1.

Google Pay

Purpose:
Google pay is a digital wallet and online mode of payment it specifically is used to power
in-app and tap-to-pay purchases on mobile devices to make any kind of payments which can
be from person to person or person to a retailer.
Gpay also provides services such as coupons, boarding passes, student ID cards, event
tickets, movie tickets, public transportation tickets, store cards, and loyalty cards.
Name:
The name of the app is Gpay which can be found in the app store only of the mobile
devices.

Founder details:
Gpay is developed by google itself Google LLC is an American multinational technology
company that specializes in Internet-related services and products, which consists of online
advertising technologies, search engine, cloud computing, software, and hardware. 

Technology applied:
Google Pay uses the EMV Payment Tokenisation Specification service keeps customer
payment information private from the retailer after any kind of purchase by replacing the
customer's credit or debit card 
Funding Primary Account Number with a tokenized Device Primary Account Number and
creates a dynamic security code generated for each transaction.
The dynamic security code is the cryptogram in an EMV-mode transaction, and the Dynamic
Card Verification Value in a magnetic stripe data emulation-mode transaction.
At the point of purchase users hold their authenticated Android device to the point of sale
system's NFC reader.

Tools used:
The major tools used for Gpay is the mobile device, NFC reader, bank details to make thoese
payements.

Mode of use:
Gpay can be used by consumers to make payments with Android phones, tablets or smart
watches.

Advantages:
Some of the advantages of google pay are as follows:

 Fast and easy purchases wherever they purchase: In stores, customers speed
through checkout when they use Google Pay on their mobile device to tap and pay.

 No cost: Google Pay is a free app available in the Google Play Store. 

 Peace of mind: When customers use Google Pay to buy in stores, Google Pay doesn’t
send their actual credit or debit card number to make the payment. Instead, it uses a
virtual account number to represent the account information.
Disadvantages:
They aren’t accepted always: Gpay might be widely used by majorty people of india for
payements it may be accepted in most of the places consumers usually visit but for maybe
small vendors or small scale shops they might not have the option of Gpay.

Support on only certain devices: Gpay uses a technology known s NFC most of the old
model phones do not support NFC.
Concern to data privacy: Google Pay and most other mobile payment methods leave behind
a transaction record. This is when hackers are able to penetrate through top security and
firewalls.
Payement can usually only be made through mobile phones so if the mobile phone is lost or
may not function due to some reason Gpay cannot be used for making any payments.

Competitor details:
Apple pay:

Apple pay is the digital payment mode of IOS users in comparision to Gpay for andrioid
users and it functions the same way as Gpay and they are one of their competitors.

Samsung pay:

Samsung pay is specifically for the Samsung mobile dvice users and Samsung pay when
compared to Gpay is least used even though the majority of the users are Samsung device
users due to its lack of acceptiblity.

Paytm:

Paytm is the biggest competitor of Gpay in the current times due to its wide acceptance
across india and the services that it provides is amost at par with Gpay.

Government Support:
Gpay as a digital service has ample amount of government support from advertisments to
making Gpay an available mode of payment at majority of the public transports and public
places.
Capital Support/Sponsor:
Some of the sponsers of Gpay is as follows HDFC Bank, ICICI Bank, Axis Bank and State
Bank of India these banks sponsored Gpay.

2. PhonePe

Purpose:
Phonpe allows custmers to specifically make payments to a merchant or any
person  through Your Bank account using the UPI ecosystem all you need is to feed in
your bank account details and create a UPI ID it is used  Payment of utility bills, payment
of wage, and a payment request from clients can all be done through this app.

Name:
The name of the following service is PhonePe which can be found as an app on any
mobile device.

Founder details:
PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin
Engineer. The parent company being flipkart.

Technology applied:
PhonePe uses hbase as primary Big Data technology that lies in-line of the users path and
aids them in decision-making. PhonePe uses a combination of data-driven insights and
user preferences to personalize the users experience.

Tools used:
The main tools used is Qr reader for making the payment to th emerchent and a QR
reader to confirm that payement and process it.

Mode of use:
The major mode of use for using PhonePe is through mobile devices that support a QR
scanner.
Advantages:

All-in-One Solution
As its widely available throughout india it is a convenient tool for business users.
Different Payment Options
UPI, bank accounts, credit cards, and debit cards can all be linked to the app making it a
more flexible mode of payment
Multi-Language Interface
The app supports both English and Hindi languages as well as Marathi, Tamil, and
Bengali making it more user friendly.

Disadvantages:
Less secure:
The app is less secure as user opens the app it does not ask for any authentication
therefore putting privacy at risk
Delay in payment:
There can be delay in the payment due to network issues and where the payment
maybe delayed or made but not shown.

Competitor details:
One of the top competitors of PhonePe is Mobikwik hat provides a mobile phone
based payment system and digital wallet. Users can add money to their wallets to make
paymenst so this gves usersa sense of security so that they can add the amount of money
that needs to be paid at a specific period of time.

Government Support:
Government allowed PhonePe to allow customers to bid for initial public offering
through the UPI platform.

Capital Support/Sponsor:
One of the sponser of PhonePe is Yes bank to launch a UPI-based mobile payment app.
3.Smart Card

Purpose:
Smart cards are plastic cards which has a chip and is a physical electronic authorization
device Smart cards can provide personal identification, authentication,and application
processing. Smart cards may provide strong security authentication for single sign-on fo
various organizations. Smart cards can be in the form of debit and credit cards where the
cards chip can be used to tap and pay.

Name:
The name of this innovative financial product is smart card or integrated circuit card.

Founder details:
In July 2004, Sony implemented the smart card which then as widey implemented by other
banks and financial instutions and became one of the modes of payment.

Technology applied:
The technology used by cards to make payments contactless is radio-frequency
identification or near field communication.

Tools used:
The major tools used here is a credit or debit card with an  integrated circuit chip and
antenna identify the card and make payments.

Mode of use:
consumers to wave or tap their card device over a reader at the point of sale terminal.

Advantages:
Ease of use:
Quicker transactions and shorter queues, You also don’t have the hassle of punching in
your PIN, no cash payments.
The flexibility of payment devices:
NFC-enabled smartphone is all you need to make your payments.     
Safer transactions:
 The chip technology protects you against any fraudulent purchases through encryption
and dynamic data technologies.

Disadvantages
 Limited acceptance
Many small retaliers have not yet implemented this mode of payment and this can
dissatisfy customers.
Technical limitations
There maybe some technical barriers needing the consumers to have NFD on their
devices to make some payments
Security concerns
This is one of the major disadvantages of contactless payments due to not having to
punch in your PIN ayone with your card can make payments by tapping.

Competitor details:
There is competition from banks to banks who provide these cards and which bank can
provide better security and offers for its customers.

Government Support:
In recent times due to covid, government has supported the use contactless payments and
smart cards to to stop spreading covid at places where this mode of payment is accepted.

Capital Support/Sponsor
Visa and mastercards were sponsers to promote the use contactless payments which
offered customers some benefits when they availed the service of contactless debit or
credit cards of specifc banks where consumers use a visa or mastercard where consumers
could get exclusive merchandise and discounts and cashbacks on their purchases.