A Study On The Impact of E-Payment in Utility Bill Payment - A Comparative Study With Cash and Cashless

A STUDY ON THE IMPACT OF E-PAYMENT IN
UTILITY BILL PAYMENT - A COMPARATIVE

STUDY WITH CASH AND CASHLESS
PAYMENT WITH SPECIAL REFERENCE TO
THIRUVANANTHAPURAM DISTRICT
PROJECT CODE: VV-06
AUGUST 2023
CONTENTS
LIST OF TABLES
LIST OF FIGURES
LIST OF ABBREVIATIONS
EXECUTIVE SUMMARY
CHAPT TITLE PAGE

ER NO.
NO.
1 INTRODUCTION AND DESIGN OF THE 1-7
STUDY
2 REVIEW OF LITERATURE 8-14
3 THEORETICAL FRAMEWORK OF THE STUDY 15-33
4 DATA ANALYSIS AND INTERPRETATION
OF THE STUDY 34-58
5 FINDINGS, SUGGESTIONS
AND CONCLUSION 59-63
APPENDIX
BIBLIOGRAPHY
LIST OF TABLES
SL.NO TITLE PAGE
NO
4.1 GENDER WISE CLASSIFICATION 35
4.2 AGE WISE CLASSIFICATION 36
4.3 EDUCATIONAL QUALIFICATION 37
4.4 CLASSIFICATION BASED ON OCCUPATION 38
4.5 MONTHLY FAMILY INCOME 39
4.6 CLASSIFICATION BASED ON BANK
ACCOUNT 40
4.7 PREFERENTIAL MODE OF E-PAYMENT 41
4.8 CLASSIFICATION OF CARRYING
CASHIN HAND 42
4.9 USE OF E-PAYMENT 43
4.10 DEVICE USED FOR E-PAYMENT 44
4.11 USAGE OF E-PAYMENT SYSTEM 45
4.12 AREAS OF E-PAYMENT 46
4.13 UTILITY BILL PAYMENT 47
4.14 INFORMATION ABOUT E-PAYMENT 48
4.15 CLASSIFICATION OF E-PAYMENT
METHOD 49
4.16 REASONS FOR INCREASE CASHLESS
TRANSCATIONS 50
4.17 TECHNICAL ERRORS FACED BY
RESPONDENTS 51
4.18 COMPLAINT REGISTRATION AGAINSTE-
PAYMENT 52
4.19 TIME TAKEN TO RESOLVE COMPLAINT 53
4.20 AWARENESS OF NEW TRENDS 54
4.21 CLASSIFICATION BASED ON LEVEL OF
SATISFACTION 55
4.22 SECURITY AWARENESS 56
4.23 SUGGEST E-PAYMENT SERVICE 57
4.24 CLASSIFICATION BASED ON E-PAYMENT
SERVICE RATING 58
LIST OF FIGURES
SL. TITLE PAGE

NO NO
4.1 GENDER WISE CLASSIFICATION 35
4.2 AGE WISE CLASSIFICATION 36
4.3 EDUCATIONAL QUALIFICATION 37
4.4 CLASSIFICATION BASED ON OCCUPATION 38
4.5 MONTHLY FAMILY INCOME 39
4.6 CLASSIFICATION BASED ON BANK
ACCOUNT 40
4.7 PREFERENTIAL MODE OF E-PAYMENT 41
4.8 CLASSIFICATION OF CARRYING
CASH IN HAND 42
4.9 USE OF E-PAYMENT 43
4.10 DEVICE USED FOR E-PAYMENT 44
4.11 USAGE OF E-PAYMENT SYSTEM 45
4.12 AREAS OF E-PAYMENT 46
4.13 UTILITY BILL PAYMENT 47
4.14 INFORMATION ABOUT E-PAYMENT 48
4.15 CLASSIFICATION OF E-PAYMENT METHOD 49
4.16 REASONS FOR INCREASE CASHLESS
TRANSCATIONS 50
4.17 TECHNICAL ERRORS FACED BY
RESPONDENTS 51
4.18 COMPLAINT REGISTRATION AGAINSTE-
PAYMENT 52
4.19 TIME TAKEN TO RESOLVE COMPLAINT 53

4.20 AWARENESS OF NEW TRENDS 54
4.21 CLASSIFICATION BASED ON LEVEL OF
SATISFACTION 55
4.22 SECURITY AWARENESS 56
4.23 SUGGEST E-PAYMENT SERVICE 57
4.24 CLASSIFICATION BASED ON E-PAYMENT
SERVICE RATING 58
LIST OF ABBREVIATIONS
E-COMMERCE Electronics Commerce

URL Uniform Resource Locator
QR CODE Quick Response Code
BHIM Bharat Interface For Money
EXECUTIVE SUMMARY
Electronic payment entail the transfer of funds through electronic or digital

mediums. Simply electronic payments allow customers to pay for goods and services
electronically. The study is focused on the impact of electronic payment in the utility
bill payment and a comparative study with cash and cashless transaction. The main
aim of this study is to know about the purpose of using electronic payment among
customers and what they are preferring the most as cash or cashless payment mode.
The challenges or limitations of electronic payment are technical problems, security
concerns, disputed transactions etc. The study also reveals the electronic payment
system accepted among respondents is due to prominent factors like convenience,
ease to use etc. The outcome of the study was based on 100 respondents selected from
Thiruvananthapuram. The data required for the study have been collected through
questionnaire and analysed by using statistical techniques and tools such as simple
percentage, bar diagrams, pie chart etc.
CHAPTER: I
INTRODUCTION AND DESIGN OF THE STUDY
1.1 INTRODUCTION
1.2 STATEMENT OF THE PROBLEM
1.3 OBJECTIVE OF THE STUDY
1.4 SCOPE OF THE STUDY
1.5 PERIOD OF THE STUDY
1.6 RESEARCH METHODOLOGY
1.7 TOOLS OF DATA COLLECTION
1.8 TOOLS OF ANALYSIS
1.9 LIMITATIONS OF THE STUDY
1.10 CHAPTERISATION OF THE STUDY
1
CHAPTER: I
INTRODUCTION AND DESIGN OF THE STUDY
1.1 INTRODUCTION
Nowadays people can easily access to the e-commerce world with the help of
internet. Information technology and internet advances are rapidly growing and are
widely regarded as a key driver of expanded use in the field of e-commerce . E-
commerce is the activity of electronically buying and selling of products on online
services or over the internet. E-commerce development led to the explosion of online
payment. In an e-commerce environment, payments take in the form of money
exchange in an electronic form and are therefore called electronic payment.
Electronic payments are the integral part of e-commerce and are one of its most
critical aspects. The standardization of payment mechanisms on the internet is
essential to the success of e-commerce. Business offering domestic and international
services must have assurance that payment will be received, that it is secure and that
it is valid. Addressing security issues is crucial to the acceptance of online payment
standards: consumers and merchants must be able to trust that their information is
kept in intact and remains secure during transmission. E-payment or electronic
payment system allows customers to pay for the services via electronic methods . E-
payment is considered as the main pillar of e-commerce.
The electronic payment system has grown increasingly over the last decades
due to the widely spread of internet based banking and shopping. As the world
advance more on technology development, a lot of electronic payment systems and
payment processing devices have been developed to increase, improve and provide
secure e- payment transactions while decreasing the percentage of cheque and cash
transaction . E-payment allows the buyers to purchase anything they desire from the
comfort of their home, online and the vendors to accept the payment through the
internet without a direct database connection. Online payment systems allow the
buyers to maintain their business, increase their profitability by expanding and
reaching out to more and more customers. With the increase in the development of
technology, electronic commerce, has grown by leaps and bounds because of
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sedentary lifestyle as more and more people prefer to do their purchase from the
comfort of their home without having to visit the stores themselves and standing the
long queue at the counter. Online payment systems also expand the customers reach
in contrast to physical shops and stores because customers and clients locally as well
as across the borders can visit the website and place an order online. Furthermore, e-
commerce with it use of online payment methods has revolutionised the market for
it allows less paper work and improvement in the work flow and allows money
transactions through the internet which is not just secure, efficient and convenient
but also reduced the cost of labour hence also increases the profitability. Payment
systems are if great importance for enforcing successful monetary policies with
monetary transaction . Digital payment systems are becoming vital, especially when
currency exchange between two or more financial institutions take place. Normally
e-payment is done via debit card, credit card, e-wallets etc. E- payment modes
includes all kinds of mobile wallets and payments made done through smart phones,
laptops etc. In India, for a few years, the e-payment system has accurate growth due
to its popularity among citizens.
Utilities are essential services that play a crucial role in the modern life we
live today. Common utility services are water, electric, gas, cable TV, internet,
mobile services etc. E-payment allows customers to pay utility bill through online
mode . Customers are increasing day by day because e-payment applications and
websites improving and providing user friendly experience. Different payment
systems have been used by individuals to purchase products and services . Electronic
payment systems are summoned to facilitate the most important action after the
customers decision to pay for a product or service. Customers should have a right to
choose how they pay for something. Each payment method has its advantages
depending on the consumers needs and preferences . Customers may pay for
services through electronic means using an e payment system. The need for paying
with mobile devices has urged the development of payment systems for mobile
electronic commerce. In addition e-commerce provides the possibility to enhance the
current payment systems or substitute them with online variant. Advances in the
field of information technology have use of e-payment essential .They are
sometimes referred to as onlinepayment service such as e-wallets as well as bank
transfers, are
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becoming popular as alternatives to the traditional means of making electronic
payments, such as credit and debit card and direct bank deposits. Payments are an
indispensable element of everyday life . With limited cash in hand and an indefinite
crunch in sight, most people are rushing to cashless transactions . The new move will
compel more merchants to accept e-payment system. Consumers have the option of
paying in cash or using cashless payment . The definitely most common
circumstances of paying cashless are purchasing of food and other consumer goods .
On the other hand , certain problems had cropped up during the on-going
transactions that involve cash that was channelled through the internet of which the
conventional techniques of payment are not able to resolve . Cash as several features
which cannot be matched by electronic payment services it guarantees the
consumers privacy . Cash is the most convenient, inclusive and agnostic form of
payment for small purchases. It also ensure the financial inclusion of people who
don’t have a bank account . It is also independent from energy outages or from
information technology failures finally it contributes to a more competitive retail
payments by preventing market domination by a few payment card companies. The
benefits of paying cash is because when paying by cash, there is no personal
information or details involved in the process . Enough to say that there is no risk of
personal data or account theft when paying with cash . There is no additional charges
when you pay cash and cash can help to stick in a budget . The downside of using
cash however, is that there’s no accurate track of transactions and an inability to
transact from anywhere for anything. The conventional technique of payment
encounters particulars problems such as falsified signatures, counterfeit money, and
cheque that could not be honoured. Nevertheless, an e-payment system that is
meticulously organized may resolve these security concerns and offer an added
benefits such as flexibility in utilization .
1.2 STATEMENT OF THE PROBLEM

In recent times a lot of technological advancements are being taking place. Among
them one of the most is the change in the field of payment with the widespread of
internet, a new mode of payment that is electronic payment system that is come in to
use. The habit of payment of customers also changed and the basic requirements for
making e-payment are electronic gadgets, basic knowledge about mobile phones or
laptops and access to internet etc. And also there are some security issues of
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e-payment. The security threads of E-payment are not fully known by customers.
Customers are like the trend changes. So it is important to study the popularity of
various e-payment utilities among customers as they are using their knowledge and
experience about e-payment gadgets. The present study is conducted to know about
the purpose of using e-payment among customers and what they are preferring the
most as cash or cashless payment mode
1.3 OBJECTIVE OF THE STUDY
1. To understand the concept of electronic payment system and it’s security service.
2. To understand working of various e-payment system based applications.
3. To identify the purpose of using e-payment by the respondents.
4. To find out whether cash or cashless payment is opted by customers.
5..To analyze the pros and cons of cashless transaction system.
1.4 SCOPE OF THE STUDY
The electronic payment system is considered as the backbone of e-

commerce and one of its most crucial aspects. It can be defined as a payment
service that utilizes the information and communication technologies . Due to the
advancement in technologies, digitalization and increasing usage of the internet,
large number of people prefer online purchase instead of going to offline retail
outlets because of the convenience. The present study attempts to study the concept
of e-payment system. The study mainly focuses on the factors that relates with the
e-payment system . The study is focused on the impact of e-payment in the utility
bill payment and a comparative study with cash and cashless payment. The
traditional methods of payment have now been replaced by e-payment mechanism
because of its wide use. It is used in many areas like shopping, movie ticket
booking, fee payment, mobile recharge, bill payment etc. All these uses attract
public or customers as their day to day activity gets more improved and lot easier.
A lot of technological advancement have been taking place in the field of payments.
So it is very useful to know about the new trends and advancement in payment
mechanism. It is also necessary to study about different methods of e- payment. So
that we can have an idea about e-payment system and its security threats.
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1.5 PERIOD OF STUDY
The period of study covers from February 2023 – June 2023 as a part of my
master’s degree in commerce . Throughout the study primary data collected from
time to time and secondary data were accessed on certain intervals.
1.6 RESEARCH METHODOLOGY

The study was descriptive in nature based on both primary and secondary
data. The primary data were collected by providing questionnaire to the
respondents. The secondary data were collected from Journal articles, magazines,
books etc.
1.6.1 Source of data
There are two ways from which data can be collected :
Primary sources – The primary data will be collected with the help of questionnaire.
Primary data is collected through questionnaire. Questionnaire method there are set
of questions where the respondents have to answer. The effectiveness of
questionnaire totally depends on the sincerity and dependability of the respondents.
The response to the questionnaire can be collected from the many ways like mail
questionnaire and telephonic questionnaire.
Secondary sources -The secondary data will be collected from the information that
is available from the past researchers. The secondary data comprises of that data
which the researcher acquires from the sources like magazines,journals etc.
1.6.2 Sample Area
The study is conducted in Trivandrum District . The reason behind this wasthat I
can easily access data .
1.6.3 Sample Size
Sampling size can be defined as the total number of respondents that is to be

taken from the population. The sample size is used in this study is 100 respondent.
The prepared questionnaire is send to 100 respondents through Google forms.
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1.6.4 Sample Technique
Sample is a small part which represents the entire population thus sample should be
chosen correctly in order to attain maximum information. I used simple random method for
the sample selection.
1.7 TOOLS OF DATA COLLECTION

Questionnaire method is used for data collection.
1.8 TOOLS OF ANALYSIS
The Primary data collected from respondents through questionnaire. Simple

percentage analysis is used for data analysis. The percentage method is used for
comparing certain features. The collected data represented in the form of table and
graphs in order to give effective visualization of comparison made
1.9 LIMITATIONS OF THE STUDY
Limitations of the study are as follows;

• The sample size is limited to 100
• Reluctance of the respondents in providing valid answers to the questionnaire
• Respondents perception changes from time to time with advancement of technology
1.10 CHAPTERISATION OF THE STUDY

• Chapter 1 : Introduction and Design of the Study
• Chapter 2 : Review of literature
• Chapter 3 : Theoretical Framework of the study
• Chapter 4: Data Analysis and Interpretation of the study
• Chapter 5: Findings, Suggestions and Conclusion
7
CHAPTER: II
REVIEW OF LITERATURE
8
CHAPTER: II
REVIEW OF LITERATURE
2.1 INTRODUCTION
A literature review is an overview of the previously published works on a
topic. The term can refer to a full scholarly paper or a section of a scholarly work such
as a book, or an article. Either way, a literature review is supposed to provide the
researcher/author and the audiences with a general image of the existing knowledge
on the topic under question. A good literature review can ensure that a proper research
question has been asked and a proper theoretical framework and/or research
methodology have been chosen. To be precise, a literature review serves to situate the
current study within the body of the relevant literature and to provide context for the
reader. In such case, the review usually precedes the methodology and results sections
of the work.A literature review can be a type of review article. In this sense, a literature
review is a scholarly paper that presents the current knowledge including substantive findings
as well as theoretical and methodological contributions to a particular topic.
2.2 REVIEW OF LITERATURE

Abrazhevich & Dennis(2020) They describe in his thesis ‘Electronic Payment
System A User Centered Perspective And Interaction Design’ advantages and
limitations of electronic commerce. Primary classification of payment system. The
rapid development of E-Commerce support the E-Commerce clearly emerges. He
research about the applicability of E-Commerce. All usability of electronic payment
system and safety security related online payment. Over the time E-Commerce
context of real use allow all the user of internet for online transactions enabling to
control all critical situation. In the 1990s the world encountered a way of trade online
which known as E-Commerce over the period E-Commerce become popular Its
helpful both perspective of consumer and business.
Cherukur M (2020) The present study focuses on the customer satisfaction towards
mobile wallets. This study examines the factors that influence customer’s satisfaction
while using mobile wallets. Nowadays everyone uses their Smartphone’s to make
their day today transactions using mobile wallets. Mobile wallets create a huge impact
among the people. The present study is carried by a survey conducted among the
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mobile wallet users to identify the satisfactory levels of them.
Ghosh & Gourab (2020) describes that advancement of information and

communication technology opened the gate way for modern methods of payments.
The growth in smart phone and access to internet made life easier for the people and
which gave advent to digitalization. Digitalization not only improved trade and
commerce but it also made transaction of payment smooth and fast.
Gupta, Rahul, et al. (2020) The author derives “ Faceless, Paperless, Cashless”.
Digital India’ is a flagship programme of the government of India that envisions India
as a digitally empowered knowledge economy. As India emerges a global competitor
in innovative population-sale payment systems, various digital payment methods
have been introduced nation-wide, including Micro ATMs, Banking Cards, Internet
Banking, UPI (Unified Payment Interface), Mobile Banking, and Mobile Wallets.
Pal, Abhipsa, et al. (2020) The popularity of mobile payment services lies in the
convenient transactions they offer to users. In the age of growing cybercrime,
however, mobile payment transactions carry risks of financial and data losses. It thus
becomes critical to understand how risk and convenience have contrasting impacts on
users’ intention to use mobile payments.
Satish, M, et al. (2020) In the era of technology, the people are not away in using the
newer technologies. One of the most useful and innovative technologies is the
introduction of E-wallets payment system. This e-wallet eased payments for online
shopping and payment of utility bills.
Gurme & Vijayashri Machindra (2019) An E-wallet money is used in the various
areas of the world business like and Companies, Banks and Customers. The Banks
have taken a better place in providing a better bank transaction services and payment
to the customers need .For customers are dragged by the shopping facilities that is
given by E-wallet and customers are attracted because of convenience and speedy
transaction.
Miruna S Lyrics (2019) In recent times technology plays a very vital role with this,
the way we transact in daily life has changed drastically with the advent of smart
phone the life has become easier where all payments & transaction are taking place
10
on online. This paved the way for the emergence of platform termed has a digital wallet.
Pal, Abhipsa, et al. (2019) The heavy cash dependence of India and low digital
adoption changed when the government announced its demonetization scheme on
November 2016, invalidating bank notes and creating a crisis. In this cash shortage
,the nation, that was historically low on mobile payment adoption ,was pushed to use
digital payment.
Pillai, Sruthy, et al. (2019) They describe the trend shows that more people prefer
using the non-cash modes when cash shortage was at its crest even for small
transaction matter. It shows that there is a significant positive influence of simplicity
and interoperability on the mobile payment adoption, timely contacts and security
proved to have a negative influence on the dependent variable. People are more
concerned about the security aspects as they believe that their people are more
concerned about the security aspects as they believe that their monetary details are not
safe while doing online transactions.
Singh Gagandeep (2019) In the growing era of the digitization of the technology
much of the people have using the plastic money in the form of Debit Card, Credit
Card and other cards provided by the numerous respective commercial banks. The
banking industry had an array of payment products – Core banking Services,
immediate payment service, net banking and mobile banking; but it is found that
people needed an easier, simpler way to make payments. so this gap was filled by the
digital wallets or e-wallets. This paper is constructed to find out the adoption
behaviour and change in the daily payment or transactions.
Tiwari, Pooja, et al. (2019) In today's fast- moving lifestyle people need to adopt
more convenient and secure gadgets to make their life more comfortable. To achieve
this goal, there is an innovative product called Digital Wallet. The digital wallet refers
to an electronic device or service provided to persons enabling them to conduct
electronic transactions. The best example of digital wallet is the online shopping. It is
also known as e-wallet. Nowadays people prefer online shopping as it is providing
them the benefits like it is less time consuming for examples paytm, payUmoney, etc.
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Universtiy, K L, et al (2018) The demonetization resulted in tremendous
growth in digital payments. With the government initiative such as Digital India and
increased use of mobile and internet are means to exponential growth in use of digital
payment. This transformation towards digital payments benefits in more transparency
in transactions which empowers the country’s economy. In recent days many changes
took place in the payment system like digital wallets, UPI and BHIM apps for smooth
shift to digital payments.
Akhila Pai H (2018) Government of India’s initiative such as ‘Digital India’ and
increased use of mobile and internet are the main reasons for the exponential growth
in use of digital payment. Even though the thought of digitalization raised long years
ago, it took growth pace recently. This is because of lack of awareness and knowledge
among people, fear to make online payment, security issues etc. The E- Payment
system will be boosted only when the awareness is created in the minds of the people.
But in the current scenario, India has seen a substantial increase in the number of
digital wallets available and is slowly moving towards a cashless economy.
Das Abhrajyoti (2018) Digital wallets’, gained a lot of popularity in recent times in
India and around the globe. A digital wallet refers to a platform based on electronic
device or online service that allows an individual to make electronic transactions. It is
a transformed way to pay for things. It is basically paperless payment method which
reduces all the hassle of carrying cash with you everywhere. Many digital wallet
services have their own mobile apps. Post demonetization in India, the popularity of
digital wallet gains exponentially. There are many digital wallets which are currently
active in India like paytm, freecharge, jio Money, Airtel Money etc.
Kavitha M & K Sampath Kumar (2018) The demonetization resulted in

tremendous growth in digital payments. With the government initiative such as
Digital India and increased use of mobile and internet are means to exponential
growth in use of digital payment. This transformation towards digital payments
benefits in more transparency in transactions which empowers the country’s
economy. In recent days many changes took place in the payment system like digital
wallets, UPI and BHIM apps for smooth shift to digital payments.
12
Mandala, Pallavi, et al. (2018) The digital payment landscape is sprouting in the
country at a dizzying step. After the demonetization, complete turnaround in the
payment landscape has been observed. The technology revolution and government
initiative of cashless economy, followed by demonetization saga has enabled the
evolution of multiple non-banking players in the payment space.
Mishra, Sonal & Kirti R Swain (2018) Mobile payment system has gained
popularity in the recent past, due to increased Smartphone penetration, cheap high
speed internet facilities; crave for quicker payment settlement and convenience for
use. But the percentage increase is yet not satisfactory, even after major efforts made
by our government to facilitate digital literacy and provide various payment method
alternatives
Singh, Gurinder, et al. (2018) Digital wallets are gaining wide popularity across the
globe as a means to make payments, transfer funds and manage loyalty relations as
well. It enables the consumer the ease of “paying with your phone”. Despite the ease
of use and several other benefits and the availability of dozens of applications, the
consumers are still sceptical about its adoption. This consumer vacillation is
evidenced by the fact that adoption of truly multi-channel “digital wallets” remains
low.
T Praiseye September (2018) Mobile phones are used everywhere in this modern
world. The technological advancement has made everything possible under one touch.
By using the applications installed in the mobile phones the users can pay any bills
and transact their money to anyone at their convenience. Increase in use of mobile
phones and internet is the main reason for mobile wallet penetration. This study was
carried out to find out the factors that affects consumers preference towards mobile
wallet.
Vinitha K & S Vasantha (2018) Digital revolution has altered the routine lifestyle of
people. The power of world wide web and digital payments is having pivotal role in
getting connected and making any time anywhere payments at your attain user
satisfaction and there by leads to consumer loyalty.
13
Yuvaraj S & N Sheila Eveline (2018) In every economy, money is said to be the
life blood. With the advent of internet, Smartphone’s and other digital technologies
has made cash transactions simpler. In the current scenario most of the transactions were
made cashless and in future physical form of currencies will no longer be a king. There are
different medium introduced to carry out cashless transactions.
DR S Manikandan (2017) In present world smart phones play an important role in

the daily life of people. The technological advancement has made smart phone as
devices were the mobile users can make money transaction or payment by using
application installed in phone. The present study aims to explain the application and
usage of wallet money endorsed by different companies and various factors that affect
the consumer’s decision to adopt mobile wallet and various risks and challenges faced
by the users of mobile wallet.
Nair Amal, et al. (2016) Wallets have been used from thousands of years to protect
and carry personal items of value. The earliestvalue wallets or satchels were a piece of
cloth tied with a piece of string which enabled a range of items such as coins to be
carried out to market. Humans have always been mobile and have needed a container
to securely carry personal items. People consume for both necessity and pleasure.
Basic items such as food and clothing are purchased on a regular basis but people
also buy goods which are only for enjoyment purpose.
Rathore & Hem Shweta (2016) In today-world, smart phone has become essential
part of daily life. Due to technology, mobile users can nowadays use their
Smartphone’s to make money transaction or payment by using applications installed
in the phone. When smart phones can function as leather wallets, it is called “Digital
Wallet” or widely known as “Mobile Wallet”.
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CHAPTER: III
THEORETICAL FRAMEWORK OF THE STUDY
3.1 INTRODUCTION
3.2 E-PAYMENT
3.3 TYPES OF E-PAYMENT
3.4 BENEFITS OF E-PAYMENT
3.5 LIMITATIONS OF E-PAYMENT
3.6 E-PAYMENT IN UTILITY INDUSTRY
3.7 CASHLESS PAYMENT
3.8 SECURITY FOR CASHLESS PAYMENT
3.9 THREADS OF CASHLESS PAYMENT
3.10 E-PAYMENT BASED APPLICATIONS
3.11 CONCLUSION
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CHAPTER: III
THEORETICAL FRAMEWORK OF THE STUDY
3.1 INTRODUCTION
The roots of electronic payment can be traced back to 1871, when Western
Union debuted the electronic fund transfer (EFT) in the U.S.. It was the first time when
people could pay for goods and services without having to be present during the
transaction process. Formsof payment continue to transform since then, including the
launch of the first modern-day credit card by the Bank of America in 1958. However,
it was not until the 1960s when the U.S. Advanced Research Projects Agency Network
(ARPANET) was launched. The platform laid the foundation for the internet that
we’re familiar with today, paving the wayfor the next evolution of payment methods.
Digital payments continued to evolve when Paypal first entered the market in the
late 90s, and they became one of the first payment service providers to be established
globally.A lot of Paypal's innovation was unheard of at the time, being one of the first
companies to allow payments via mobile payment apps and using their email
addresses. One of the first online payment systems in the country dates back to 1996,
where the Industrial Credit and Investment Corporation of India (ICICI) began to offer
their clients online banking services in their retail branches. History of digital
payments in India 2008, the National Payments Corporation of India (NPCI) started to
create a more established payment and settlement infrastructure in the country. That
has since given birth to various products and services. Soon, development across the
Web, and the eventual invention of Web 2.0, set the stage for online sites to
participate in what’s now known as e-commerce. Payment acceptance and securing
payments has been aspecific challenge for e-merchants and payment processors. In the
early days of electronic payment processing, you needed special equipment and
software to send a payment for goods. Now, payment acceptance can be integrated
into websites, mobile platforms, and at the point-of-sale for scalability amongst
merchants big and small. As technology changes at an increasingly rapid pace,
however, keeping your data safe has been at the forefront of most merchant’s minds.
It’s easy to see why. Data breaches can have long-reaching financial and systematic
impacts for businesses, and can damage the reputation of long-standing
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What’s more breaches can also spell financial the storms of a hack. Regulations by
both NACHA and PCI standardize how payment data is received, stored, transmitted
and processed for each transaction, and help reduce the likelihood of an attack.
However it’s important that payment processors who offer PCI compliance programs
stay ahead of those who wish to do harm to hardworking business owners by hacking
their systems. For point-of-sale transactions, EMV-enabled (also knownas “chip card”)
transactions add another level of encryption to your sales when performing card-
present sales. End-to-end encryption, like what CSG Forte offers, provides a level of
security to your entire payment processing system from terminal to payment
acceptance and beyond. When accepting payments online, SSL webpages and other
methods of data encryption help ease the worry of consumers and take some of the
burden off merchants to remain PCI-complaint. In the past, a merchant collecting
online payments would need to work with three separate parties: an acquire, a
payment gateway and a payment processor. Today however there are solutions to cut
out the intermediaries to make the payment process quicker for merchants and
customers alike. Merchants need only have one point ofcontact for any concerns that
come up as well, reducing hassle and streamlining communications. In recent years,
India has moved to a leading position in digital payment and developed an ecosystem
that enables the uptake and usage of digital payment. Innovation in Payments faces
some particular challenges.
Payments services are a special market with string network effect, specific
roles, niches and rules. They are also highly regulated, since they are closely related
with money and finance. Nevertheless, payment services are not purely the domain of
banks: wherever there are uncovered niches known- and near banks offer their
products and services. However, the road of payments evolution is bumpy: the
development track in Payments industry does not automatically leads from low tech to
high tech. The example of cash indicates that low-tech alternatives can exit fora very
long time in parallel with more innovative schemes, due to a specific set of
characteristics that seems to be difficult to substitute. Many country now seek to
replicate India’s payment system, particularly the Unified Payments Interface ( UPI ).
The evolution of India’s payments landscape and looks into issues and ideas that
contributed to this evaluation. It briefly discusses the controversial waiver of the
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Merchant Discount Rate (MDR) to increase the number of use cases in the person- to-
merchant category. Digital Payments in India have grown rapidly. Transactions
increased from 23.4 billion in 2019 to 46.7 billion in July 2022, aided by several
digital payment.
3.2 ELECTRONIC PAYMENT

Electronic Payments entail the transfer of funds through electronic or digital
mediums. You can choose from different e-payment methods like mobile wallets,
bank cards, mobile banking, etc. E- payments are quick and efficient, and the fund
transfer typically takes place instantly. It is a secure mode of making payments. E-
payments eliminate the need for cash payments, and funds are transferred directly
into mobile wallets or bank accounts linked to the mobile number. However, with
time, there has been an increase in people taking up to different digital payment
platforms ormobile wallets that have made it easy to carry out E-payment shopping
payments, E-payment utility bill payments, mobile recharge E-payment, DTH
recharge E-payment, E-payment bus / movie ticket booking, etc.
3.3 TYPES OF E-PAYMENT

• Credit Card
A Credit card is a piece of plastic, 3-1/8inches by 2-1/8 inches in size that carries
information that allow you to make purchase now pay for them later. Credit cards
from visa, master card or any other network allow you to pay for purchase or
services by borrowing from the credit card company. To purchase goods from
merchant who accept credit card such as merchant has credit card reader to purchase
the payment transaction to withdraw cash from ATM. You then repay by making
monthly payment toward the amount borrowed, that is you don’t have to repay the
wholeborrowed amount in fill at one go.
• Debit Card
Debit card is a prepaid card and also known as ATM card. An individual has to
open an account with the issuing bank which gives debit card with a personal id
number, when he makes a purchasehe enters his pin number on shop pin pad. When
the card is slurped through the electronic terminalit dials the acquire a banking
system either master card or visa card that validate the pin and finds out from the
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issuing bank whether to accept or decline the transaction the customer can never
overspend because the system reject any transaction which exceeds the balance in his
account. The bank never faces a default because the amount spent is debited
immediately from the customer account with almost every bank account you are
issued a debit card.
• Smart Card
Smart card was first introduced in Europe mostly known as stored value card. A
smart card is about the size of a credit card, made of a plastic with an embedded
microprocessor chip that holds important financial and personal information. The
microprocessor chip is loaded with the relevant information and periodically
recharged. In addition to these pieces of information, systems have been developed
to store cash onto the chip. The money on the card is saved in an encrypted form and
is protected by a password to ensure the security of the smart card solution. In order to
pay viasmart credit is necessary to introduce the card into a hardware terminal. The
device requires a special key from the issuing bank to start a money transfer in either
direction. Smart cards can bedisposable or rechargeable
• Digital Wallet
Digital Wallet otherwise known as Electronic wallets are being very useful
for frequent online shoppers are commercially available for pocket, palm-sized,
handheld, and desktop PCs. They offer a secure, convenient, and portable tool for
online shopping. They store personal and financialinformation such as credit cards,
passwords, PINs, and much more. To facilitate the credit-card order process, many
companies are introducing electronic wallet services. E-wallets allow you to keep
track of your billing and shipping information so that it can be entered with one click
at participating merchants' sites. E-wallets can also store e checks, e-cash and your
credit-card information for multiple cards.
• Electronic Cheque
Electronic cheque is messages that contain all the information that is found on
an ordinary Cheque but it uses digital signature for signing and endorsing and has
digital certificate to authenticate
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bank account. There are many websites that accept Electronic Cheque. Electronic
checks are typically used in orders processed online and are governed by the same
laws that apply to paper checks. Electronic checks offer protective measures such as
authentication and digital signatures to safeguard digital transactions.
• Electronic Cash
Similar to regular cash, e-cash enables transactions between customers without

the need for banks or other third parties. When used, e-cash is transferred directly and
immediately to the participatingmerchants and vending machines. Electronic cash is
a secure and convenient alternative to bills and coins. E-cash usually operates on a
smartcard, which includes an embedded microprocessor chip. The microprocessor
chip stores cash value and the security features that make electronic transactions
secure. When e-cash created by one bank is accepted by other reconciliation must
occur without any problem cash must be storable and receivable. Most E-cash is
transferred directly from the customer's desktop to the merchant's site. Therefore, e-
cash transactions usually require no remote authorization or personal identification
number (PIN) codes at the point of sale.
3.4 BENEFITS OF E-PAYMENT

E-payment systems introduce a host of new benefits and advantages for
businesses, giving them the competitive advantage they need to stand out. Here are
some of the benefits your business willsee from switching to an e-Payment system.
• 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. Customers do not have to waste theirtime standing in
the long lines at banks. They can easily pay you by using an electronic payment app.
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• Convenience
People can pay for goods and services at any time of the day from any part of
the world. It is easier to click a feature on your smartphone than to collect the correct
amount of cash for your purchase. You don’t have to carry a lot of cash, get worried
about theft or not having perfect change
• Reaching global audience
One of the biggest advantages of having online payment gateways is that

businesses can operate globally and have a customer base irrespective of
geographical limitations. According to research over 56% of online shoppers prefer
to shop cross- border. So implementing online payment options on your e-commerce
site will undoubtedly increase sales as you will be catering for a global audience.
• Low transaction costs
In a traditional payment setup, businesses have to hire front-desk employees or

cashiers to manage sales and payments. But with online payments, transactions take
place in an automated environment. Merchants can set up online payment gateways
with minimal investment and lower transaction costs.
• Quick and easy setup
Instead of spending time on setting up a whole payment process that involves

certain equipment and some extra employees, you can easily and quickly integrate
online payment gateways for your business. However, before you choose the services
of a particular vendor, you can evaluate the different options available in order to
choose the best one.
• Variety of payment choices
With online payment features, you can offer your customers a wide variety of
payment options to choose from. People have their own preferences, and if they can
find that option while purchasing from you, there are obviously more chances of
themactually getting through with the transaction.
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• Availability of more distribution channels
As a business, having online payment options can benefit your distribution

channels a lot. If you are ready to accept online payments, you can enter the affiliate
domain and branch out your sales by displaying your products or services on other
websites.It is a great way to increase sales.
3.5 LIMITATIONS OF E-PAYMENT

• Technical problems
Online payments are subject to technical failures or downtime, just like any
other software that is dependent on technology. Though tech maintenance operations
are announced in advance and usually take place during the night, sometimes, it can
cause frustration among online shoppers. Especially when it takes place without prior
warning, a lot of businesses experience heavy bounce rates
• Password threats
If you are a registered user with a website who uses online payments pretty
often, there are high chances that the online portal can have access to your personal
information or bank account details. Though most transactions use OTPs (one-time
passwords), the need for password protection arises in such situations. Especially if
you are someone who deals with different banks, you might face the risk of a privacy
breach.
• Security Concerns
As discussed in the previous point, using online payments come with a lot of
security risks. Without proper security measures, fraudsters can easily hack important
financial information and data. And since there aren’t any verification systems like
facial recognition or biometrics, criminals can easily get away without getting cash.
• Disputed transactions
If you find someone using your electronic money, you can file a complaint with
your bank or online payment processor. However, if you are unable to find the
personal details of the person or for that matter, any details about them.
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• Technological illiteracy
One of the main disadvantages of online payments is the technological

illiteracy among many people, especially the older generation. Since they don’t have
enough knowledge on how to go about using technology or smartphones, they
refrain from using online payment methods. A lot of them also fear the complexities
of it and continue to use traditional methods of payment. This is a huge drawback in
developing countries like India.
• Limitations on amount and time
Some banks limit the number of transactions you can do in a day or the
maximum amount you can transfer in a day. Most online transactions also have a time
limit under which you need to complete the process (like receiving and accepting
OTPs). All these limitations can prove to be pretty inconvenient to some users.
Service fees and other additional costs. While implementing online payment
gateways, some services may demand setup costs or even processing fees for
customers using those facilities. Setting up online payment options obviously
requires access to the internet and other services that come along with it. This easily
leads to incurring extra costs and both the sellers and customers can find it tiresome.
3.6 E-PAYMENT IN UTILITY INDUSTRY
A utility bill is paid at the end or start of a month in exchange of a utility used.
The bill is technically an invoice issued by authority providing the utility. It is now a
common experience for many people to pay their electricity, gas, water, or phone bills
directly from home, with a few clicks from their computer, or with a few taps on
theirsmartphone. E-payment take minutes, and user friendly websites make access to
the things customers need faster and more convenient. And that’s not all: you can also
keep track of your consumption and all the associated expenses and how they vary
from month to month, and for many companies, the website makes it easy to interact
directly with your provider for assistance, eliminating outdated procedures in
favour of a more “human,” interactive, and personal dialog. All of this is valid in
“normal” times and it becomes even more so in times of emergency, when staying
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home is a matter of personal and public health and safety. The growing preference
for online payments is due to its convenience and ease of use; online payments are
perceived as increasingly secure. Even older customers are becoming increasingly
familiar with online shopping, which, during this current emergency, is almost a
necessity. On the customer side, the advantages of the transition to digital
payments are clear and intuitive; they are: speed, convenience, easy archiving, and
immediate and effective support. Here’s a list of utility bills
• Electricity Bill
One of the most important utilities is electricity. You require electricity for
lighting, cooling, heating and refrigeration, computers, electronics, machinery, and
public transportation systems.
The electricity usage is tracked by a meter that records the rate of the electricity
consumed. Every month the calculated rate gets reflected in your electricity bill that
you have to pay it consistently. Negligence of light bill payment will lead to severe
consequences. Firstly, you will be provided a notice period of 15 days to pay your
dues, or it might result in termination of your electricity connection.
• Water and Sewage Bill
Most homes get water supplied from the town, piped into their homes, and
drained into public sewer lines. So, the water and sewage bill covers the cost of the
complete process from start to end. For an uninterrupted water supply, you must pay
your utility bill on time.
• Gas Cylinder Bill
Numerous natural gas suppliers provide home delivery of gas cylinders for
domestic purposes. These cylinders are hazardous and need to be handled with
proper care and maintenance. Nowadays, gas services have become convenient due
to the online payment feature.
• Internet and Phone Services
To use your phone, you need to get your mobile services started. You can
choose from various telecom companies that offer great deals on phone plans.
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3.6.1 ADVANTAGES OF ONLINE BILL PAYMENTS
• All bills are in one place: You’ll be able to easily access each upcoming or
past bill, as well as payment history, from the bank website or bill-pay app
• Payments can be automated: Setting up automatic payments make it less

likely that a bill will be forgotten. The day that it’s due, it’s automatically
withdrawn from your account
3.6.2 DISADVANTAGES OF ONLINE BILL PAYMENTS
• There’s a risk of overdrawing from your account: If you don’t keep track of
your account balance, there’s a chance that recurring bill payments might withdraw
more funds from the account
• Fraudulent charges may be missed: It’s easier to miss scam chargers when
payments are automated and online.
3.7 CASHLESS PAYMENT

In a cashless society, financial transactions are not conducted with physical
banknotes or coin, but instead with digital information. Cashless societies have
existed from the time when human society came into existence, based on barter and
other methods of exchange, and cashless transactions have also become possible in
modern times using credit cards, , debit cards, , mobile payments, and digital
currency such as bit coin. A cashless method is more transparent as every transaction
can be placed easily as it leaves it’s footprints. Many smart people have adopted new
cashless payment options. Here is some list of cashless payment options
• Demand draft
Demand draft is another rudimentary way of cashless transaction. It is a safest

option to receive payment from anyone. Demand draft never gets defaulted as it is
sign by a banker. The disadvantage of DD and cheque is you need to visit a bank in
order to deposit cheque and demand draft.
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• Online transfer
In order to online money transfer, you need internet banking facility. Online
transfer using NEFT(National Electronic Funds Transfer) or RTGS(Real Time Gross
Settlement) is comparatively faster than cheque or DD. Online transfer can be done
from any where using internet facility.
• Mobile wallets
You do not need a debit card, credit card or internet banking password for
making payment using a mobile wallet. Just load money in your wallet via IMPS
(Immediate Payment Service)and use it on the move. You can download mobile
wallet app from Play Store.
• UPI apps
UPI is a mobile payment system which allows you to do various financial

transactions on your smartphone. UPI allows you to send or receive money using
virtual payment address without entering bank information .
• Gift card
Gift card is a readymade card and can be purchased from a merchant or from the
bank. The gift card is loaded with a fix cash amount you can purchase any item from
the specific vendor by using a gift card.
• Aadhaar Enabled Payment System
AEPS is like micro ATM it uses smartphone and finger-print scanner for this
transactions. In order to use this facility, it is mandatory to link your Aadhaar card to
your bank account. You can use AEPS in order to perform transaction like
Aadhaar to Aadhaar fund transfer, cash withdrawal, cash deposit etc.
• Unstructured Supplementary Service Data
You can use USSD cashless option if you don’t have a smartphone or internet
connection. USSD is a mobile banking service. From any mobile phone, you can dial
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*99# and use this service. You can do all these things which are available to a
person with smartphone and internet connection. Almost all banks including SBI,
ICICI, Axis Bank and PNB supports USSD payment options.
3.7.1 PARTICIPATORS OF THE CASHLESS PAYMENT SYSTEM
• Consumers – Consumers include the end-users, such as individuals,

organisations, etc. who benefit from using the cashless payment systems. They are
considered as the trigger of a cashless ecosystem. Their acceptance and usage can
trigger other actors to adopt cashless payment. For them, cashless payment can
increase convenience, save time, and allow them to experience new innovations.
• Merchants – Merchants are the businesses such as ‘brick and mortar’ and other
retailers etc. who accept cashless payment. The digital payment market is multi-
sided as such a payment method being adopted by consumers should be accepted by
merchants and other stake holders to be used for transactions.
• Service providers – Service providers refer to the various entities who have a
business interest in replacing cash payment with electronic payment. These
industries includes conventional banks; non banks; fintech companies; card
providers like visa and master card; telecom companies such as Apple and
Samsung ; e-commerce companies like Alibaba and Amazon; crypto currency providers as
well as providers of hardware and software solutions for electronic payment.
• Media and content promoter – Media and content promoters are among the
important players of the ecosystem that can be greatly influence and promote
cashless payment. A large majority of online public are communicating through a
new medium called social media where members share, engaged and collaborate
with theirpeer groups to build lasting relationships in the virtual world.
• Regulators and policy makers – They are critical participants of the cashless
payment system. The actors include the regulatory bodies and policy makers such
as central banks and other governmental financial institutions related to legislature
of payment services. These actors mainly create safe and conductive environment
for other participants.
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• Infrastructure – It is the main drivers for this system and is about building a
secure and reliable physical network to provide cashless payment nation wide. It
plays a major role in expansions of cashless payment services which include internet
connectivity, power supply, cloud computing, cyber security, etc. Cashless payment
itself is a technology which does not involve physical cash as the payment is done
through electronic medium.
3.8 SECURITY FOR CASHLESS PAYMENTS

Security at world line is not just a promise, whether it’s in retail , e-commerce,
m- commerce –all the payments solutions from world line are subject to the
internationalrules of the Payment
Card Industry Security Standards Council(PCI SSC) and the EMV Security
standard and are 3-D secure .
• PCI DSS (Payment Card Industry Data Security Standard) is the global security
Standard for card data. It reliably protects you and your customers from misuse
and card theft and insures a save cashless payment process. As a service provider
and merchant who transmits, processes or stores card data you are obliged to
comply with PCI DSS and verify compliance.
• 3-D Secure is the security Standard for online payments. With 3-D Secure,
cardholders have to verify their identity in an additional step. This makes e-
commerce significantly more secure for them. And as a merchant, you are
protected against payment defaults. With 3-D Secure, payment by inputting an
additional personal code is significantly more secure compared to other payment
methods. Cardholders verify their identity with the card issuing bank prior to
payment.
• EMV security Standard is a technical standard for card payments and ensure that
card data is transmitted securely. Authentication and data transfer takes place via a
microprocessor chip. When paying with EMV, the cardholder identifies himself
by entering this personal identification number, the PIN. The PIN payment is
accepted worldwide.
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3.9 THREADS OF CASHLESS PAYMENT
• The temptation to overspend may increase – when you spend with cash, you
recognize the financial Impact by physically taking the cash out of your pocket
and giving it to someone else. With electronic payments, on the other hand, it’s
easy to swipe, tap, or click without noticing how much you spend. Consumers
may have to rethink the ways they manage their spending.
• Economic inequality could become exacerbated – Unless special outreach

efforts are made, the poor and unbanked will likely have an even harder time in
a cashless society. If smart phone purchases become the standard way to transact, for
example, those who can’t afford smartphones will be left behind.
• Digital transactions sacrifice privacy – Electronic Payments aren’t as private

as cash payments. You might trust the organizations that handle your data and
you might have nothing to hide. However, the more information you have
floating around online, the more likely it is to wind up in malicious hands.
• Using public Wi-Fi – Public networks are usually open and unsecured,
meaning that anyone can access item without having to provide any type of
authentication. This makes it easier for hackers to intercept data being sent over
the network, including information associated with payment transactions.
• Application Vulnerabilities – When payment apps are not properly secured or

are left unpatched they can be vulnerable to malicious actors. Cybercriminals
can use an applications vulnerability to gain access to a business’s confidential
financial data, such as account numbers and passwords. Hackers may also target
vulnerable applications to gain access to payment transactions and manipulate
them for their own benefit.
• Phishing – phishing is one of the most common forms of cyber – attacks, and it
can be particularly dangerous when it comes to mobile payments. The process
usually involves fraudsters sending fake emails or text messages that appear to
be from a legitimate source, such as bank, an online retailer, or a payment
processor. These messages will often contain links or attachments that direct the
receipt to a malicious website, where they’ll be asked to enter personal
information such as credit card details or password
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3.10 E-PAYMENT SYSTEM BASED APPLICATIONS
An e-payment account is a way to send and receive money through online
without needing your debit or card details. Unified Payment Interface app or UPI
app is an authenticated smartphone application designed to cater to the needs of
users by allowing the transfer of money between bank accounts. 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.
Each Bank provides its own UPI App for Android, Windows and iOS mobile
platform(s). Online payment apps are mobile-based applications that allow users to
make or receive payments digitally without using paper currency. These digital apps
facilitate UPI- (Unified Payment Interface) based super quick payments, which
involves sending or receiving money or scanning a quick response (QR) code to
pay an individual or a merchant.
The following are the best online payment apps in India:
• BHIM (Bharat Interface for Money)
Launched by and managed under the NPCI (National Payments Corporation of

India), BHIM is a UPI(United Payments Interface) app just like Google Pay,
PhonePe etc. A worthwhile thing to note here is that BHIM is managed by the same
entity which launched the UPI technology. Even after being backed by the NPCI,
BHIM is not the market leader in the UPI arena. But it works fine enough, plus it has
been specially designed to suit the needs of Indian demography. It is one of the best
online transaction apps in India.
• Paytm
One of the most successful online payment applications in the Indian fintech
industry. Paytm offers perhaps the widest range of options one could pay for; from
mobile recharge to municipal tax, from electricity bills to school fees and much
more. After demonetization, Paytm became an everyday thing for almost every
Indian, especially among fast food stalls and vendors. But since UPI, the payments
space has been a little competitive with players like PhonePe, Google Pay etc. Paytm
offers both B2B and B2C payment services.
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• Amazon Pay
Amazon Pay is a payment service offered by Amazon that allows users to pay
for purchases on websites and mobile applications using the payment and shipping
information stored in their Amazon account. This service provides a convenient and
secure way for users to make purchases without the need to re-enter their payment
information for every transaction. With Amazon Pay, users can make payments on
third-party websites that offer the Amazon Pay option at checkout.
• BharatPe
The fintech company which disrupted the B2B UPI payments market. BharatPe
offers ‘Offline’ payment solutions for businesses like your local juice shop, pharmacy
store etc. Its offerings include UPI QR Code, and PoS machines(the card swipe
machine). BharatPe charges 0% commission on payments routed through their
products, allowing small businesses to have all the revenue they make. This in turn
encourages businesses to accept cashless payments, as they’re usually hesitant about
card payments due to charges linked to them.
• Cred
One of the latest, yet disruptive financial products in the Indian fintech
industry. Cred is a credit card bill payment platform, where one could pay the bills
for one or more credit cards at one single point. One of the biggest features of this
application is that apart from providing credit card bill payment service, Cred also
informs the users about hidden charges associated with credit cards and their bills.
This enables the user to be better informed about the charges associated with the
card they are using. Furthermore, Cred allows individuals to avail rewards through
cash backs on every Cred credit card bill payment. Cred calls itself a club, hence
everyone is not allowed in their fraternity. To sign up on this platform, one
compulsorily needs to have a credit score of 750 or above.
• Samsung Pay
Samsung Pay allows you to add your debit or credit card to it, after which you
canuse Samsung Pay to pay from your credit/debit card at online or offline channels,
erasing the need to physically carry your cards with you. This application becomes
quite handy for those people whohave a lot of cards.
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• Airtel Thanks
This is one of the most fascinating and lesser-known products of the Indian
fintech space. It is not an application, but a feature. *99# could also be called BHIM
USSD. This means that by calling this number from their phone, anyone could make
UPI payments without any need for the internet. This UPI feature was specially
introduced for feature phone users. But it could prove to be helpful for smartphone
users as well, in places with bad network coverage. Using this feature costs ₹0.5 per
transaction
The telecom operator Airtel provides the Airtel Thanks app where people
can access their bill details, perform recharges and send money, all in one app.
Integrated with its other services, the app offers the Airtel Wallet that customers can
use for shopping and recharges. In addition, customers can open a digital account
with Airtel Payments Bank and earn 6% interest on their savings. The app also offers
access to UPI services for easy payments.
• Google Pay
Google Pay is one of the best payment apps in India considering that it
has the highest installation count. It is eminent considering the number of
facilities and the user-friendly interface provided by the app. The app allows you
to directly execute transactions from your primary bank account without having
to maintain a separate wallet. Furthermore, you can pay your utility bills,
recharge your mobile phone, and easily transfer money to anyone including
service providers, merchants or third parties. In addition, Google Pay also
rewards you with coupons and cash back with almost every transaction.
• Phone Pe
PhonePe efficiently allows you to send and receive money, pay bills, and
recharge phones. However, it does not end here, it also allows you to invest in gold
and mutual funds. Phone \Pe was introduced with the motive of providing a one-
stop solution to all transactions and application facilities. Therefore, you can avail
your favourite applications to book flights, order food, and buy groceries without
having to download a separate application.
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• Free charge
Free charge powered by Axis Bank is one of the most widely used
online transaction apps. It allows users to execute transactions including DTH
bill payments, metro card recharge and investment in digital gold. Apart from
the factors mentioned above, you can also invest in mutual funds, and avail
Free charge credit cards to earn rewards and vouchers.
3.10.1 WORKING OF E-PAYMENT IN APPLICATIONS

• To access an online payment app, you need to connect your bank account
or debit card to the payment app by entering the details.
• Once you get your bank account connected to the app, you will receive a ,
which acts as an address for your account associated with the payment app.
Similarly, you will need a recipient with a valid bank account connected to
the payment application.
• You can either transfer funds directly to the UPI ID specified by the
recipient or scan the QR code to access their UPI address to transfer funds,
and vice-versa.
To transfer funds you will need to enter a One-Time Password (OTP)

that you will receive on your registered mobile number, as proof of account
ownership. The payment app verifies the OTP and initiates the transaction
thereafter.
3.11 CONCLUSION
As a conclude it can be said that going cashless provides a lot more

benefits than just convenience to people, business and the government in
particular. However, the benefits of this move have now started trickling in
with more and more people switching to digital modes of receiving and event
street vendors are now accepting electronic payments promoting the people to
learn to transact the cashless way at a
faster pace than ever before
.
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CHAPTER: IV
DATA ANALYSIS AND INTERPERTATION OF
THE STUDY
34
CHAPTER : IV
ANALYSIS AND INTERPERTATION OF DATA
INTRODUCTION
The data collected in the research were not simply because it contained
unnecessary information and over or under emphasized facts. Therefore only
relevant data were included in the analysis chapter. For better understanding, the
collected data are simply represented in the form of diagram and charts.
Interpretation of the data is also given to share the meaningful information.
TABLE 4.1 GENDER WISE CLASSIFICATION
Gender Frequency Percentage
Male 51 51%
Female 49 49%
Total 100 100%
Sources: primary data

From the above table 4.1 shows the gender wise classification of respondents.
From the 100 respondents 51% are male and rest of 49% are females. So majority
of respondents are male.
FIGURE 4.1
GENDER WISE CLASSIFICATION
Male
Female
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.
TABLE 4.2 AGE WISE CLASSIFICATION
Age Frequency Percentage
Below 25 62 62%
25 - 40 31 31%
40 - 55 6 6%
Above 55 1 1%
Total 100 100%
By analysing the above table 4.2 shows the age classification of the
respondents. From this we can interpret that 62% of respondents are below 25
years old, 31% are from age group of 25-45 , 6% are 45-60 year group and 1%
from above 60 years.
FIGURE 4.2
AGE WISE CLASSIFICATION
Below 25
31% 25-45
40-55
62% Above 55
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TABLE 4.3 EDUCATIONAL QUALIFICATION
Educational qualification Frequency Percentage
School level 16 16%
UG/diploma/ITI 63 63%
PG/above 21 21%
Total 100 100%
It is inferred from the table 4.3 that the educational qualification of the
respondents are 63% of respondents are UG/diploma/ITI, 21% are having PG / above
qualification and rest 16% are of school level. So majority of respondents are highly
educated.
FIGURE 4.3
EDUCATIONAL QUALIFICATION
School level
PG / Above 16%
21%
IG/Diploma/ITI
63%
37
TABLE 4.4 OCCUPATION OF THE RESPONDENTS
Occupation Frequency Percentage
Student 43 43%
Salaried 33 33%
Self employed 18 18%
Housewife/others 6 6%
Total 100 100%
The above table 4.4 shows that the classification of the respondents on the
basis of their occupation. The above table clearly indicates that 43% are students,
33% are salaried, 18% are self employed and 6% are housewife or others. So
majority of respondents are students.
FIGURE 4.4
6%
18%
Student
43%
Salaried
self employed
Housewife/Others
33%
38
TABLE 4.5 MONTHLY FAMILY INCOME
Monthly family income Frequency Percentage
10,000 – 20,000 47 47%
20,001 – 40,000 26 26%
40,001 – 60,000 17 17%
Above 60,000 10 10%
Total 100 100%
By analyzing the above table 4.5 the monthly family income of the
respondents are categorised into four groups. 47% of respondents are on 10,000-
20,000 , 26% of respondents are from 20,001- 40,000 category, 17% are from
40,001- 60,000 and 10% are receiving their family income above 60,000.
FIGURE 4.5
10%
10,000-20,000
17%
47% 20,001-40,001
40,001-60,000
Above 60,000
26%
39
TABLE 4.6 RESPONDENTS HAVING BANK ACCOUNT
Respondents having Frequency Percentage

bank account
Yes 96 96%
No 4 4%
Total 100 100%
The above table 4.6 shows the respondents having bank account or not. 96% of
the respondents having bank accounts and the balance 4% are not having bank
account. So we can conclude that majority of respondents having bank account.
FIGURE 4.6
RESPONDENTS HAVING BANK

ACCOUNT
40
TABLE 4.7 PREFERENTIAL E-PAYMENT MODE
E-payment mode Frequency Percentage
Digital payment 64 64%
Cash 36 36%
Total 100 100%
By analysing the above table 4.7 shows the preferential payment mode
of the respondents. It is clear that out of 100 respondents 64 respondents are
choosing digital payment method and 36respondents are choosing cash payment
option. So majority of respondents prefer digital payments.
FIGURE 4.7
PREFERENTIAL E-PAYMENT MODE
41
TABLE 4.8 SHOWING THE RESPONDENTS PREFERNCE TO
CARRY CASH ON HAND
Valid Frequency Percentage
Yes 40 40%
No 60 60%
Total 100 100%
The above table 4.8 shows the respondents preference to carry cash on their
hands. And the respondents who are interested in carrying cash on hand is 60% and
40% are not interested or prefer to carry cash on hand. So majority of respondents are
willing to carry cash on hand.
FIGURE 4.8
PREFERENCE TO CARRY CASH ON HAND
42
TABLE 4.9 USER OF E-PAYMENT

Yes 87 87%
No 13 13%
Total 100 100%
The above table 4.9 shows that the respondents complaint against the e-
payment system. 62% of the respondents have registered complaint against e-
payment system and 38% of respondents have not registered complaint against e-
payment mechanism.
FIGURE 4.9
USER OF E-PAYMENT
13%
Yes
No
43
TABLE 4.10 DEVICE USE FOR E-PAYMENT
Device used for e-payment Frequency Percentage
Smartphone 79 79%
Computer 3 3%
Both 18 18%
Total 100 100%
By analyzing the above table 4.10, 79% respondents uses Smartphone for
making e-payment and 3%are using computer and 18% are using both Smartphone
and computer for making e-payment cashless transaction. So majority of the
respondents use smartphones for e-payment.
FIGURE 4.10
DEVICE USE FOR E-PAYMENT
Smartphone
Computer
both
44
TABLE 4.11 USE OF E-PAYMENT SYSTEM
Use of e-payment system Frequency Percentage
Frequently 67 67%
Once in a week 18 18%
Once in a month 15 15%
Total 100 100%
The above table 4.11 shows that the use of e-payment among the respondents.
67% of respondents use e-payment system frequently while 18% usesonce in a week
and 15% of the respondents uses E-payment once in a month. So majority of
respondents frequently use e-payment.
FIGURE 4.11
80%
70%
60%
50%
40%
Series1
30%
20%
10%
0%
Frequently Once in a week Once in a month
45
TABLE 4.12 AREAS OF E-PAYMENT
Areas of e-payment Frequency Percentage
Movie tickets 24 24%

Utility bill payment 18 18%
Banking 30 30%
Shopping 21 21%
Others 7 7%
Total 100 100%
The above table 4.12 showing that the areas of e-payment used by the
respondents .24% of respondents are choose shopping as they are using e-payment for
shopping, 30% are using for banking purpose, 18% are using for utility bill payment,
24% for booking movie tickets and 7%are of other purposes.
FIGURE 4.12
AREAS OF E-PAYMENT
35%
30%
25%
20%
15%
10%
5%
0%
Movie Tickets Utility bill Banking shopping others

payment
Series1
46
TABLE 4.13 UTILITY BILL PAYMENT
Utility bill payment Frequency Percentage
Electricity bill 48 48%
Water bill 17 17%
Phone bill 31 31%
Others 4 4%
Total 100 100%
The above table 4.13 shows that those respondents who are using e-payment for
paying utility bill. Respondents paying electricity bill through e-payment are 48%,
17% are paying for water bill, 31%for phone bill and 4%% are using e-payment for
other purposes.
FIGURE 4.13
UTILITY BILL PAYMENT

60%
50%
40%
30%
20%
10%
0%
Electricity bill water bill phone bill others
Series1
47
TABLE 4.14 INFORMATION ABOUT E-PAYMENT
Bank 22 22%
Internet/social media 33 33%
Friends/family 35 35%
Others 10 10%
Total 100 100%
This table shows that from where did the respondents get information about
e- payment. 22% of respondents get information from bank , respondents who gets
information from internet/social media are 33%, 35% gets information from
family/friends and 10% are from other ways.
FIGURE 4.14
INFORMATON ABOUT E-PAYMENT
others
friends/family
Series1
Internet/social media
Bank
0% 5% 10% 15% 20% 25% 30% 35% 40%
48
TABLE 4.15 E-PAYMENT METHOD
E-payment method Frequency Percentage
Digital wallet 9 9%
UPI 62 62%
Cards 22 22%
Others 7 7%
Total 100 100%
The above table 4.15shows the favourite E-payment methods of the

respondents. It is clear that 9% uses digital wallet, 22% uses cards, 62% uses UPI
and only 8% uses other methods of payment. So most of the respondents chooses
UPI.
FIGURE 4.15
E-PAYMENT METHOD
70%
60%
50%
40%
Series1
30%
20%
10%
0%
Digital wallets UPI Cards Others
49
TABLE 4.16 REASONS FOR INCREASE CASHLESS
TRANSCATIONS
Reasons for increase Frequency Perce

cashless transaction ntage
Time saving 31 31%

Instant payment 15 15%
24*7 12 12%
All of the above 42 42%
Total 100 100%
payment system. 62% of the respondents have registered complaint against e-payment
system and 38% of respondents have not registered complaint against e-payment
mechanism.
FIGURE 4.16
REASONS FOR INCREASE IN CASHLESS TRANSCATIONS
31% Time saving

42%
Instant payment
24*7
All of the above
15%
12%
50
TABLE 4.17 TECHNICAL ERRORS FACED BY RESPONDENTS
Valid Frequency Percent

age
Yes 72 72%
No 28 28%
Total 100 100%
payment system. 62% of the respondents have registered complaint against e-
payment system and 38% of respondents have not registered complaint against e-
payment mechanism.
FIGURE 4.17
TECHNICAL ERRORS FACED BY RESPONDENTS
No
28%
Yes
72%
51
TABLE 4.18 COMPLAINT REGISTRATION AGAINST
E-PAYMENT SYSTEM
Yes 62 62%
No 38 38%
Total 100 100%
Source : primary data
payment system. 62% of the respondents have registered complaint against e-payment
system and 38% of respondents have not registered complaint against e-payment
mechanism. So majority of the respondents have registered complaints .
FIGURE 4.18
COMPLAINT AGAINST E-PAYMENT SYSTEM

Yes No
38%
62%
52
TABLE 4.19 TIME TAKEN TO RESOLVE THE COMPLAINT

Up to 1 week 51 51%
Up to 1 month 32 32%
More than 1 month 17 17%
Total 100 100%
Sources: primary sources
In the above table 4.19 it is clear that 51% of the respondents got their
complaints cleared within 1week, 32% of respondents got their complaints cleared
within one month and 17% of respondents took more than 1 month to got their
complaints resolved.
FIGURE 4.19
TIME TAKEN TO RESOLVE THE COMPLAINT
17%
up to 1 week
up to 1 month
51%
more than 1 month
32%
53
TABLE 4.20 AWARENESS OF NEW TRENDS
Yes 76 76%
No 24 24%
Total 100 100%
This table 4.20 shows that the respondents are aware about the new trends in
E-payment system. And it is seen that 76% of the respondents are aware regarding
new trends and 24% are not aware about the new trends in E-payment system. So
majority of the respondents are aware about new trends.
FIGURE 4.20
AWARENESS OF NEW TRENDS
Yes
No
54
TABLE 4.21 SATISFACTION OF E-PAYMENT SYSTEM

Highly satisfied 32 32%
Satisfied 63 63%
Dissatisfied 4 4%
Highly dissatisfied 1 1%
Total 100 100%
Sources: primary data.
By analyzing the above table 4.21 it is clear that the 32% of respondents are
highly satisfied with the e-payment system, 63% are satisfied , 4% dissatisfied and 1%
are highly dissatisfied with the e- payment system. So majority of the respondents are
satisfied.
FIGURE 4.21
SATISFACTION OF E-PAYMENT SYSTEM
4% 1%
32%
Highly satisfied
Satisfied
Dissatisfied
Highly dissatisfied
63%
55
TABLE 4.22 SECURITY AWARENESS
Valid Frequenc Percentage

y
Yes 83 83%
No 17 17%
Total 100 100%
In this table 4.22 the respondents awareness about security measures of e-

payment is shown.83% of the respondents are aware about the security measures of
e-payment and 17% are not aware about the security measures of the e-payment
system.
FIGURE 4.22
SUGGEST E-PAYMENT SYSTEM

Yes No
10%
90%
56
TABLE 4.23 SUGGEST E-PAYMENT SERVICE

Yes 90 90%
No 10 10%
Total 100 100%
The above table 4.23 shows that the respondents are willing to suggest e-
payment services to others.90% are willing to share about e-payment services and
10% are not willing to suggest e- payment services. So, majority of the respondents
suggest e-payment systems.
FIGURE 4.23
SUGGEST E-PAYMENT SYSTEM

Yes No
10%
90%
57
TABLE 4.24 E-PAYMENT SERVICE RATING
5 stars 36 36%
4 stars 51 51%
3 stars 8 8%
Others 5 5%
Total 100 100%
By analyzing the above table, the rating given by the respondents to E-

payment services are given. 35% of respondents give 5 stars, 57% give 4 stars, 9%
gives 3 stars and 5% choose others. So majority of the respondents give 4 stars.
FIGURE4.24
E-PAYMENT SERVICE RATING
5 stars 4 stars 3 stars others
58
CHAPTER: V
FINDINGS, SUGGESTIONS AND CONCLUSION
5.1 INTRODUCTION
5.2 FINDINGS
5.3 SUGGESTIONS
5.4 CONCLUSION
59
CHAPTER : V
FINDINGS, SUGGESTIONS AND CONCLUSION
5.1 INTRODUCTION
The present study is the impact of e-payment in utility bill payment – a comparative
study of cash and cashless payment. The primary data which are collected were
analyzed by simple percentage method. On the basis of analysis some findings were
brought out.
5.2 FINDINGS OF THE STUDY
The following are the major findings from the study:
• It is clear from the above data that 62% of respondents are from the age bracket
below 25, 31%are from the age bracket 25-40, 6% are from 40-55 and 1% from
above 55.
• Educational qualification of the respondents are 63% are in the category

UG/IT/Diploma, 21%are PG and 16% are from school level.
• From the respondents 43% are students, 33% are salaried, 18% are self
employed and remaining6% are housewife or others.
• Monthly family income of the respondents: 47% are getting 10,000-20,000,

26% are 20,001-40,000 range, 17% are from the range 40,001-60,000 and 10%
are above 60,000.
• From the data collected from the respondents 96% of respondents are having
bank account andrest 4% are not having bank accounts.
• Digital payment or cashless transaction are choose by 64% and 36% are choosing
cash payment.
• It is clear that 60% of the respondents are preferred to carry cash on hand
and 40% are notinterested in carrying cash on hand.
• The respondents who are using e payment system or cashless transaction is 87%
and 30% are notusing e-payment system or cashless transaction.
60
• The device used for making e-payment are smartphone 79% computer 3%
and the respondedwho uses both are 18%.
• The respondents use e-payment system frequently is 67% and 80% uses once
in a week and50% of users use once in a month.
• Areas of e-payment opted by respondents are 75% for shopping 52% for
banking purposes 50% for utility bill payment 48% for booking movie tickets
and 4% for other purpose.
• The respondent uses e payment system for utility bill payment and 55% for
electricity bill payment 36% for water bill 74% for phone bill 43% f or other
purpose.
• Respondents got information about e payment system from various sources and
35% gets information from family or friends and 33% from Internet or social
media and 22% from bank and 11% from other ways.
• Various e-payment methods used by the respondents are 9% uses digital wallet
and 22% uses cards, 62% UPI and remaining 8% uses other methods.
• The reasons that find by the respondents that leads to increase in the cashless
transaction are time saving, instant payment, 24/7.
• The respondents who are facing technical errors while using e-payment system or
cashless transactions are 72% and 22% of respondents are not facing any
technical error while using e payment system.
• 76% of the respondents are aware about the new trends in e-payment system and
24% are not aware about new trends in e-payment system or cashless transaction.
• The satisfaction of using e-payment system of respondents are 32% are highly
satisfied 63% aresatisfied 4% are dissatisfied and 7% are highly dissatisfied.
• Awareness about security measures of e payment system of the respondents . 83%

of respondentsare aware and 17% are not aware about e-payment system.
61
5.3 SUGGESTIONS
• On the basis of the findings, the following suggestions have been proposed,
which if implemented the mission of cashless system can be more effective.
• The movement towards a less cash economy is slow, but the country is
getting there. The Government should take proper initiatives to make the
transition smoother and faster.
• Transaction charges should be minimized to encourage online transactions
• Further simplifying payment applications on the phones, and online payment

methods will help the senior members as well as individuals illiterate to
technology, participate and contribute towards a less cash economy, or a
cashless economy.
• Government should promote cashless transaction by providing facilities of

zero charges on cashless transfers, opening bank account and facilitating
transactionsthrough debit and credit cards free of cost.
• The local shops and traders can play a major role in achieving a cashless rural
India if they are motivated to encourage customers for using cashless modes.
For this, the small business entrepreneurs must be given incentives of trade in
cashless modes.
• It is essential to ensure the security of customer data in each and every

transaction. To make it more difficult for hackers to access customer payment
data implementing identity management and encryption is vitally important
on every payment transaction.
62
5.4 CONCLUSION
Technology has arguably made our lives easier. One of the

technological innovations in banking, finance and is the Electronic Payments.
After analysis and comparison of various modes of electronic payment
systems, it is revealed that it is quite difficult, if not impossible, to suggest
thatwhich payment system is best. Some systems are quite similar, and differ
only in some minor details. The study also reveals the e-payment system
acceptance among respondents is due to the prominentfactors like convenience,
24 hours accessibility, ease of use etc. Added to this, success of e-commerce
payment systems also depends on consumer preferences, technological
advancement and security. The Reliable and Cashless payment system offers
immunity against theft of paper and e-money. Based on our review of these
findings, is clear that the Internet is playing a more and more vital in the field
of e- payment. People consider moderate benefits of the cashless such as easy
tracking of cash, helpful in check on money laundering and corruption, control
on black money and cheaper banking. The respondents who are in favour to
implement cashless to deal all the transactions, they consider cashless system
will bring transparency in all the transactions. Added to this, success of e-
commerce payment systems also depends on consumer preferences, technological
advancement and security. The Reliable and Cashless payment system offers
immunity against theft of paper and e-money. Based on our review of these
findings, is clear that the Internet is playing a more and more vital in the field
of e-payment. Public are becoming aware of need to measure the
collaborative effects of e-payment. Feedback can be obtained easily as that
online payment system is virtual in nature. We also came to know about the
reasons behind the popularity of E-payment Mechanism as they helps a lot to
save valuable time and gives value to our time
63
APPENDIX
64
QUESTIONNAIRE
A STUDY ON THE IMPACT OF E-PAYMENT IN THE
UTILITY BILL PAYMENT. A COMPARATIVE STUDY WITH
CASH AND CASHLESS PAYMENT.
1. Name : ______________________
2. Gender
Male Female Prefer not to say
3. Age
Below 25 25-40 40-55 Above 55
4. Educational qualification:
School level UG/Diploma/ IT PG / above
5. Occupation
Student Salaried Self employed Housewife/ others
6. Monthly family income
10,000 – 20,000 20,001 – 40,000
40,001 – 60,000 Above 60,000
7. Do you have bank account
Yes No
8. Your preferential payment mode
Cash Digital payment
65
9. Do you prefer to carry cash on hand
Yes No
10. Do you use e-payment/ cashless transaction
Yes No
11. Which device do you use for making the payment via
electronically
Smartphone Computer Both
12. Your usage of e-payment system
Frequently Once in a week Once in a month
13. Areas of your e-payment system
Movie tickets Utility bill payment
Shopping Others
14. What are the utility bills you pay through e payment system
Electricity bill Water bill
Phone bill Others
15. From where you get the information about Cashless payment
Bank Internet/social media
Friends/Family Others
16. Your favourite e-payment method
Digital wallets UPI Cards Others
17. If your use of cashless transaction is increased, what is the reason

Time saving Instant payment
24*7 banking facility All of the above
66
18. Do you face any technical errors while using e-payment system
Yes No
19. Do you have registered any complaint against e-payment system

Yes No
20. If you have complained, then the time taken to get the complaint
resolved
Up to 1 week Up to 1 month More than 1 month
21. Do you have awareness regarding new trends in e-payment

system
Yes No
22. Do you believe e-payments are better than traditional methods of

payment
Highly satisfied Satisfied
Dissatisfied Highly Dissatisfied
23. Are you aware about the security measures of e-payment system
Yes No
24. Will you suggest e-payment services
Yes No
25. E-payment service rating
5 stars 4 stars 3 stars Others
67
BIBLIOGRAPHY
68
BIBLIOGRAPHY
JOURNALS
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A STUDY ON THE IMPACT OF E-PAYMENT IN

UTILITY BILL PAYMENT - A COMPARATIVE

PROJECT CODE: VV-06

CHAPT TITLE PAGE

SL. TITLE PAGE

4.19 TIME TAKEN TO RESOLVE COMPLAINT 53

E-COMMERCE Electronics Commerce

Electronic payment entail the transfer of funds through electronic or digital

1.2 STATEMENT OF THE PROBLEM

1.3 OBJECTIVE OF THE STUDY

2. To understand working of various e-payment system based applications.

3. To identify the purpose of using e-payment by the respondents.

4. To find out whether cash or cashless payment is opted by customers.

5..To analyze the pros and cons of cashless transaction system.

1.4 SCOPE OF THE STUDY

The electronic payment system is considered as the backbone of e-

1.6 RESEARCH METHODOLOGY

1.6.1 Source of data

There are two ways from which data can be collected :

Sampling size can be defined as the total number of respondents that is to be

1.7 TOOLS OF DATA COLLECTION

1.8 TOOLS OF ANALYSIS

The Primary data collected from respondents through questionnaire. Simple

1.9 LIMITATIONS OF THE STUDY

Limitations of the study are as follows;

1.10 CHAPTERISATION OF THE STUDY

2.2 REVIEW OF LITERATURE

Ghosh & Gourab (2020) describes that advancement of information and

Kavitha M & K Sampath Kumar (2018) The demonetization resulted in

DR S Manikandan (2017) In present world smart phones play an important role in

THEORETICAL FRAMEWORK OF THE STUDY

3.2 ELECTRONIC PAYMENT

3.3 TYPES OF E-PAYMENT

Similar to regular cash, e-cash enables transactions between customers without

3.4 BENEFITS OF E-PAYMENT

• Reaching global audience

One of the biggest advantages of having online payment gateways is that

• Low transaction costs

In a traditional payment setup, businesses have to hire front-desk employees or

• Quick and easy setup

Instead of spending time on setting up a whole payment process that involves

• Variety of payment choices

As a business, having online payment options can benefit your distribution

3.5 LIMITATIONS OF E-PAYMENT

One of the main disadvantages of online payments is the technological

• Limitations on amount and time

3.6 E-PAYMENT IN UTILITY INDUSTRY

• Water and Sewage Bill

• Gas Cylinder Bill

• Internet and Phone Services

• Payments can be automated: Setting up automatic payments make it less

3.6.2 DISADVANTAGES OF ONLINE BILL PAYMENTS

3.7 CASHLESS PAYMENT

Demand draft is another rudimentary way of cashless transaction. It is a safest

UPI is a mobile payment system which allows you to do various financial

virtual payment address without entering bank information .

• Aadhaar Enabled Payment System

• Unstructured Supplementary Service Data

3.7.1 PARTICIPATORS OF THE CASHLESS PAYMENT SYSTEM

• Consumers – Consumers include the end-users, such as individuals,

3.8 SECURITY FOR CASHLESS PAYMENTS

• Economic inequality could become exacerbated – Unless special outreach

• Digital transactions sacrifice privacy – Electronic Payments aren’t as private