MARKET SURVEY REPORT

ON

“A STUDY ON COMPARISON OF CUSTOMER SATISFACTION

AMONG THE USERS OF DIFFERENT MOBILE PAYMENT

SYSTEMS”

Submitted in partial fulfillment of requirements for the award of the degree of

BACHELOR OF BUSINESS ADMINISTRATION

TO

CHHATRAPATI SAHU JI MAHARAJ UNIVERSITY, KANPUR

Under the guidance of: Submitted By:

Dr. Nida Malik Shruti Yadav

(Assistant Professor) BBA – IV SEM

Roll no : 0502432

SESSION-2021-2022

PSIT College of Higher Education, Kanpur

pg. 1
 DECLARATION

I hereby declare that the Market Survey Report entitled “ A STUDY ON

COMPARISON OF SATISFACTION AMONG THE USERS OF
DIFFERENT MOBILE PAYMENTS SYSTEM.” submitted to PSIT
College of Higher Education, Kanpur in partial fulfilment of
Degree of Bachelor of Business Administration is the original work
conducted by me. The information and data given in the report is
authentic to the best of my knowledge.

This Market Survey Report is not being submitted to any other

University for award of any other Degree, Diploma and Fellowship.

PLACE: KANPUR NAME: Shruti

DATE: ROLL NO:

pg. 2
 PREFACE

Field study work is a part of management studies which is very important for

each and every student. The purpose of the study is to enhance the knowledge

and skills of the student and generate scope for the implementation of our

acquired skills and knowledge during our BBA course.

It also helps to acclimatize the student with the organization and the industry in

which organization works and gain knowledge of the happenings in the business

world. This study has helped us a lot in sharpening our knowledge and also

made us aware about the happenings of the business world.

pg. 3
 ACKNOWLEDGEMENT

I glorify the almighty god for the strength, wisdom, courage and inspiration

throughout the period of my studies.

I wish to express my sincere gratitude to my course supervisor, Dr. Nida Malik

(Assistant professor), for her patience, support and guidance.

I am grateful to those who agreed in this research by filling questionnaire,

conducting the survey.

Above all I would like to thanks my classmates and friends for their support.

pg. 4
pg. 5
 CHAPTER - 1

INTRODUCTION

1.INTRODUCTION

pg. 6
Humans have relied on some type of payment system to obtain the commodities
or services we wanted or needed throughout history. Humans began to employ
animals, grain, shells, metal coins, pieces of white deerskin, the wampum, gold,
the gold-backed dollar, charge cards, credit cards, the US currency, and, most
recently, computerised payments, starting with the bartering system.

We prefer payments that are convenient and transactional, if there has been one
consistent pattern in the evolution of payments. With the introduction of the
charge card in the early twentieth century, these preferences began to take
shape.

The invention of the computer in the 1960s, followed by the launch of the
World Wide Web (www) in 1989, ushered in a revolution in the electronic
payment system. With the advancement of electronic payment systems, the
payment procedure was reduced to just a few easy steps that could be completed
at a distance from the bank.

Western Union introduced the electronic fund transfer (EFT) in 1871, which
ushered in the era of electronic payments. Since then, the idea of transmitting
money to pay for goods and services without having to be physically present at
the point-of-sale has captivated people. The expansion of electronic payments
has been aided by technological advancements. Making a purchase nowadays is
as simple as pressing a button on your smartphone. It has taken a lot of effort to
streamline payment processes.

Payments underwent a slow but steady transition from the 1870s until the late
1960s. The Federal Reserve of America began using the telegraph to transfer
money in the 1910s. Diner's Club International became the first independent
credit card corporation in the 1950s, closely followed by American Express.
The first plastic card for electronic payments was offered to the globe by
American Express in 1959.

pg. 7
Mobile payments allow us to perform transactions for goods and services with a
mobile device, such as mobile phones, smartphones, etc. These wireless
communication technologies can be useful to us in a variety of ways like
payments, ticketing and paying fees and fares electronically. Mobile wallet is
one of the mobile payment instruments available that can be used for various
financial transactions. Mobile payment services bring a range of technology
innovations and provide multiple offers to users for greater convenience (Price
and Pilorge, 2009). In emerging economies, mobile applications provide a
platform to target larger population having no bank account but having a mobile
phone.

In today's world, everything is becoming digital, and one of the best examples is
how numerous countries throughout the world are working toward becoming a
cashless society. A cashless society is one that does not use currency for any of
its transactions and instead conducts all of them digitally. Various countries
around the world do more than half of their transactions using cashless
techniques.

 The evolution of mobile payments :

The following are the

 1983: David Chaum, an American cryptographer, develops "the blinding

formula," an enhancement of the RSA algorithm that is currently
employed in web encryption. Cryptocurrencies are just getting started.

 1994: Although it is debatable, some claim that the first online purchase,
a Pizza Hut pepperoni and mushroom pizza, occurred in this year.

 PayPal is founded in 1998.

 1999: Mobile phones can now be used to purchase movie tickets, thanks
to Ericsson and Telnor Mobil.

pg. 8
  In 2003, 95 million cell phone users around the world made a purchase
using their handset.

 The iPhone and the Droid operating systems are both released in 2007.

 The year 2008 marks the birth of Bitcoin.

 Google Wallet is released in 2011.

 Apple Pay debuts in 2014, followed by Android and Samsung Pay a year
later.

 By 2020, 90% of smartphone users will have used their phones to make
a payment. It is predicted that mobile payment sales would reach $60
billion by 2017.

 Growth of mobile phones in India

India, on the other hand, is the world's second-largest telecommunications

market, with 1100.37 million mobile phone subscribers. Mobile phones were
utilised by an estimated 812 million Indians to access the internet. Even in the
most distant settlements, mobile phones are relatively prevalent. The mobile
phone business is expanding at a rate of more than 200 million new phones per
year. By 2015, it was expected[by whom?] to reach one and a half billion
dollars. The percentage of urban users is 66 percent, whereas the percentage of
rural consumers is 34 percent.

In May 2011, the total number of subscriptions added on a monthly basis was
13.35 million. The urban segment accounted for 7.33 million, while the rural
segment accounted for 6.02 million. On a monthly basis, the subscriber growth
rate is 55% for urban segments and 45% for rural segments. [8] Given this
context, it is possible to consider the mobile phone as an economically viable
instrument to enable inclusive access to financial services.

pg. 9
  Mobile Wallet

A mobile wallet is a device that allows you to carry cash in a digital form. You
can use your mobile device to attach your credit card or debit card information
to a mobile wallet application, or you can transfer money to a mobile wallet
online. You can make purchases using your smartphone, tablet, or smart watch
instead of a conventional plastic card.

To load money into a digital wallet, an individual's account must be linked to it.
E-wallets are available from most banks and certain private companies. Paytm,
Freecharge, Mobikwik, Oxigen, mRuppee, Airtel Money, Jio Money, SBI
Buddy, itz Cash, Citrus Pay, Vodafone M-Pesa, Axis Bank Lime, ICICI
Pockets, Speed Pay, and so on are just a few examples.

According to Russ Jones, an analyst at Glenbrook Partners, the history of

mobile wallets begins in July 2008, when Apple launched an app store and
opened it to third-party developers. Almost anyone could now create a
payment-data-holding app as a result of the opening.

It also resulted in a period until around 2011 when the sector was "up for
grabs," Jones adds, because there was uncertainty about how early mobile
wallets would send payment data. But the inquiries didn't stop there. "In the
industry, there was a lot of back and forth over what a mobile wallet was, how
many wallets you needed, how many wallets there would be, and would they all
be on your phone at the same time," he says.

pg. 10
Expect to see payment platforms constantly altering to meet the needs of
consumers as their needs continue to evolve at a rapid pace. Cryptocurrency
will most certainly be the next evolution in the transactional payments arena, in
addition to the growth of digital wallets.

As consumers develop a greater knowledge of blockchain technology, there's no

doubt that it will revolutionise the digital payment landscape in new and
interesting ways sooner rather than later.

Mobile wallets are on their way to becoming as popular as cash payments were
in the past. Solutions like UBU's Mobile Wallet, which allows customers to
fund their wallets via card or EFT and use them to shop at thousands of vendors
while receiving cashback rewards directly to their wallets, are just as
groundbreaking, allowing us to carve out our own place in the digital payments
history.

With their one-tap feature and speedy processing all in one go, mobile wallets
have made our lives much easier. Mobile wallets are intended to provide a safe
and integrated flow of transactions that is simple to use. A mobile wallet uses a
bank account and credit/debit card information to process payments quickly and
securely while keeping the user's personal information safe.

When compared to other physical wallets, these wallets help reduce payment
processing time, fraud, and cost.

The Indian government's demonetization programme gave digital wallets a

boost, and their user base has been steadily growing since then.

pg. 11
Prior to demonetization, cash transactions accounted for about 95% of all
transactions, 85% of people were still paid in cash, and nearly 70% of shoppers
chose 'Cash on Delivery' as their preferred means of payment. According to
some projections, the Indian mobile wallet market would rise by 150 percent
next year, with $4.4 billion in transactions.

As a result, knowing everything there is to know about such a valuable asset is

critical. Continue reading to learn everything there is to know about mobile
wallets.

 Digital payments

Any transaction in which value (e.g., money) is electronically transferred from

one account to another is considered a digital payment. Digital transfers, unlike
traditional monetary payments, are intangible.

There is no need for cash, credit or debit cards, or checks with digital payment
systems. Everything goes via a processing mechanism on devices like mobile
phones and desktops when you use digital payment apps.

The Digital India programme is the government of India's flagship initiative,

with the goal of transforming India into a digitally enabled society and
knowledge economy. "One of Digital India's declared roles is to be faceless,
paperless, and cashless." Mr. Narendra Modi, India's Prime Minister, has aided
the country's adoption of cashless transactions by boosting the country's digital
payments sector.

pg. 12
Since Demonetization in November 2016, India's digital payment sector has
undergone unanticipated development. In India, digital wallet firms have grown
by 271 percent to a total value of US$2.8 billion, or Rs 191 crores. According to
a Google-BCG report, the digital payment industry in India is expected to
increase by $500 billion by 2020.

The Indian government is also promoting digital payment apps like Aadhaar
Payment, UPI, and Bharat Interface for Money (BHIM), as well as private
sector apps like Paytm, Mobikwik, and Freecharge. These new apps make it
easier to move money across different sections of the country. India's digital
payments business is rapidly expanding, making it a particularly appealing
platform for global investors.

 COMPANY PROFILE

pg. 13
3.1 INTODUCTION

The speed with which mobile digital payments have evolved is unprecedented
in the history of payment systems. The computerization of banking systems, the
emergence of the internet in the late 1980s, and the widespread usage of mobile
phones are all important catalysts in these unprecedented shifts. The system
thrived because of its ease of use, rapidity of operation, and secure nature of
transactions. People expect their transactions to be faster and safer as time goes
on, and systems are always evolving to meet this demand. Many internet
businesses, banks, start-ups, and even web browser vendors like Google have
developed apps for digital transactions over the last decade. The majority of
these transactions are free.

Payment systems have made the act of purchasing and transferring money
incredibly simple for internet business giants like Amazon. It's a way for
Google, the internet search engine firm, to keep their brand name alive. Since
Google has become a household name, its customer base has grown in a
geometric trend. In India, mobile payment systems such as Paytm and Phonepe
were introduced and have grown in popularity over the last decade. Almost any
transaction, such as cash payment on purchase, bill payment, cash transfer, or
paying for train or movie tickets, may now be completed via a digital system.

The competition in this area is severe and cutthroat, making it tough for Indian
start-ups to survive and earn a profit. This study should perhaps provide some
insight on the use of e-payment systems in Kerala, as well as determine
customer satisfaction with cashless payment methods.

pg. 14
3.2 Top 10 Digital Payment Systems in India in 2021

Thanks to Covid 19, as buying habits change, mobile and digital wallets in India
have developed as well. Mobile wallets and digital payment apps have
surpassed credit card usage and are gradually replacing traditional payment
methods, thanks to UPI making payments simple.

15

A mobile wallet, also known as a digital wallet, is a virtual mobile-based wallet

that may be used to make mobile, internet, and offline payments.

Open, semi-open, semi-closed, and closed mobile wallets are available in India,
depending on the sort of usage and payments that are made.

Wallets are rapidly expanding in popularity since they aid in transaction speed,
particularly for e-commerce businesses, and all e-commerce platforms have
connected with such mobile wallets. It has become much easier since the
introduction of UPI, as the transfer is made directly from the bank account
rather than from a wallet. Here are some of India's top 10 digital wallet and
online payment apps, as well as what they have to offer their users. Google Pay
is the best option, as it is also the most popular digital wallet and UPI payment
app right now.

pg. 15
1.PayTM

Paytm was launched in August 2010 in Noida, Delhi NCR, with an initial
investment of US$2 million by its founder Vijay Shekhar Sharma. It began as a
prepaid mobile and DTH recharge platform, but in 2013 it expanded to include
data cards, postpaid mobile, and landline bill payments. Sapphire Ventures
(formerly SAP Ventures) invested $10 million in One97 Communications Ltd
in October 2011. In January 2014, the business released the Paytm Wallet,
which was adopted as a payment option by the Indian Railways and Uber.

With online bargains and bus ticketing, it forayed into e-commerce. Education
fees, metro recharges, energy, gas, and water bill payments were included in
2015. [12] The number of Paytm users increased from 1.18 million in August
2014 to 10.4 million in August 2015. Prior to the introduction of UPI, it was
India's most popular digital wallet.

This e-wallet app can be used to pay bills, transfer money, and get services
from merchants in the travel, entertainment, and retail industries, in addition to
conducting e-commerce transactions. They also accept payments via UPI.

pg. 16
2.Yono by SBI

The State Bank of India created a mobile wallet application that allows users to
send money to other users and bank accounts, pay bills, recharge, book movies,
hotels, shopping, and travel. Its semi-closed prepaid wallet is available to non-
SBI customers and offers services in 13 languages. Customers can also use this
app to create due date reminders, make money transfers, and receive a mini-
statement for their transactions.

To make a cash withdrawal, the YONO user only needs to log in to the platform
and use the YONO Cash feature to generate a reference number and a dynamic
PIN. The customer can then use it to complete the transaction and
withdraw/obtain cash from any of the available channels, such as an ATM, a
POS terminal, or a CSP.

pg. 17
3.Google Pay(formerly know as Tez)

Google Pay (previously Android Pay) is a digital wallet platform and online
payment system developed by Google to support in-app, online, and in-person
contactless purchases on mobile devices, allowing users to make payments
using their Android phones, tablets, or watches. An iOS smartphone can also be
used in the United States and India, however with limited capability.

In addition, coupons, boarding passes, campus ID cards, auto keys, event

tickets, movie tickets, public transportation tickets, store cards, health records,
and loyalty cards are all supported by the service.

pg. 18
Despite being a late entrance, they have quickly expanded up their user base as
part of the Google ecosystem. It is currently India's most popular digital wallet
and one of the most popular online payment apps. We may use Google Pay to
send money to pals, pay bills and shop online, and recharge our phones, all via
UPI and directly from our bank accounts. Because Google Pay uses an existing
bank account, your funds are safe with the bank.

There's no need to worry about reloading wallets, and we won't have to go

through the KYC process that all the other applications demand. We can also
earn scratch cards and other prizes, with the cashback being instantly deposited
into our bank accounts. We can now recharge our phones or pay our monthly
utility payments. Wallets have been extremely popular since the introduction of
UPI.

4. PhonePe(earlier part of Flipkart)

pg. 19
PhonePe is a financial technology and digital payments startup based in
Bengaluru, Karnataka, India. Sameer Nigam, Rahul Chari, and Burzin Engineer
founded PhonePe in December 2015. In August 2016, the PhonePe app, which
is based on the Unified Payments Interface (UPI), went live. It is owned by
Flipkart, a Walmart affiliate. In India, the PhonePe app is accessible in 11
languages.

PhonePe allows users to send and receive money, as well as recharge mobile
phones, DTH, and data cards, pay bills, invest in tax-saving funds, liquid funds,
buy insurance, mutual funds, gold, and silver.

In addition, PhonePe's Switch platform allows users to book Ola rides, pay for
Redbus tickets, and book flights and hotels on Goibibo.

Over 2.5 crore merchants accept PhonePe as a payment method. Across 15,700
towns and villages, there are physical and internet merchant establishments. In
June 2018, the app reached a milestone of ten million users, as well as 500
million transactions in December 2019. It has around 35 million registered users
and over 15 million monthly active users.

The Reserve Bank of India has granted PhonePe permission to issue and operate
a semi-closed prepaid payment system, with Authorisation Number: 75/2014
dated August 22, 2014.

pg. 20
pg. 21
5. BHIM Axis Pay

The National Payments Corporation of India (NPCI) developed the BHIM

(Bharat Interface for Money) mobile payment software, which is based on the
Unified Payments Interface (UPI). It was launched on December 30, 2016,with
the goal of facilitating e-payments through banks and encouraging cashless
purchases.

All Indian banks that use UPI, which is built on the Immediate Payment Service
(IMPS) infrastructure that allows users to send money immediately between
170 member banks of any two parties, are supported by the app. It is compatible
with all mobile devices.

BHIM Axis Pay is a UPI banking app that allows you to send money to anyone
in the world with just a smartphone. It can also make online prepaid mobile
phone and DTH set-top box recharges directly from the app.

pg. 22
6. Mobikwik

MobiKwik is an Indian payment service provider that offers a mobile phone-

based payment system and a digital wallet. It was created in 2009. Customers
deposit funds into an online wallet that can be used to make purchases. The
Reserve Bank of India approved the company's usage of the MobiKwik wallet
in 2013, and in May 2016, it began offering modest loans to users as part of its
business.

In November 2016, the company announced that it had 1.5 million merchants
and 55 million customers using its service. Consumer payments, fintech, and
payment gateway are among the company's three business sectors, which
employ approximately 325 individuals.

From April, Mobikiwik's e-wallet services were suspended from all major
crypto exchanges in India.

In 2012, MobiKwik introduced a digital wallet system that allowed users to

deposit money online for bill payments and other purposes. MobiKwik offers
loan, accident, life, and fire insurance, as well as IMPS money transfer, credit
card bill payment, mutual funds, and DTH recharge services. They also
included the ability to send and receive money through a mobile app.
MobiKwik partnered with GoDaddy and other multinational companies to help
them comply with Indian payment standards, according to Express Computer in
September 2014.

pg. 23
7. ICICI Pocket

Pockets by ICICI is a digital bank that provides its customers with a mobile
wallet. It allows you to fund your mobile wallet and pay for transactions using
any bank account in India. Pockets allows users to pay money, recharge their
phones, purchase tickets, give gifts, and divide expenses with friends. This
wallet employs a virtual VISA card to allow users to transact on any website or
mobile application in India while also offering unique deals and packages from
linked banks.

pg. 24
8. Dhani

The Dhani App, which is part of the Indiabulls group, provides a variety of
functions. It can be used as a conventional e-wallet or in conjunction with the
Dhani SuperSaver Card. Customers can also participate in a reward and loyalty
programme through which they can play games and gain cash to pay for
cellphone recharges, EMI payments, insurance, and new Dhani items. This can
be used in conjunction with the Dhani Super Saver Rupay (physical and virtual
card), which guarantees 5% cashback on all purchases made with the card and
is entirely free.

pg. 25
9.HDFC PayZap

PayZapp is a full payment solution that allows you to pay with only one click.
PayZapp allows us to recharge our phones, DTH, and data cards, pay utility
bills, compare and book flight, bus, and hotel tickets, shop, buy movie tickets,
music, and groceries, take advantage of fantastic SmartBuy deals, and transfer
money to anyone in our phone book.

10. .Amazon Pay

Amazon Pay is a payment processing service that Amazon owns. In 2007,[1] it

was launched. Amazon Pay makes advantage of Amazon.com's customer base
and focuses on allowing users to pay with their Amazon accounts on third-party
websites. The service is now available in Austria, Belgium, Cyprus, Denmark,
France, Germany, Hungary, India, the Republic of Ireland, Italy, Japan,
Luxembourg, the Netherlands, Portugal, Spain, Sweden, Switzerland, the
United Kingdom, and the United States as of March 2021.

pg. 26
In 2019, Amazon Pay announced a cooperation with Worldpay, allowing
Worldpay clients to use Amazon Pay as part of their existing Worldpay account.

We can also use Amazoon Pay to shop on Amazon. Amazon Pay has also
partnered with financial firms like ZestMoney to offer no-fee EMI alternatives
on its platform. This makes it simple for customers to buy things on Amazon
and pay for them on a monthly basis.

pg. 27
pg. 28
pg. 29
 CHAPTER – II

REVIEW OF LITERATURE

pg. 30
2.Review of literature.

Payment systems have changed dramatically during the 1990s. The rapid
expansion in the use of debit and credit cards, as well as the computerization of
banking operations and the emergence of the World Wide Web, have all
contributed to these changes (www). These modifications have had a significant
impact on digital cash transactions. Because digital transactions are simple,
inexpensive, quick, and safe, an increasing number of people throughout the
world are opting for cashless payment methods. There is less cash in
circulation, which is less of a burden on the economy for central banks and
governments.

The use of smart phones, which may be carried as a personal device, has
accelerated the growth of the digital economy. Online shopping has exploded in
popularity over the last decade, and numerous online businesses have sprung up
as a result. Companies have developed their own 'apps' for cashless purchases.
Since the introduction of liberalisation in 1991, India's economy has been
flourishing, and the concept of digital transactions has been a welcome shift.
With the advent of RTGS, NEFT, and the Aadhar-enabled BHIM app, the
Reserve Bank of India served as a facilitator in bringing these improvements to
banking operations. India's internet economy is expected to be worth roughly
US $ 250 billion by 2020.

Indian-based digital payment systems like as Paytm and Phonepe have been
more popular in India over the previous decade. In India, Amazon Pay was
launched in 2017. Although Google Pay debuted in the latter half of the

pg. 31
previous decade, it quickly became a hit. There are limited studies on the use of
cashless payment methods in India. Every year, several new methods and
variants of current payment systems are released, indicating that digital
payments are still in their infancy.

A search of the literature revealed no meaningful studies on the adoption of

cashless payment systems in Kerala, nor comparative studies on system usage
and customer satisfaction.

pg. 32
  Slozko & Pello, 2015

Individuals and companies utilise e-payment systems as a secure and simple

means to make payments via the internet while also serving as a portal to
technical innovation in the field of global commerce.

 Rakesh H M & Ramya T J (2014)

They attempted to explore the elements that influence internet banking adoption
in their research paper titled "A Study on Factors Influencing Consumer
Adoption of Internet Banking in India." The perceived dependability, perceived
simplicity of use, and perceived utility of internet banking are all factors that
impact its utilisation. Experts can emphasise the benefits of internet banking
services adoption, and consumer awareness may be improved to attract
consumers' attention to internet banking services.

 Kartikeya Bolar (2014)

In his research paper "End-user Acceptance of Technology Interface In

Transaction Based Environment," he stated that technology creators and
investors need information about customers' evaluations of their technology
interface based on features and various quality dimensions in order to make
strategic decisions about improving technology interfaces and competing on
various quality dimensions.

 Nitsure (2014)

The challenge that developing countries like India confront in adopting E-

banking projects is due to a lack of information technology distribution,
according to his research. Security risks, rules, regulation, and management

pg. 33
were all underlined in the paper. In India, there is a significant risk of a digital
divide emerging as the poor are shut out of the internet and hence the financial
system.

 Balazs Vinnai, general manager, Digital Channels, Misys(April 25,

2016)

declares "It's vital for banks to examine new digital channels as part of an
integrated strategy and progress from first to second generation digital
banking," Vinnai says. "It's not easy to reengineer procedures to focus on the
consumer, but banks must embrace digital banking to stay competitive and
relevant."

 According to Mamta, Prof. Hariom Tyagi and Dr. Abhishek

Shukla(2016)

The article entitled “The Study of Electronic Payment Systems”. This study
aims to identify the issues and challenges of electronic payment system and
offer some solutions to improve the e-payment quality. The successful
implementation of electronic payment system depends on how the security and
privacy dimensions perceived by consumers as well as sellers are popularly
managed in turn would improve the market confidence in the system.

 According to Sujith T S, Julie C D(2017)

"Opportunities and Challenges of India's E-Payment System," according to the

article. The goal of this study was to identify the problems and obstacles that
electronic payment systems face, as well as to provide some suggestions for

pg. 34
improving the e-payment system. The electronic payment system not only
allows you to pay for things online, but it also allows you to pay for things

There are more opportunities, but there are also many threats. The study
discovered that mobile phones have a wide reach.

Digital payments are also being expanded to remote locations via network,
Internet, and energy. The quantity of digital payments will undoubtedly rise.

 According to Rachna and Priyanka Singh (2013)

The research paper "Issues and Challenges of Electronic Payment Systems"

tries to highlight the issues and challenges that users face when using electronic
payment systems, as well as provide some recommendations for improving the
system's quality. Customers lack faith in such payment services, there is a lack
of understanding among consumers, and internet payment services are not
practicable in our country's rural areas, according to this research. This report
also listed some of the solutions for these issues, such as encryption, digital
signatures, firewalls, and the ability to seek more identification if there are any
doubts. The study concluded by stating that e-payment systems can be
successful if consumer privacy and security are protected. Customers would
have more confidence in such payment applications if security dimensions are
adequately addressed.

 According to N Ramya, D Sivasakthi and Dr. M Nandhini (2017).

The study paper "Cashless Transactions: Means, Advantages, and

Disadvantages" focuses on the RBI and the Indian government's efforts to
encourage digital modes of payment and attain the objective of a "less cash

pg. 35
society." E-wallets, mobile wallets, UPI apps, AEPS, USSD system, and
debit/credit cards for payments were among the ways of cashless transactions
evaluated by the researcher. This study also identified a number of benefits of
using cashless payment methods, including convenience, tracking expenditures,
access to various discounts, reduced risk, and the ability to pay small amounts.
Overspending increases, it is difficult for those who are not acclimated to such
technology, losing phone can be an issue, and the cost of going cashless is
higher, according to this research paper. The researcher concluded that digital
transactions can improve transaction efficiency, openness, and accountability,
and that they will benefit both merchants and consumers as they become more
comfortable with using online payment methods.

pg. 36
2.2 Conceptual review

In India, there is a long history of electronic payment methods. In India, the

growth of e-payment systems has been fascinating. India enacted liberalisation
policies in 1991, allowing private banks to operate in the country. In India,
HSBC was the first bank to install an Automated Teller Machine (ATM). Soon
after, ATMs began to appear across the country, and 'plastic money' in the form
of debit and credit cards began to gain popularity.

According to the Reserve Bank of India, there are currently over two lakh
ATMs in India, operated by 46 banks. In 1988, computerization was introduced
to the Indian banking industry, followed by internet banking in the 1990s.
Licences for the establishment of new generation private banks were awarded
following Dr Manmohan Singh's ground-breaking 'Liberalisation of Indian
Economy' in 1991. HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra
Bank were among them. These Newgen banks are currently at the forefront of
India's banking industry's digital transformation. Online payment methods such
as Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer
(NEFT) became popular in the 2000s.

While NEFT and other types of online payment required the use of a computer
and frequently resulted in lengthy transaction delays, the new wave of e-
payments ushered in by digital wallets has made money transfers much easier
and faster. E-wallets such as PayU, Paytm, Google Pay, and MobiKwik are

pg. 37
used by millions of people for personal and commercial financial transactions
since the internet and smartphones have become essentially ubiquitous.

With the Unified Payments Interface (UPI)system and the BHIM App-an
Aadhaar-based mobile wallet that can be used to make digital payments straight
from bank accounts, the government is also pushing its "cashless economy"
policy. The success of the UPI plan in transferring money quickly via digital
means is unprecedented. The 2014 demonetisation move resulted in a
significant increase of cashless transactions. Mobile wallet transactions
increased by 114 percent in November and December 2016, while point of sale
(PoS) transactions increased by 88 percent and mobile banking transactions
increased by 30 percent. Between November 2016 and May 2017, India's total
digital transactions increased by 23%.

In November and December 2016, the 2014 demonetisation move witnessed a

dramatic increase in cashless transactions, with mobile wallet transactions up
114 percent, point of sale (PoS) transactions up 88 percent, and mobile banking
transactions up 30 percent. Between November 2016 and May 2017, India's
total digital transactions increased by 23%, from 22.4 million to 27.5 million.
According to a Google-BCG report, India's digital payments industry would
expand to $500 billion by 2020, accounting for 15% of the country's GDP.

Cash, however, remains the most widely utilised medium for financial
transactions in a country where the economy was 90% cash-based before to
demonetisation. According to RBI data, ATM withdrawals totaled Rs 2171
billion in April 2017, while UPI transactions totaled Rs 22.41 billion, implying
that UPI only replaced cash by 1%. Unlike digital payments, which require a

pg. 38
constant internet connection and acceptance from both the buyer and the seller,
cash is simple, quick, and always available for offline transactions. As a result,
it is currently the preferred method of payment among Indians. This is unlikely
to change until the country's digital infrastructure improves to the point that
every Indian, regardless of where they live, can conduct digital transactions as
readily as they can pay with cash. The future of digital payments lies in
significantly simplifying and securing the user experience while growing
adoption through grass-roots socio-economic developments. Mobile wallets are
useful, but they still need the user to take out his or her smartphone and take
some action, which is no different than bringing out a credit card for purchase.

Secure identification and payments (by face detection, speech, and sound) are
the next simplifications, which have the potential to further disrupt and
exponentially grow the digital payments tsunami. Given that every tech
company in the globe is vying to astonish their consumers (or catch new ones)
with a better payment process, we are still a long way from reaching a moment
of stasis for digital payments innovation. We're all set to make the huge switch
from an action-driven to an intention-driven payment process.

For the older generation, the word "bank" conjures up images of check books,
files, tellers, and documents, as well as a lot of crunching bankers in 8 cubicles.
If you try to explain this to a millennial banking customer, he might not get it.
Banks have undergone a major transformation in recent years, becoming more
viable, accessible, and technologically advanced. Internet banking, mobile
banking, SMS banking, e-wallets, and other innovations have transformed
banking.

pg. 39
pg. 40
 CHAPTER - III

RESEARCH METHODOLOGY

pg. 41
  RESEARCH METHODLOGY

A research methodology is a method for solving a research problem in a

systematic manner. The methodology that aids in identifying the methods to be
used is the research strategy that forms the basic structure of the entire research
project. Methods of research and research. Methodology and research methods
are two distinct concepts that must be understood all of the methods or
techniques that will be used in the research project, various There are various
methods and techniques for conducting research. The foundation of research
methodology is every research, as well as the scope of research methodology, is
much broader than that of research methods because research methodology
entails specifying the logic underlying the methods we use to conduct research.

Research Methodology also explains how to conduct a study, where to find

information, and how to present the results. For example, when an architect
designs a building, he must specify every single detail and evaluate and specify
every single decision that he has made the end result Every research problem
requires a unique research methodology.

pg. 42
  OBJECTIVES OF THE STUDY

The research objectives state or describe what the research is attempting to

accomplish or what we expect the project to accomplish. The objectives of the
study provide a brief overview of the areas of research that are being
investigated. Research objectives aid in the formulation of hypotheses for the
study, as well as in narrowing down the scope of the research and focusing on
the point.

The following are some of the study's objectives:

 To investigate the effect of online payment applications on consumers.

 To investigate the issues encountered by users when using online payment
methods.
 To find out if going cashless has benefited the Indian economy.

pg. 43
  HYPOTHESIS OF THE STUDY

The Hypothesis of the research is the primary instrument in any research. A

hypothesis is a proposed explanation for a research problem that needs to be
solved. The formulation of the hypothesis is an essential component of any
research project. The hypothesis must be clear, precise, and specific.

The objectives of the research should be considered when framing the

hypothesis.

There are two kinds of hypotheses: null hypotheses and alternate hypotheses.

The null hypothesis asserts that no relationship exists between the variables.
The alternative hypothesis asserts that the variables are related.

The Hypothesis designed should assist us in determining whether or not there is

a relationship between the variables being studied in the research project. The
research on the subject is based on one hypothesis:

1st Hypothesis:

H0: There is no statistically significant link between Amazon Pay and consumer
satisfaction.

H1: There is a strong link between Amazon Pay and customer satisfaction.

pg. 44
  TYPES OF STUDY

There are several types of studies for conducting research, and they are as
follows:

Quantitative Research: Quantitative research is based on measuring quantity

or amount. It is applicable to phenomena that can be expressed numerically.
Quantitative research employs numbers to solve problems. It is a methodical
investigation that involves the collection of quantifiable data as well as the
application of mathematical and statistical techniques.

Qualitative Research:- Qualitative research is concerned with qualitative

phenomena, which refer to the quality or type. This type of research is used in
behavioural sciences to discover the underlying motives and desires of human
behaviour. Qualitative research can be conducted using words, feelings,
emotions, and so on.

Applied Research:- Research can be applied (action) research that aims to find
a solution to an immediate problem that society or any business organisation is
facing. The primary goal of applied research is to find a solution to a specific
problem.

pg. 45
Empirical research:- is based on personal experience or observations. It is
research that is based on data that can be verified by experiment, so it is referred
to as experimental research.

In this type of research, the researcher should collect facts, data, or evidence to
support or refute his hypothesis

Analytical Research: In Analytical research, the researcher must use

previously available facts, information, and data and analyse them in order to
draw a critical evaluation on the material.

Descriptive Research: This type of research includes surveys and various types
of fact-finding inquiries. The main feature of this research is that the researcher
has no control over the various variables of the research and can only report on
what has occurred or is occurring. In social science, business, and finance,
descriptive research is frequently used, and descriptive research is studied by
including various reviews of literature in the research project. The best
advantage of conducting descriptive research is that we can study both the
qualitative and quantitative aspects of the research.

This study is descriptive in nature, as it investigates both the qualitative and

quantitative aspects of online payment applications. Descriptive research is used
to understand the topic's concept and to identify problems encountered during
the research. However, my research also includes a review of literature that
serves as a foundation for the study. Various online payment applications are
studied in this research, with a focus on Payment, and my research analyses
consumer behaviour toward online payment applications.

pg. 46
  SAMPLE SIZE

The number of respondents, participants, or observations included in the study

is referred to as the sample size. This is the term used to describe the subjects of
a study who are chosen from the entire population for the specific study.

The sample size is an important aspect of the entire research because it allows
us to determine the strength of our study, i.e. the respondents. A sufficient
sample size can yield accurate results. The sample size in this study is 80
respondents from Kandivali to Virar, so this is our sample size. Because the
sample size used to study the topic is small, there may be minor inaccuracies in
the data, as stated further in the research.

 SAMPLE DESIGN

There are two types of sample designs: probability sampling and non-
probability sampling.

Probability sampling, also known as random sampling or chance sampling, is a

type of sampling in which each item has an equal chance of being included in

pg. 47
the sample. In terms of probability, the outcome of probability sampling or
random sampling can be guaranteed.

Non-probability sampling is also referred to as deliberate or judgement

sampling. The researcher chooses the items for the sample on purpose in this
type of sampling.

I used probability random sampling to collect responses for this study because a
fixed set of questions were asked to a small group of respondents.

 DATA COLLECTION METHOD

The study's data was gathered from both primary and secondary sources.

 Primary Sources of Data Collection – The survey method was used to

collect primary sources of data for this study. The survey was carried out
using a Structured Questionnaire, which was distributed to the
respondents. The questionnaire was created with the objectives of the
study and the study's hypothesis in mind. The questions posed to the
respondents were close-ended, allowing them to respond quickly and
without difficulty. The questionnaire was created using Google Forms.

The questionnaire was divided into two sections: questions about the
respondents' age, gender, and other personal information, and questions about
the topic.

 Secondary Data Collection Sources: are data that is already available

on various platforms.Secondary data can be obtained through various
publications by the federal or state governments, as well as
organisations, such as journals, books, magazines, and even newspapers,

pg. 48
 as well as reports published by various organisations, schools, and
universities.

This method of data collection is used to gain a better understanding of the topic
of our research by collecting articles written by authors who have previously
researched the topic that we have chosen.

Secondary data was collected in this study through various websites and online
journals, which aided in the completion of the review of literature. Secondary
data sources were helpful in better understanding the research topic.

 LIMITATIONS OF THE STUDY

There are certain limitations to every research because research cannot

cover all aspects of a topic and limitations arise in a study due to certain
uncontrollable factors and variables. The study's limitations reduce the
accuracy of the research project. The following are some of the study's
limitations: - Because this research was conducted in a shorter period of
time and with limited geographical areas in mind, some of the respondents
did not answer the questions accurately and with interest.

The sample size was small and limited; the research would have been more
accurate if the sample size had been larger.

The scope of discussion for this research was limited; the research could
have been more in-depth.

pg. 49
 CHAPTER -IV

DATA ANALYSIS AND

INTERPRETATION

pg. 50
  DATA ANALYSIS AND INTERPRETATION

The online survey received 50 responses, with all of them utilising mobile
payment systems. In the survey, both men and women were equally
represented. Overall, the sample consisted largely of middle-class people aged
18 and over who were all familiar with mobile payments.

Table 1: Respondents in the study were of the following ages:

Age Group Number Percentage

20 or less 27 54
21-40 14 28

41 to 60 9 18

Figure 1: Respondents in the study were of the following ages:

pg. 51
 INTERPRETATION

In terms of age distribution , the majority (54 percent) were 20 years or

younger, and they were all familiar with mobile payment solutions. Eighty-two
percent of the study group were under the age of forty and were expected to be
more open to new technology. There were no people over the age of 60 in the
study group.

Table 2: Time spent using Mobile Payment Systems

Duration of usage Number Percentage

Less than 3 months 13 26%
3 to 6 months 6 12%
7 to 12 months 7 14%
13 months to 2 years 12 24%
More than 2 years 12 24%

pg. 52
Figure 2: Time spent using Mobile Payment Systems

INTERPRETATION

The majority of study participants (n=31,62%) had been using the mobile
solution for more than 6 months. 12 of the participants had been using the
payment system for over two years.

Table 3: The Goal of Using Mobile Payment Systems

Purpose of Usage of Payment Systems Number

To pay bills 11
Payment in stores 10
For Online Shopping 25
Transfer of Money 13
To buy Tickets 1

Figure 3: The Goal of Using Mobile Payment Systems

pg. 53
pg. 54
INTERPRETATION

Mobile payment portals were used to transfer money for a variety of reasons.
The majority of people used this system for online shopping (25). Ten percent
of those polled used this payment system for more than one purpose.

Table 4. Respondents' Use of Various Payment Systems

Payment systems used Number

Google Pay 36
Paytm 20
Amazon 8
Razor pay 4
Cash Free 2
Atom 1
PayPal 1
Other 3

Figure 4. Respondents' Use of Various Payment Systems

pg. 55
INTERPRETATION

The majority of study participants (n=36,72 percent) used Google Pay. Paytm
came in second (n=20,40 percent). Three of the top ten mobile payment portals
were never used by any of the study participants. while three of them used
mobile payment systems other than the ones listed in the study. Another
interesting finding was that 12 of the respondents used two portals for money
transactions, whereas 6 used three payment systems.

Among the 50 people who took part in the study, 49 said the mobile payment
system was useful to them, while only one said it was not. 45 of the study's
participants said they would use the mobile payment system in the future.
Thirty-three percent of those who responded said they could.

Table 5.Is it possible for respondents to live without conventional banking?

Can do without Conventional Banking Number Percentage

Yes 33 66
No 14 28
No answer 3 6

Figure 5. Is it possible for respondents to live without conventional

banking?

pg. 56
INTERPRETATION

To determine the reasons for respondents' satisfaction, those who answered

strongly agree or somewhat agree for the questions were labelled 'Agree,' while
those who answered somewhat or strongly disagree were labelled 'Disagree.'

Table 6.Reasons for being pleased with the mobile payment system

Agree Percentage
Positive view on Technology 41 82
Ease of Use 42 84
Speed of Process 42 84
Speed of Money Transfer 40 80
Can carry the Device 42 84
Efficiency 42 84

pg. 57
 Security 39 78
Problem Solving 39 78

Figure 6. Reasons for being pleased with the mobile payment system

INTERPRETATION

Reasons for satisfaction with the mobile payment system cited by respondents
include those with a positive attitude toward technology (82 percent), ease of
use (84 percent), and speed of the process (84 percent ) Money transfer speed
(80 percent ) Capability to carry the device (84 percent) and Efficacy (84
percent) were higher than 80 percent, while Security and Problem Solving were
78 percent each.

pg. 58
Table 7.Reasons for User Dissatisfaction with Mobile Payments

Agree Percentage
Complexity 26 52
Inefficiency 22 44
Don`t like Technology in Money Transfer 11 22

Figure7. Reasons for User Dissatisfaction with Mobile Payments

INTERPRETATION

The main reasons for dissatisfaction among respondents were system

complexity (52%), inefficiency (44%), and dislike of technology in money
transfers (22 percent )

pg. 59
In general, those who were dissatisfied with the mobile payment system were
far fewer than those who had a positive attitude toward the use of mobile
payment portals.

Table 8. Whether or not you will recommend the Mobile Payment System
to others

Number Percentage
Definitely 30 60
Probably 18 36
Not Sure 1 2
Definitely Not 1 2

Figure 8. Whether or not you will recommend the Mobile Payment System
to others

pg. 60
INTERPRETATION

In response to the question of whether respondents would recommend mobile

payment system to anyone, 60% would definitely recommend it, 36% would
probably recommend it, and 2% would definitely not recommend it to anyone.

pg. 61
 CHAPTER -V

FINDINGS OF THE STUDY

pg. 62
 FINDINGS OF THE STUDY

An online survey was conducted through structured questionnaire and in

total we collected 50 responses out of which:-

 From the total respondents of 50, there was 51% female respondents and
49% male respondents.

 The study participants, 54 percent of whom were under the age of 20, are
projected to be more technologically savvy. 82 percent of those polled are
under the age of 40, and none are over the age of 60. As a result, a bigger
percentage of younger people is a good thing.

 In a study like this on the use of technology, a response to its use is

expected Money transfer technology. The highest number of respondents
(n=25) said they used mobile payment portals to make online purchases a
shopping trip Following that was the transfer of funds, the payment of
invoices, and the payment of taxes stores.

 Only one of the fifty participants in the study used the payment system to
make purchases tickets.10 of the participants in the research used the
portals for several purposes. The vast majority of the participants in the
study (62 percent ).

 The majority of the participants in the research (62%) had been using the
payment method for more than six years. 24 percent had been using it for
more than two years.

pg. 63
  In terms of payment systems, 36 of the participants in the research used
Google Pay, while 20 used Paytm. Eight respondents used Amazon Pay,
while a lesser number of people utilised Razor, Atom, CashFree, and
PayPal. Three of the top ten mobile payment sites were not utilised by
anyone in the study population, and three of them used payment systems
not identified in the study. Twelve people in the research used two
payment sites, while six used three.

 Payment systems were deemed useful by 49 of the respondents (98

percent), whereas one responded negatively to the topic.

 In the future, 72 percent of respondents will definitely use mobile

payment systems, while 18 percent will most likely use them. 4% of
people said they will not utilise the system in the future.

 Sixty-six percent believe they can do without traditional banking if they

use mobile payment systems, while 28 percent say they would continue
to use traditional banking.

82 percent said they had a positive perspective of technology, which was one of
the reasons for their happiness with payment systems.

Because of their ease of use, speed of process, ability to carry the gadget with
them, and efficiency, 84 percent of people were satisfied with mobile payment
methods.

pg. 64
Eighty percent were satisfied with the speed with which money was transferred.

The security and problem-solving capabilities of the mobile payment system

were both rated as satisfactory by 78 percent of respondents.

The following factors contributed to respondents' dissatisfaction:

 complexity of the payment method (52%)

 inefficiency (44%), and
 "don't like technology in general."(22%)

 STEPS TAKEN BY GOVERNMENT TO INCREASE

ONLINE PAYMENT APPLICATIONS

The Indian government has taken a number of steps to boost online payments
following the implementation of Demonetization, as the government encourages
cashless transactions. Here are some of the government's measures to date to
encourage cashless transactions in India: -

 The banks have announced that transaction fees will be waived till
December 31, 2016.

 Consumers should be encouraged to utilise debit card.

 The switching fees have already been eliminated by the National Payment
Council of India (NPCI).

pg. 65
 Customers who use Rupay cards will be charged a fee.

 The Reserve Bank of India has decided to raise the monthly transaction
limit from Rs 10,000 to Rs 20,000.

 Consumers should be encouraged to utilise digital wallets more frequently.

 The Indian Railways has decided not to impose service fees on reserved e-
ticket purchases until December 31, 2016, in order to encourage people to
book tickets online.

 The TRAI has decided to cut the USSD costs (Unstructured supplementary
service data) for payments and banking activities from Rs 1.50 to Rs 0.50.

 Many public sector banks, as well as certain private sector banks, waived
MDR (Merchant Discount Rate) fees until December 31, 2016, in order to
encourage more cashless transactions.

 The government of India aspires to make the government a cashless society

through a six-point plan, which includes having BHIM UPI QR codes on
all cash counters in all government offices to accept digital payments,
which is a positive step because it would minimise corruption in our

pg. 66
 country. To facilitate the online payment mechanism through UPI, all cash
counters can send the indent to the customers' phones.

 Page 79 of a study on online payment apps in India, with a focus on

Amazon Pay.

 All bills issued by the Indian government include a QR code in order to

encourage clients to pay digitally.

 If the country goes digital, it will save around Rs 2 lakh crore because the

cost of handling cash will be reduced.

 To promote digital payments and the transition to a cashless society. In her

budget speech for the fiscal year 2019-20, India's Finance Minister Nirmala

Sitharaman stated that businesses with a turnover of more than Rs 50 crore

must offer low-cost digital payments to their customers via BHIM, UPI,

NEFT, RTGS, and other similar platforms, with low or no fees for both

customers and merchants.

pg. 67
 CHAPTER -VI

CONCLUSION AND
SUGGESTIONS

pg. 68
  CONCLUSION

As a result, a survey of customer satisfaction among mobile payment users

yielded some intriguing results. Because the majority of the respondents were in
their late teens, early twenties, or early thirties, they were heavily influenced by
technology. Around 80% of the participants in the survey had a favourable
opinion of numerous topics. customer satisfaction parameters

Dissatisfaction is caused by a variety of factors, the most common of which are

feelings of inadequacy due of the system's complexity, as well as a perception
that the system is inefficient

New technologies will be introduced as time goes on, and the mobile payment
system will continue to evolve to enhance In terms of the government and
central banks, the new legislation

Because of technological advancements, cash printing is no longer required, and

there is also less currency in circulation.

Consumers are concerned about their security, their privacy being hacked or
exposed, hefty transaction fees, and so on.

pg. 69
With the increased use of cellphones, the globe has become closer, and any
payment can be made with a single touch. Consumers or respondents in our
study are satisfied with the use of Mobile payment for making various
purchases, and online forms of payment are rising day by day with the
advancement of various technologies that make the entire transaction process
easier.

As can be seen, cashless economy or the usage of online payment applications

has a variety of benefits and drawbacks, thus any government considering
adopting cashless economy should carefully consider the pros and cons.

pg. 70
 SUGGESTIONS

 Many respondents believed that digital and technology illiteracy among

India's people is a barrier to embracing a cashless economy, and that the
best way to overcome this problem is to educate people.

 The government must take steps to educate the public about the issue.

 Because the vast majority of people in our country live in rural regions, it
is critical to address this issue.

 People should be educated about cashless purchases and e-wallets.

 Many of the respondents believed that cashless transactions in India are

unsafe, hence

 The government should ensure that the infrastructure for electronic

payments is absolutely safe and secure.

 To encourage more digital payments, the government should improve

transaction transparency and efficiency.

 The government should launch a financial literacy campaign to inform

the public about digital payment options.

pg. 71
 The government should make the infrastructure capable and safe so that
fraud and theft are reduced to a minimum.

 For mobile payment providers, retailers, and customers, understanding

how users view existing mobile payments and what drives their
satisfaction and dissatisfaction is critical.

 Knowing what makes consumers happy can aid mobile payment

providers in creating more successful future applications and improving
current ones.

 Research should be conducted on a bigger population that includes

people of various ages and socioeconomic groups. Because technology is
rapidly evolving, studies should be conducted at frequent intervals to
track changes in customer satisfaction over time. Money transfer, online
payments, paying in stores, and bill payment are some of the numerous
types of mobile payment systems.

pg. 72
 CHAPTER- 7
BIBLIOGRAPHY

pg. 73
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 S., 2016. An Evolution in the Indian Banking System: Electronic

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 D.S., M., and J.M., J.M., J.M., J.M., J.M., J.M., J.M (2017). An
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 Bagla, R.K., and V. Sancheti (2018), "Gaps in customer satisfaction with

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 Rathore, H.S. (2016) "Consumer Adoption of Digital Wallet." Journal of

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 B.P. Singhraul and Y.S. Garwal (2018), "Cashless Economy –

Challenges and Opportunities in India," Pacific Business Review
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pg. 74
 N. Gupta and A. Yadav (2017), "The Effect of Electronic Payment on
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pg. 76