Summer Internship Project Report

On
‘To study the awareness of digital payment from Mswipe’
At
Mswipe

Submitted to
Institute code: 769
Institute name: Shri Jairambhai Patel institute of Business
Management and Computer Application, Gandhinagar
Under the guidance of
DR Harish Chandra Singh Rathod
In partial fulfilment of the requirement of the award of the
degree of
Master of Business Management (MBA)
Offered by
Gujarat Technical University
Ahmedabad
Prepared by:
Kelish kumar
Enrolment No:
MBA (semester- III)
Month and Year: July, 2019

5
 INDEX

Chapter Particular Page No.

Student’s Declaration

Institute Certificate

Organization Certificate

Acknowledgement
1 Introduction 9
1.1 Types of Digital Payment Methods in India 12
1.2 Story of Digital Payment 28
1.3 Benefits of Digital Payments 29
1.4 Advantages of Digital Payments 30
1.5 Drawbacks of Digital Payments 31
1.6 Factors which are affecting the future of digital payments 32
1.7 Research Methodology 33
1.8 Objectives of Research 33
1.9 Limitation 34
1.10 Data interpretation 35
2 Company Brief 52
2.1 Mswipe Department Wise Organization Chart 53
2.2 WISEPAD 56
2.3 MVENTORY 57
2.4 MCAPITAL 58
2.5 MQR 58
2.6 Difference between PoS and MQR 60
2.7 Factors encouraging merchants to accept Digital 61
Payments
2.8 Benefits of accepting of Digital Payments in business 61
dealings
2.9 Key Learning 63
3 Competitors of Mswipe 64
Chapter Particular Page No.

6
 3.1 Introduction 65
3.2 Methods of UPI 66
3.3 Competitor of Mswipe Company in Brief 67
3.4 Google Pay 67
3.5 Phone Pe 68
3.6 Paytm 69
3.7 Freecharge 70
3.8 PayZapp by HDFC Bank 71
3.9 Pockets by ICICI Bank 72
3.10 UltraCash 73
Conclusion 74
Bibliography 75

References
Annexure

ACKNOWLEDGEMENT
7
The Summer Internship opportunity I had with Mswipe was a great
chance for learning and professional development. Therefore, I consider
myself as a very lucky individual as I was provided with an opportunity
to be a part of it. I am also grateful for having a chance to meet so many
wonderful people and professionals who led me though this internship
period.

Bearing in mind previous I am using this opportunity to express my

deepest gratitude and special thanks to the MD of [Company name] who
in spite of being extraordinarily busy with her/his duties, took time out to
hear, guide and keep me on the correct path and allowing me to carry out
my project at their esteemed organization and extending during the
training.

I express my deepest thanks to DR Harish Chandra Singh Rathod, faculty

for taking part in useful decision & giving necessary advices and
guidance and arranged all facilities to make life easier. I choose this
moment to acknowledge his contribution gratefully.

It is my radiant sentiment to place on record my best regards, deepest

sense of gratitude to Mr. Vishal Kumar, Manager- MQR sales for their
careful and precious guidance which were extremely valuable for my
study both theoretically and practically.

I perceive as this opportunity as a big milestone in my career

development. I will strive to use gained skills and knowledge in the best
possible way, and I will continue to work on their improvement, in order
to attain desired career objectives. Hope to continue cooperation with all
of you in the future,
Sincerely,

Kelish Kumar

Place: Gandhinagar

8
 INTRODUCTION

1 Digital Payment
The „Digital India‟ is the Indian Government s flagship programme with a vision to
convert India into a digitally empowered country. “Faceless, Paperless, Cashless” is

9
one of supposed function of Digital India as part of government reforms Prime
Minister Mr. Narender Modi demonetized the high value currency of Rs. 500 and
1000 in November 2016 and also launched the „digital India initiative in 2015.These
initiatives have provided extensive boost up to the digital payment system in the
country. Governments other initiatives like BHIM and UPI are supporting in
transition and faster adoption of digital payments. Electronics Consumer transaction
made at point of sale (POS) for services and products either through internet banking
or mobile banking using smart phone or card payment are called as digital payment.

The digital payment system has the following phases,

1. Registration
2. Invoicing
3. Payment selection
4. Payment confirmation.

This payment system generally includes 3 electronic payment instruments namely,

cash, cheque and card. Post demonetization is effecting the e-commerce sector that
Cash on Delivery is gradually getting stopped and other modes of payment is
replacing like Card on Delivery, Net Banking, Debit Card, Credit Card etc.
Demonetization will positively help out e-commerce industry in India enhances the
chance for people to go cashless. As part of encouraging cashless transactions and
transforming India into less cash society, various modes of digital payments are
available. In India, where most of the population doesn’t have credit and debit cards,
the mobile phone is fast becoming a tool that act as a catalyst for digital payment
solution. After E-commerce, the digital and wallet payments will be the next big
wave. Paytm is one among them. Every human being is a consumer of different
produces if there are no consumers, no business. Therefore, customer satisfaction is
very important to every business concerns. Organizations that strive beyond
minimum, standards and exceed the expectations of their customers are likely to be
leaders in their sector. Customers are recognized as key partners in shaping service
development and assessing quality of service delivery development and assessing
quality of service delivery customer satisfaction.

Theoretical framework: Types of e-wallets

permitted in India

As per the Reserve Bank of India, there are three kinds of e wallets
in India: closed, semi-closed and open.

Closed e-wallets:

These are wallets issued by an entity for facilitating the purchase of goods and
services from it. These instruments do not permit cash withdrawal or redemption. As
these instruments do not facilitate payments and settlement for third party services,
issue systems. Hence, RBI approval is not required for issuing them. E.g. Cab
services, e-commerce and mobile companies create e-wallets for making payments
towards purchase of products from them /for usage of their services. They provide
cash backs for payments made through this channel. This is one way of ensuring
loyalty of their customers.

10
Semi-Closed e-wallets:

These are wallets which can be used for purchase of goods and services, including
financial services at a group of clearly identified merchant locations/ establishments
which have a specific contract with the issuer to accept them. These wallets do not
permit cash withdrawal or redemption by the holder. Wallets for amounts up to Rs.
10,000/- can be created under this category by accepting minimum details of the
customer, provided the amount outstanding at any point of time does not exceed Rs.
10,000/- and the total value of reloads during any given month also does not exceed
Rs 10,000/-. Amount up to Rs. 50,000/- can be created in wallets by accepting any
'officially valid document' which is compliant with anti-money laundering rules. Such
wallets are non-reloadable in nature., Amount up to Rs.1,00,000/- can be created by
with full Know Your Client norms (KYC) and can be reloaded. E.g. AirTel Money,
which is used for making payments for a range of services like money transfer from
Airtel Money to another bank account or any other Airtel Money Wallet or paying
select utility bills.

Open e-wallets:

These are wallets which can be used for purchase of goods and services, including
financial services like funds transfer at any card accepting merchant locations [point
of sale (POS) terminals] and also permit cash withdrawal at ATMs / Banking
Correspondents(BCs). However, cash withdrawal at POS is permitted only up to a
limit of Rs.1000/- per day subject to the same conditions as applicable hitherto to
debit cards (for cash withdrawal at POS). E.g. M-Pesa is an open wallet run by
Vodafone in partnership with ICICI Bank. Axis Bank's e- Wallet Card', can used for
making payments on sites that accept Visa cards, with a minimum limit of Rs 10, and
a maximum limit of Rs 50,000, and a validity of 48 hours.

E-PAYMENT

Full form of E-Payment is Electronic payment. E-Payment is all about payment by the
mode of E- Payment like payment by the cards Debit card and Credit card, online
payment by the using online apps, E-banking (Net Banking and Mobile Banking).
Another definition is E-Payment is way of payment by using the Internet or Electronic
form. E –Payment basically use for electronic fund transfer or money transfer by the
Internet. E-Payment is sunset of E-commerce transaction to include payment for
buying and selling of goods and services by the internet. Today E-Payment is very
useful and helps to cashless India. Current scenarios E-Payment very helpful for
online payment by internet but people are not fully aware about the E-Payment. A lot
of mode of E-Payment likes cards, internet, mobile banking, online wallet etc. for this
research paper we will promote the E- Payment in Indore city (Urban area as well as
rural area).

1.1 10 Types of Digital Payment Methods in India

11
Banking cards

USSD

Aadhaar Enabled Payment System (AEPS)

UPI

Mobile Wallets

Bank pre-paid cards

Point of Sale (PoS)

Internet Banking

Mobile Banking

Bharat Interface for Money (BHIM) app

1. Banking cards: Cards are among the most widely used payment methods and
come with various features and benefits such as security of payments, convenience,
etc. The main advantage of debit/credit or prepaid banking cards is that they can be
used to make other types of digital payments. For example, customers can store card
information in digital payment apps or mobile wallets to make a cashless payment.
Some of the most reputed and well-known card payment systems are Visa, Rupay and
MasterCard, among others. Banking cards can be used for online purchases, in digital
payment apps, PoS machines, online transactions, etc.

Credit Score
How to get Banking cards:
Apply with your respective bank and provide Know Your Customer (KYC) details.
The card will get activated within a week and you will be allotted a 4-digit pin, which
can be used for all transactions.

12
13
2. USSD

Another type of digital payment method, *99#, can be used to carry out mobile
transactions without downloading any app. These types of payments can also be made
with no mobile data facility. This facility is backed by the USSD along with the
National Payments Corporation of India (NPCI). The main aim of this type of digital
payment service is to create an environment of inclusion among the underserved
sections of society and integrate them into mainstream banking. This service can be
used to initiate fund transfers, get a look at bank statements and make balance queries.
Another advantage of this type of payment system is that it is also available in Hindi.

How to Use *99#:

This service can be used by dialling *99#, after which the customer can interact with
an interactive voice menu through their mobile screen.
To use the service, the mobile number of the customer should be the same as the one
linked to the bank account
The next step is to register for USSD, MMID (Mobile Number Identifier) and MPIN.

14
15
3. AEPS

Expanded as Aadhaar Enabled Payment System, AEPS, can be used for all banking
transactions such as balance enquiry, cash withdrawal, cash deposit, payment
transactions, Aadhaar to Aadhaar fund transfers, etc. All transactions are carried out
through a banking correspondent based on Aadhaar verification. There is no need to
physically visit a branch, provide debit or credit cards, or even make a signature on a
document. This service can only be availed if your Aadhaar number is registered with
the bank where you hold an account. This is another initiative taken by the NPCI to
promote digital payments in the country.

How to use AEPS:

It is very simple to use AEPs, all you need to do is to provide the accurate Aadhaar
number and the payment will be successfully made to the concerned merchant.

16
17
18
4. UPI

UPI is a type of interoperable payment system through which any customer holding
any bank account can send and receive money through a UPI-based app. The service
allows a user to link more than one bank account on a UPI app on their smartphone to
seamlessly initiate fund transfers and make collect requests on a 24/7 basis and on all
365 days a year. The main advantage of UPI is that it enables users to transfer money
without a bank account or IFSC code. All you need is a Virtual Payment Address
(VPA). There are many UPI apps in the market and it is available on both Android
and iOS platforms. To use the service one should have a valid bank account and a
registered mobile number, which is linked to the same bank account. There are no
transaction charges for using UPI. Through this, a customer can send and receive
money and make balance enquiries.

How to use UPI:

Download the app on Android or iOS platform
Register for the service by providing bank account details
Create a VPA, get an MPIN.

19
20
21
5. Mobile Wallets

A mobile wallet is a type of virtual wallet service that can be used by downloading an
app. The digital or mobile wallet stores bank account or debit/credit card information
or bank account information in an encoded format to allow secure payments. One can
also add money to a mobile wallet and use the same to make payments and purchase
goods and services. This eliminated the need to use credit/debit cards or remember the
CVV or 4-digit pin. Many banks in the country have launched e-wallet services and
apart from banks, there are also many private players. Some of the mobile wallet apps
in the market are Paytm, Mobikwik, Freecharge, etc. The various services offered by
mobile wallets include sending and receiving money, making payments to merchants,
online purchases, etc. Some mobile wallets may charge a certain transaction fee for
the services offered.

How to use a mobile wallet?

Download the app
Register for the service by following instructions and providing all details
Load money.

22
6. Bank pre-paid cards

A prepaid card is a type of payment instrument on to which you load money to make
purchases. The type of card may not be linked to the bank account of the customer.
However, a debit card issued by the bank is linked with the bank account of the
customer.

How to Use a Prepaid Card?

Apply for the card
Get pin
Load money from your bank account/debit card.

23
7. PoS terminals:

Traditionally, PoS terminals referred to those that were installed at all stores where
purchases were made by customers using credit/debit cards. It is usually a hand held
device that reads banking cards. However, with digitization the scope of PoS is
expanding and this service is also available on mobile platforms and through internet
browsers. There are different types of PoS terminals such as Physical PoS, Mobile
PoS and Virtual PoS Physical PoS terminals are the ones that are kept at shops and
stores. On the other hand, mobile PoS terminals work through a tablet or smartphone.
This is advantageous for small time business owners as they do not have to invest in
expensive electronic registers. Virtual PoS systems use web-based applications to
process payments

24
25
26
8. Internet Banking:

Internet banking refers to the process of carrying out banking transactions online.
These may include many services such as transferring funds, opening a new fixed or
recurring deposit, closing an account, etc. Internet banking is also referred to as e-
banking or virtual banking. Internet banking is usually used to make online fund
transfers via NEFT, RTGS or IMPS. Banks offer customers all types of banking
services through their website and a customer can log into his/her account by using a
username and password. Unlike visiting a physical bank, there are to time restrictions
for internet banking services and they can be availed at any time and on all 365 days
in a year. There is a wide scope for internet banking services.

9. Mobile Banking:

Mobile banking is referred to the process of carrying out financial transactions/

banking transactions through a smartphone. The scope of mobile banking is only
expanding with the introduction of many mobile wallets, digital payment apps and
other services like the UPI. Many banks have their own apps and customers can
download the same to carry out banking transactions at the click of a button. Mobile
banking is a wide term used for the extensive range or umbrella of services that can be
availed under this.

10. Bharat Interface for Money (BHIM) app:

The BHIM app allows users to make payments using the UPI application. This also
works in collaboration with UPI and transactions can be carried out using a VPA. One
can link his/her bank account with the BHIM interface easily. It is also possible to
link multiple bank accounts. The BHIM app can be used by anyone who has a mobile
number, debit card and a valid bank account. Money can be sent to different bank
accounts, virtual addresses or to an Aadhaar number. There are also many banks that
have collaborated with the NPCI and BHIM to allow customers to use this interface.

How to Use BHIM App:

Download and install the BHIM app
Choose a language
Register for the service by providing mobile number linked to bank account
Add bank-related information and set up a UPI PIN by following the given
instructions

27
1.2 Story of Digital Payment

Month Total Digital Total UPI Total PPI Debit card, Number of
payment payments payments Credit card PoS
payment terminals
December 1150.28 145.40 99.10 263.90 NA

November 1081.58 104.80 92.8 244.60 2.99

October 1048.30 76.70 96.20 255.70 2.95

September 958.60 30.70 87.50 240.30 2.90

August 964.40 16.60 89.70 243 2.88

July 938 11.44 88.70 237.60 2.84

June 920.20 10.15 84.70 232.60 2.77

May 926.55 9.16 91.30 233.40 2.69

April 909.60 7 89.20 231.10 2.61

This are some of the graphs and charts in which total digital payment happened and
from various sources are given.

28
1.3 Benefits of Digital Payments

Faster, easier, more convenient: Perhaps, one of the biggest advantages of cashless
payments is that it speeds up the payment process and there is no need to fill in
lengthy information. There is no need to stand in a line to withdraw money from an
ATM or carry cards in the wallet. Also, with the move to digital, banking services will
be available to customers on a 24/7 basis and on all days of a year, including bank
holidays. Many services like digital wallets, UPI, etc., work on this basis.

Economical and less transaction fee: There are many payment apps and mobile
wallets that do not charge any kind of service fee or processing fee for the service
provided. The UPI interface is one such example, where services can be utilized by
the customer free of cost. Various digital payments systems are bringing down costs.
Waivers, discounts and cashbacks: There are many rewards and discounts offered to
customers using digital payment apps and mobile wallets. There are attractive cash
back offers given by many digital payment banks. This comes as boon to customers
and also acts a motivational factor to go cashless.

Digital record of transactions: One of the other benefits of going digital is that all
transaction records can be maintained. Customers can track each and every
transaction that is made, no matter how small the transaction amount this. One stop
solution for paying bills: Many digital wallets and payment apps have become a
convenient platform for paying utility bills. Be it mobile phone bills, internet or
electricity bills, all such utility bills can be paid through a single app without any
hassle.

Helps keep black money under control: Digital transactions will help the government
keep a track of things and it will help eliminate the circulation of black money and
counterfeit notes in the long run. Apart from this, this may also give a boost to the
economy as the cost of minting currency also goes down. Digital payments are slowly
gaining popularity in India and there are many apps that are being launched in this
sector. It has become a hassle-free and secure way to make payments.

29
1.4 Advantages of Digital Payments

Easy and convenient: Digital payments are easy and convenient. You do not need to
take loads of cash with you. All you need is your mobile phone or Aadhaar number or
a card to pay. UPI apps and E-Wallets made digital payments easier.

Pay or send money from anywhere: With digital payment modes, you can pay from
anywhere anytime. Suppose your close friend’s mother fell ill at night. He called you
at midnight and asked some money. Don’t worry, you can send money to your friend
using digital payment modes such as UPI apps, USSD or E-Wallets.

Discounts from taxes: Government has announced many discounts to encourage

digital payments. If you use digital modes to make a payment up to Rs. 2000, you get
full exemption from service tax. You also get 0.75% discounts on fuels and 10%
discount on insurance premiums of government insurers.

Written record: You often forget to note down your cash spending. Or even if you
note, it takes a lot of time. But you do not need to note your spending every time with
digital payments. These are automatically recorded in your passbook or inside your E-
Wallet app. This helps to maintain your record, track your spending and budget
planning.

Less Risk: Digital payments have less risk if you use them wisely. If you lose your
mobile phone or debit/credit card or Aadhaar card, you don’t have to worry a lot. No
one can use your money without MPIN, PIN or your fingerprint in the case of
Aadhaar. But it is advised that you should get your card blocked if you lost it. Also
call the helpline of your E-wallet to suspend the wallet account to prevent anyone
from using your wallet money.

1.5 Drawbacks of Digital Payments:

30
Every coin has two sides so as the digital payments. Despite many advantages, digital
payments have a few drawbacks also.

 Difficult for a non-technical person:

As most of the digital payment modes are based on mobile phone, the internet
and cards. These modes are somewhat difficult for non-technical persons such
as farmers, workers etc.

 The risk of data theft:

There is a big risk of data theft associated with the digital payment. Hackers
can hack the servers of the bank or the E-Wallet you are using and easily get
your personal information. They can use this information to steal money from
your account.

 Overspending:

You keep limited cash in your physical wallet. Hence, you think twice before
buying anything. But if you use digital payment modes, you have all your
money with you always. This can result in overspending.

 Future of Digital Payments:

The future of digital payments is very bright. India is experiencing a

remarkable growth in digital payments. In 2015-16, a total of Rs. 4018 billion
transacted through mobile banking as compared to Rs. 60 billion in 2012-13.
The percentage of the digital payments through other modes is also increasing
in a significant speed.

31
1.6 There are many Factors which are affecting the future of digital
payments

Digital revolution

Digital revolution has provided an easy way to go for digital payments. India has
more than 100 crore active mobile connections and more than 22 crore smartphone
users as of March 2016. This number is going to increase further with a faster internet
speed. The reach of mobile network, Internet and electricity is also expanding digital
payments to remote areas. This will surely increase the number of digital payments.

Government’s support

The government is supporting digital payments a lot. It has reduced some taxes and
announced incentives for digital payments. It has launched Lucky Grahak Yojna for
customers and Digi Dhan Vyapar Yojna for shopkeepers. You can get cash prizes up
to 1 crore if you pay digitally. Due to these incentives and waivers, more people are
showing interest in digital payments.

A convenient way to pay

Digital payments are more convenient than cash payments. You do not need to carry a
lot of cash with you all the time. You can make digital payments in seconds. The
change is not a concern with digital payments when you can pay the exact amount.
You will also have all your payments recorded automatically. We all love simplicity
and ease. Hence, we can say that Digital payments is the future of fund transfer and
money transactions.

32
1.7 RESEARCH METHODOLOGY

The study is all about the awareness of digital payment from Mswipe company in the
city Ahmedabad. This study main aim is to check the awareness of digital payment
among the respondents in the city Ahmedabad.

Need for Study

As you see that the cashless India is on progress and many of the peoples start
using digital payment. For each and individual having different motive of
doing digital transaction. Government and RBI is also supporting the digital
India. Many of them are using digital payment and every one having their
different motive of using it. So by this we have to check the awareness pf
digital payments in the current scenario.

1.8 Objectives

The study has following objectives to fulfil:

 To analyse the awareness level of the respondents towards the Digital payment
systems.
 To identify the purpose of digital payment systems.

Collection of data

The study is purely based on the primary data. The data is collected by the
questionnaire. For conducting this research, a structured questionnaire was prepared
and sample of 122 people was taken for analysis.

Sample size

A total of 122 respondents who use digital payments in Ahmedabad are chosen as
sample.

33
Data Collection

The collection of data is considered to be one of the most important aspects in the
research methodology. Both primary and secondary data is used in this study in order
to meet the requirements of the purpose. The questionnaire contains 15 questions
designed to assess customers' awareness of digital payment.

Tools for Analysis

1.9 LIMITATIONS

1. Due to limited time period all not all the customer was covered.

2. The data was collected by one to one personal interview and therefore bias
becomes a major limitation

3. The study was limited to the city Ahmedabad so by that this is not applicable
in other District than Ahmedabad.

4. All the respondents were not willing to give the personal details of their user’s
experience of digital payment.

34
1.10 DATA ANALYSIS AND INTERPRETATION

1.1 Table No-1 Gender wise classification of the respondents.

SI. No Gender No. of Respondent Percentage

1 Female 63 51.64 %
2 Male 59 48.36 %
Total 122 100 %

1.1 Chart No- 1 shows gender wise classification of the respondents. It is clearly
observed from the table that 51.64 % are female and 48.36 % are male. It includes
that majority of them are female (51.64 %).

Chart Title

Student Job

35
1.2 Table No- 2 Occupation of the respondents.
SI NO. Occupation No of Respondent Percentage
1 Student 66 54.10 %
2 Job 21 17.21 %
3 Business 15 12.30 %
4 Housewife 15 12.30 %
5 Retired 5 4.10 %

1.2 Chart No- 2 shows Occupation of the respondents. It is clearly observed from
the table that 54.10 % are student, 17.21 % are doing job, 12.30 % owning business,
12.30% are housewife and 4.10 % are retired. It includes that majority of them are
student (54.10 %).

Chart Title
70

60

50

40

30

20

10

0
Student Job Business Housewife Retired

1.3 Table No-3 Frequency of using cash by the respondents.

36
 SI Days No of respondent Percentage
NO.
1 Everyday 84 68.85 %
2 One to two times a week 17 13.93 %
3 Three to six times a week 14 11.48 %
4 Once a fortnight 3 2.46 %
5 Once every few months 2 1.64 %
6 Others 2 1.64 %

1.3 Chart No- 3 shows how often cash is use by the respondents. It is clearly
observed from the table that 68.85 % are using cash every day, 13.93 % are using one
to two times a week, 11.48 % are using three to six times a week, 2.46 % are using
once a fortnight, 1.64 % are using once every few months and 1.64 % are using
others. It includes that majority of them are using cash every day (68.85 %).

Chart Title
90
80
70
60
50
40
30
20
10
0
Everyday One to two Three to six Once a fortnight Once every few
times a week times a week months

1.4 Table No-4 Frequency of using bank debit card by the

respondents.
37
 SI Days No of respondent Percentage
NO.
1 Everyday 15 12.30 %
2 One to two times a week 29 23.77 %
3 Three to six times a week 24 19.67 %
4 Once a fortnight 17 13.93 %
5 Once every few months 28 22.95 %
6 Others 9 7.38 %

1.4 Chart No- 4 shows how often bank debit card is use by the respondents. It is
clearly observed from the table that 12.30 % are using cash every day, 23.77 % are
using one to two times a week, 19.67 %are using three to six times a week, 13.93
%are using once a fortnight, 22.95 % are using once every few months and 7.38 % are
using others. It includes that majority of them are using bank debit card one to two
times a week (23.77 %).

Chart Title
90
80
70
60
50
40
30
20
10
0
Everyday One to two Three to six Once a fortnight Once every few
times a week times a week months

1.5 Table No-5 Go-to payment option of the respondents.

38
 SI Go-to payment option No of respondent Percentage
NO.
1 Cards(Debit/Credit) 39 31.97 %
2 Cash 78 63.93 %
3 Cheque 5 4.10 %
4 Pay pal 0 0.00 %
Total 122 100 %
1.5 Chart No- 5 shows go-to payment option for the respondents. It is clearly
observed from the table that 31.97 %are using Cards(Debit/Credit), 63.93 %are using
Cash, 4.10 % are using Cheque and 0.00 % are using Pay pal. It includes that majority
of them are using Cash (63.93 %).

Chart Title
90
80
70
60
50
40
30
20
10
0
Cards(Debit/Credit) Cash Cheque Pay pal

SI. No Awareness of Digital No. of Respondent Percentage

transaction
1 Yes 117 95.90 %
2 No 5 4.10 %

39
 Total 122 100 %
1.6 Table No 6 Awareness of Digital transaction among the
respondents.

1.6 Chart No- 6 shows Awareness of Digital transaction among the respondents. It is
clearly observed from the table that 95.90 %are aware of Digital transaction and 4.10
%are not aware of Digital transaction. It includes that majority of them are aware of
Digital transaction (95.90 %).

Chart Title

Yes No

1.7 Table No-7 Frequency of predicting Digital transaction are safe

or not by the respondents.
SI. No Digital transaction are safe? No. of Respondent Percentage

40
 1 Yes 89 72.95 %
2 No 33 27.05 %
Total 122 100 %

1.7 Chart No-7 shows Digital transaction are safe or not among the respondents. It is
clearly observed from the table that 72.95 % said yes and 27.05 % said no. It includes
that majority of them said Digital transaction are safe (72.95 %).

Chart Title

Yes No

1.8 Table No-8 Frequently use Digital payment in week by the

respondents.

SI. Frequently use Digital payment in No. of Respondent Percentage

41
 No week
1 Less than 3 times a week 68 55.74 %
2 Between 3 to 5 times a week 46 37.70 %
3 More than 10 times a week 8 6.56 %
Total 122 100 %
1.8 Chart No-8 shows Frequently use Digital payment in week by the respondents. It
is clearly observed from the table that 55.74 % use less than 3 times a week, 37.70 %
use Between 3 to 5 times a week and 6.56 % More than 10 times a week. It includes
that majority of them use digital payment less than 3 times a week (55.74 %).

Chart Title
80

70

60

50

40

30

20

10

0
Less than 3 times a week Between 3 to 5 times a More than 10 times a week
week

1.9 Table No- 9 Frequency showing the estimation that Digital

transaction can reduce or eliminate black money by the respondents.

SI. No Digital transaction can reduce No. of Respondent Percentage

or eliminate black money?
1 Yes 86 70.49 %

42
 2 No 36 29.51 %
Total 122 100 %
1.9 Chart No-9 shows Digital transaction are safe or not among the respondents. It is
clearly observed from the table that 70.49 % said yes and 29.51 % said no. It includes
that majority of them said Digital transaction are safe (70.49 %).

Chart Title

Yes No

1.10 Table No-10 Digital payments as cheap mode than cash.

SI. No Digital payments as cheap No. of Respondent Percentage

mode than cash ?
1 Yes 95 77.87 %
2 No 27 22.13 %
Total 122 100 %

43
1.10 Chart No-10 shows Digital payments as cheap mode than cash among the
respondents. It is clearly observed from the table that 77.87 % said yes and 22.13 %
said no. It includes that majority of them said Digital transaction are safe (77.87 %).

Chart Title

Student Job

1.11 Table No-11 Methods of payment used by the respondents.

SI NO. Methods of payment No of respondent Percentage
1 Phone Pe 84 21.43 %
2 Paytm 91 23.21 %
3 PayPal 46 11.73 %
4 Google pay 67 17.09 %
5 Mobiquick 40 10.20 %
6 Bhim UPI 64 16.33 %

44
1.11 Chart No-11 shows Methods of payment use by the respondents. It is clearly
observed from the table that 21.43 % use Phone Pe, 23.21 % use Paytm, 11.73 PayPal
%, 17.09 % Google pay, 10.20 % use Mobiquick and 16.33 % Bhim UPI. It includes
that majority of them use Paytm (23.21 %).

Chart Title
100
90
80
70
60
50
40
30
20
10
0
Phone Pe Paytm PayPal Google pay Mobiquick Bhim UPI

1.12 Table No-12 Reason behind shift towards digital payment from
the respondents.

SI Reason behind shift towards digital No of Percentage

NO. payment respondent
1 No need to carry money 77 18.78 %
2 Cashback offers 73 17.80 %
3 Easy and fast way to make 41 10.00 %
payments

45
 4 Easy to track the record of payment 33 8.05 %
5 24*7 transfer 76 18.54 %
6 Discount and reward point 31 7.56 %
7 Time saving 79 19.27 %

1.12 Chart No-12 shows Reason behind shift towards digital payment by the
respondents. It is clearly observed from the table that 18.78 % said No need to carry
money, 17.80 % said Cashback offers, 10.00 % said Easy and fast way to make
payments, 8.05 % said Easy to track the record of payment, 18.54 % said 24*7
transfer and 7.56 % said Discount and reward point and 19.27 % said Time saving. It
includes that majority of them said Time saving (19.27 %).

Chart Title
80
60
40
20
0
ey rs ts en
t er in
t g
on ffe en m ns
f
po vin
m o ym ay tra d sa
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ca ba e of *7 w Ti
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to Ca m co nd
d
e
yt
o re ta
ne a e un
No w th o
st ck sc
fa tra Di
d o
an s yt
sy Ea
Ea

1.13 Table No-13 India can achieve cashless economy.

SI. No India can achieve cashless economy No. of Percentage
Respondent
1 Within 5 years 29 23.77 %
2 5 to 10 years 45 36.89 %
3 More than 10 years 39 31.97 %
4 Never 9 7.38 %
122 100 %

46
1.13 Chart No-13 shows India can achieve cashless economy predict by the
respondents. It is clearly observed from the table that 23.77 % said Within 5 years,
36.89 % said 5 to 10 years, 31.97 % said More than 10 years and 7.38 % said never. It
includes that majority of them said India can achieve cashless economy in 5 to 10
years predict by the respondents (36.89 %).

Chart Title
50
45
40
35
30
25
20
15
10
5
0
Within 5 years 5 to 10 years More than 10 years never

1.14 Table No-14 Mswipe provide reasonable products.

SI. No Mswipe provide reasonable No. of Respondent Percentage

products
1 Yes 85 69.67 %
2 No 37 30.33 %
Total 122 100 %
1.14 Chart No-14 shows Mswipe provide reasonable products among the
respondents. It is clearly observed from the table that 69.67 % said yes and 69.67 %
said no. It includes that majority of them said Mswipe provide reasonable products
(69.67 %).

47
 Chart Title

Student Job

1.15 Table No-15 Frequency of Mswipe provide what type of

products.

SI. No Mswipe provide which No. of Respondent Percentage

products
1 QR code 89 59.33 %
2 PoS machine 61 40.67 %
Total 122 100 %
1.15 Chart No-15 shows Mswipe provide which products known by the respondents.
It is clearly observed from the table that 59.33 % said yes and 40.67 % said no. It

48
includes that majority of them said Mswipe provide QR code is known by the
respondents (59.33 %).

Chart Title

QR code PoS machine

1.16 Table No-16 Benefits of Mswipe products

SI Benefits of Mswipe products No of respondent Percentage
NO.
1 24*7 transfer 25 25.00 %
2 Cashback offers 59 17.35 %
3 Auto settlements 16 4.71 %
4 Accept debit and credit card 23 6.76 %
5 Time saving 70 20.59 %
6 Instant transaction 28 8.24 %

49
 7 Easy to track transaction 59 8.24 %

1.16 Chart No-16 shows Benefits of Mswipe products by the respondents. It is

clearly observed from the table that 25.00 % said 24*7 transfer, 17.35 % said
Cashback offers, 4.71 % said Auto settlements, 6.76 % said Accept debit and credit
card, 20.59 % said Time saving, 8.24 % said Instant transaction and 8.24 % said Easy
to track transaction. It includes that majority of them said 24*7 transfer (25.00 %).

Benefits of Mswipe products

80
70
60
50
40
30
20
10
0
er rs ts rd g on on
ns
f ffe en ca vin cti cti
tra
o
em it sa a a
ck ttl ed e ns ns
*7 hba se cr Ti
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24 s to an
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Ac

50
 COMPANY
BRIEF

MSWIPE

The MSWIPE is India’s largest independent mobile POS merchant acquirer &
network provider founded in the year 2011 by Manish Patel. They believe in serving
the smallest of merchants. India currently has 12-15 million SMEs and mobile POS is
the only channel which can efficiently link these SMEs to mainstream financial
services & digital commerce. Mswipe aims to provide seamless mobile POS solutions
to such merchants across India and create India’s largest financial services platform
for SMEs. Mswipe has introduced some new possibilities in payment industry such
as, o “Card on delivery” for e-commerce operators. Mswipe’s solution integrates with

51
the existing apps of customers & can post payment details directly into the backend
systems of customers to eliminate the task of reconciling payments against orders.

Mswipe Technologies Private Limited, a point-of-sale network provider, said that it

has raised $30 million in a Series E funding round from existing investors Falcon
Edge, B Capital, Epiq Capital and DSG Growth Partners. The company aims to have
1.5 million merchants on its platform by the end of FY 2020. Apart from expanding
its existing line of mPOS terminals, the company is driving forward on two new
initiatives – smart POS terminals and UPI QR codes. It would use the funding to
deepen these initiatives, which are

“2019 marks our move into the next orbit of growth. We expect to be serving well over a
million merchants by this time next year, making us one of the largest and most capital
efficient merchant acquirers in the country,” said Manish Patel, founder and CEO, Ms
wipe “Also, on the anvil are tech-powered products that will add significant value to
merchants including an app-based ecosystem to help our merchant partners beyond
payments.”

Mswipe will drive widespread adoption of Mswipe’s smartPOS - WisePOS Plus. The
terminals run on the Android OS, enables retailers to run multiple applications on them,
including billing, inventory management and supply chain along with integrated
payments. While the deployment of WisePOS has already begun, Mswipe will be offering
applications from over 30 of India’s top software developers for small retailers, on the
WisePOS platform.

Mswipe also allows merchants to accept UPI QR Code payments, check transactions and
settlements, manage notifications and record all their sales in a single location. For those
merchants who use Mswipe’s POS for accepting payments, this will mean a single point
of integration into their existing bank account, said the firm. The company expects to on-
board well over 500,000 merchants for this initiative in the current financial year.

“It’s been an explosive but strategically complex period for Indian payments over the last
18 months. Under Manish’s (Patel) leadership Mswipe has emerged stronger as a leader
in the payments space,” said Vikram Vaidyanathan, Managing Director, Matrix India.
Mswipe said it is currently piloting Money Store, a proprietary app store which will
make available productivity apps like GoFrugal, Tally, ePaisa and Pet Pooja from
over 30 Indian software developers for small retailers, on its WisePOS platform.

2.1 Mswipe Department Wise Organization Chart

 MANAGEMENT TEAM
 SALES TEAM
 OPERATIONS TEAM
 SUPPORT TEAM
 IT TEAM

52
MANAGEMENT TEAM

SALES TEAM

53
OPERATIONS TEAM

SUPPORT TEAM

54
IT TEAM

55
PRODUCTS OF MSWIPE TECHNOLOGIES

2.2 WISEPAD

Accept all cards, UPI, Samsung Pay

Mswipe terminals accept all standard debit and credit cards including VISA,
MasterCard and Rupay

Portable, compact, wireless terminals

Wireless Pan-India mobile based Card acceptance

Anytime customer support

Dedicated teams to answer any question you may have

Electronic charges lips

56
Charge-slips can be stored digitally and easily accessed online

App - Notifications and Reports

Easy online and mobile accessibility to card transaction details

Works with your existing bank account

No need to open a new bank account

2.3 MVENTORY

All-in-one inventory management

Billing, products, suppliers and inventory, customer and loyalty

Multi user, manage multiple stores

Manage a multitude of outlets from a single device

Android POS application

Create invoice, enter purchases, generate sales invoices and accept payments on the
same device

Integrated payments, GST ready

Conduct all transactions on one handset

Safe and secure

Cloud hosted, block chain - your data safe and secure

Owner dashboard & MIS reports

57
One-screen view of your entire operations

2.4 MCAPITAL

Get loans fast

Loan with minimal documentation within 72 hours

EMI payments via Mswipe account

Daily EMI deduction through POS machine. PDC/ ECS not required. Flexibility of
change in daily percentage deduction available

Low Rates
Loans available at competitive rates

Top up
Easy top up of higher amount on completion of previous loan

2.5 MQR

MQR is ALL in One Payment Solution which works through Customer Mobile
wherein he can pay through ANY Payment Application and through any instrument of
his choice. (Merchant does not require any Machine for this)

QR (Scan & Pay) Technology is fast and secure.

MQR works on 2 parameters – QR Technology & Customer Mobile which is the most
convenient mode to pay
Since MQR facilitates payment acceptance through any of the following modes –
it’s a Must have All in One Payment Solution.

➢ VISA/Master/Rupay/Amex Cards (Debit & Credit both)

➢ Any BHIM (UPI) mode

58
Debit card – A debit card is a payment card that deducts money directly from a
consumer's saving account to pay for a purchase.
Credit Card - When a customer purchases a product via credit card, the credit
card's issuing bank pays on behalf of the customer and customer has a certain amount
of time to pay the credit card bill.
UPI (BHIM) - The UPI (BHIM) is intended to make immediate payment via a single
click two factor authentication process.
# Features:
➢All in One Digital Solution accepting Payments through
1. Cards - (Visa/Master/Rupay/Amex)
2. UPI (like BHIM, Google Tez etc.)

Which facilitates Acceptance of Payments thru Customers Mobile using Any Payment
App that Customer uses.
➢MIS can be customized.
➢There is an option of Smart QR (Debit card size) in case of Deliveries/Home
Services.

Advantages for accepting Payments through Mobile - Merchant need not have
Any Other Solution

In case of Deliveries/Home Visits – Merchant need not carry the POS Machine as
Smart QR is very Convenient to carry.
There is no hardware device which is required to accept the card payments and hence
the vulnerabilities associated with hardware like machine not functioning, network
issues, replacement don't exist.

Payments from all possible options can be accepted with simple single QR code
sticker, since there is no hardware involved the cost of offering digital payments
decreases drastically.

Machine can only accept card payments and customer today have multiple choices at
their end to make payment from like UPI applications, bank applications etc.
Customers convenience because he is not sharing any confidential details with you on
machine like card and card pin. Customer is making payment using any payment or
bank app that he is using it on regular basis and comfortable with by just scanning the
QR code.

59
Benefits
❖ QR Technology facilitates a Faster & Secure way of Transacting.
❖ Customer is more Comfortable paying thru this Solution as they need NOT share
their Card details or Security PIN.
❖ Merchant can Easily receive payment in Deliveries with provision of Immediate
SMS Intimation customized to Delivery Person/Store Manager/Owner.
❖ This is a Cost Effective & Efficient Solution covering ALL possible options that
Customer might have to pay to the Merchant.

2.6 DIFFERENCE BETWEEN POS AND MQR:

60
2.7 Factors encouraging merchants to accept Digital Payments

Merchants, all over the world now, accept the plastic money as a main payment
instrument in their business deals. Important factors, which have motivated the
merchants to accept plastic money are;

1. Customer Convenience
2. Increase in Sales and Profitability
3. Business Promotion
4. Avoid Bad Debts
5. Less Risk of handling cash.

Preferences to accept Credit & Debit cards:

Debit card which is one of the most important forms of plastic money There are
several factors attracting them to prefer debit cards. As it increases the sales of small
value items, less charge back problems compared to credit cards and able to attract all
levels of customers. They include credit cards which are able to attract both middle
and high level income group of customers, increases the sale of big ticket items both
traditional and online, reduces bad debts and increases the impulse sales.

2.8 Benefits of accepting of Digital Payments in business dealings:

This benefits include:

 Increased flexibility in dealings and convenience;

 Increased productivity and operating efficiencies;
 Increase in sales and revenue enhancement
 Economy in time and cost leads to increased productivity and operating
efficiencies
 Enhanced image and reputation, ensures guaranteed and timely payments

Increased flexibility in dealings and convenience

Card payments are the fastest, simplest and safest way to purchase and sales. It helps
the merchants to avoid the costs and risks involved in handling cash. Cards are the
most popular form of payment on the internet and other e-commerce transactions.
Fraud control techniques and internet security solutions offered by international card
agencies such as VISA, MasterCard etc. help to detect frauds immediately and avoid
huge losses. It particularly increases the confidence in e-commerce dealings.

61
Increase in sales and revenues

Mere presence of VISA and MasterCard logos will increase the cash sales in addition
to card sales. This is an extra bonus of accepting cards. Scientific experiments and
controlled studies proved it. Card products also increase the impulse sales. Sales
volume through loyalty programmes increase by co-branded cards.

Economy in time and cost leads to increased productivity and

operating efficiency of business

Card transactions reduce the volume of paper transactions and help the merchants to
concentrate on important business activities. Accepting cards lead to faster processing
of transactions and collection of payments compared to cash. Advances in card
acceptance technology such as contactless payments and mobile terminals have made
it possible for card transactions to rival or surpass the speed of cash transactions and
offer fast and secure transactions in a few seconds. Speedier transactions reduce long
queues and valuable time. Accepting of it will increase the effectiveness of services
given to customers by providing it speedily and safely. lt helps to attain competitive
edge over competitors. All these increase productivities in business dealings.

Ensures guaranteed payments

Card transactions are processed automatically. Merchants will receive payment within
24 to 48 hours of depositing sales drafts and it avoids bad debt problems also.

Enhanced image and reputation of business

Acceptance of plastic money increases the image and reputation of merchants among
public all over the world. Merchant account status obtained only to solid merchants
and possesses high credit worthiness. Credibility of business among public should
attract more customers and increases the sales all over the world.

62
2.9 KEY LEARNINGS

Teamwork: as an intern in the company many times there were team competition
was there in which we learn how to work in team. By doing things in team we were
not focusing on individual goals but we were focusing on group goal which were
more important that time.

Influencing: as an intern doing direct sales in day to day, I came to know my target
audience like what are there need and what they want. By meeting so many peoples in
a day at last I was able to influence merchant (target audience).

Always motivate yourself: as an intern in the company you have some sort of
target there which are on daily basis. Many of the time I found myself not being able
to complete my targets. But every next morning with a mind-set of doing more than
target was my thought.

63
 COMPITITORS OF
MSWIPE

64
3.1 Introduction

India has now crossed more than 1200 million active mobile users and mobile
Payments apps getting huge impetus after India Govt initiated several measures to
boost digital payment solutions.

With the implementation of the Unified Payment Interface or UPI platform, several
Indian Banks and the third-party company introduced numerous mobile payment apps
in India. You can easily find the list of such UPI payments app in the Google Play
Store or iOS app store. These UPI payment apps integrate UPI platform to send and
receive money between the UPI linked bank accounts.

In this article, you will find the list of some unique and innovative UPI payments app
which you can install from the Android or iOS App Store.

After the launch of NPCI ‘s UPI Payment platform, almost all Indian Banks
introduced their own UPI payments App integrating the BHIM-UPI platform. Not
only the Indian Banks, but several other third-party companies have also created their
own UPI payments app using UPI’s API and partnering with any Indian Bank. As of
April 2019, 144 Banks have already joined in UPI payment platform.

Here are the statistics of UPI transaction in India as on March 2019. Data Source:
NPCI & ET.

best UPI App

Several internet merchant websites like Amazon, Ola, Uber are also lining up to
launch their UPI App in India. Popular messaging App WhatsApp has also cleared
RBI’s data localization norms and likely to launch its UPI Payment App WhatsApp
Pay very soon partnered with ICICI Bank. As per latest updates government is
making the QR code-based payment system mandatory at all shops, therefore we
might witness many folds’ increase in UPI Payment system in India’s Retail segment.

65
3.2 Methods of UPI

UPI Payments works by following the Six different methods

1. QR Code: By scanning the QR code displayed at various merchant stores and

confirming the amount by entering the MPIN in your UPI payments app. As per latest
UPI 2.0 version, you don’t have to enter the passcode, instead, you can use signed QR
& intent.

2. VPA id: You have to share your VPA id, the store then initiates the payment
process. You will receive a notification on your mobile, you have to confirm the
transaction by entering your MPIN in UPI App. This type of method, you will find in
online shopping stores like Amazon or Flipkart.

3. Mobile Number: You can send money to a mobile number linked to any Bank
Account by sharing MMID.

4. Aadhaar Number: You can send and receive money by sharing the Aadhaar
Number linked Bank Account. You have to scan fingerprint for transferring money by
this process.

5. Sharing account Number & IFSC: This is a very common method of

transferring money between the account numbers of different Banks.

6. Contact Less or Audio NFC Technology: The contactless method is the

most futuristic and innovative method, for transferring money using the Audio NFC
Technology. Here, you do not have to share any VPA id or have to confirm any two
factors authentication. Instead, an ultra-high-frequency sound wave (Near Field
Communication sensor) communicates between the two UPI enabled devices (now
available only in high-end smartphones) and matching the wavelength of two devices
can authenticate the money transfer. Google Pay mobile payments app Cash Mode
works using this method. Several other UPI payments app like Phone Pe or HDFC
Bank PayZapp UPI payments app may launch the Proximity payment very soon.

66
3.3 Here’s the list of UPI App which are the competitor of Mswipe
Company

1. Google Pay

2. Phone Pe

3. Paytm

4. Freecharge

5. PayZapp by HDFC Bank

6. Pockets by ICICI Bank

7. UltraCash

 3.4 Google Pay:

Google Pay (formerly known as Tez) is number one in this list. Google Pay is the
most innovative and unique UPI payments app in India launched by Google. Google
Pay also leads in India’s UPI transaction in terms of Transaction Value.

Google Pay is the first UPI app enables Proximity feature (NFC Technology) in its
platform. Google Pay simplified the NFC Technology and introduce a Technology
which can capture the ultrasonic wavelength in the Phone’s Mic and speaker (Called
Audio QR Technology). Therefore, any smartphone can be enabled to communicate

67
using Audio QR Technology using ultra high-frequency sound wave. Currently, only
Cash Mode works using this method.

You can also set up Google Pay for your online business. For technical guidance on
Google Pay business set up visit here.

Features:

 Proximity features (Audio NFC Technology) in Cash Mode Transactions.

 No Wallet option, money can be directly debited and transferred to any
Bank Account you wish.
 Best reward programs and offers amongst the all UPI payments app in
India.
 In-App Google Play and Google Ad Payment option.
 Add any UPI participating Bank Accounts in India.
 Google Pay Safe shield.
 Spam Warning, you may Block any unwanted UPI request which seems
like fraud.
 Excellent UI and user-friendly navigation.
 Transfer money between UPI id or QR Code
 In-app payments for hundreds of partnered merchants.
 Integrate Google Pay API for merchant set up.
 Download Google Pay. (Referral Link, Use Code: b4x88w)

Best Mobile wallet providers in India for Android users

3.5 Phone Pe
upi payments app

68
Phone Pe is a Bangalore based UPI payments App launched in 2016. This payments
App now acquired by e-commerce giant Flipkart. PhonePe is the first UPI Payment
platform in India, will be integrated as a payment option in Walmart India’s “B2B
Cash&Carryy Stores”.

Phone Pe is partnered with Yes Bank to provide UPI Payments service in India.

You can link your existing Jio Money, Freecharge and Airtel Money e-wallet with
Phone Pe App and seamlessly transfer money between these wallets.

Features:

Most popular UPI payments app in India.

Interoperability amongst the e-wallet providers in India.
Purchase Gold using Phone Pe Wallets.
Excellent Cash Back and reward programs across several merchant websites
You can use the Phone Pe Wallet option in most of Indian E-commerce Websites
Payment gateway.
Money transfer using UPI limit up to Rs.1.00 Lacs.
Can integrate Jio Money with Phone Pe Wallet.
Excellent UI
A user can access multiple Bank Accounts using Phone Pe UPI App
Download Phone Pe. for Android & iOS (Use Referral Code: SubhFHGbY)

3.6 Paytm App

upi payments app

69
India’s largest digital wallet service provider and most downloaded UPI app in both
Android and iOS platform. Paytm was the pioneer of digital payment service in India
and one of the best UPI app in India. The App has excellent UI and integrates many
services in a single App platform.

Features:

Most popular money transfer app in India.

Integrates many features in a single platform. You can create Paytm Payment Bank
Account after full verification of KYC.
Rupay Virtual Debit Card linked with Paytm Payment Bank.
Access Paytm Online e-commerce store directly from Paytm App or Paytm Mall.
Transfer money using the QR code or sharing Payment link.
Buy Now Pay Later service for ICICI Bank customers.
Download Paytm UPI App. (Referral Link, Get Rs.30 Cash Back, Use Code:
THIRTY)

3.7 Freecharge Payment App

upi payments app

Freecharge is also a very popular UPI money transfer app in India for its several cash
back and in-app discounts and offers. You can get your own @freecharge UPI Id
using this App.

You can add multiple Bank Account linked with the mobile number registered for the
Freecharge App. You can also create Freecharge mobile wallet by uploading some
KYC documents.

This Gurgaon based Fintech start-up now is acquired by Axis Bank.

70
Features:

One of the highest rated money transfer UPI app in both the App Store and Play
Store.
Get your own @freecharge UPI id powered by Axis Bank.
In-App merchant discounts and offers.
Send money using the QR code.
Invest in Direct Mutual Funds.
Download the Freecharge UPI Payment App for Android and iOS.

3.8 PayZapp by HDFC Bank

upi payments app

Another UPI payments app cum digital wallet offered by HDFC Bank in India. This
mobile Payments app also very popular in India due to its numerous cashback offers
across different merchant sites.

Features:

In-App virtual Visa Debit card for online transactions.

Proximity Payments (Soundwave communication similar to G Pay) Soon to be
launched.
Huge Cashback and rewards programs across different merchant sites. Visit here for
details.
PayZapp wallet option on all e-commerce sites in India.
Option for PayZapp business Account.
VPA ID and QR code money transfer option.
Download PayZapp for Android & iOS. (Use Referral Code sole blog)

71
3.9 Pockets by ICICI Bank

Digital wallet cum UPI payments app offered by ICICI Bank.

ICICI Bank so far is the most innovative Bank amongst the Indian Banks and Pockets
Digital wallet is one such innovation, first launched by ICICI Bank in India.

Features:

Virtual digital wallet with an option to convert into a savings account.

Free virtual Visa Debit Card, users can also get a physical debit card. (Domestic Card)
Pockets wallet can also be accessed with ICICI Bank Net Banking.
Easy interface with one click add fund option.
VPA ID and QR code money transfer option.
Uses similar Audio QR technology Tone tag for pairing devices and making a
contactless payment.
Numerous deals and discounts with various merchants. For details visit here.
Download Pockets for Android & iOS

72
3.10 UltraCash UPI Payments App
upi payments app

UltraCash UPI Payments App uses Audio NFC Technology. You can pay your bills
by simply connecting your smartphone with another NFC device.

This UPI App currently works in some selected cities in India.

Features:

Pay Bill and transfer money offline using NFC Technology.

No wallet option, money can be directly debited from linked Bank Account.
In-App deals and discount.
Add BHIM UPI Bank Account with Six popular Banks in India.
Download UltraCash UPI App for Android & iOS

73
 Conclusion

As you see that the cash is still one of the most preferred mode of payment in India.
Although the digital transaction has been increasing day by day. Most of them are
using Paytm, Phone Pe, and Google pay now a day. It not that easy to become cash
less India. It will take a bit of time according to the current situation of India.

As the time will pass the number of digital transaction are going to increase and the
use of cash may be decrease day by day. For more and more peoples are getting
affected by the digital transaction. For some of them its good and for some of them
may not. The use of debit/ credit cards is also increasing.

Cash less economy has a bright side. Many of the peoples are using digital payment
for most of their day to day use due to cash back and such ataractic offers. Carry cash
in your hand may have the feeling of theft or loss of money which has no record
anywhere. Keeping the money in bank is much more safe rather than carrying it. Over
all the cash less India is not so far by the current situation.

74
 Bibliography

“Digital Payment - Different Modes & Benefits of Digital Payment.”

BankBazaar, www.bankbazaar.com/ifsc/digital-payment.html.

Google, Google. Step by Step Instruction for Various Modes of Payment.

Pandey, Prabhat. “Digital Payments in India: Definition, Types, Comparison and

Apps.” Google, Google, www.google.com/amp/s/upipayments.co.in/digital-
payment/amp/.

Sarkar, Subhradeep. “7 Best UPI Payments App in India [2019]: A Complete

Analysis.” SoleBlogger.com, 5 July 2019, www.soleblogger.com/best-upi-payments-
app-in-india/amp/.

75