Business Research Methods

Assignment 1&2

Gayathri Sri V.L

Yeswanth C
MBA -A
Research Proposal

Title:
A study on the future of digital payments in
India

Introduction:
This study is about the attitude of people towards adoption of
Digital Payments methods in order to have transparency in
their operations. Digital Payments were encouraged by
Government of India after the announcement of
demonetization on 8th November 2016. The basic objective
behind the initiative of Digital Payments was to achieve
cashless economy in the long run. Due to the increasing
corruption and black money in India, it was becoming
difficult to avail the statement of transactions and transfers
made by people to other parties. Digital India was a campaign
launched by Government to increase transparency in
operations and attain governance.

OBJECTIVES OF THE STUDY

 To find out the attitude of people towards adoption of
digital payments in India.
 To find out the problems faced by people in making
digital transfers
 To find out the most popular method of digital payments.
 To have an idea regarding the expected future of digital
payments in India.
Research Questions:

Based on the research of the study there have been

formulated certain questions.
Q1: Which mode of Digital Payment you use ?
Q2: Do you think that Digital Payments are safe enough?
Q3: How frequently do you make Digital Payments in a
week?
Q4: Do you think Digital Payments can reduce or
eliminate black money from India?
Q5: Do you find digital payments as cheap mode than
cash payments?
Q6: What is the reason behind your shift towards digital
payments?
Q7: In how much time do you think India can achieve
completely cashless economy?

Scope of the study:

In a country like India, where disparities are sometimes
poles apart, ensuring financial equality becomes an issue
of prime importance. One of the reasons why our
government started vocalizing Cashless Economy and
Digital India was to improve access to financial
resources.Digital payment is the seamless experience
they provide to customers. Reduced dependency on cash,
fast transfer speed, and the ease of transacting make
online payments a preferred option. Customers transact
more online when they see the ease, convenience, and
security of online payments. This means that more and
more people feel comfortable buying online, investing
digitally, and transferring funds via electronic mediums.
Along with the risk of losing money, there is the hassle
of carrying cash everywhere you go and keeping it safe.
With digital payments, one can keep their funds secured
in online format effortlessly. Nowadays, your mobile
phone alone is enough to make and receive payments –
thanks to UPI, netbanking, and mobile wallets.
Additionally, most digital payment channels provide
regular updates, notifications, and statements for a
customer to track his funds.

Data Collection Method:

For the purpose of our study, Primary Data have been

used. Primary data has been collected using
questionnaire method from 50 people.

Sample size:

In this research population the study are common people

who use digital payments.

Research Design:

Research design is the framework of research methods

and techniques chosen by a researcher. The design of a
research topic explains the type of research
(experimental, survey research, correlational, semi-
experimental, review) and also its sub-type (experimental
design, research problem, descriptive case-study).In my
study We use survey research. Survey research is a
quantitative approach that features the use of self-report
measures on carefully selected samples.
 Survey Design Sample:

MajorChallenges/ Problems Of
DigitalPayments:
 Lack of trust among people in digital payments.
 Lack of knowledge and awareness among uneducated or
less advanced people.
 Less reliability due to scams and hacking cases cases.
 Loss of internet connection sometimes.
 Delay in cashback processing by E-commerce
Companies and e- wallet Companies.
 Sometimes the payments get blocked and noconfirmation
is sent to customer regarding status of payment
 Network issues

Conclusion:
 The move towards cashless economy is definitely a good
one but it will take much time to have 1 completely
cashless economy. The efforts are going well by the
government as well as the private sector companies
having there e-wallets apps such as PayTM, PhonePe etc.
The biggest challenge in front of government is the lack
of knowledge and awareness among people and fear of
loss of money by use of digital payment methods risk of
hacking. The government needs to tackle these
challenges to have cashless economy and to give a boost
to digital payments to provide sustainable economic
development to the country in the long run.

Limitations of the study:

 Limited coverage of areas.
 Small sample size of 50 people.

References:

 https://en.m.wikipedia.org/wiki/Digital_wallet
 http://cashlessindia.gov.in/
digital_payment_methods.html