A

MINOR PROJECT
ON
“CONSUMER PERCEPTION TOWARDS ADOPTIONG ELECTRONIC
PAYMENTS SYSTEM IN MAYUR VIHAR PHASE 3”

Submitted to Amity University for the partial fulfilment of award of the

degree of B.A.(HONS) (Insurance and Banking) from Amity University, U.P.,
Noida Campus.

SUBMITTED BY SUBMITTED TO
ANSHIKA SHARMA Mr. AMIT BHATNAGAR
B.A (HONS) Insurance & Banking Assistant Professor
Enrollment No. A2850617025. ASIBAS

Amity School Of Insurance, Banking and Actuarial Science

Amity University, UP, Noida Campus
CERTIFICATE

This is to certify that Ms. Anshika Sharma of ASIBAS of Amity University, Noida Campus,
U.P. has successfully completed the project work titled “Consumer perception towards
adopting electronic payments systems n Mayur vihar phase 3” in partial fulfilment of
requirement for the completion of B.A.(H) (Insurance and Banking) as prescribed by the
Amity University, U.P., Noida Campus.

This project report is the record of authentic work carried out by her during the period from 7
June 2019 to 29 June 2019.
She has worked under my guidance.

Signature
Mr.Amit Bhatnagar
Assistant Professor
ASIBAS
Date:
DECLARATION

I Anshika Sharma student of B.A. (Hons.) (Insurance and Banking) hereby that project
report of my major project on the topic - A study on consumer perceptions towards adopting
electronic payments systems in mayur vihar phase 3 is done by me and is not copied from
somewhere else.

The Project is the result of my original work and source of literature used and all assistance
received during the work has been duly acknowledged and I am aware in case of non-
compliance , Amity School of Insurance, Banking and Actuarial Science is entitled to cancel
the report.

Name :Anshika Sharma MR. Amit Bhatnagar

Program :B.A.(Hons.)(Insurance and Banking )
Enrollment Number : A2850617025
Batch : 2017-2020
ASIBAS
ACKNOWLEDGEMENT

I have taken efforts in this project. However, it would not have been possible without the kind
support and help of many individuals and organizations. I would like to extend my sincere
thanks to all of them.

I am highly indebted to Mr. Amit Bhatnagar for his guidance and constant supervision as well
as for providing necessary information regarding the project and also for support in
completing the project.

I would like to express my gratitude towards my parents and faculty of ASIBAS for their
kind co-operation and encouragement which help me in completion of this project. I would
like to express my special gratitude and thanks to industry persons for giving me such
attention and time.

My thanks and appreciations also go to my colleagues in developing the project and people
who have willingly helped me out with their abilities.

Anshika Sharma
 Tables of contents

 Introduction

 Literature review

 Objective

 Research Methodology

 findings

 Conclusion

 Questionnaire
 Comparative study of electronic payment system .

India is having multiple payment and settlement system it has both gross and net settlement
system for gross settlement 1ndia has RTGS – Real time gross settlement it is called by the
same name and the net settlement systems include Electronic Clearing Services (ECS
Credit), Electronic Clearing Services (ECS credit) , Electronic Clearing Services (ECS
debit) it has credit cards , debit cards and the NEFT- National electronic funds transfer
system and the immediate payment system.

The initiative is taken by the reserve bank of 1ndia in the mid of 80’s and the starting of 90’s
as focused on the technology based solutions as for the improvement of the payment and the
settlement System infrastructure as combined with the intro of the payment as by applying
the technical benefits in the bank as the continued increased in the number of cheques Added
pleasure as on the setup by accessing the cost effective methods.

The overall regularly Is oriented towards the cashless it is low cost efficient and easy to use
with modern payment product and services it can be accessed anywhere, anytime Without
any bound of time and place.

The different types of electronic commerce payments used are as follows:

Credit Card

The most popular form of payment for electronic -commerce transactions is through credit
cards. As it is simple to use so, the customer has to just enter their credit card number and
date of expiry. It is important to improve the security system, increased security measures,
such as the use of a card verification number - (CVN), have been introduced to on-line credit
card payments. The card verification number system helps to detect fraud by comparing the
CVN number with the cardholder's information.
Debit Card

Debit cards are the second largest electronic -commerce payment medium in India.
Customers who want to shop and spend online within their financial limits always prefer to
pay with their Debit cards. With the debit card, the customer can pay for purchased goods
with the money that is already there in their bank account as opposed to the credit card where
the amounts that the buyer spends are billed to their payments are made at the end of the
billing period

Smart card

It is a plastic card which is attached with a microprocessor that is having customer’s personal
information which is stored in it and can be loaded with funds to make the online
transactions and instant payment of all bills. The money which is filled in the smart card and
reduces as per the usage by the customer and has to be reload it from their bank.

Electronic wallet

Electronic Wallet is a prepaid type of account that allows the customer to store multiple
credit cards, debit card and bank account numbers in the secure surroundings and
environment. This reduces the need to key in account information every time while making
payments. Once the customer has registered and created the  Electronic wallet  profile they
can make payments faster and easier.

Net banking

This is one more popular way of making electronic commerce payments. It is a very simple
way of paying for online purchases directly from the customer’s bank. It uses a similar
method to the debit card of paying money that is already there in the customer’s bank. Net
banking does not require the user to have a card for payment purposes but the user needs to
register with their bank for the net banking facility. While completing the purchase customer
just needs to put in their net banking id and allot pin so it is very convenient way for
payment.

Mobile payment
 It is one of the easiest and latest way of making online payments are through the mobile
phones. Instead of using the credit card or cash, all the customer just has to do is send a
payment request to their service provider as by through text messages the customer’s mobile
account or credit card is charged for the purchase. It is easy to set up the mobile payment
system, the customer just has to download a software from their service provider’s website
and then link the credit card or mobile billing information to the software provided by bank.

Amazon pay

The another convenient, secure and quick way to pay for online purchases is through the
Amazon Pay. We have to use our information which is already stored in our Amazon account
to log in and pay at any merchant websites and application . Your payment information is
safely stored with Amazon and accessible on thousands of websites and apps where you love
to shop.

If anyone is planning to sell any product online, Amazon would be happy to help in setting
up payment gateways for the products and services. We can also consider selling on
Amazon, as it is one of the most popular e-commerce platforms in the world. To sell on
Amazon, anyone register for free.

Benefits of electronic payment systems

 We can do any kind of online shopping anywhere and anytime without any time and
location bound .
 We can book Train tickets, Aeroplanes Tickets, bus tickets etc. sitting in the house
with e-payment .
 If we do not have money in our bank account, we can also shop in such a situation, if
we have a credit card.
 We can do easily online e-payment any type of medical bill, hospital bill, etc.
 Nowadays, many types of mobile applications are also available in the play store,
through electronic payment, we can easily pay anytime and anywhere for shopping or
paid our electricity bill, water bill, tax, mobile bills etc.
 There is no risk of theft and loss, and it cannot be robbed by any robber.
 Where internet facility is available, we can take advantage of e-payment facility.
  If we are going away somewhere, then we will not have to take any kind of Cash
Amount with us. We can take advantage of any transaction through e-payment from
our mobile phones.
 We can transfer money sitting at the home easily through online from one bank to
another bank.

Disadvantage of electronic payment systems

 Electronic Payment is a currency that we do not see, so we spend more .

 There is more fear of fraud because any hacker can ever hack our bank account and
fly our entire money in just one minute from our account. And it has happened so
many times, and in such cases, criminals do not even come in the grip of cops.

 There are so many mobile apps available in the Mobile Play Store, you can easily pay
any of your payments with the help of these applications but in a way, it is as harmful
as it is, which is also harmful because we don’t know who made that application and
with what motive.

 Electronic payments requires the use of the internet. If ever the internet connection
fails, we will not be able to make any transactions from our online account, unless the
internet facility starts in no time Finally, if seen in general, the benefits of the
electronic payment system are more than its losses.
 Review of literature

Electronic payment systems are important mechanisms which is used by the many
individuals and organizations as a secured, easy and convenient way of making payments
using internet and at the same time it is a gateway to the technological advancement in the
field of world economy. The electronic payment system also brought efficiency, fraud
reduction and innovation in the world payment system. The e-payment system tends to bring
many electronic modes of payments through which the financial institution offers different
electronic payment opportunities and services to their customers like credit cards, debit cards,
on-line banking and the mobile banking .This led to the wide research that Produced the
different perspectives on the electronic payment among others. The review of following
studies throws light upon different To know the impact of electronic banking on various
aspects, the research studies undertaken for the review have been classified into the four
categories, like studies related to the banks, studies related to the customers, studies related
to the service quality and studies related to technology.

The electronic payment system is so trending now a days because people find it safe to use
and easy to access it is very convenient way for payment as like paytm and many more apps
are now used by people which encourages cashless transactions However the much empirical
studies has been conducted on electronic payment systems with the aim of Investigating all
factors that influence its use and it’s adoption. used, and IS models that were adapted. This is
done with the view to analyse and integrate the previous researches so as to identify the
research gaps that will call for the future research. The function of electronic payment
systems has some association on the internet so as an open network infrastructure. As with all
truly and perfectly integrated computerised value chains, so the end user is now front man of
the back-office. The shift to Internet technologies by the banking sector also means that the
proprietary technology becomes more and more obsolete to it.  electronic payment is very
broad as to include any sort of the electronic devices to store the monetary value, the methods
of the electronic money are only limited to the existing of technology.
 Objective of study

The objective of the study is to find out the customer perception and the impact of all the
factors on adoption of the digital mode of the payment In the pursuance of above objectives
so the following hypotheses were formulated for the testing:

 There is such no significant difference which is perceived by respondents for the

various attributes of digital payment on the basis of the gender of respondents.

 There is such no significant difference which is perceived by respondents for the

various attributes of the digital payment on the basis of age of the respondents.

 There is no such significant difference which is perceived by respondents for the

various attributes of the digital payment on the basis of education of the respondents.

 There is no such significant difference which is perceived by respondents for the

various attributes of the digital payment on the basis of profession of the respondents.

 There is no such significant difference which is perceived by respondents for the

various attributes of the digital payment on the basis of the annual income of the
respondents.
 Research Methodology

The current study is based on the primary data collected from the 150 respondents from the
different parts of the Delhi. A well-structured questionnaire is designed to collect the
information from respondents the questionnaire is designed to study perception of customer
towards adoption of the digital payment mode. The five point scales were used for obtaining
the responses. The responses has been collected by means of the face-to-face interviews by
me.

This method is used to make the research procedure much faster by obtaining the large
number of the accomplished questionnaires rapidly and efficiently .The efficient payments system
reduces the cost of exchanging of goods and services, and is indispensable by functioning of the
interbank, money, and the capital markets. On the basis of the analysis which is concluded that,
the smart cards based Electronic payment system is best. So all the data is collected by the
survey done personally by asking questions and by questionnaire all the questions in the
questionnaire was multi choice so people would not get any difficulty in understanding and it
is not so much time consuming to fill the multiple choice questionnaire.

Throughout my experience researching the online payment systems I have learned about
many more recent trends and new technologies involving these systems, such as using
PayPal, paytm or using Safety Pay’s and Online Cash Payment Platform. The work deals
with the analysis of Comparative study of the various method of payment method in online
shopping. The study was based on the empirical data obtained through surveys and
questionnaires with the general public of city in various areas such as the shopping complex,
restaurants and book stalls etc.
 Findings

By the analysis done on electronic payment systems in India in the region of Delhi I found
that most of the people are engaged in electronic payments they found it simple and a
convenient mode for the payments as it is time saving and easy to use everyone can access
electronic payments from their mobile phones but some people found it risky to use generally
the old generation feels hesitate to use the e payment system but the new generation found it
Totally safe so I found that 70% of people uses the electronic payment system like paytm , e
wallets, and the upcoming generation will surely adopt electronic payment systems. And it a
step towards the cash less society we can make our transactions more safe by some antivirus
and by accessing the fraud transactions. So from the analysis.

I found that there is a wide scope of development of more electronic This resulted in inflow
of large funds in the economy there by improving the economy as a whole and banking sector
in particular. Due to this reason banks need to provide such services, which satisfy the urge of
foreign investors payment systems in India as there is many users .This resulted in the inflow
of the large funds in the economy there as by improving the economy as the whole and
banking sector in a particular. Due to this kind of reasons we need to provide such services,
which satisfy the urge of foreign investors .
 Questionnaire

1. Do you think electronic payments are safe

(A) Yes (B) No

2. Age of users of electronic payment systems

(A) 18- 25 (B) 25- 35 (C) 35-55 (D) 55+

3. Education of persons using electronic payments system

(A)Illiterate (B) High school (C) graduate (D) post graduate
4. Monthly income of persons using electronic payments system

(A) Up to 20,000 (B) 20000-30000 (C) 30000 +

5. Status of usage
 (A) Less than 1 year (B) 1-5 years (C) more than 5 years

6. Which attribute of bank do you value the most ?

(A) Quality of service (B) trust (C) technology used

7. Which category of banks you considered as most technologically advanced ?

(A) Private sector (B) public sector

8. Are you satisfied from electronic payment systems ?

(A) Yes (B) No
9. Gender of electronic payment users .

(A) Male (B) Female

10. How frequently you do electronic payment

(A) Weekly (B) monthly (C) yearly

Conclusion

The study revels that electronic payment systems in mayur vihar is highly
adoptable as people are using it at very high rate .70% of people think that
electronic payment is safe to use people between the age of 18-25 uses the
electronic payment the most . Mostly the people are post graduate who use
electronic payment systems ad the average income 30000+ and the status of
usage is 1-5 years and the attribute of bank customer prefer the most is
technologically advanced and the private sector banks are more technologically
advanced .

And the people are also very satisfied from electronic payment systems as I have
noticed more males uses electronic payment systems in comparison to females .
And people generally uses electronic payments system weekly so I notice that
there is a wide scope of expansion in the electronic payment system in India .
 Annexure

1. Do you think electronic payments are safe

(A) Yes (B) No

2. Age of users of electronic payment systems

(A) 18-25 (B) 25- 35 (C) 35-55 (D) 55+

3. Education of persons using electronic payments system

(A)Illiterate (B) High school (C) graduate (D) post graduate

4. Monthly income of persons using electronic payments system

(A) Up to 20,000 (B) 20000-30000 (C) 30000+

5. Status of usage

(A) Less than 1 year (B)1-5 years (C) more than 5 years

6. Which attribute of bank do you value the most ?

(A) Quality of service (B) trust (C) technology used

7. Which category of banks you considered as most technologically advanced ?

(A) Private sector (B) public sector

8. Are you satisfied from electronic payment systems in India ?

(A) Yes (B) No

9. Gender of electronic payment users .

(A) Male (B) Female

10. How frequently you do electronic payment

(A) Weekly (B) monthly (C) yearly