (AEBA) to be operated in anytime-anywhere banking mode through Micro
ATMs. This system is controlled by the National Payments Corporation of India (NPCI).
Aadhaar Enabled Payment System is a way to get money from the bank account. This
system of getting money neither requires your signature nor Debit card. It is also not needed
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to visit a bank branch for getting money through the Aadhaar Enabled Payment System.For
AEPS transaction following information is needed.
1. Aadhaar Number
2. Bank Issuer Identification Number (IIN) or Name
3. Finger Print
6. Unified Payments Interface (UPI) :
Unified Payment Interface (UPI) is a new payment interface introduced by National
Payments Corporation of India (NPCI) under the supervision of Government of India to
promote a cashless-society and mobile banking. Unified Payments Interface (UPI) is a
system that powers multiple bank accounts to use several banking services like fund
transfer, and merchant payments in a single mobile application. Sending and receiving
money through UPI payment app is like sending and receiving a text message on your
Smartphone.A user need not have multiple banking app installed in his/her Smartphone.
A user can simply add all the bank accounts in a single UPI payment app without the hassle
of remembering or even typing banking user ID/Passwords.Each Bank provides its own
UPI App for Android, Windows and iOS mobile platform(s). The information required
for UPI based transaction are Virtual Payment Address (VPA) of recipient
and Mobile banking Personal Identification Number (MPIN). By sharing VPA, funds can
be transferred and money can be collected.
7. Digital Wallets :
A Digital wallet is a way to carry cash in digital format. Credit card or debit card
information should be linked to digital wallet application or moneycan be transferred in
online to mobile wallet. Instead of using physical plastic card to make purchases, it can be
paid through smartphone, tablet, or smart watch.The Services offered by Digital Wallets are
Balance Enquiry, Passbook/ Transaction history, Add money, Accept Money, Pay money
etc.Digital wallets are composed of both digital wallet devices and digital wallet systems.A
mobile wallet is simply the digital wallet on the mobile handset. Presently there are
further explorations for smart phones with digital wallet capabilities, such as the Samsung
Galaxy series and the Google Nexussmart phones utilizing Google's Android operating
system and the Apple Inc.iPhone 6 and iPhone 6 Plus. Most banks have their e-wallets and
some private companies. e.g. Paytm, Freecharge, Mobikwik, Oxigen, mRuppee, Airtel
Money, Jio Money, SBI Buddy, itz Cash, Citrus Pay, Vodafone M-Pesa, Axis Bank Lime,
ICICI Pockets, SpeedPay etc.
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8. Point of Sale machines :
Point of Sale Machine made it faster and easier for cashiers to ring up sales and keep tabs
on transactions. In the 1970s, innovation helped traditional cash registers evolve into
computerized point of sale systems. It was also during these years that devices such as
credit card terminals and touch screen displays were introduced. The point of sale (POS)
or point of purchase (POP) is the time and place where a retail transaction is
completed. It is the point at which a customer makes a payment to the merchant in exchange
for goods or after provision of a service. After receiving payment, the merchant may
issue a receipt for the transaction, which is usually printed but is increasingly being
dispensed with or sent electronically.A retail point of sale system typically includes a
cash register (which in recent times comprises a computer, monitor, cash drawer, receipt
printer, customer display and a barcode scanner) and the majority of retail POS systems
also include a debit/credit card reader.
9. Mobile Banking :
Mobile banking is a service provided by a bank or other financial institution that allows
its customers to conduct different types of financial transactions remotely using a mobile
device such as a mobile phone or tablet. It uses software, usually called an app, provided
by the banks or financial institution for the purpose. Each Bank provides its own mobile
banking App for Android, Windows and iOS mobile platform(s).The earliest mobile
banking services used SMS, a service known as SMS banking. With the introduction of
smart phones with Wireless Application Protocol (WAP) support enabling the use of the
mobile web in 1999, the first European banks started to offer mobile banking on this
platform to their customers. Mobile banking is known as M-banking or SMS Banking. The
european company called PayBox supported financially by Deutsche Bank, in 1999 started
mobile banking. The cost of mobile devices has been reduced drastically and is still being
reduced. Network speed is much better than before and data plans are not as costly. All of
these changes have provided necessary raw materials for the growth of mobile banking
and the numbers of people using mobile banking is increasing day by day. Users, who
were using computers/laptops for online banking, are moving towards mobile banking
because of ease of use and fast access. Transactions through mobile banking may include
obtaining account balances and lists of latest transactions, electronic bill payments, and
funds transfers between a customer's or other’saccounts. e.g. –iMobile for ICICI bank,
Kotak Bank App for Kotak Mahindra bank, SBI freedom app for State bank of India
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10. Internet Banking :
Internet banking, also known as online banking, e-banking or virtual banking, is an
electronic payment system that enables customers of a bank or other financial institution
to conduct a range of financial transactions through the financial institution's website.
Online banking was first introduced in the early 1980s in New York, United States. Four
major banks — Citibank, Chase Bank, Chemical Bank and Manufacturers Hanover —
offered home banking services. Chemical introduced its Pronto services for individuals and
small businesses in 1983, which enabled individual and small-business clients to
maintain electronic checkbook registers, see account balances, and transfer funds between
checking and savings accounts. ICICI Bank was the first Indian bank to provide internet
banking facility. Information required for Internet banking are Account number and Indian
Financial System Code(IFSC code). Indian Financial System Code is a 11 digit alpha
numeric code that uniquely identifies a bank branch participating in any RBI regulated fund
transfer system. Beneficiary registration is required for the transactions. Beneficiary is a
person who receives benefit from a particular entity or a person. To register a
beneficiary information such as beneficiary name , account number, bank address and fund
transfer limit is to be given. Following are the services provided by Internet banking.
Bill payment service – Internet banking facilitates payment of electricity and telephone
bills, mobile phone, credit card and insurance premium bills as each bank has tie-ups
with various utility companies, service providers and insurance companies, across the country
Railway pass - Railways has tied up with ICICI bank and so the railway pass for local
trains is available in online.
Recharging the prepaid phone- By just selecting the mobile number and the amount
for recharge, phone recharge can be done within few minutes.
Shopping - With a range of all kind of products, online shopping and the payment is
also made conveniently through the account.
Fund transfer
a. National Electronic Fund Transfer (NEFT) : National Electronic Funds Transfer (NEFT) is
a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme,
individuals, firms and corporates can electronically transfer funds from any bank branch
to any individual, firm or corporate having an account with any other bank branch in the
country participating in the Scheme.
b. Real Time Gross Settlement (RTGS) : RTGS is defined as the continuous (real-time)
settlement of funds transfers individually on an order by order basis (without netting).
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'Real Time' means the processing of instructions at the time they are received rather than at
some later time; 'Gross Settlement' means the settlement of funds transfer instructions
occurs individually (on an instruction by instruction basis).
c. Immediate Payment Service (IMPS) : IMPS offers an instant, 24X7, interbank
electronic fund transfer service through mobile phones. IMPS is an emphatic tool to
transfer money instantly within banks across India through mobile, internet and ATM
which is not only safe but also economical both in financial and non-financial perspectives.
d. Electronic Clearing System (ECS) : ECS is an alternative method for effecting payment
transactions in respect of the utility-bill-payments such as telephone bills, electricity bills,
insurance premia, card payments and loan repayments, etc., which would obviate the need for
issuing and handling paper instruments and thereby facilitate improved customer service by
banks / companies / corporations / government departments, etc., collecting / receiving
the payments.
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CHAPTER 2
LITERATURE REVIEW
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REVIEW OF LITERATURE:
Sudha. G, Sornaganesh. V, Thangajesu Satish. M, Chellama. A.V, August 2020. This

paper discusses the different digital payment mechanisms used in the event of a pandemic
based on primary data by gathering data from 220 respondents and the Digital India initiative
is an Indian government flagship program whose vision is to turn India into a digital society
and an information economy. In this futuristic world, all purchases can be made by
contactless cards, smart phone apps and other electronic means. The Reserve Bank of India
last year announced that it planned to raise digital transactions to about 15% of gross
domestic product by 2021. The government is looking for a billion digital transactions per
day as the fastest-growing mobile industry in the world. The collected data are analysed by
applying Appropriate statistical tools like t-test, Chi-square test and ANOVA test.
Dr Rajeshwari M May-June 2019. This article explaining the operating cost of banks has
been significantly decreased by Digital Banking. This has made it easier for banks to charge
lower service fees and provide higher interest rates for depositors as well. The decrease in
operational costs meant more benefit for the banks. Digital transformation is moving from
traditional banking to a digital world. This paper covers the role of digitization in Indian
banking, factors that affect the scope of digital banking in India, and trends in digital banking
in India. Data were derived from a number of sources, such as journal journals, government
publications from India, and various RBI databases. The study also showed that the simple
use of digital banking would drive the integration of the unbanked economy into the
mainstream.
Jayalakshmi. S and Parvathi. S, July 2019. This article showed that digital payment is an
effective means of doing business of all sectors to reach out to prospective clients and to
examine the idea of digital banking, digital payment and digital payment methods. Digital
payments have many benefits over cash, such as simplicity, security and clarity. Slow internet
access and extra costs for digital purchases are a big barrier to the introduction of this digital
payment system in India. In the next few years, there will be a whole new way of transferring
capital in the Indian economy.
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CHAPTER 3
RESEARCH METHODOLOGY
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RESEARCH METHODOLOGY
3.1.Research statement:
“A study on Impact of Covid-19 on Digital Payment System : With Reference to Surat city”
3.2.Objective of the study:
The present study has the following objectives:
 To study the concept of digital payment system.

 To know the usages of digital payments.
 To highlight the issues of digital payment systems.
3.3.Research design:
Descriptive research design has been used in this study.
3.4.Data collection
 Primary data collection
The present study is based on primary data. The relevant data has been collected from a
sample of customers using structured questionnaire.
 Secondary data collection
The collection of secondary data through different websites and publications.
3.5.Sample size
One hundred fifty respondents were approached for the study.
3.6.Data analysis:
 Frequency analysis is used for data description.
 In order to identify key factors affecting the concern of the customer regarding
performance of the benefits of using digital payment systems and the difficulties faced
by the customers during using of digital payment systems factor analysis carried out.
3.7.Statistical tool
For the data analysis social science SPSS and Microsoft Excel are used.
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3.8.Limitation of the study:
 The study was confined to Surat city and its finding may not be applicable to other
areas.
 There is possibility that the answer given by respondents may be biased.
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CHAPTER 4
DATA ANALYSIS
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1. Gender :
Gender
Frequency Percent Valid Percent Cumulative Percent
Male 73 48.3 48.3 48.3
Valid
Female 78 51.7 51.7 100
Total 151 100 100
[Table 1]
[Figure 1]
Interpretation:
From the total respondents (48.3%) 73 respondents are male respondents and (51.7%) 78
respondents are female respondents.
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2. Age(in year) :
Age(in year)
Below 20 8 5.3 5.3 5.3
20-30 90 59.6 59.6 64.9
Valid 30-40 49 32.5 32.5 97.4
Above 40 4 2.6 2.6 100
Total 151 100 100
[Table 2]
[Figure 2]
Interpretation:
In the above chart from the total respondents (5.3%) 8 are in the age group of below 20
years, (59.6%) 90 respondents are from the age group of 20-30 years, (32.5%) 49
respondents are from the age group of 30-40 years and only (2.6%) 4 are from the age group
of 40 above.
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3. Educational qualification :
Educational qualification
HSC 13 8.6 8.6 8.6
Graduation 70 46.4 46.4 55
Valid Post-graduation 61 40.4 40.4 95.4
Professional degree 7 4.6 4.6 100
Total 151 100 100
[Table 3]
[Figure 3]
Interpretation:
In the above chart from the total respondents (46.4%) 70 respondents are graduates. (40.4%)
61 respondents are post-graduates. (8.6%) 13 respondents are done HSC and (4.6%) 7
respondents are professionals.
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4. Occupation :
Occupation
Valid
Frequency Percent Percent Cumulative Percent
Public sector job 27 17.9 17.9 17.9
Private sector job 89 58.9 58.9 76.8
Valid Business 24 15.9 15.9 92.7
Others 11 7.3 7.3 100
Total 151 100 100
[Table 4]
[Figure 4]
Interpretation:
In the above chart from the total respondents (58.9%) 89 respondents are doing private sector
job. (17.9%) 27 respondents are doing public sector job. (15.9%) 24 respondents are doing
business and (7.3%) 11 respondents are others.
29
5. Income (per annum) :
Income (per annum)
Valid
Frequency Percent Percent Cumulative Percent
None 11 7.3 7.3 7.3
Less than 1 lakh 18 11.9 11.9 19.2
Valid 1 lakh to 5 lakh 81 53.6 53.6 72.8
5 lakh to 10 lakh 41 27.2 27.2 100
Total 151 100 100
[Table 5]
[Figure 5]
Interpretation:
In the above chart from the total respondents (53.6%) 81 respondents are earning income
from 1 lakh to 5 lakh. (27.2%) 41 respondents are earning income from 5 lakh to 10 lakh.
(11.9%) 18 respondents are earning income from less than 1 lakh and (7.3%) 11 respondents
are not earn any income.
30
6. Duration of using digital payment system :
For how long you have used digital payment system?

Valid Cumulative
Frequency Percent Percent Percent
Less than 1 year 9 6 6 6
1-5 years 91 60.3 60.3 66.2
5-10 years 37 24.5 24.5 90.7
Valid
More than 10
years 14 9.3 9.3 100
Total 151 100 100
[Table 6]
[Figure 6]
Interpretation:
In the above chart from the total respondents (60.3%) 91 respondents are using digital
payment 5-10 years. (24.5%) 37 respondents are using digital payment 1-5 years. (9.3%) 14
respondents are using digital payment more than 10 years. (6%) 9 respondents are using
digital payment less than 1 year.
31
7. Different digital payment methods used by the customers :
1. ATM/ Debit card
ATM/ Debit card

Yes 98 64.9 64.9 64.9
Valid No 53 35.1 35.1 100
Total 151 100 100
[Table 7]
Interpretation:
In the above table from the total respondents (64.9%) 98 respondents are using ATM/ Debit
card payment method and (35.1%) 53 respondents are not using ATM/ Debit card payment
method.
2. Credit card
Credit card
Yes 19 12.6 12.6 12.6
Valid No 132 87.4 87.4 100
Total 151 100 100
[Table 8]
Interpretation:
In the above table from the total respondents (12.6%) only 19 respondents are using credit
card payment method and (87.4%) 132 respondents are not using credit card payment
method.
3. Google pay
Google pay
Yes 78 51.7 51.7 51.7
Valid No 73 48.3 48.3 100
Total 151 100 100
[Table 9]
32
Interpretation:
In the above table from the total respondents (51.7%) 78 respondents are using google pay
payment method and (48.3%) 73 respondents are not using google pay payment method.
4. Phone pay
Phone pay
Yes 62 41.1 41.1 41.1
Valid No 89 58.9 58.9 100
Total 151 100 100
[Table 10]
Interpretation:
In the above table from the total respondents (41.1%) 62 respondents are using phone pay
payment method and (58.9%) 89 respondents are not using phone pay payment method.
5. Paytm
Paytm
Yes 67 44.4 44.4 44.4
Valid No 84 55.6 55.6 100
Total 151 100 100
[Table 11]
Interpretation:
In the above table from the total respondents (44.4%) 67 respondent are using paytm payment
method and (55.6%) 84 respondents are not using paytm payment method.
6. Internet banking
Internet banking
Yes 23 15.2 15.2 15.2
Valid No 128 84.8 84.8 100
Total 151 100 100
[Table 12]
33
Interpretation:
In the above table from the total respondents (15.2%) only 23 respondents are using internet
banking payment method and (84.8%) 128 respondents are not using internet banking
payment method.
7. All of above
All of above
Yes 47 31.1 31.1 31.1
Valid No 104 68.9 68.9 100
Total 151 100 100
[Table 13]
Interpretation:
In the above table from the total respondents (31.1%) 47 respondents are using all payment
method like ATM/ Debit card, credit card, google pay, phone pay, paytm and internet
banking and (68.9%) 104 respondents are not using all payment method.
34
8. Factor analysis :
KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of
0.786
Sampling Adequacy.
Approx. Chi-
Bartlett's 802.964
Square
Test of
Df 153
Sphericity
Sig. <.001
[Table 14]
Interpretation:
The KMO and Bartlett’s test is 0.786 and the sphericity is 0.000 so factors can be extracted
and factors analysis can be run.
The KMO measures the sampling adequacy (which determines if the responses given with
the sample are adequate or not) which should be close than 0.5 for a satisfactory factor
analysis to proceed. Kaiser (1974) recommend 0.5 (value for KMO) as minimum (barely
accepted) values between 0.7-0.8 acceptable, and values above 0.8 are superb. Looking at the
table above, the KMO measure is 0.786, which is higher of 0.5 and therefore accepted.
Bartlett’s test is another indication of the strength of the relationship among variables. This
tests the null hypothesis that the correlation matrix is an identity matrix. An identity matrix is
matrix in which all of the diagonal elements are 1 and all off diagonal elements are close to 0.
You want to reject this null hypothesis. From the same table, we can see that the Bartlett’s
Test of Sphericity is significant. That is significance is less than 0.05. In fact, it is actually
0.000.
Communalities
Initial Extraction
What are the benefits 1.000 0.565
you get by using
digital payment
systems? [Convenient]
you get by using
digital payment
systems? [Saves time]
35
you get by using
digital payment
systems? [24x7
service]
you get by using
digital payment
systems? [Easy to use]
you get by using
digital payment
systems? [Flexibility]
you get by using
digital payment
systems? [Increase
prestige]
you get by using
digital payment
systems? [Cash less
transaction]
you get by using
digital payment
systems? [non-
banking hours also
can get the benefit]
What are the 1.000 0.631
difficulties faced by
you when using
digital payment
systems? [Server
problems]
you when using
digital payment
systems? [Lack to
knowledge]
36
you when using
digital payment
systems? [Technical
errors]
you when using
digital payment
systems? [Fear of
fraud]
you when using
digital payment
systems? [Hidden
charges]
you when using
digital payment
systems?
[Connectivity issues]
you when using
digital payment
systems? [Lack of up-
to-date information]
you when using
digital payment
systems? [Lack of
security]
you when using
digital payment
systems? [Fear of
losing money]
37
you when using
digital payment
systems?
[Complicated
instructions]
Extraction Method: Principal Component
Analysis.
[Table 15]
Interpretation:
The next item from the output is a table of communalities which shows how much of the
variance (i.e. the communality value which should be more than 0.5 to be considered for
further analysis. Else these variables are to be removed from further steps factor analysis) in
the variables has been accounted for by the extracted factors. For instance over 73.7% of the
variance in “What are the difficulties faced by you when using digital payment systems?
[Lack to knowledge].” is accounted for, while 49.8% of the variance in “What are the
difficulties faced by you when using digital payment systems? [Fear of fraud]” is accounted
for.
38
Total Variance Explained
Extraction Sums of Squared Rotation Sums of Squared
Initial Eigenvalues
Component Loadings Loadings
% of Cumulative % of Cumulative % of Cumulative
Total Variance % Total Variance % Total Variance %
1 5.13 28 28.5 5.13 28.5 28.5 3 15 15
2 1.891 11 39 1.891 10.5 39 3 14 29
3 1.474 8.2 47.2 1.474 8.19 47.2 2 12 41
4 1.253 7 54.2 1.253 6.96 54.2 2 10 51
5 1.013 5.6 59.8 1.013 5.63 59.8 2 9 60
6 0.876 4.9 64.6
7 0.787 4.4 69
8 0.755 4.2 73.2
9 0.672 3.7 76.9
10 0.617 3.4 80.4
11 0.595 3.3 83.7
12 0.575 3.2 86.9
13 0.568 3.2 90
14 0.485 2.7 92.7
15 0.44 2.4 95.2
16 0.354 2 97.1
17 0.31 1.7 98.9
18 0.206 1.1 100
Extraction Method: Principal Component Analysis.

[Table 16]
39
Interpretation:
Eigenvalue actually reflects the number of extracted factors whose sum should be equal to
number of items which are subjected to factor analysis. The next item shows all the factors
extractable from the analysis along with their eigenvalues. The Eigenvalue table has been
divided into three sub-sections, i.e. Initial Eigen Values, Extracted Sums of Squared Loadings
and Rotation of Sums of Squared Loadings. For analysis and interpretation purpose we are
only concerned with Extracted Sums of Squared Loadings. Here one should note that Notice
that the first factor accounts for 28% of the variance, the second 11%, the third 8.2%, the
forth 7%, and the fifth 5.6%. All the remaining factors are not significant.
[Figure 7]
40
Component Matrixa
Component
1 2 3 4 5
What are the 0.661
difficulties faced
by you when using
digital payment
systems? [Lack of
up-to-date
information]
What are the 0.633 -0.440
benefits you get by
using digital
payment systems?
[Cash less
transaction]
What are the 0.633
difficulties faced
by you when using
digital payment
systems?
[Connectivity
issues]
What are the 0.632 -0.388 0.400
difficulties faced
by you when using
digital payment
systems? [Lack to
k2wledge]
What are the 0.613
difficulties faced
by you when using
digital payment
systems? [Hidden
charges]
difficulties faced
by you when using
digital payment
systems? [Fear of
losing money]
41
benefits you get by
using digital
payment systems?
[Saves time]
What are the 0.549 -0.329 -0.332
difficulties faced
by you when using
digital payment
systems? [Lack of
security]
What are the 0.545 0.313 -0.336
difficulties faced
by you when using
digital payment
systems?
[Complicated
instructions]
benefits you get by
using digital
payment systems?
[2n-banking hours
also can get the
benefit]
difficulties faced
by you when using
digital payment
systems? [Fear of
fraud]
What are the 0.517 0.355 -0.392
difficulties faced
by you when using
digital payment
systems? [Server
problems]
benefits you get by
using digital
payment systems?
[Easy to use]
42
benefits you get by
using digital
payment systems?
[24x7 service]
benefits you get by
using digital
payment systems?
[Convenient]
What are the 0.410 0.524 0.337
benefits you get by
using digital
payment systems?
[Flexibility]
difficulties faced
by you when using
digital payment
systems?
[Technical errors]
What are the 0.415 0.319 0.536
benefits you get by
using digital
payment systems?
[Increase prestige]
a. 5 components extracted.
[Table 17]
Interpretation:
The table above shows the loadings (extracted values of each item under 5 variables) of the
18 variables on the three factors extracted. The higher the absolute value of the loading, the
more the factor contributes to the variable (18 items are divided into 5 variables according to
most important items which similar responses in component 1, simultaneously in component
2, component 3, component 4, component 5). The gap (empty spaces) on the table represent
loadings that are less than 0.5, this makes reading the table easier. We suppressed all loadings
less than 0.5
43
Rotated Component Matrixa
Component
1 2 3 4 5
What are the 0.758
benefits you
get by using
digital
payment
systems?
[Cash less
transaction]
What are the 0.691
benefits you
get by using
digital
payment
systems?
[Non-banking
hours also can
get the benefit]
What are the 0.677
benefits you
get by using
digital
payment
systems? [Easy
to use]
What are the 0.665
benefits you
get by using
digital
payment
systems?
[Saves time]
What are the 0.824
difficulties
faced by you
when using
digital
payment
systems?
[Lack to
knowledge]
44
What are the 0.679
difficulties
faced by you
when using
digital
payment
systems?
[Hidden
charges]
What are the 0.660
difficulties
faced by you
when using
digital
payment
systems?
[Connectivity
issues]
What are the 0.316 0.521 0.396
difficulties
faced by you
when using
digital
payment
systems?
[Lack of
security]
What are the 0.780
difficulties
faced by you
when using
digital
payment
systems?
[Technical
errors]
What are the 0.724
difficulties
faced by you
when using
digital
payment
systems?
[Server
problems]
45
difficulties
faced by you
when using
digital
payment
systems?
[Complicated
instructions]
difficulties
faced by you
when using
digital
payment
systems?
[Lack of up-to-
date
information]
What are the 0.736
benefits you
get by using
digital
payment
systems?
[Increase
prestige]
What are the 0.679
benefits you
get by using
digital
payment
systems?
[Convenient]
benefits you
get by using
digital
payment
systems?
[Flexibility]
benefits you
get by using
digital
payment
systems?
[24x7 service]
46
difficulties
faced by you
when using
digital
payment
systems? [Fear
of losing
money]
What are the 0.591
difficulties
faced by you
when using
digital
payment
systems? [Fear
of fraud]
Rotation Method: Varimax with Kaiser Normalization. a
a. Rotation converged in 9 iterations.
[Table 18]
Interpretation:
The idea of rotation is to reduce the number factors on which the variables under
investigation have high loadings. Rotation does not actually change anything but makes the
interpretation of the analysis easier. Looking at the table above, we can see that the benefits
of using digital payment systems and difficulties faced during the using of digital payment
systems Cash less transaction, Non-banking hours also can get the benefit, Easy to use,
Saves time, Lack of security, Flexibility, 24x7 service are substantially loaded on Factor 1.
The benefits of using digital payment systems and difficulties faced during the using of
digital payment systems like Lack of knowledge, Hidden charges, Connectivity issue, Lack
of security, Complicated instructions, fear of losing money are loaded on factor 2.
digital payment systems like Lack of security, technical errors, server problems, Lack of up-
to-date information are loaded for factor 3.
digital payment systems like Increase prestige, Convenient, Flexibility, 24x7 service are
loaded on Factor 4.
47
digital payment systems like Lack of up-to-date information, fear of losing money,
Fear of fraud are loaded on Factor 5.
Component Transformation Matrix
Component 1 2 3 4 5
1 0.556 0.542 0.476 0.215 0.353
2 0.418 -0.501 -0.224 0.723 -0.027
3 -0.623 -0.111 0.611 0.474 0.040
4 -0.106 0.602 -0.250 0.378 -0.649
5 -0.341 0.283 -0.536 0.252 0.672

Rotation Method: Varimax with Kaiser Normalization.
[Table 19]
48
9. Do you want to continue using digital payment systems.
Do you want to continue using digital payment systems ?

Valid Cumulative
Frequency Percent Percent Percent
Yes 150 99.3 99.3 99.3
Valid No 1 0.7 0.7 100.0
Total 151 100.0 100.0
[Table 20]
[Figure 8]
Interpretation:
In the above chart from the total respondents (99.3%) 150 respondents are continue using
digital payment systems and only (0.7%) only 1 respondent is not continue using digital
payment system.
49
CHAPTER 5
FINDINGS
AND
CONCLUSION
50
FINDINGS
 84.8% of respondents are using digital payment for the years between 1 to 10 years.
9.3% respondents are using digital payment more than 10 years. 6% respondents are
using digital payment less than 1 year.
 As per data collection from the total respondents 64.9% respondents are using ATM/
Debit card payment method. 12.6% respondents are using credit card payment
method. 51.7% respondents are using google pay payment method. 41.1%
respondents are using phone pay payment method. 44.4% respondent are using paytm
payment method. 15.2% respondents are using internet banking payment method.
 The factor analysis was carried out on eight variables attributed to performance of the
benefits of using digital payment systems and the difficulties faced by the customers
during using of digital payment systems. The names of these factors are Convenient,
Saves time, 24x7 service, Easy to use, Flexibility, Increase prestige, Cash less
transaction, Non-banking hours also can get the benefit, Server problems, Lack to
knowledge, Technical errors, Fear of fraud, Hidden charges, Connectivity issues,
Lack of up-to-date information, Lack of security, Fear of losing money, Complicated
instructions.
 The total respondents (99.3%) 150 respondents are continue using digital payment
systems and only (0.7%) only 1 respondent is not continue using digital payment
system.
51
CONCLUSION
This study highlights the impact of Covid-19 on digital payment system. There are many
digital payment modes are available in India, but most of the customers prefer only few
digital payment modes like ATM/ Debit card, google pay, phone pay, paytm. Because they
were not having enough information of all the available digital payment systems.
Here on the basis of the responses it can be conclude that the customers mostly prefer to
digital payment systems and mostly customers are continue using digital payment systems.
The factor analysis was carried out on eight variables attributed to performance of the
benefits of using digital payment systems and the difficulties faced by the customers during
using of digital payment systems. The names of these factors are Convenient, Saves time,
24x7 service, Easy to use, Flexibility, Increase prestige, Cash less transaction, Non-banking
hours also can get the benefit, Server problems, Lack to knowledge, Technical errors, Fear of
fraud, Hidden charges, Connectivity issues, Lack of up-to-date information, Lack of security,
Fear of losing money, Complicated instructions.
52
BIBLIOGRAPHY:
 Sowmya PK and Hebbar CK. (2020). Customer Perception on the usage of ATM – A
study with reference to Mangalore City. International Journal of Multidisciplinary
Educational Research, 9(11-5), 126-131.
 https://www.researchgate.net/publication/349599173_THE_IMPACT_OF_PANDEM
IC_ON_DIGITAL_PAYMENTS_IN_INDIA
 https://customerthink.com/7-benefits-of-electronic-payments/
 http://cashlessindia.gov.in/digital_payment_methods.html
 www.wikipedia.com
 www.researchgate.net
53
Annexure
“A study on Impact of Covid-19 on Digital Payment System : With reference to surat

city”
I, Divya Rathod, student of department of business and Industrial management, VNSGU

Surat as part of MBA curriculum and conducting a research on “A study on Impact of
Covid-19 on Digital Payment System : With reference to Surat city”. I request you to kindly
spare few minutes to fill up this questionnaire. I assure you that your information will be kept
confidential and used only for educational purpose.
1. Name____________
2. Gender
a) Male
b) Female
3. Age(in year)
a) Below 20
b) 20-30
c) 30-40
d) Above 40
4. Educational qualification
a) HSC
b) Graduation
c) Post-graduation
d) Professional degree
5. Occupation:
a) Public sector job
b) Private sector job
c) Business
d) Others
6. Income (per annum)
a) None
b) Less than 1 lakh
c) 1 lakh to 5 lakh
d) 5 lakh to 10 lakh
54
7. For how long you have used digital payment system?
a) Less than 1 year
b) 1-5 years
c) 5-10 years
d) More than 10 years
8. What are the different digital payment methods used by you?
a) ATM/ Debit card
b) Credit card
c) Google pay
d) Phone pay
e) Paytm
f) Internet banking
g) All of above
9. What are the benefits you get by using digital payment systems?
PARTICULARS STRONGLY AGREE NEUTRAL DISAGREE STRONGLY

AGREE DISAGREE
Convenient
Saves time
24x7 service
Easy to use
Flexibility
Increase prestige
Cash less
transaction
Non-banking
hours also can get
the benefit
10. What are the difficulties faced by you when using digital payment systems?
STRONGY STRONGLY
PARTICULAR AGREE NEUTRAL DISAGREE
AGREE DISAGREE
Server problems
Lack to knowledge
Technical errors
Fear of fraud
55
Hidden charges
Connectivity issues
Lack of up-to-date
information
Lack of security
Fear of losing
money
Complicated
instructions
11. Do you want to continue using digital payment systems ?

a) Yes
b) No
56

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“A STUDY ON IMPACT OF COVID-19 ON DIGITAL PAYMENT SYSTEM: WITH

PARTIAL FULFILMENT FOR THE AWARD OF DEGREE OF

MASTER OF BUSINESS ADMINISTRATION

DEPARTMENT OF BUSINESS AND INDUSTRIAL MANAGEMENT

To whomsoever it may concern

REFERENCE TO SURAT CITY”under my guidance. Her work is found to be the

standard required for summer training of MBA curriculum.

Dr. Janki Mistry Dr. Renuka Garg

(Project Guide) (Head of the Department)

I extend my gratitude to Department of Business and Industrial Management for giving me

This study has been presented in five chapters as follows:

Chapter 1 introduction. How to define digital payments? Importance of digital payments,

Particulars Page No.

1.5.Disadvantage of digital payments 13

Particulars Page No.

Particulars Page No.

Importance of Digital Payments

Sudha. G, Sornaganesh. V, Thangajesu Satish. M, Chellama. A.V, August 2020. This

3.2.Objective of the study:

The present study has the following objectives:

 To study the concept of digital payment system.

Descriptive research design has been used in this study.

 Secondary data collection

The collection of secondary data through different websites and publications.

One hundred fifty respondents were approached for the study.

For how long you have used digital payment system?

ATM/ Debit card

1 5.13 28 28.5 5.13 28.5 28.5 3 15 15

2 1.891 11 39 1.891 10.5 39 3 14 29

3 1.474 8.2 47.2 1.474 8.19 47.2 2 12 41

4 1.253 7 54.2 1.253 6.96 54.2 2 10 51

5 1.013 5.6 59.8 1.013 5.63 59.8 2 9 60

6 0.876 4.9 64.6

8 0.755 4.2 73.2

9 0.672 3.7 76.9

10 0.617 3.4 80.4

11 0.595 3.3 83.7

12 0.575 3.2 86.9

14 0.485 2.7 92.7

15 0.44 2.4 95.2

17 0.31 1.7 98.9

18 0.206 1.1 100

Extraction Method: Principal Component Analysis.

Component Transformation Matrix

Extraction Method: Principal Component Analysis.

Do you want to continue using digital payment systems ?

“A study on Impact of Covid-19 on Digital Payment System : With reference to surat

I, Divya Rathod, student of department of business and Industrial management, VNSGU

PARTICULARS STRONGLY AGREE NEUTRAL DISAGREE STRONGLY

11. Do you want to continue using digital payment systems ?

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