ABSTRACT

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. The objective of this research paper is
to study the positive impact that Digitization of payment system. The present
paper focuses on the analysis of the adoption level of these digital payment
systems by customers. Primary data was collected from 46 respondents in
Howrah. The collected data through the questionnaire were analysed statistically
by using chi-square technique.

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 TABLE OF CONTENTS

Chapter Page
Particulars
Number Number

 INTRODUCTION :- 3 to 17
1.1. ABOUT THE TOPIC 4 to 11
1.2. NEED OF THE STUDY 12
1.3. REVIEW OF THE LITERATURE
13 to 14
1. 1.4. OBJECTIVES OF THE STUDY
15
1.5. RESEARCH METHODOLOGY
16
1.6. LIMITATIONS AND FURTHER SCOPE OF THE
STUDY 17

 CONCEPTUAL FRAMEWORK :- 18 to 20
2. 2.1. NATIONAL SCENARIO 19
2.2. INTERNATIONAL SCENARIO 20

 ANALYSIS AND FINDINGS :- 21 to 38

3. 3.1. DATA ANALYSIS AND INTERPRETATION 22 to 36
3.2. FINDINGS OF THE STUDY 37 to 38
 CONCLUSION AND
RECOMMENDATION:- 39 to 41
4.
4.1. CONCLUSION 40

4.2. RECOMMENDATION 41

 REFERENCES 42 to 43
5.
5.1. BIBLIOGRAPHY 43

 ANNEXURES 44 to 48

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INTRODUCTION

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1.1. ABOUT THE TOPIC :-

Now-a-days world is becoming digitalized in every field and one of the best example of this is
various countries in the world are moving towards becoming a cashless society. A cashless
society is the one which doesn’t use cash for any of its transaction instead all the transactions
are done digitally. There are various countries in the world which have more than 50% of their
transactions through cashless methods.

According to a study conducted by Cap Gemini and BNP Paribas, digital payments are
expected to reach about 726 billion transactions by the year 2020. In India 98% of the total
transactions used to be done through cash but after the Demonetization of the Government on
Nov 8 2016, our country has also started getting steered towards a cashless society. Due to the
Demonetization act already existing mobile payment applications came into the limelight like
“Paytm”, “Google Pay”, “Amazon Pay” etc.

The Digital India program is a flagship agenda of the Government of India with vision to
transform India into a digitally empowered society and a knowledge economy. Faceless,
Paperless, Cashless is one of the professed role of Digital India. The Prime Minister of India
Mr. Narendra Modi has empowered India to adopt cashless transactions by giving digital
payments sector of India a significant boost. The digital payment sector of India experienced a
unpredicted growth since Demonetization in November 2016. Digital wallet companies in
India has shown a growth of 271% for a total value of US $ 2.8 Billion i.e. Rs 191 crores. A
Google - BCG Report had estimated that the digital payment industry in India will experience
a growth of US $ 500 billion by 2020.

Government of India is also encouraging various digital payment apps such as Aadhaar
Payment app, UPI App, Bharat Interface for Money (BHIM) app along with private sector apps
like Paytm, Mobikwik, Freecharge etc. Such new apps are beneficial to transfer funds across
various parts of our country. Digital payments industry in India is growing on a rapid pace
providing a highly attractive platform for foreign investors to invest in India.

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  WHAT IS DIGITAL PAYMENT?

Digital Payment means when any goods or services are purchased through the use of various
electronic modes of payments which means there is no use of physical cash or cheques in digital
payment. Now-a-days people use Digital Payments more is because Digital payment methods
are easier and more convenient and they also provide customers the flexibility to make the
payment from anywhere at any time which proves as a good alternative to the traditional
methods of payment and which fastens the transaction cycles.

 10 Types of Digital Payment methods in India:-

1. Banking Cards- Debit/Credit / Prepaid Cards.

2. USSD (Unstructured Supplementary Service Data).

3. AEPS (Aadhaar Enabled Payment System).

4. UPI Mobile (Unified Payments Interface).

5. Mobile Wallets.

6. Bank Pre-paid Cards.

7. POS Terminals.

8. Internet Banking.

9. Mobile Banking.

10. BHIM App (Bharat Interface for Money).

 WHAT IS A DIGITAL WALLET ?

An electronic device or online service that allows an individual to make electronic transactions
is called a digital wallet. An individual’s bank account can also be linked to the digital wallet.
One in five customers in Asia are now using a digital wallet. Some of the popular digital wallets
are Paytm, Freecharge, LIME, Jio Money, Airtel Money, State Bank Buddy, Citrus, Mobikwik,
Pay Money etc.

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GOOGLE PAY :-

Google Pay also known as G-Pay or Pay with Google it is also one type of Digital Wallet and
online payment system developed by Google. The services of Android Pay and Google wallet
merged in January 2018 and the name was changed to Google Pay. On September 2017, Google
launched an UPI-based app known as TEZ in India which was later rebranded as Google Pay.

Google Pay enables you to :-

 Send and receive money.

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

 Advantages of Google Pay:-

1. It is faster to pay for things.
2. Most importantly It is very secure.
3. There are no extra charges for using the service.
4. It is easy to use.
5. Fast and secure mobile payment

Disadvantages of Google Pay:-

1. It is not usable at every single store.
2. Poor customer services.
3. The support centre is not able to assist you.
4. To pay for stuff, one will have to take out his or her phone more often.
5. It doesn’t work with some credit cards

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 AMAZON PAY :-

Amazon owns Amazon Pay, it is an online payment processing service which was launched in
the year 2007. The service of Amazon Pay is available in total 18 countries in the world. There
is no registration fees for Amazon Pay. Amazon Pay has undergone various changes on its
evolution so that the payment process would become more quick, simple and efficient for the
customer.

 Advantages of Amazon Pay :-

1. The faster way to pay. Breeze through checkout using the payment and address
information stored in your Amazon account.
2. Pay every day, everywhere. An easy way to manage your payments on Amazon.com
and check out at your favourite sites.
3. Shop worry-free.

 Disadvantages of Amazon Pay :-

1. No support for PayPal payments.

2. Customers need an Amazon account to make a payment.
3. Increased risk of getting shut down if Amazon Pay thinks you're not following the rules.
4. Mixed reviews on functionality.

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PAYTM

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

 . Advantages of Paytm :-

1. It is quick and safe.

2. Paid bill payment, recharge book ticket, and lots more in a single application and keep
track of everything under order history.
3. Easy and automatic refund to Paytm wallet in case of product cancellation at partners
store.
4. When you need money, simply return it to the same bank.
5. Money can be transferred from Paytm to a bank account for as little as 4%.

 Disadvantages of Paytm :-

1. Currently unavailable on at least all prominent websites such as Amazon and Flipkart.
2. It will charge the merchant in the future to accept payment from customers, as nothing
comes for free in this world.
3. You could be charged up to 4% for transferring money from Paytm to your bank
account.
4. Since it isn’t available in most big online and offline retailers, you’ll need to keep your
debit/credit card on hand if you want to shop there.

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  IMPORTANCE OF CASHLESS TRANSACTIONS :-

i. There is no fear of robbery or theft:- When physical cash is in large amount it is

difficult to carry cash as there is danger of theft, but in cashless transaction this fear is
eliminated.
ii. Tracking of expenses:- When the transactions are done in cashless way through e-
wallets or internet banking we can keep a track on all our expenses which becomes
easier to determine how much is our total expenditure
iii. Transparency and accountability:- In cashless economy as there is more currency in
the bank which means there is more currency in circulation, which means greater
liquidity and there is less scope of hiding income which eventually leads to lower
interest rates which leads to better economic development of the country.
iv. No tension about counterfeit currency:- Every economy in the world faces the
problem of counterfeit currencies, while the government is taking stringent actions
against counterfeit currencies but the common people are the ones who suffer in these
counterfeit currencies. .

v. Easier Accounting and Easier transactions:- By going cashless customer can

complete a transaction in a more convenient manner than before and can complete the
transaction with increased security

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  FUTURE OF DIGITAL PAYMENTS IN INDIA :-

Smartphone and mobile phone users, internet users as shown in the above projections are
increasing with the increase in population in India. The above graph is compared between ten
years i.e. 2015 to 2025. With greater access to internet and growth and development of
infrastructure and greater usage of smartphones there is significant development of digital
payments in India. India is witnessing exponential growth in Digital payment industry as India
is considered as the second largest in the world in case of mobile users with a Billion
connections in the country.

It is very important to encourage people to adopt cashless modes of payment by giving various
cash back offers which is been provided by the payment apps whether private or government
initiated payment applications. By making the payment process simpler, safe, transparent it
will become easier for people to access.

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.

 Which is Better? [“Google Pay”, “Amazon Pay” & “Paytm”]

With online transactions touching new highs in India every month, digital wallets have become
extremely popular not just in urban areas but in small towns as well. As several digital wallets
are jostling for a greater market share, cashback and discount offers have become important
ways for them to attract more customers and race ahead of their counterparts. From the
consumer's point of view, competitiveness, as always, brings a lot of benefits.

 Amazon Pay :-

A user can get a cashback of up to Rs 50 on recharges and bill payments. The offer is applicable
for all prepaid bill payments of -- electricity, water, and landline. It is also valid for recharge
of mobile service, DTH, and more.

 Google Pay :-

A user can get a cashback of up to Rs 1,000 on transactions of Rs 150 and above. Google Pay
coupons will be accessible only on the app and a user can get the cashback (up to Rs 1,000)
not more than three times.

 Paytm :-

A user can get a 10 percent off on mobile recharge of Rs 99 and above. Also, every 500th user
will be given 100 percent cashback for a DTH recharge of Rs 200 and above. The offer is valid
once per user per recharge number.

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 1.2. NEED OF THE STUDY

Financial transactions are the backbone of any economy in the world. In India cash was always
the king. i.e. all the transactions in our country used to take place through the means of cash
only. Nearly four of every five transactions used to take place through cash means during the
year 2015, cash was the predominant mode of payment and was the base of our economy and
this was because of digital illiteracy, lack of education, lack of infrastructure, low network
connections in remote areas of our country and many more reasons.

The Reserve Bank of India is doing its best to encourage various methods of payments and to
make the whole payment process easier, more secure, reliable, and user friendly. With the
introduction of various digital modes of payment such as:-

The transaction process has become more convenient, secure and transparent in nature with the
help of such Digital modes of Payment. If cashless transactions is adopted and implemented in
India then it will be easier to exchange currency while travelling to abroad countries. A cashless
society leads to lower crime rates which is an advantage to the society. There will be no
scenario of black money and can stop corruption once a society is cashless in economy and this
can be done by adopting more and more digital mode of payment for various transactions. The
main purpose of the study is to investigate the benefits of using online payment applications
and to analysis the various online payment applications in India. The main agenda of this study
is to find out the impact of using Amazon Pay and to find out that using Amazon Pay as a
payment method has helped the customers or not.

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1.3. REVIEW OF LITERATURE :-

 NATIONAL AUTHOR :

1. Madhulika P Sarkar ( 2019 ) found that the purpose of the study is to review the
existing literature and the progress made in terms of adoption of Digital Payment
System. And also discusses the factors which impact the attitude of consumers for the
adoption of digital payment system. The paper reviews the literature both conceptual
and empirical studies on Digital Payment System.
2. Puneet Kaur, Amandeep Dhir, Naveen Singh, Ganesh Sahu, Mohammad Almota
iri ( 30th April 2020 ) said that Mobile payment solutions (MPSs) are experiencing
growth and popularity across the globe because of their convenience and other benefits
in performing transactions. However, despite these circumstances and the benefits
offered, MPSs are still suffering from challenging situations related to their adoption
usage.
3. Anil Kumar, Surrender Singh ( 2021 ) said that the Economic Growth of a country
depends largely upon its financial sector which in turn depends upon how well it has
reached to their citizens. The country where all the people are included in its formal
financial sector or are part of it, would be on the path of inclusive growth. The term
financial inclusion is what that helps a country in not only reducing the level of
poverty.
4. Ambika Prasad Nanda, Ranjan Banerjee ( 2021 ) revealed that subjective Financial
Well-being (FWB) research has gained considerable interest from both academics and
practitioners recently. This research area focuses on the consumer’s self assessment of
his/her disposition, belief, attitude, and behaviour concerning money management,
spending, savings, and investment.
5. Shadma Shahid, Jamid Ul Islam, Shehla Malik, Uzma Hasan ( 2022 ) said that the
purpose of the study is to examine the antecedents and outcomes of consumer
experience (CX) with mobile banking (m-banking) apps. To understand the linkage of
CX with other constructs, data collection was done using a structured questions.

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  INTERNATIONAL AUTHOR :

1. Betsy Jane Clary (13 th Oct 2011) disclosed that although usury is no longer widely
discussed in economic discourse, the concept of usury is useful in explaining financial
upheavals such as the recent and on-going crisis. The Scholastics began the study of interest
with their teachings on usury, and Keynes brought the usury debate back into the discussions
during the period around the Great Depression.
2. Wai-Ming To, Linda SL Lai ( 2014 ) said that the number of Internet users in China was
more than 590 million at the end of June 2013. Among these users, 460 million accessed the
Web through mobile devices such as cell phones and tablets. Many Chinese are now using cell
phones to perform a wide range of transactions, such as transferring money, paying bills,
booking hotels, buying tickets, and shopping in online stores .

3. John Paul Kosiba, Henry Boateng, Abednego Feehi Okoe & Robert Hinson (2020)
revealed that customer engagement has become a topical issue in the marketing literature in
recent times. Many researchers have called for more research to be done on the antecedents of
customer engagement. In response to this call, they examined the impact of trust on customer
engagement.
4. Wassan Abdullah Alkhowaiter ( 1st August 2020 ) said that the global spread and use of
internet and mobile contributed to the development of digital payments and baking. There is a
lack of research which provides comprehensive synthesis and analysis of factors affecting the
use and adoption of digital banking and payment methods in GCC countries.
5. Melih Coskun, Ebru Saygili, Mehmet Oguz Karahan ( 1st June 2022 ) revealed that
Turkey’s e-commerce market is rapidly expanding, and the country is ranked first in the world
in monthly mobile purchases. The purpose of this study is to determine the factors that
influence the adoption of online payments systems among the customers of a Turkish bank
during the COVID-19 pandemic. The research model extends the technology acceptance
model (TAM) by further examining the impact of 11 factors on attitude, behavioural intention
and actual usage.

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1.4. OBJECTIVE OF THE STUDY

Research objectives state or describe what the research is trying to achieve or what we expect
to achieve by the project. The objectives of the study gives a brief idea about the areas of the
research which is studied. Research objectives help in the formulation of Hypothesis for the
study and it also helps in narrowing down the research and helps in focusing on the point.

Here are some of the Objectives of the Study:-

 To study the impact of online payment applications on consumers

 To analyse the problems faced by the users while using online modes of payment.
 To know whether going cashless has helped the Indian economy.
 To be aware of the reimbursement of Cashless operation scheme in India.
 To recognize the scenario and challenges of Cashless business deal System in India.
 To discover the ladders taken government to dispirit the use of cash.

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 1.5. RESEARCH METHODOLOGY :-

Research Methodology is a way to solve the research problem. It may be understood as a

science of studying how research is done scientifically. It is necessary for the researcher to
know not only the research methods/techniques but also the methodology. Researchers also
need to understand the assumption underlying various techniques and they need to know the
criteria by which they can decide that certain techniques and procedure will be applicable to
certain problems and others will not.

Research Methodology is based on questionnaire (primary data) and (secondary data) which is
used to study the proper implementation of a proper research. The data collections starts after
the research problem defined and keep in mind to collect data in two ways:

 Primary Data :- In this kind of source data collected directly from the customers
who purchases through online.

Survey : Data collected through survey method.

Sample size : 46

Data collection method : Google form

Data collection period : 4 months (March to June 2024)

Data Analysis :

 The analysis of data is carried out by through interpretation of figures and numbers
from the survey to identify the rational behind the emergence of main finding.
 Graphs and charts are made by using Ms Excel.
 Data are analysed through quantitative & qualitative methods.

 Secondary Data :- Secondary data collected from relevant print as well as

electronic media, several book. For this project secondary data was taken

from company’s website and reports.

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1.6 LIMITATIONS AND FURTHER SCOPE OF THE STUDY

There are certain limitations to every research as in research cannot cover all the aspects of the
topic cannot be covered and because of certain uncontrollable factors and variables limitations
arise in a study. Limitation of the study reduces the accuracy of the research project.

Limitation :-

i. Lack of enough time to project.

ii. Fund support was too low for statistical tools to use. Only graphs, pie charts were used.
iii. Sampling size is less when compared to the population.
iv. Biased Sample.
v. Answers received doesn’t represent the whole population.

Further scope of study :-

i. Statistical tools could be used in the project if more funds were supported..
ii. If I had more time, more data collection could have been done.
iii. The purpose of the project would have been further developed if the responses received
were representative of the entire population.

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 CHAPTER 2

CONCEPTUAL FRAMEWORK

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 2. CONCEPTUAL FRAMEWORK:-

2.1. NATIONAL SCENARIO :-

Internet Banking has become an integral part of banking system in India. The concept of
payment banking is of fairly recent origin in India. Till the early 90's traditional model of
banking i.e. branch based banking was prevalent, but after that non-branch banking services
were started. The Indian government enacted the IT Act, 2000, with effect from the 17th
October 2000. To examine different aspects of Internet banking RBI set up a committee on
Internet Banking.

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Indian banks are making sincere efforts for the adoption of advanced technology and
installation of e-delivery channels but still the concept and scope of payment banking is still
evolving. It facilitates an effective payment and accounting system thereby enhancing the speed
of delivery of banking services considerably. While payment banking has improved efficiency
and convenience, it has also posed several challenges to the regulators and supervisors. Several
initiatives taken by the government of India, as well as the Reserve Bank of India (RBI),

2.2. INTERNATIONAL SCENARIO :-

Most modern online payment services offer easy-to-use, fast and secure ways to pay the
bare bones of what’s expected from payment providers. Such companies do so by cutting out
the need to enter long card details or personal information. Instead, they operate using stored
payment methods and/or third-party processing to speed up the checkout process. Here’s a list
of some of the most popular online payment services:-

Amazon Pay :-

Amazon Pay is another big player in the online payment space. Amazon Pay is a digital
payment processing service that allows customers to pay online using their Amazon payment
methods on third party websites. Amazon Pay uses the details already stored on the shopper’s
Amazon account to complete the transaction and provide a speedy checkout experience.

Google Pay :-

With hundreds of millions of users already saving their card information to their Google
account, Google Pay could offer an extra layer of convenience for a significant number of your
customers. Trusted worldwide, Google Pay lets shoppers choose from saved payment methods
in their Google account in order to checkout quickly and smoothly on third-party sites.

Paytm :-

Paytm International Payment Gateway enables you to accept payments from your customers
using international credit and debit cards. Accept payments in foreign currencies an
additional and optional service over and above international cards.

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ANALYSIS AND FINDINGS

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 3.1. DATA ANALYSIS AND INTERPRETATION :-
The collected data was analysed by using pie-charts and the analysis of the collected data is
given bellow. Data analysis helps us to determine whether our hypothesis is accepted or not.

And it is also useful to determine whether all our objectives are fulfilling or not. Data analysis
helps us to draw a conclusion or a result to our research problem.

Overall Analysis of Online payment application on the basis of survey.

 Place of Living :-

Options :- Count :-
Howrah 29
Kolkata 3
Balarambati 1
Dankuni 1
Chunabhati 2
Baksha 1
Amta 1
52,Madhu Sudan Biswas Lane 1
Bamungachi 1
Uttar Para 1
Konnagar 1
Kona Dhara Para 1
Uluberia 1
Singur 1
Liluah 1

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  Age ( In Years ) :-
a. Below 20 years
b. 20 to 40 years
c. 40 to 60 years
d. Above 60 years

RESPONSES :
Options:- Percentage (%) :- Numbers :-
a. 6.5% 3
b. 91.3% 42
c. 0% 0
d. 2.2% 1

REPRESENTATION :

INTERPRETATION :-

The above diagram is a Pie-chart. A pie-chart is a statistical graphic which is divided into pieces
that demonstrate the proportion of our data. A pie-chart is used to demonstrate the data
collected by the respondents.

From above it is clear that most responses are recorded from the age group 20 to 40 years
(91.3%) and the least is recorded from the age group 40 to 60 (0%).

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  Gender :-
a. Male
b. Female
c. Other
RESPONSES :
Options :- Percentage (%) Numbers :-
a. 10.9% 5
b. 89.1% 41
c. 0% 0

REPRESENTATION :

INTERPRETATION :-

From above it is clear that most responses are recorded from the gender group of female
(89.1%) and the least is recorded from the gender group of other (0%).

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  Occupation :-
a. Student
b. Business
c. Housewife
d. Self Employed
e. Other
f. Professional

RESPONSES :

Options :- Percentage :- Numbers :-

a. 91.3% 42
b. 4.3% 2
c. 0% 0
d. 0% 0
e. 2.2% 1
f. 2.2% 1

REPRESENTATION :

INTERPRETATION :-

From above it is clear that most responses are recorded from the group of student (91.3%) and
the least is recorded from the group of housewife and self-employed (0%).

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  Residential Status :-
a. Rural
b. Urban
c. Semi Urban
d. Other

RESPONSES :

Options :- Percentage (%) :- Numbers :-

a. 21.7% 10
b. 67.4% 31
c. 8.7% 4
d. 2.2% 1

REPRESENTATION :

INTERPRETATION :-

From above it is clear that most responses are recorded from the group of urban (67.4%) and
the least is recorded from the group of other (2.2%).

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 Educational Qualification :-
a. Higher Secondary
b. Under Graduate
c. Post Graduate
d. Professional Study
e. Other
f. Graduate

RESPONSES :-

Options :- Percentage (%) :- Numbers :-

a. 17.4% 8
b. 65.2% 30
c. 8.7% 4
d. 6.5% 3
e. 0% 0
f. 2.2% 1

REPRESENTATION :

INTERPRETATION :-

From above it is clear that most responses are recorded from the group of under graduate
(65.2%) and the least is recorded from the group of other (0%).

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 Monthly Income :-
a. Below 10k
b. 10k to 20k
c. 20k to 30k
d. 30k to 40k
e. 40k to 50k
f. Above 50k

RESPONSES :

Options :- Percentage (%) :- Numbers :-

a. 65.2% 30
b. 17.4% 8
c. 8.7% 4
d. 4.3% 2
e. 2.2% 1
f. 2.2% 1

REPRESENTATION :

INTERPRETATION :-

From above it is clear that most responses are recorded from the group of below 10k (65.2%)
and the least is recorded from the group of 40k to 50k and above 50k (2.2%).

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 Do you own a Smart Phone?
a. Yes
b. No

RESPONSES :

Options :- Percentage (%) :- Numbers :-

a. 94.1% 32
b. 5.9% 2

REPRESENTATION :

INTERPRETATION

From above it is clear that most responses are recorded from the group of yes (94.1%) and the
least is recorded from the group of no (5.9%).

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 Do you use your Smart Phone for any Financial/Banking
transactions?
a. Yes
b. No
c. Maybe
d. Never

RESPONSES :

Options :- Percentage (%) :- Numbers :-

a. 70.6% 24
b. 17.6% 6
c. 8.8% 3
d. 2.9% 1

REPRESENTATION :

INTERPRETATION

From above it is clear that most responses are recorded from the group of yes (70.6%) and the
least is recorded from the group of never (2.9%).

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 How often do you make mobile transaction?
a. Daily-once
b. Daily-several times
c. Weekly-once
d. Weekly-several times
e. Monthly-once
f. Monthly-several times
g. Occasionally (less than once a month)

RESPONSES :

Options :- Percentage (%) :- Numbers :-

a. 14.7% 5
b. 8.8% 3
c. 11.8% 4
d. 5.9% 2
e. 8.8% 3
f. 17.6% 6
g. 32.4% 11
REPRESENTATION :

INTERPRETATION

From above it is clear that most responses are recorded from the group of Occasionally (less
than once a month) (32.4%) and the least is recorded from the group of Weekly-several times
(5.9%).

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 What’s your preferred digital payment app for bills and
utilities?
a. Paytm
b. Google Pay
c. Amazon Pay
d. Phone Pe
e. BHIM
f. Other
g. Nothing
h. Nil

RESPONSES :

Options :- Percentage (%) :- Numbers :-

a. 8.7% 4
b. 60.9% 28
c. 4.3% 2
d. 13% 6
e. 2.2% 1
f. 6.5% 3
g. 2.2% 1
h. 2.2% 1
REPRESENTATION :

INTERPRETATION

From above it is clear that most responses are recorded from the group of google pay (60.9%)
and the least is recorded from the group of BHIM, nothing and nil (2.2%).

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 Why do you prefer paying through these payment apps?
a. Convenience(Savings Account Details, Auto Pay, Setting Reminders)
b. Cashback(Offers, Scratch Card Rewards)
c. Multiple Payment Methods(UPI, Debit Card, Credit Card)
d. Better Users Experience
e. Other
f. Nil

RESPONSES :

Options :- Percentage (%) :- Numbers :-

a. 8.7% 4
b. 23.9% 11
c. 30.4% 14
d. 21.7% 10
e. 10.9% 5
f. 4.3% 2

REPRESENTATION :

INTERPRETATION

From above it is clear that most responses are recorded from the group of multiple payment
methods (UPI, Debit Card, Credit Card) (30.4%) and the least is recorded from the group of
nil (4.3%).

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 Which services do you pay using these apps?
a. Electricity Bill, b. Prepaid Recharge, c. Online Shopping, d. Post-paid Bill, e.
Mutual Funds, f. Insurance, g. Apartment Maintenance, h. Municipal Corporation
Bill, i. Railway Ticket Pass, j. Other, k. Nil

RESPONSES :

Options :- Percentage (%) :- Numbers :-

a. 10.9% 5
b. 21.7% 10
c. 45.7% 21
d. 0% 0
e. 0% 0
f. 0% 0
g. 0% 0
h. 0% 0
i. 2.2% 1
j. 15.2% 7
k. 4.3% 2

REPRESENTATION :

INTERPRETATION

From above it is clear that most responses are recorded from the group of online Shopping
(45.7%) and the least is recorded from the group of Post-paid Bill, Mutual Funds, Insurance,
Apartment Maintenance and Municipal Corporation Bill (0%).

Page | 34
 What’s your preferred payment app for transferring money?
b. Google Pay
c. Paytm
d. Amazon Pay
e. Phone Pe
f. WhatsApp Pay
g. BHIM
h. Other
i. Nil

RESPONSES :

Options :- Percentage (%) :- Numbers :-

a. 63% 29
b. 4.3% 2
c. 2.2% 1
d. 17.4% 8
e. 0% 0
f. 4.3% 2
g. 4.3% 2
h. 4.3% 2

REPRESENTATION :

INTERPRETATION

From above it is clear that most responses are recorded from the group of google pay (63%)
and the least is recorded from the group of whatsapp pay (0%).

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 With whom do you generally undertake to transfer of Money?
a. Family
b. Friends
c. Employer/Employee
d. Other

RESPONSES :

Options :- Percentage (%) :- Numbers :-

a. 55.9% 19
b. 20.6% 7
c. 2.9% 1
d. 20.6% 7

REPRESENTATION :

INTERPRETATION

From above it is clear that most responses are recorded from the group of family (55.9%) and
the least is recorded from the group of employer/employee (2.9%).

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 3.2. FINDINGS OF THE STUDY :-
An online survey was conducted through structured questionnaire and in total I collected 46
responses out of which :-

 From the total respondents of 46, there was 52.2% respondents are from Howrah.
 From the total respondents of 46, Majority of the respondents were from age group 20
to 40 years i.e. 91.3%.
 From the total respondents of 46, there was 89.1% female respondents.
 From the total respondents of 46, there was 91.3% student respondents from occupation
group.
 From the total respondents of 46, there was 67.4% respondents are from Urban.
 From the total respondents of 46, there was 65.2% respondents are Under Graduate.
 From the total respondents of 46, there was 65.2% respondent’s monthly income is
Below 10k.
 94.1% of the total respondents had smart phone.
 70.6% of the total respondents had used their smart phone for any financial/banking
transactions.
 32.4% of the total respondents had used payment banking app occasionally(less than
once a month).
 60.9% of the total respondents had used google pay for making payments.
 30.4% of the total respondents prefer paying through these payment apps because
multiple payment methods(UPI, Debit card, Credit card).
 45.7% of the total respondents use net banking for online shopping.
 63% of the total respondents preferred google pay app for transferring money
 55.9% of the total respondents preferred transfer of money with Family.

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  STEPS TAKEN BY GOVERNMENT TO INCREASE
ONLINE PAYMENT APPLICATIONS :-

The government of India has been taking various measures to increase the online payments
after demonetization as the government is encouraging cashless payments. Here are some of
the initiatives taken by the government to encourage cashless transactions in India till date :-

1. The banks have declared to waive transaction charges upto 31st December 2016 to
encourage the use of debit card by the consumers.
2. The National Payment Council of India (NPCI) has already waived the switching charges
for the use of Rupay cards by the customers.
3. RBI has decided to increase the monthly transaction limit to Rs 20,000 from Rs 10,000 to
encourage the increase of the use of Digital wallets by the consumers.
4. The Indian railways has decided not to levy service charges on the purchase of reserved
e-tickets upto 31st December 2016, this is done to encourage the customers to book tickets
online.
5. TRAI has decided to reduce the USSD charges (Unstructured supplementary service data)
to Rs 0.50 from Rs 1.50 per for the transactions that are relating to payments and banking.
6. Till 31st December 2016 many Public sector banks and also some of the private sector
banks had decided to waive the MDR (Merchant Discount Rate) charges to encourage
more cashless transactions.
7. With the Digital India, the government of India aims to make the government a cashless
society through six point plan i.e. the cash counters in all the government offices should
have BHIM UPI QR codes for accepting Digital payments which is great step as thie will
reduce corruption issues in our country.
8. All the bills which is being issued by the government of India contains QR code to
encourage the customers to pay digitally.
9. There will be a saving of around Rs 2 lakh crore if the country goes digital as these would
reduce the cost of handling cash.
10. To encourage digital payments and a move towards cashless society Finance Minister of
India Nirmala Sitharaman in her budget speech of financial year 2019-20 stated that the
business organizations with turnover of more than Rs 50 crore shall offer low cost digital
mode of payments to their customers through BHIM, UPI, NEFT, RTGS etc. and low
charges or no charges shall be applicable to customers as well as merchants.

Page | 38
 CONCLUSION AND
RECOMMENDATION

Page | 39
 4.1. CONCLUSION :-

This research paper started by focusing on the meaning of online or digital payment, digital
wallet in India. This paper then focused on various digital wallets or online payment application
in India like Google pay, Amazon Pay, Paytm then complete explanation about Google pay,
Amazon Pay, Paytm are stated with the advantages and disadvantages of using Google pay,
Amazon Pay, Paytm.

An online survey was conducted through structured questionnaire which received 46 responses
some of the respondents did not answered the questions accurately which proved to be the
limitation of the study. From the survey conducted it can be seen that many people are adopting
cashless mode of payment as it has its own pros like it :- reduces time and is convenient to use
as well as various online payment apps offers various cashback offers and discounts as well for
encouraging people to use digital mode of payment. A consumer can track all their expenses
with online payment.

The concern that consumers have is their security, their privacy being hacked or leaked, high
transaction charges etc.

With the increase in the usage of smartphones the world has come closer and with a single
touch any payment can be done. In our study it can be seen that the consumers or the
respondents are satisfied with the use of Google pay, Amazon Pay, Paytm for making various
payments and that online modes of payments are increasing day –by-day with the increase in
various technologies which facilitate the entire process of a transaction.

As it can be seen that cashless economy or the use of online payment application has its various
advantages and disadvantages so if any government is planning to adopt cashless economy
should carefully analyse the situation of the country.

The government of India is taking efforts to encourage the people of India to use digital modes
of payments along with the private sector companies.

Page | 40
 4.2. RECOMMENDATIONS :-

 Many respondents felt that the hindrance in adopting cashless economy is the digital
and technological illiteracy among the people of India, so to overcome this problem
government need to take initiatives in educating the people about the same.

 As majority of the crowd in our country belong to the rural areas it is very important to
educate the people about cashless transactions and about e-wallets.

 Many of the respondents felt that cashless mode of transactions in India is not safe so
the government should make electronic payments infrastructure completely safe and
secure.

 To increase more digital payments the government should bring transparency and
efficiency in the transactions.

 The government should conduct a financial literacy campaign to educate the population
about the digital modes of payment.

 Government should make the infrastructure capable and secure so that there are
minimum fraud and thefts.

These are some of the recommendations which can help better implementation of
cashless society in India.

Page | 41
REFERENCES

Page | 42
 5.1. BIBLIOGRAPHY

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wait er%2C+2020%29&btnG=#d=gs_qabs&t=1687627991779&u=%23p%3DHX-
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Page | 43
Page | 44
 ANNEXURE :- 1
QUESTIONNAIRE
1. Name :-
2. Contact Number :-
3. Email Address :-
4. Place of living :-
5. Age (In Years) :-
a. Below 20
b. 20 to 40
c. 40 to 60
d. Above 60
6. Gender :-
a. Male
b. Female
c. Other
7. Occupation :-
a. Student
b. Business
c. House wife
d. Self employed
e. Other
f. Professional
8. Residential Status :-
a. Rural
b. Urban
c. Semi Urban
d. Other

9. Educational qualification :-
a. Higher secondary
b. Under graduate
c. Post graduate
d. Professional study
e. Other
f. Graduate

Page | 45
10. Monthly Income :-
a. Below 10k
b. 10k to 20k
c. 20k to 30k
d. 30k to 40k
e. 40k to 50k
f. Above 50k
11. Do you own a Smart Phone?
a. Yes
b. No
12. Do you use your Smart Phone for any Financial/Banking transactions?
a. Yes
b. No
c. Maybe
d. Never
13. How often do you make mobile transaction?
a. Daily-once
b. Daily-several times
c. Weekly-once
d. Weekly-several times
e. Monthly-once
f. Monthly-several times
g. Occasionally(less than once a month

14. What’s your preferred digital payment app for bills and utilities?
a. Paytm
b. Google Pay
c. Amazon Pay
d. Phone Pe
e. BHIM
f. Other
g. Nothing
h. Nil

Page | 46
15. What’s your preferred digital payment app for bills and utilities?
a. Paytm
b. Google Pay
c. Amazon Pay
d. Phone Pe
e. BHIM
f. Other
g. Nothing
h. Nil
16. Why do you prefer paying through these payment apps?
a. Convenience(Savings Account Details, Auto Pay, Setting Reminders)

b. Cashback(Offers, Scratch Card Rewards)

c. Multiple Payment Methods(UPI, Debit Card, Credit Card)
d. Better Users Experience
e. Other
f. Nil
17. Which services do you pay using these apps?
a. Electricity Bill
b. Prepaid Recharge
c. Online Shopping
d. Post-paid Bill
e. Mutual Funds
f. Insurance
g. Apartment Maintenance
h. Municipal Corporation Bill
i. Railway Ticket Pass
j. Other
k. Nil

18. What’s your preferred payment app for transferring money?

a. Google Pay
b. Paytm
c. Amazon Pay
d. Phone Pe
e. WhatsApp Pay
f. BHIM
g. Other

Page | 47
19. What’s your preferred payment app for transferring money?
a. Google Pay
b. Paytm
c. Amazon Pay
d. Phone Pe
e. WhatsApp Pay
f. BHIM
g. Other
h. Nil
20. With whom do you generally undertake to transfer of Money?
a. Family
b. Friends
c. Employer/Employee
d. Other

Page | 48
Page | 49