Minor Project Final Report PDF

"A Study On Students Perception Towards E-Payment Systems"
A PROJECT REPORT ON
Minor Project submitted in partial fulfilment of the requirements for the
award of the degree of
master of commerce
Of
Mangalore university
SUBMITTED BY
MS. nANDASHREE SHETTY
MS. NAVYASHREE NAIK
MS. VINITHA
MS. KAVYA
MR. SOURABH SHET
MR. jOYSTON JENIL MACHADO
UNDER THE GUIDANCE OF
MS. DEEKSHITHA
LECTURER
POORNAPRAJNA COLLEGE AND POST GRADUATE CENTRE
UDUPI – 576101
2021-22
Acknowledgement
“No one who achieves success does so without acknowledging the help of others. The wise and
confident acknowledge this help with gratitude”
- Alfred North Whitehead
We express our sincere appreciation to those who have contributed to this study and supported us in
one or the other during this amazing journey for without any of them, this research work would not
have been possible.
First and foremost, we wholeheartedly and sincerely thanks to Dr. Raghavendra A, Poornaprajna
College and Post Graduate centre.
We express our gratitude to our beloved coordinator Dr. H .V. Somayaji, for providing the
necessary facility during the period of our project work.
We also express our wholeheartedly thanks to our internal guide, Ms. Deekshitha, her constant
guidance and supervision throughout of our project work.
We would like to acknowledge and appreciate the dear respondents for their support and
wholehearted cooperation in providing the required inputs that have enabled us in materializing the
project into reality.
The outpouring of love and support we received from our friends and family not only during the
study, but throughout this journey, without you all, we may not be where we are today, Thank you
so much for your support.
Lastly We would like to extend our gratitude to all the faculties of Poornaprajna college and Post
Graduate Centre for their kind co-operation and encouragement.
INDEX
Chapter No. Title PAGE NUMBER
Chapter 1 Introduction 1-7
Chapter 2 Conceptual Framework 8 - 14
Chapter 3 Data Interpretation 15 - 37
Chapter 4 Findings, Suggestions, Conclusion 38 - 42
Bibliography 43 – 44
Annexure 45 – 49
List of tables
Serial No. Title Page No

Table showing gender of the 16
respondents
3.1
3.2 Table showing use of online 17

payment by students
3.3 Table showing which app the 18

students use for the online
payment
3.4 Table showing how often 19

students make payment through
online platform
3.5 Table showing how long students 20

are using the online payment
3.6 Table showing the most preferred 21

online payment method used by
students
3.7 Table showing purposes for 22

which online payment is
made by the students
3.8 Table showing the monthly 24

transaction done by the
students in UPI
3.9 Table showing cashback received 25

from various payment gateway
apps
3.10 Table showing E-Payment system 26

saves time and money of the
students
3.11 Table showing that E-Payment 27

provide better feasibility by giving
more options for the payment
3.12 Table showing factors 28

affecting for online payment
mode to increase day by day
3.13 Table showing the awareness 30

about the internet risk
3.14 Table showing the major barriers 31

for online payment
3.15 Table showing checking of the 32

app or site security
3.16 Table showing the security 33

threats of online payment faced
by students
3.17 Table showing the security 35

measures taken against the
various kinds of online
banking attacks
3.18 Table showing the overall 37

online payment experience of
students
List of charts
Serial No. Title Page No
3.1 Chart showing gender of the 16
respondents
3.2 Chart showing use of online 17

payment by students
3.3 Chart showing which app the 18

students use for the online
payment
3.4 Chart showing how often 19

students make payment
through online platform
3.5 Chart showing how long 20

students are using the online
payment
3.6 Chart showing the most 21

preferred online payment
method used by students
3.7 Chart showing purposes for 23

which online payment is
made by the students
3.8 Chart showing the monthly 24

transaction done by the
students in UPI
3.9 Chart showing cashback 25

received from various payment
gateway apps
3.10 Chart showing E-Payment 26

system saves time and money
of the students
3.11 Chart showing that E-Payment 27

provide better feasibility by
giving more options for the
payment
3.12 Chart showing factors 29

affecting for online payment
mode to increase day by day
3.13 Chart showing the awareness 30

about the internet risk
3.14 Chart showing the major 31

barriers for online payment
3.15 Chart showing checking of the 32

app or site security
3.16 Chart showing the security 34

threats of online payment faced
by students
3.17 Chart showing the security 36

measures taken against the
various kinds of online
banking attacks
3.18 Chart showing the overall 37

online payment experience of
students
Chapter 1
(abstract, Introduction,
literature review, Research
methodology, limitations of the
study)
1|Page
Abstract:
The current study uses a sample size of 50 students to try to figure out how they feel about the
electronic payment method. Following India's demonetization, digital payments are gaining traction.
Carrying, storing, and safeguarding cash has been replaced by a secure and convenient way of
payment in the form of the E-Payment system. The E-Payment mechanism, on the other hand, is not
completely secure. It is also vulnerable to cyber-attacks. The purpose of this study is to look into the
use of digital payments among students, as well as their understanding of the risks and other security
problems.
• Introduction:
An electronic wallet is a virtual cashless service that can be used to replace physical currency. A
person does not need to run to ATMs or banks to withdraw cash in order to buy something; instead,
the transaction can be completed in a fraction of a second. It has emerged as a promising method of
acquiring products and services without the use of currency. The primary goal of e-wallets is to
facilitate rapid transactions, hence reducing the use of cash. This boom is a result of the
demonetization process.
Digital payments will become increasingly important in the future, necessitating a shift in people's
habits to accept them. The cashless transition is not only safer than the cash transaction but is less
time consuming. It also helps in record of the all the transaction done. India has more than 100
crore active mobile connections and more than 22 crore smart phone users as of March 2016. This
number is going to increase further with a faster internet speed. The online payment requires no
other participants than the payer and payee, so by having no transaction processing fees and
allowing low value transactions to be cost-effective. This uses inherent security mechanisms to
ensure the safety of transactions independent of the transmission protocol being used. Electronic
2|Page
transfer funds have been around for many years and the economy has greatly benefited from this
technological advance. An electronic payment system such as credit cards has facilitated monetary
transactions and even provides a way to finance everyday purchases through credit. Because of
this, bitcoins are gaining popularity but there are still many questions and considerations of a
virtual economy. However, the risk of identity thefts, market euphoria, and privacy issues will
always exist. As history has showed us, new technology can cause irrational enthusiasm that only
leads to overvalued securities and ultimately end in a financial collapse. Nonetheless, new
financial technology is not yet perfected and can be very costly. But with new innovations and
proper usage, financial technology can be the key to successfully managing one’s money.
❖ Literature review:
'Factors affecting the adoption of e-payment systems by University Students' (In UAE)-. A
total of 500 students were participated in the study. The results suggested that trust is a significant
factor in predicting perceived usefulness, perceived ease of use in e-payment adoption.
Surprisingly, perceived usefulness is found to be insignificant in determining the e-payment
adoption.
“Awareness and usage of digital payments and its risks among student community of Udupi
district. The respondents were UG and PG students nearly 200 responses were collected. After
analysing the data, it was discovered that 71 percent of respondents use Net Banking to make
payments, while the remaining utilise alternative ways of payment. Of the numerous types of
payments, Mobile Recharge is the most popular. Before making payments, 84.5 percent of
respondents are aware of the security standards. 69% of the respondents are aware of the Phishing,
53% are aware of Pharming, 53.5% are aware of Spyware, 64.5% are aware of the Sim Card Swap
Risks. 83% respondents consider Managing Personal Finance is important. Among the
respondents 48.5% consider Risk as the important factor discouraging their online payments.
3|Page
“Student Awareness of Digital Payment Services (Case Study in Indonesia)” by A Iradianty

and B R Aditya, 2020.This research focuses on the viewpoints of gender, age, and monthly
expenses. This study's findings can help by providing empirical evidence of awareness levels based
on demographic variables and their attitudes toward digital payment services of Indonesian
students.
“Future of e-Wallets: A Perspective From Under Graduates” by Madhu Chauhan and Isha
Shingari, 2017. Total of 100 students (approximately) participated in the poll. The majority of
students use e-payment alternatives to pay their electricity and water bills. Despite several security
concerns, people choose e-payments due to its convenience, ease of use, quick service, and
availability.
“A Study on impact of online payment with reference to degree students” by Alwan Sri
Kustono, Ardhya Yudistira Adi Nanggala, Imam MAS'UD. This study aims to determine the
factors that influence behavioural intentions to use E-wallet. The factors tested include application
quality. Nearly 180 applicants were selected the results were Six hypotheses are tested, and four
hypotheses are successfully accepted. Perceived ease of use has a positive effect on perceived
usefulness. Perceived usefulness has a positive effect on attitude toward using e-wallet
applications. The perceived ease of use of the application has no direct effect on attitude. This
study's results are beneficial for e-wallet providers to increase the level of the use of e-wallet.
'A study on Impact of Covid-19 pandemic on online payment with reference to degree
students' by Archana Pawar, 2021.Whole world faced a major issue of covid pandemic. In these
situation lots of people lost their job, they left their cities due to unavailability of necessities People
started online payment method because they were not able to give cash.
Prasad & Meghwal (2017) did a research on Digital Literacy among people of different demographic
level and observed that Male are more familiar with Digital Payments than the Female. The results
4|Page
did not differentiate between the usage level among Graduate / Post Graduate Students and the
Professionals. However, this study doesn’t differentiate between the Graduate and Post Graduate
Students knowledge / usage of the Digital Payments.
“Perception and Attitude towards e–Payment System Among University Students” the study
conclude that there was a significant relationship between perception of electronic payment
systems and attitude towards electronic payment systems. The results revealed a significantly
positive relationship between perception of the electronic payment system and attitude towards
electronic payment.
"University Students Perception and Preference Towards Mobile Wallets”, With Reference
to Bangalore Rural District" Karnataka. We conclude that The goal of this study is to examine
the perceptions, preferences and satisfaction of young University students in Bangalore's rural
district regarding M-wallets (Mobile Wallets) in this fast- paced technological era.
'A study on University students preference towards e- wallets' by Linh Khanh,Ha Ngan,
Huong Pham august 2020.Findings indicate that in spite of challenges while using digital wallet.
All in all, it is believed that this report can provide a prototype as well as probable incentive to
further study of e-wallet for developing innovative features of digit
Pais (2018) examines digital financial knowledge among college students with a sample size of
100 in a research article. The majority of respondents favoured Cash on Delivery over Digital
Payments, according to the report.
5|Page
❖ Objectives of the study:
1) To understand the level of awareness among students regarding the risk associated while using
the online payment mode.
2)To understand whether digital payment discourages the students or it will make ease in payment
method
3)To understand capacity of students spending in digital payment
❖ Research Methodology:
The study collected the following material through two sources firstly by sending Google
questionnaire through Google forms and secondly through published literature review to study the
student’s perception towards e-payment system.
• COLLECTION OF DATA:
Data was gathered from both primary and secondary sources.
1. PRIMARY DATA:
The study's data was gathered from Under Graduate and Post Graduate students. The majority of
the participants in the study are between the ages of 16 to 25. A questionnaire is used to obtain
main data and information from students. The sample size was set at 50.
2. SECONDARY DATA:
For the goal of the study, data was collected from a variety of research papers and publications
on the subject and analysed to improve the study's presentation.
6|Page
Sample Size: -
The questionnaire was distributed to the student circle through the WhatsApp groups and number of
responses were restricted to 50 in number. The respondents were Under Graduate and Post Graduate
Students.
❖ Limitations of the Study: -

Despite the fact that every effort has been made to provide error-free data, the following limitations
have been identified:
a. Google Forms was used to collect the responses. As a result, the majority of respondents are
familiar with the internet and its benefits and drawbacks.
b. The responders were limited to college student groups via WhatsApp circulation.
c. As respondents continue to use digital gadgets and they know their benefits/problems, their
perceptions may vary day by day. As a result, the same response may not be predicted from the same
responders in the future.
7|Page
Chapter 2
Conceptual framework
8|Page
❖ Conceptual Framework:
India has been enjoying a healthy evolution of payment systems over the past three decades. This has
been the result of the measured road maps periodically adopted by the Reserve Bank, as a developer
in the initial years and as a catalyst and facilitator in later years. Though the advancements in the
payment systems were gradual in the early days, the two decades of this century have truly witnessed
a revolution.
From barter systems to Unified Payments Interface (UPI), payment systems in India have come a
long way. Our payment systems are not only best-in-class, but also offer a bouquet of systems suited
to serve every Indian. Proactive regulation and supervision with safety and customer centric
initiatives have been the hallmark of developments in the retail payments systems arena and it is a
proud feeling to be recognised as a leader across the globe in this sphere
When people or businesses enter into economic transactions, that is buy or sell goods and services,
the value of thereof needs to be settled. Before the concept of money came in, the settlement
was through exchange of goods and / or services and it was called the barter system. With the concept
of money, the sale and purchase of goods and services are being effected or settled by payment
of money. Thus people settled their economic transactions by paying in currency notes and coins.
As the banking system evolved, it became easier, safe and even remunerative to keep one’s money
in a bank account and it became still more easier and safe to use ‘transfer of money in bank
accounts’ for making payments for the economic transactions. This was more so for large value
transactions. Actually, it is now used equally for effecting low value transactions also. For effecting
this transfer of money in bank accounts, a payment instrument was needed to instruct the bank to
effect that transfer. This instrument was the cheque for a very long period. Thus a system consisting
of the cheque as the payment instruments and an infrastructure around the cheques consisting of the
drawee bank, the drawer bank and the cheque clearing houses came on the scene and were known as
the payment systems. With the developments in the information and communication technology,
world over, different kinds of payment instruments and innovations in the instruments and the
payment systems evolved. It happened in India too and that’s the story I will be narrating now. Today
we can boast of a strong retail payments framework in the country comparable to that of any advanced
country, and perhaps even better than some of them in terms of the variety and efficiency. Various
types of payment instruments exist to meet the requirements of different users in different
9|Page
circumstances – bank accounts, cheques, debit and credit cards, prepaid payment requirements of
users depending upon their time criticality and cost sensitivity – National Electronic Funds Transfer
(NEFT), Immediate Payment Service (IMPS), Aadhaar Enabled Payment System (AEPS) and
recently Unified Payments Interface. The need for making bulk and repetitive payments is met by
systems such as Electronic Clearing Service (ECS), National Automated Clearing House (NACH)
and Aadhaar Payment Bridge System (APBS). Moving further along the path of non-cash, non-paper
payments, over a period of time various systems have been put in place to meet the remittance
requirements of different segments of users. The National Electronic Funds Transfer or NEFT as it
is popularly known, is a pan -India system today. Though it began its journey a decade ago as a local
EFT system, it later expanded to cover larger areas. There are not too many systems of comparison
even in other countries. Our Vision -2018 envisages further efficiency enhancements in NEFT.
Apart from NEFT, the Immediate Payment Service (IMPS)and Real Time Gross Settlement System
(RTGS) also facilitate funds transfer requirements of users. While the former is a 24x7 immediate
funds transfer system the latter is essentially a Financial Market Infrastructure which processes large
payments including customer payment transaction where value is above ` 2 lakh. In all these systems,
a system of positive confirmation has been put in place whereby the sender is also advised or
intimated about the credit accorded to the beneficiary.
Technology has completely transformed numerous elements of daily life over the last couple of
decades and that is certainly the case where making payments is concerned. Advancements in mobile
technology helped to power increased use of e-Wallets. The additional layer of security offered by e-
Wallets is one of the major attractions for consumers, giving them confidence that their personal data
is kept safe.
Digital payments continue to increase in popularity, rewarding forward-thinking organizations for
meeting the demands of technologically-advanced customers and pushing laggards to modernize in
order to remain competitive. Examples of the further evolution of electronic payment systems include
the digital transformation of point-of-sale systems and Omni channel acceptance for payment
processors. These industry initiatives improve the ease and efficiency of accepting and processing
transactions and allow for the collection of useful business data—which can lead to greater profits
for merchants and higher rates of adoption for payment service providers.
10 | P a g e
However, this constant advancement also increases risk, creating a need for data protection to
match the rate of technological change.
After the launch of Cashless India, we currently have ten methods of digital payment available in
India. Some methods have been in use for more than a decade, some have become popular recently,
and others are relatively new.
1: Banking Cards:
Indians widely use Banking cards, or debit/credit cards, or prepaid cards, as an alternative to cash
payments. Andhra Bank launched the first credit card in India in 1981.
Cards are preferred because of multiple reasons, including, but not limited to, convenience,
portability, safety, and security. This is the only mode of digital payment that is popular in online
transactions and physical transactions alike. Nowadays, many apps are being launched with the sole
purpose of managing card transactions like Cred, Square, etc.
2: Unstructured Supplementary Service Data(USSD):

USSD was launched for those sections of India’s population which don’t have access to proper
banking and internet facilities. Under USSD, mobile banking transactions are possible without an
internet connection by simply dialing *99# on any essential feature phone.
This number is operational across all Telecom Service Providers (TSPs) and allows customers to
avail of services including interbank account to account fund transfer, balance inquiry, and availing
mini statements. Around 51 leading banks offer USSD service in 12 different languages, including
Hindi & English.
3: Aadhaar Enabled Payment System (AEPS):

AEPS is a bank-led model for digital payments that was initiated to leverage the presence and reach
of Aadhar. Under this system, customers can use their Aadhaar-linked accounts to transfer money
between two Aadhaar linked Bank Accounts. As of February 2020, AEPS had crossed more than 205
million as per NPCI data.
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AEPS doesn’t require any physical activity like visiting a branch, using debit or credit cards or making
a signature on a document. This bank-led model allows digital payments at PoS (Point of Sale / Micro
ATM) via a Business Correspondent (also known as Bank Mitra) using Aadhaar authentication. The
AePS fees for Cash withdrawal at BC Points are around Rs.15.
4: Unified Payments Interface (UPI):

UPI is a payment system that culminates numerous bank accounts into a single application, allowing
the transfer of money easily between any two parties. As compared to NEFT, RTGS, and IMPS, UPI
is far more well-defined and standardized across banks. You can use UPI to initiate a bank transfer
from anywhere in just a few clicks.
The benefit of using UPI is that it allows you to pay directly from your bank account, without the
need to type in the card or bank details. This method has become one of the most popular digital
payment modes in 2020, with October witnessing over 2 billion transactions.
What took credit cards a decade or so to achieve in India, UPI had accomplished in a matter of just
two years.
5: Mobile Wallets:
Mobile Wallets, as the name suggests, are a type of wallet in which you can carry cash but in a digital
format. Often customers link their bank accounts or banking cards to the wallet to facilitate secure
digital transactions. Another way to use wallets is to add money to the Mobile Wallet and use the said
balance to transfer money.
Nowadays, many banks have launched their wallets. Additionally, notable private companies have
also established their presence in the Mobile Wallet space. Some popularly used ones include Paytm,
Freecharge, Mobikwik, mRupee, Vodafone M-Pesa, Airtel Money, Jio Money, SBI Buddy, Vodafone
M-Pesa, Axis Bank Lime, ICICI Pockets, etc.
6: Bank Prepaid Cards:

A bank prepaid card is a pre-loaded debit card issued by a bank, usually single-use or reloadable for
multiple uses. It is different from a standard debit card because the latter is always linked with your
bank account and can be used numerous times. This may or may not apply to a prepaid bank card.
12 | P a g e
A prepaid card can be created by any customer who has a KYC-complied account by merely visiting
the bank’s website. Corporate gifts, reward cards, or single-use cards for gifting purposes are the most
common uses of these cards.
7: POS Terminals:
POS(Point of Sale) is known as the location or segment where a sale happens. For a long time, PoS
terminals were considered to be the checkout counters in malls and stores where the payment was
made. The most common type of POS machine is for Debit and Credit cards, where customers can
make payment by simply swiping the card and entering the PIN.
With digitization and the increasing popularity of other online payment methods, new PoS methods
have come into the picture. First is the contactless reader of a PoS machine, which can debit any
amount up to Rs. 2000 by auto-authenticating it, without the need of a Card PIN.
8: Internet Banking:
Internet Banking, also known as e-banking or online banking, allows the customers of a particular
bank to make transactions and conduct other financial activities via the bank’s website. E-banking
requires a steady internet connection to make or receive payments and access a bank’s website, which
is called Internet Banking.
Today, most Indian banks have launched their internet banking services. It has become one of the
most popular means of online transactions. Every payment gateway in India has a virtual banking
option available. NEFT, RTGS, or IMPS are some of the top ways to make transactions via internet
banking.
9: Mobile Banking:
Mobile banking refers to the act of conducting transactions and other banking activities via mobile
devices, typically through the bank’s mobile app. Today, most banks have their mobile banking apps
that can be used on handheld devices like mobile phones and tablets and sometimes on computers.
Mobile banking is known as the future of banking, thanks to its ease, convenience, and speed. Digital
payment methods, such as IMPS, NEFT, RTGS, IMPS, investments, bank statements, bill payments,
etc., are available on a single platform in mobile banking apps. Banks themselves encourage
customers to go digital as it makes processes easier for them too.
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10: Micro ATMs:

Micro ATM is a device for Business Correspondents (BC) to deliver essential banking services to
customers. These Correspondents, who could even be a local store owner, will serve as a ‘micro
ATM’ to conduct instant transactions. They will use a device that will let you transfer money via your
Aadhaar linked bank account by merely authenticating your fingerprint.
Essentially, Business Correspondents will serve as banks for the customers. Customers need to verify
their authenticity using UID(Aadhaar). The essential services that will be supported by micro ATMs
are withdrawal, deposit, money transfer, and balance inquiry. The only requirement for Micro ATMs
is that you should link your bank account to Aadhaar.
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Chapter 3
Data interpretation
15 | P a g e
❖ Data interpretation:
❖ Table No.3.1
Table showing gender of the respondents

SL.NO CHOICES FREQUENCY PERCENTAGE
1 MALE 17 34%
2 FEMALE 33 66%
TOTAL 50 100
Chart No.3.1
Chart showing gender of the respondents
gender of the respondents
MALE
34%
MALE
FEMALE
FEMALE
66%
Interpretation:
From the above chart we can interpret that 66% of the respondents are female students
and 34% of the respondents are male students.
16 | P a g e
• Table No.3.2
Table showing use of online payment by students

1 YES 46 92%
2 NO 4 8%
TOTAL 50 100
CHART NO: 3.2

Chart showing use of online payment by students
Interpretation:
From the above data it clearly states that 92% of the students use online payment; whereas the
remaining 8% are not comfortable in using the online payment system.
17 | P a g e
• TABLE NO.3.3
Table showing which app the students use for the online payment
1 Paytm 3 6%
2 Phonepe 13 26%
3 Google 29 58%
pay
4 Other 5 10%
TOTAL 50 100%
CHART NO:3.3
Chart showing which app the students use for the online payment
Interpretation:
The above data shows the various apps used by the students while making online payment, 58%
of the students prefer Google Pay; whereas least preference given to the paytm while making
online payment.
18 | P a g e
• Table NO: 3.4
Table showing how often students make payment through online platform
1 Regularly 18 36%
2 Often 6 12%
3 Sometimes 22 44%
4 Never 4 8%
TOTAL 50 100%
CHART NO: 3.4

Chart showing how often students use the online payments.
Interpretation:
The above data shows how often students use the online payment, 44% of the students use the
online payment sometimes; the next 36% of the students use the online payment regularly and
the next 12% of the students use often, the rest 8% didn’t used the online payment till now.
19 | P a g e
• Table No: 3.5
Table showing how long students are using the online payment
1 Less than 6 14
months
2 A year 19
3 More than 16
2 years
4 Other 1
TOTAL 50 100%
Chart No: 3.5

Chart showing how long students are using the online payment
Interpretation:
Among the respondents 38% are using online payment for a year; 32% of the students have been
using online payments for more than 2 years and 28% of the students have been using online
payment for less than 6 months and the rest 2% didn’t use the online payment in a period.
20 | P a g e
• Table No: 3.6
Table showing the most preferred online payment method used by students
SL.NO CHOICES FREQUENCY PERCEN TAGE
1 Debit card 17 34%
2 Credit card 2 4%
3 UPI 26 52%
4 Internet 5 10%
banking
TOTAL 50 100%
Chart No: 3.6

Chart showing the most preferred online payment method used by students
Interpretation:
52% of the students prefer UPI as a best method for online payment; 34% of the students prefer
debit card,10% of students prefer Internet banking and the rest 4% of the students prefer credit
card.
21 | P a g e
• Table No: 3.7
Table showing purposes for which online payment is made by the students
1 Mobile recharge 6 12%
2 Mobile recharge, Online purchase Payment in 13 26%

retail shop, shopping mall, Travel and food
3 Mobile recharge, Online purchase 7 14%
4 Don't make any online payment 3 6%
5 Mobile recharge, Online purchase Payment in 4 8%

retail shop, shopping mall
6 Mobile recharge Payment in retail shop, shopping 5 10%

mall
7 Mobile recharge Payment in retail shop, shopping 1 2%

mall Travel and food
8 Online purchase 5 10%
9 Payment in retail shop, shopping mall 5 10%
TOTAL 50 100%
22 | P a g e
Chart No: 3.7

Chart showing purposes for which online payment is made by the students
Online purchase Payment in retail shop,

10% shopping mall Mobile recharge
10% 12%
Mobile recharge
Payment in retail shop,
shopping mall Travel
and food
2%
Mobile recharge
Payment in retail shop, Mobile recharge, Online
shopping mall purchase Payment in
10% retail shop, shopping
mall, Travel and food
27%
Mobile recharge, Online

purchase Payment in
retail shop, shopping
mall
8%
Mobile recharge, Online
Don't make any online purchase
payment 15%
6%
Interpretation:
Among the respondents 26% used online payment for mobile recharge, online purchase, payment
in retail shops, travel and food; whereas 6% didn’t use the online payment for different services.
23 | P a g e
• Table No: 3.8
Table showing the monthly transaction done by the students in UPI

1 0 - 500 17 34%
2 500 - 1000 20 40%
3 1000 and 13 26%
Above
TOTAL 50 100%
Chart No: 3.8

Chart showing the monthly transaction done by the students in UPI
Interpretation:
Among the respondents 40% do the monthly transaction of 500-1000; 34% do the 0-500
transactions and 26% do the1000 and above monthly transactions.
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• Table No: 3.9
Table showing cashback received from various payment gateway apps

1 Less than 17 34%
100
2 100 - 1000 12 24%
3 More than 3 6%
1000
4 No cash 18 36 %
back
TOTAL 50
Chart No: 3.9

Chart showing cashback received from various payment gateway apps
Interpretation:
36% of the respondents didn’t receive any cashback from gateway apps,34% received less than
100 cashbacks, 6% received more than 1000 cashback and 24% received between 100-1000 as a
cashback for using payment apps.
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• Table No: 3.10

Table showing E-Payment system saves time and money of the students

1 Strongly 16 32%
agree
2 Agree 31 62%
3 Strongly 0 0%
disagree
4 Disagree 3 6%
TOTAL 50 100%
Chart No: 3.10

Chart showing the information about whether E-Payment system saves time and money of
the students
Interpretation:
Among the respondents 32% strongly agree that the E-Payment system saves time and money,
62% agree to it whereas 6% disagree that the E-payment system saves time and money.
26 | P a g e
• Table No: 3.11
Table showing that E-Payment provide better feasibility by giving more options for the
payment

1 YES 48 96%
2 NO 2 4%
TOTAL 50 100%
Chart No: 3.11

Chart showing that E- Payment better feasibility for making payment
Interpretation:
96% of the respondents provide positive feedback on that E-payment E- Payment gives better
feasibility for making payment; whereas 4% disagree.
27 | P a g e
• Table No: 3.12
Table showing factors affecting for online payment mode to increase day by day
1 Due to cashless transaction 16 32%
2 Due to cashless transaction, Due to anytime pay 7 14%

facility
3 Due to anytime pay facility 13 26%
4 Due to cashless transaction, Trust on E-payment 1 2%

mode
5 Due to cashless transaction, Trust on E-payment 9 18%

mode, Due to anytime pay facility
6 Trust on E-payment mode 3 6%
7 Trust on E-payment mode, Due to anytime pay 1 2%

facility
TOTAL 50 100%
28 | P a g e
Chart No: 3.12
Chart showing factors affecting for online payment mode to increase day by day
Trust on E-payment
Trust on E-payment mode, Due to anytime
mode pay facility
Due to cashless 6% 2%
transaction, Trust on E-
payment mode, Due to
anytime pay facility
18% Due to cashless
transaction
32%
Due to cashless
transaction, Trust on E-
payment mode
2%
Due to cashless
transaction, Due to
anytime pay facility
14%
Due to anytime pay
facility
26%
Interpretation:
Among the respondents the 32% is due to cashless transaction facility and 26% is due to
anytime pay facility and 6% is due to trust on E – Payment mode, due to anytime pay facility.
29 | P a g e
• Table No: 3.13
Table showing the awareness about the internet risk

1 YES 47 94%
2 NO 3 6%
TOTAL 50 100%
Chart No: 3.13

Chart showing the awareness about the internet risk of students
Interpretation:
94% respondents positively replied that they are aware of internet risk; whereas 6% are unaware
of the internet risks.
30 | P a g e
• Table No: 3.14
Table showing the major barriers for online payment

1 No barriers 20 40%
2 Don't trust bank security 14 28%
3 Don't like entering data digitally 13 26%
4 Network instability 1 2%
5 Server issue or app not working when 1 2%

needed sometimes
6 Sometimes there will be no banking servers 1 2%
TOTAL 50 100%
Chart No: 3.14

Chart showing the major barriers for the online payment
31 | P a g e
Interpretation:
According to 40% of the respondents there are no barriers whereas 26% don’t like entering digitally
and 28% of them don’t trust the bank security.
• Table No: 3.15
Table showing checking of the app or site security

1 YES 41 82%
2 NO 9 18%
TOTAL 50 100%
Chart No: 3.15

Chart showing the checking of the app or site security
Interpretation:
82% of the respondents do the check of the app or site security before making payment; whereas
18% don’t check the app or site security.
32 | P a g e
• Table No: 3.16

Table showing the security threats of online payment faced by students
1 Bank account/Credit-card fraud 4 8%
2 Fake website 5 9%
3 Fake website , Financial con/scam 2 4%
4 Fake website, I have never been a victim of 1 2%
electronic/digital fraud.
5 Financial con/scam 4 8%
6 I have never been a victim of electronic/digital 25 49%
fraud.
7 I have never been a victim of electronic/digital 1 2%
fraud, Fraud calls
8 Phishing scam - 3 6%
9 Phishing scam , Credit-card fraud - 1 2%
10 Phishing scam, Credit-card fraud , I have never 1 2%

been a victim of electronic/digital fraud.
11 Phishing scam ,Bank account/Credit-card fraud 1 2%

,Ransomware
12 Phishing scam ,Bank account/Credit-card fraud 2 4%

,Ransomware - ,Fake website , Financial
con/scam
Phishing scam, Bank account/Credit, 1 2%
13 Ransomware ,Fake website ,Financial con/scam ,
I have never been a victim of electronic/digital
fraud.
TOTAL 50 100%
Chart No: 3.16

Chart showing security threats of online payment faced by students
33 | P a g e
1 1
1 2 1 4
5
1 3
2
1
25
Bank account/Credit-card fraud
Fake website
Fake website , Financial con/scam
Fake website, I have never been a victim of electronic/digital fraud.
Financial con/scam
I have never been a victim of electronic/digital fraud.
I have never been a victim of electronic/digital fraud, Fraud calls
Phishing scam -
Phishing scam , Credit-card fraud -
Phishing scam, Credit-card fraud , I have never been a victim of electronic/digital fraud.
Phishing scam ,Bank account/Credit-card fraud ,Ransomware
34 | P a g e
Interpretation:
Among the respondents 49% of them did not experienced electronic and digital fraud; whereas
9% of them had experience with fake website frauds and 8% had financial scams.
• Table No: 3.17
Table showing the security measures taken against the various kinds of online banking
attacks
1 I do not know 6 12%
2 Increasing/ updating level of online banking 1 2%
security
3 Installing anti-malicious software, Limiting 1 2%
online activities, Increasing/ updating level of
online banking security
4 Installing anti-malicious software, Limiting 1 2%
online activities, User education
5 Limiting online activities 1 2%
6 Self-awareness 14 28%
7 Self-awareness, Increasing/ updating level of 2 4%
online banking security
8 Self-awareness, Installing anti-malicious software 2 4%
9 Self-awareness, Installing anti-malicious 2 4%
software, Limiting online activities, User
education
software, Limiting online activities, User
education, Increasing/ updating level of online
banking security
software, User education
software, User education, Increasing/ updating
level of online banking security
13 Self-awareness, Limiting online activities 1 2%
35 | P a g e
14 Self-awareness, Limiting online activities, 1 2%

Increasing/ updating level of online banking
security
15 Self-awareness, Limiting online activities, User 3 6%
education
16 Self-awareness, User education 5 10%
17 Self-awareness, User education, Increasing/ 3 6%
updating level of online banking security
18 User education 2 4%
TOTAL 50 100%
Chart No: 3.17
Chart showing the security measures taken against the various kinds of online banking
attacks Interpretation
36 | P a g e
Interpretation:
Among the students 28% follow self-awareness; whereas 12% of them don't know about the
security measures to be taken against online banking attacks.
• Table No: 3.18

Table showing the overall online payment experience of students
1 Excellent 11 22%
2 Good 34 68%
Average 5 10%
TOTAL 50 100%
Chart No: 3.18

Chart showing the overall online payment experience of students
Interpretation:
Among the respondents 22% considers the overall online payment experience as excellent, 68%
considers it as good and 10% considers it as an average experience.
37 | P a g e
Chapter 4
( findings, suggestions,
conclusions, scope for further
research)
38 | P a g e
• Findings:
• With the help of the study, it was known that students are using e-payments regularly
• Few students have faced the security threats while using e-payment
• The students are very much interested in using various e payment system. It has totally
elementary usage of cash there is no need of carrying cash and adding on to it government
is also promoting the usage of online e-payment system the payment can be done in one
touch. Though e payment mode is used excess by students mainly in e-commerce website.
The students use mainly payment gateway such as phonepe Google pay app. The daily
limit of online payment of students were between 500 to 1000 which they spent mainly on
mobile recharge and on travel & on various ecommerce website such as Amazon etc. Due
to cashless mode the students got financial freedom to make their payments. The students
main reason for not using e-payment system mainly due to lack of knowledge about
payment software and frauds which were happening these days
• In this report, an attempt was made to explore the impact of online payment with reference to
students. Our lives have undoubtedly been made easier by technological advancements. The
online payment is one of the technology advancements in banking, finance and commerce.
Online payment means exchange of money online or the payment of goods or services over
the internet.
• There are various types and modes of online payments such as debit card, credit card,
internet banking, Unified Payment Interface (UPI), mobile banking etc. For the online
payment students are using different apps like Paytm, Google pay , phonepe etc. From the
report we get that Google pay app is the most used and trusted app as compared to the
phonepe, Paytm and other e-payment mode for the students.
39 | P a g e
• Online payment methods are often easy to make, more convenient and provide customers
the flexibility to make payments from anywhere and at any time. In our study we find that
26% of the respondents are use online payment for mobile recharge, online purchase,
payment in retail shops, travel and food. Due to to developments in digital world each and
every activities of human being had changed. The country needs to move away from the
cash- based towards a cashless (digital) payment system. The main advantages of using
online payment are cost and time saving, reduced transaction costs, low risk of theft, etc.
• The findings reveal that students are getting comfortable with cashless payment, but some
kind of negative perceptions are there. The negative perceptions are like lack of trust on
bank security, server issue, poor network coverage, lack of user’s knowledge on
technology, fear of losing money etc. And in the study 94% of the students are aware of
the internet risk. Convenience in use of cashless transactions and incentive system are the
positive signs for the development of cashless payment in India.
• Finally, the study concludes that India may not become a cashless economy unless the
perception of the people will be rightly addressed by the government and the banking
institutions.
❖ Suggestions:
➢ To educate students about the digital payment system, awareness programmes in the
educational sectors are required.
➢ In order to improve their services, mobile wallet and net banking service providers must
consider user experience and take their valuable input into account.
➢ Using a sophisticated anti-malware programme That will safeguard the PC and other digital
devices from both hidden and unclassified attacks.
➢ Since different customers have different needs, it is vital to provide them with a variety of
payment options. This allows the user to choose the payment method that is most suited to
him.
40 | P a g e
➢ Avoid using public computers, to keep any online transaction secure, better to use our own
computer or mobile device.
➢ When making a payment, the consumer is required to provide certain details. There has to be
a better process in place to ensure that the user's information is kept private.
➢ A user-friendly environment must be built in order for the user to stick to one way of payment.
➢ Since there is lot of youths are using UPI related apps it is suggested to frequently change the
UPI Pin as a precautionary measure
➢ Contact the bank authority immediately if something fraud or something mistake have
occurred
❖ Conclusion:
The use of digital payments among students has expanded significantly since the recent
demonetization in 2016. Until the last decade, students primarily utilised digital payment to pay fees
and other expenses because there were few other options available in digital banking, such as internet
banking. However, the availability of alternative banking systems such as UPI, IMPS, NEFT, digital
wallets, crypto wallets, and others has expanded the use of online payments by students. Online
payments have largely replaced the traditional banking system, allowing teenagers to access the
service using electronic devices such as mobile phones. The pandemic has recently broadened the
scope of e-payment in the country. As the country transitions to a digital economy, youth and students
have made major contributions to the expansion of electronic payment services in the country. It has
made a substantial contribution to the country's economic development. The amount of UPI
transactions has grown from 100 crores in 2016 to 7 lakh core in 2021, because of the low cost of
internet access, the use of online payments has expanded, such as for cell phone recharge, ticket
booking, and bill payment. Multiple payment gateway apps that allow us to receive incentives for
transactions have expanded the reach of digital payment among students. The new financial
technology isn't perfect yet, and it's also expensive. However, with the right technology and
application, it is possible to successfully manage one's finances.
41 | P a g e
❖ scope for further research:

a) In the future, the study could be expanded to include people other than students to see
how they feel about the e-payment systems.
b) This study could be utilised in the future to examine to see if people's awareness levels
have increased or decreased.
42 | P a g e
Chapter 5
Bibliography
43 | P a g e
❖ Bibliography:
1. Journals:
a) Isha Shingari ( 2017) Future of e-Wallets: A Perspective From Under Graduates,

International Journals of Advanced Research in Computer Science and Software
Engineering ISSN: 2277-128X (Volume-7, Issue-8)
b) Shivaprasad K, Mavy Miranda & Dr. Umesh Maiya (2020) AWARENES AND USAGE
OF DIGITAL PAYMENTS AND ITS RISKS AMONG STUDENT COMMUNITY OF
UDUPI DISTRICT , Asia Pacific Journal of Research, ISSN – 2320 - 5504
c) Chulalongkorn Business School, Chulalongkorn University, Bangkok, Thailand, (2021),

Explaining an Adoption and Continuance Intention to Use Contactless Payment
Technologies: During the COVID-19 Pandemic. Emerging Science Journal (ISSN: 2610-
9182) Vol. 5, No. 1, February, 2021
d) A Study on "University Students Perception and Preference Towards Mobile Wallets, With
Reference To Bangalore Rural District" Karnataka. By Samiran Jana, PalArch's Journal of
Archaeology of Egypt/Egyptology 18(09), 373-379, 2021
2. Introduction:
a) https://www.researchgate.net/publication/326087403_Future_of_e-
Wallets_A_Perspective_From_Under_Graduates'/link/5b568a94a6fdcc8dae3fcd44/d
ownload
3. Conceptual Framework:
a) https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/PSSBOOKLET93D3AEFDEAF1
4044BC1BB36662C41A8C.PDF
b) https://razorpay.com/learn/digital-payments-india-definition-methods-importance/
4. Suggestions:
a) https://site.paytabs.com/en/7-tips-for-safe-online-transactions/
b) https://link.springer.com/article/10.1007/s42786-020-00024-z
44 | P a g e
• Appendix:

Dear friends,
We as a team make an attempt for a piece of research on. "A study on student’s perception towards
E-payment systems". We kindly request all the Respondents to answer all the questions appropriately
and we assure you that the responses will be used only for the purpose of research.
. Email:
. Name:
. Gender:
a) Male
b) Female
. Age:
a) 16 – 18
b) 19 – 21
c) 22 – 25
. Course Pursuing:
a) BCOM
b) BBA
c) MCOM
d) MSC
e) MBA
f) BSC
g) OTHER
45 | P a g e
1. Do you use online payment?

a. Yes
b. No
2. What app do use for online payment:

a. Paytm
b. phonepe
c. Google pay
d. other_____
3. How often do you make payment through online mode:

a. Regularly
b. often
c. sometimes
d. Never
4. How long have you been using online mode for payment?
a. Less than 6 months
b. A year
c. More than 2 years
d. Other__
5. Which payment method is mostly preferred for online payment by you:

a. Debit Card
b. Credit Card
c. UPI
d. Internet Banking
46 | P a g e
6. Purpose for which you make online payment:

a. Do not make any online payment
b. Mobile Recharge
c. Online purchases
d. Payment in retail shop, shopping malls
e. Travel & Food.
7. What is the monthly transaction limit in UPI used by you:

a. 0-500
b. 500-1000
c. 1000-more than 1000
8. How much cash back did you get from various payment gateway apps?
a. Less than 100
b. 100 – 1000
c. More than 1000
d. No cash back
9. E-payment systems save your time and money:

a. Strongly disagree
b. Disagree
c. Strongly agree
d. Agree
10. Does e-payment provide better feasibility by giving you more options for the way
of payment?
a. Yes
b. No
47 | P a g e
11. Why use of online payment mode is increasing day by day:

a. Due to Cashless transactions
b. Trust on the e-payment mode
c. Due to any time pay facility
12. Are you aware of the internet risk?

a. Yes
b. No
13. According to you what are the major barriers of online payment:
a. No barriers
b. Don't trust the bank security
c. Don't like entering data digitally
d. other____
14. Do you check the app or site security when making an online purchase:
a. Yes
b. No
48 | P a g e
15. Which of these security threats have you been a victim of? (that is you have lost money
or could have done)-tick all that apply
a. Phishing scam
b. Bank account or credit card fraud
c. Ransomware
d. Fake website
e. Financial corn usually by email
f. I have never been a victim of electronic/digital fraud.
g. other (please specify)
16. What are the security measures that could secure you against various kinds of online
banking attacks?
a. self-awareness in security
b. installing anti malicious software
c. Limiting online activities
d. user education
e. increasing / updating level of banking security
f. I do not know
17. How would you rate your overall online payment experience?
a. Excellent
b. Average
c. Poor
49 | P a g e
50 | P a g e

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"A Study On Students Perception Towards E-Payment Systems"

MS. nANDASHREE SHETTY

MS. NAVYASHREE NAIK

MR. SOURABH SHET

MR. jOYSTON JENIL MACHADO

UNDER THE GUIDANCE OF

POORNAPRAJNA COLLEGE AND POST GRADUATE CENTRE

Chapter 2 Conceptual Framework 8 - 14

Chapter 3 Data Interpretation 15 - 37

Chapter 4 Findings, Suggestions, Conclusion 38 - 42

Serial No. Title Page No

3.2 Table showing use of online 17

3.3 Table showing which app the 18

3.4 Table showing how often 19

3.5 Table showing how long students 20

3.6 Table showing the most preferred 21

3.7 Table showing purposes for 22

3.8 Table showing the monthly 24

3.9 Table showing cashback received 25

3.10 Table showing E-Payment system 26

3.11 Table showing that E-Payment 27

3.12 Table showing factors 28

3.13 Table showing the awareness 30

3.14 Table showing the major barriers 31

3.15 Table showing checking of the 32

3.16 Table showing the security 33

3.17 Table showing the security 35

3.18 Table showing the overall 37

3.2 Chart showing use of online 17

3.3 Chart showing which app the 18

3.4 Chart showing how often 19

3.5 Chart showing how long 20

3.6 Chart showing the most 21

3.7 Chart showing purposes for 23

3.8 Chart showing the monthly 24

3.9 Chart showing cashback 25

3.10 Chart showing E-Payment 26

3.11 Chart showing that E-Payment 27

3.12 Chart showing factors 29

3.13 Chart showing the awareness 30

3.14 Chart showing the major 31

3.15 Chart showing checking of the 32

3.16 Chart showing the security 34

3.17 Chart showing the security 36

3.18 Chart showing the overall 37

"A Study On Students Perception Towards E-Payment Systems"

“Student Awareness of Digital Payment Services (Case Study in Indonesia)” by A Iradianty

❖ Objectives of the study:

3)To understand capacity of students spending in digital payment

Data was gathered from both primary and secondary sources.

❖ Limitations of the Study: -

2: Unstructured Supplementary Service Data(USSD):

3: Aadhaar Enabled Payment System (AEPS):

4: Unified Payments Interface (UPI):

6: Bank Prepaid Cards:

10: Micro ATMs:

Table showing gender of the respondents

gender of the respondents

SL.NO CHOICES FREQUENCY PERCENTAGE

CHART NO: 3.2

• Table NO: 3.4

CHART NO: 3.4