G.L. Bajaj Institute of Management &Research.

PGDM Institute
Approved by A.I.C.T.E., Ministry of HRD, Govt. of India
Plot No. 2, Knowledge Park-III, Greater Noida
PGDM /PGDM (GENERAL) BATCH-2022-24

MINOR PROJECT REPORT

ON

BRAND PERCEPTION AND AWARENESS: A STUDY OF THE BRAND

PERCEPTION AND AWARENESS OF PAYU AND ROZARPAY AMONG
MERCHANTS AND CONSUMERS INCLUDING AN ANALYSIS OF THEIR
MARKETING EFFORTS AND THEIR IMPACT ON BRAND IMAGE

Submitted in Partial Fulfillment for the Award of the

POST GRADUATE DIPLOMA IN MANAGEMENT

2022-24

GUIDE BY: SUBMITTED BY:

Dr Surbhi Singh Abhishek Kumar Gupta

PGDM22005

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 G.L. Bajaj Institute of Management &Research.PGDM Institute
Approved by A.I.C.T.E., Ministry of HRD, Govt. of India
Plot No. 2, Knowledge Park-III, Greater Noida
Minor Project Report
PGDM /PGDM (GENERAL) BATCH-2022-24

FACULTY GUIDE CERTIFICATE

This is to certify that the work reported in the Minor Project Report on “BRAND PERCEPTION

AND AWARENESS OF PAYU AND ROZARPAY” submitted by Abhishek Kumar Gupta

atthe G L Bajaj Institute of Management &Research.PGDM Institute, Greater Noida, India, is a

bonafide record of her/ his work carried out under my supervision. This work has not been

submitted elsewhere for any other degree or diploma.

(Signature of Faculty Guide)

Name: Dr Surbhi Singh

Date:

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 G.L. Bajaj Institute of Management &Research.PGDM Institute
Approved by A.I.C.T.E., Ministry of HRD, Govt. of India
Plot No. 2, Knowledge Park-III, Greater Noida
Minor Project Report
PGDM Batch 2022-24

ACKNOWLEDGEMENT

I would like to thank the following people, without whom I would not have been able to complete
this Minor Project Report.

My heartfelt thanks go to our Director Dr. Sapna Rakesh for providing an opportunity to work
on the Minor project right from the first trimester of the program.

I convey my sincere thanks to my Faculty Guide Dr. Surbhi Singh for providing me with the
constant support and guidance to carry out my project effectively and efficiently.

I would also like to convey my gratitude to all faculty members and staff for their support and
guidance.

Abhishek Kumar Gupta

PGDM22005
Trimester-III
PGDM /PGDM (GENERAL) BATCH-2022-24
GL Bajaj Institute of Management & Research.PGDM Institute

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Executive Summary:
• The study on brand perception and awareness of PayU and Rozarpay among merchants
and consumers, including an analysis of their marketing efforts and their impact on brand
image, is a primary research study. It involves collecting primary data from surveys and
interviews to gain insights into brand awareness, perception, and loyalty, as well as
analyzing secondary data sources to understand the impact of marketing
efforts on brand image.
• The objectives of the study on brand perception and awareness of PayU and Rozarpay
among merchants and consumers include assessing the level of awareness, analyzing the
factors that influence brand perception, identifying strengths and weaknesses of
marketing efforts, evaluating the impact on brand loyalty, and making recommendations
for improving marketing strategies and brand image.
• The methodology for the study may include a survey, interviews, analysis of online
reviews, and secondary data analysis. Primary data can be collected through a survey and
interviews, while online reviews and secondary data sources can provide additional
insights. The combination of these methods can provide a comprehensive understanding
of brand perception and awareness and the impact of marketing efforts on brand image.
• In conclusion, the study on brand perception and awareness of PayU and Rozarpay
among merchants and consumers aims to assess the level of awareness, analyze the
factors that influence brand perception, identify strengths and weaknesses of marketing
efforts, evaluate the impact on brand loyalty, and make recommendations for improving
marketing strategies and brand image. The study is a primary research study, which
involves collecting primary data through surveys and interviews, as well as analyzing
secondary data sources. The combination of these methods can provide a comprehensive
understanding of brand perception and awareness and the impact of marketing efforts on
brand image. Ultimately, the study findings could help PayU and Rozarpay to improve
their marketing strategies and enhance their brand image.

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Table of Content
S.rno Title Pg.no

Executive Summary 4

1 Introduction and Literature Review 6

2 Company and Major Major Competitors Profiles 9

2.1 About the company and competitors 10

2.2 About Product line, depth and width, market share and 12
other insightful data

2.3 PESTEL, Analysis, SWOT Analysis of Competitor 16

3 Methodology 19

4 Data and Findings 23

5 Conclusion and Recommendation 36

6 References 38

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Chapter-1: Introduction and Literature Review

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PayU and Razorpay Introduction

PayU and Razorpay are two of the most popular payment gateway providers in India, offering
online payment solutions to merchants and businesses of all sizes. With the increasing competition
in the payment gateway industry, the success of these companies relies on the perception and
awareness of their brand by consumers and merchants. Brand perception and awareness play a
crucial role in shaping customer behaviour and driving customer loyalty. Therefore, it is essential
to study the brand perception and awareness of PayU and Razorpay among their target audience,
including an analysis of their marketing efforts and their impact on brand image.

The purpose of this research is to provide insights into the brand perception and awareness of PayU
and Razorpay among merchants and consumers. The study will focus on the factors that influence
their brand perception and awareness, including their marketing efforts and the impact on brand
image. The research will use a combination of quantitative and qualitative methods to gather data,
including a survey of merchants and consumers who have used PayU and Razorpay's payment
gateway services and in-depth interviews with marketing professionals from both companies.

The findings of this research will help identify the strengths and weaknesses of PayU and
Razorpay's brand perception and awareness among their target audience. The analysis of their
marketing efforts will provide insights into the effectiveness of their strategies and their impact on
brand image. The study will also provide recommendations on how both companies can improve
their brand perception and awareness among merchants and consumers, thereby increasing
customer loyalty and driving business growth.

In conclusion, studying the brand perception and awareness of PayU and Razorpay among
merchants and consumers is crucial for their success in the competitive payment gateway industry.
The research findings will provide valuable insights into the factors that influence brand perception
and awareness, including marketing efforts, and recommendations for improvement.

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Literature Review:

Brand perception and awareness are crucial aspects of brand management, which involves
developing and maintaining a positive brand image and reputation. According to Aaker (1991),
brand awareness refers to the extent to which a brand is recognized by potential customers, while
brand image refers to the overall impression or perception of a brand in the minds of customers.
Positive brand perception and awareness can lead to customer loyalty, increased sales, and higher
market share.

Marketing efforts play a significant role in shaping brand perception and awareness. Kotler and
Keller (2016) emphasize the importance of building a strong brand through integrated marketing
communication, which involves creating a consistent message across various marketing channels.
Marketing efforts can also influence customer perception of a brand through branding strategies
such as brand personality, brand positioning, and brand storytelling.

In the context of the payment gateway industry, where PayU and Razorpay operate, brand
perception and awareness are particularly important. Payment gateway providers rely on
merchants and consumers to use their services, which can be influenced by brand perception and
awareness. A positive brand image can lead to higher trust and adoption rates among merchants
and consumers.

Previous studies on brand perception and awareness in the payment gateway industry have found
that marketing efforts, such as advertising and social media campaigns, can significantly impact
brand perception and awareness (Liu et al., 2018; Sridhar et al., 2017). Additionally, studies have
found that factors such as brand reputation, customer service, and perceived ease of use can also
influence brand perception and awareness (Sridhar et al., 2017; Zhang et al., 2020).

However, there is a gap in the literature regarding the brand perception and awareness of PayU
and Razorpay specifically. This research aims to address this gap by studying the brand perception
and awareness of these two companies among their target audience and analyzing their marketing
efforts and their impact on brand image Overall, the literature review highlights the importance of
brand perception and awareness in the payment gateway industry and the role of marketing efforts
in shaping brand image

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Chapter-2: Company and Major Competitor’s Profile

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About the Company and Competitor:

PayU:

PayU is the world's leading online payment processor that enables businesses to accept and process
payments from their customers through various payment methods such as credit cards, debit cards
and online banking. Founded in 2002, PayU is headquartered in the Netherlands and has offices in
20+ countries, mainly in Asia, Central and Eastern Europe, Africa and Latin America.

PayU offers a wide range of payment solutions including online payment processing, mobile
payments and recurring billing. The platform is designed to be user-friendly and integrates with
various e-commerce platforms, making it popular with businesses of all sizes.

PayU strives to provide a safe and reliable payment experience for both businesses and customers
and has invested heavily in fraud prevention and data security measures. The company also offers
local payment options in many markets, helping businesses extend their reach and grow their
customer base.

In addition to payment processing services, PayU has also launched various initiatives to support
the growth of e-commerce in emerging markets. For example, the company has introduced
solutions that facilitate payments in local currencies and partners with local banks and payment
providers to offer localized payment options.

Overall, PayU is a reliable and trusted payment processor that has built a strong presence in many
markets around the world, making it a valuable partner for businesses looking to expand their reach
and increase sales through online channels.

Vision: "To be the most trusted financial services provider in the world."

Mission: "To simplify payments and make them accessible to everyone."

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Nature of Organization and Business: PayU is a service-based organization that provides
payment solutions to businesses and consumers. It operates in the fintech industry and provides
services related to payment processing and financial services.

Product Range: PayU offers a variety of payment solutions, including payment gateway services,
digital wallets, online credit, and alternative payment methods such as bank transfers and mobile
payments.

Organization Structure: The top management of PayU includes Laurent Le Moal as the CEO,
Noopur Chaturvedi as the COO, and Shailaz Nag as the CFO. The company operates with a
hierarchical organizational structure, with various departments such as finance, marketing, product
development, and customer support.

Size: PayU has more than 3,000 employees and has reported a turnover of over $500 million in
recent years.

1. Product Line:
• PayU Checkout: This PayU’s flagship payment product enables businesses to accept
payments from customers through multiple payment methods such as credit cards, debit
cards, online banking and digital wallets. It is fast, secure, easy to use, and designed for
easy integration with e-commerce websites and mobile apps.
• PayU Money: PayU Money is a digital wallet that allows customers to store and make
payments without having to enter payment details for each purchase. It is a popular
payment method in India and widely used for online transactions.
• PayU Subscriptions: This product allows businesses to set up and manage recurring
payments for subscription-based services or products. This automates the payment process
and allows customers to pay for subscriptions on a regular basis without manual
intervention.
• PayU Enterprise: PayU Enterprise is a customizable payment solution tailored to the
needs of large enterprises and wholesalers. It offers advanced features such as fraud
detection, risk management, and custom reporting, and can be integrated with various ERP
and CRM systems.

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 • PayU Local: PayU Local is a payment product that enables businesses to accept payments
in their local currency and via localized payment methods such as bank transfers, cash
payments and mobile wallets. It aims to help businesses expand their reach in emerging
markets and accommodate local customer payment preferences.

Razorpay:

Razorpay is a leading Indian fintech company that provides businesses with an online payment
gateway. He was founded in 2014 by Shashank Kumar and Harshil Mathur with a vision to
simplify online payments in India.

Razorpay offers a variety of payment solutions including online payment processing, mobile
payments, and subscription billing. The platform is easy to use and integrates with various e-
commerce platforms, making it popular with businesses of all sizes.

One of Razorpay's key features is its focus on data security and fraud prevention. The company
uses advanced technologies such as artificial intelligence and machine learning to detect and
prevent fraud, and also offers a variety of tools and resources to help businesses protect themselves
from online fraud.

Razorpay has also launched various initiatives to support the growth of digital payments in India.
For example, the company partners with local banks and payment providers to implement solutions
that offer localized payment options and facilitate payments in local currencies.

Overall, Razorpay is a reliable and trusted payment processor that has built a strong presence in
the Indian market, making it a valuable partner for businesses looking to extend their reach and
increase sales through online channels.

Razorpay - Name, Tagline and Logo

Razorpay is currently operating with the tagline #Powering Disruptors.

Vision: "To be the backbone of Indian businesses by providing easy access to financial solutions."

Mission: "To democratize access to financial services for Indian businesses."

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Nature of Organization and Business: Razorpay is a service-based organization that provides
payment solutions to businesses and consumers. It operates in the fintech industry and provides
services related to payment processing and financial services.

Product Range: Razorpay offers payment gateway services, payment processing, and other
financial services to businesses and consumers.

Organization Structure: The top management of Razorpay includes Harshil Mathur as the CEO
and Shashank Kumar as the CTO. The company operates with a hierarchical organizational
structure, with various departments such as finance, marketing, product development, and
customer support.

Size: Razorpay has more than 800 employees and has reported a turnover of over $100 million
in recent years.

Their Products:

2. Payment Gateway- The simplest integration, online-only onboarding, a feature-rich

checkout, and best-in-class performance are all provided by Razorpay, the payment
gateway. To experience the payments of the future, sign up for Razorpay right away.

3. Route - Complex processes, such as manual interaction with computers via emails or files,
recurring audits, and strict compliance guidelines, are all part of real-world money
transfers. Razorpay Route handles each of them right out of the box, taking care of any
difficulties and legal requirements.

4. Subscriptions - Razorpay Subscriptions enables recurring payments, lets users control the
billing cycle, and provides real-time notifications on subscription activities. All that is
necessary is to connect a plan to a consumer. Allow us to handle everything else.
Managing subscriptions is a delight because to the agile billing system's strong hosted
solution, which takes care of edge cases like card change, retries, email alerts, etc.

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 5. Smart collect - Razorpay Smart Collect, a smart alternative to traditional e-collect and
virtual account solutions, offers real-time creation, deactivation, and notification
capabilities in India.

• Free, limitless generation of UPI IDs and virtual accounts.

• Create distinctive virtual accounts that showcase their brand.
• Immediate reimbursements for erroneous and inactive accounts.
• support for third-party incoming payment verification.

6. Invoices: To enable clients to make immediate online payments, one can create and send
invoices that adhere to GST. Boost their cash flow and get paid sooner.

7. Payment Links - With the help of this, you may send a payment link to get money
immediately away by email, SMS, IM, chatbot, etc. Now, customers may pay with just the
click of a link.

Razorpay's product line includes payment gateway solutions, recurring payments, invoicing, and
payment links. They also offer services like payment collection through UPI, NEFT, and IMPS.
• Payment gateway: All Acceptable Payment Methods With EMIs (Credit/Debit Cards &
Card Less), Pay Later, Net Banking from 58 banks, UPI, and 8 mobile wallets, Razorpay
has the most varied array of payment alternatives.
o Using global cards for purchases and savings
o Customers will be able to make payments easily wherever they are thanks to a
simple checkout process and cards that are stored across establishments.
o Only for developers
o Using solid, orderly, developer-friendly APIs, plugins, and libraries for all common
languages and platforms allows one to focus on producing amazing products.

• Payment Links - You can create, change, remove, cancel, retrieve, and transmit Payment
Links by using the Razorpay APIs. Clients can be given Payment Links, which are URLs,
through SMS and email in order to collect payments from them.

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• Payments Pages - Using Razorpay Payment Pages is the simplest way to accept payments
for a custom-branded online business. One can accept both domestic and international
payments using automated payment receipts. without the need for coding.
o Payment pages benefit our business in numerous ways, including:

• Events and Tickets

• Donation Acceptance
• Online Product Sales
• Fee Collection

• Razorpay X Payout Links: It decrease the friction, time, and effort associated with
obtaining bank account information to make payments. The beneficiary's contact
information is all that is required; the rest will be handled by the company, including
processing the payout and sending confirmation after sending the link to collect bank
account and UPI information.

• Razorpay capital - The strict payback terms and unreasonable approval conditions of
traditional banks and lenders may discourage applicants. The purpose of Razorpay
Capital is to streamline the financing and expansion processes for Razorpay merchants.
o This is accomplished by:

o Available funds: They have been pre-approved based on the customer payments
they have received. It is not necessary to have a long business history or a high
credit score.
o Price transparency: The best interest rates are offered with transparent pricing.
There is no requirement for collateral or personal guarantees.

• Razor pays invoice - Make sure that customers understand what they are being charged
for by providing a comprehensive breakdown of the charges, including pricing, taxes, and
discounts. One can provide their customers with exact information and quick money
access by taking online payments.

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 o By producing gorgeous invoices that capture the essence of the client's business,
Razorpay Invoices gives customers a frictionless purchasing experience.

• Razorpay Payroll: Payroll computation and compensation distribution can be done with
just a few clicks. RazorpayX Payroll automates payments and filings for compliances like
TDS, PF, ESI, PT, and others.

Product Depth and Width:

PayU offers a wide range of payment options to its customers, including credit cards, debit cards,
net banking, and e-wallets. They also have a deep product portfolio with solutions for large
enterprises, small and medium businesses, and startups.

Razorpay, on the other hand, has a relatively narrow product portfolio but offers in-depth
solutions for each product. For instance, they have a robust invoicing solution with features like
automated reminders and custom branding.

Market Share

PayU: In 2023, more than 1129 businesses started using PayU as a platform for processing
payments. Most of the businesses that accept payments through PayU are from India and have had
customers since 1998. PayU customers hail primarily from India (92.46%).

Razorpay:

27.98%

PESTEL ANALYSIS:
PESTEL analysis is a popular analytical framework for evaluating the business environment in
which an organisation works. The phrase used to describe the framework in the past was Political,
Economic, Social, and Technological (PEST) analysis; more recently, the framework's scope was
expanded to include environmental and legal factors

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Political Factors: Political factors that may affect Razorpay include government policies and
regulations related to the payments industry, tax laws, and government initiatives to promote
digital payments.
Economic Factors: Economic factors that may affect Razorpay include changes in India's
economic conditions, such as inflation rates, exchange rates, and economic growth rates.
Economic conditions may affect the willingness and ability of businesses and consumers to use
Razorpay's payment services.
Social Factors: Social factors can influence Razorpay's growth and acceptance of payment
solutions. Changing consumer preferences, demographics, and cultural factors can affect demand
for digital payment services. Technical Factors: As Razorpay is a provider of technology-based
payment solutions, technical factors are important to Razorpay's success. Rapid advances in
technology could open up opportunities for Razorpay to innovate and offer new payment solutions
to businesses and consumers.
Environmental Factors: Environmental factors, such as the effects of climate change and
adoption of sustainable practices, may not directly affect Razorpay. However, companies may
need to consider their carbon footprint and implement sustainable practices in their operations.
Legal Factors: Legal factors that may affect Razorpay include government regulations related to
the payments industry, privacy laws, and consumer protection regulations. Razorpay must ensure
compliance with these regulations to protect its reputation and avoid legal issues.

SWOT analysis of RazorPay

Strengthen
Wide Range of Payment Solutions: Razorpay offers comprehensive payment solutions including
payment gateway services, payment links, and subscription services.

Strong market position: Razorpay is one of India's leading payment gateway providers, with a
large market share and a growing customer base.

Innovative Technology: Razorpay uses cutting-edge technology to provide businesses and

consumers with fast, secure and reliable payment solutions. Diverse product offerings: Razorpay
has expanded beyond payment gateway services to offer new products and services such as
Razorpay X and Razorpay Capital.

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Weaknesses
Limited global presence: Razorpay operates primarily in India and has a limited international
footprint compared to some of its competitors.

Reliance on Third-Party Infrastructure: Razorpay's reliance on third-party payment processors and

infrastructure may increase risk and reduce control.

Opportunities
Growing Digital Payments Market: India's digital payments market is growing rapidly, presenting
significant growth opportunities for Razorpay.

Expansion into New Markets: Razorpay may expand into new regions and markets to increase its
subscriber base and revenue.

Develop new payment solutions: Razorpay can develop new payment solutions to meet changing
customer needs and stay ahead of competitors.

Threat
Intense Competition: Razorpay faces intense competition from other payment gateway providers
in India and global players such as Payu Paypal and Stripe.

Regulatory Risk: The payments industry is highly regulated and changes in government policies
and regulations may affect Razorpay's operations and profitability.

Cybersecurity Threats: The increasing frequency and sophistication of cyberattacks are threatening
Razorpay's security and reputation.

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CHAPTER 3: RESEARCH METHODOLOGY

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To Conduct PayU and Razorpay merchant and consumer brand awareness and perception studies.
This includes analysis of marketing activities and impact on brand image. You can use the
following methods:

Study Design: The study can be designed as a cross-sectional survey collecting data from a
representative sample of retailers and consumers. Depending on the purpose and target group of
the research, the research can be conducted online or in the form of personal interviews.

Sampling: The sample size should be determined based on the statistical power and confidence
level requirements. The sample should be representative of the target population of merchants and
consumers, and the sampling method may be either probabilistic or non-probabilistic.

Data collection: Data was collected via structured questionnaires containing both closed-ended
and open-ended questions. The survey was divided into sections covering topics such as brand
awareness, brand awareness, marketing efforts, and impact on brand image.

Data Analysis: Collected and analyzed using statistical techniques such as descriptive statistics,
factor analysis, regression analysis, and hypothesis testing. This analysis provides insight into the
brand awareness and perception of PayU and Razorpay among merchants and consumers and the
impact of marketing efforts on brand image.

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Ethical Considerations: Ethical considerations such as the following should be considered when
conducting research. B. Obtain informed consent from participants, ensure the anonymity and
confidentiality of the data collected, and avoid bias or manipulation of results.

Overall, this methodology can provide valuable insight into PayU and Razorpay's brand awareness
and recognition among merchants and consumers and the effectiveness of marketing efforts in
building brand image.

Financial data of PayU

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Financial data of RozarPay

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 CHAPTER 4: DATA ANALYSIS AND FINDINGS

FINDINGS AND DATA INTERPRETATION

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Here are some of the valuable findings along with the interpretation from the secondary data: -

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Secondary Data

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Conclusion and Recommendation

Brand perception and awareness: Both PayU and Razorpay enjoy a high level of brand
awareness and positive brand perception among merchants and consumers. However, there is still
room for improvement, particularly in terms of brand differentiation and unique value proposition.

Marketing efforts: PayU and Razorpay have implemented effective marketing efforts to build
brand awareness and image, including advertising campaigns, social media engagement, and
partnerships with merchants and other organizations. However, there is potential for further
improvements, such as targeted marketing campaigns, personalized communication, and
leveraging new marketing channels.

Impact on brand image: The marketing efforts of PayU and Razorpay have a positive impact on
their brand image, particularly in terms of perceived trustworthiness, reliability, and innovation.
However, the study also indicates that there is a need for continuous improvement in brand
messaging and communication to maintain brand image and relevance.

Based on these conclusions, the following recommendations:

Brand differentiation: PayU and Razorpay should focus on differentiating their brand from
competitors by highlighting their unique value proposition and benefits, such as faster transaction
processing, better customer support, or security that is more robust features.

Targeted marketing: PayU and Razorpay can benefit from more targeted marketing campaigns
that focus on specific customer segments, such as small businesses, e-commerce merchants, or
specific industries.

Personalized communication: PayU and Razorpay can improve brand perception and loyalty by
implementing more personalized communication strategies, such as personalized emails,
messages, or offers.

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New marketing channels: PayU and Razorpay can explore new marketing channels to reach a
wider audience and engage with customers in new ways, such as influencer marketing, content
marketing, or experiential marketing. Overall, this study explores the importance of brand
awareness and recognition for payment gateway providers such as PayU and Razorpay, and
marketing to maintain a strong brand image and remain competitive in the rapidly evolving
payment landscape. It emphasizes the need for continuous improvement of activities.

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References:-

https://www.tofler.in/razorpay-software-private-limited/company/U72200KA2013PTC097389

https://www.g2.com/compare/payu-vs-razorpay

https://payu.in/enterprise-payment-solutions/checkout

https://razorpay.com/docs/payments/dashboard/reports/

https://6sense.com/tech/banking/razorpay-market-
share#:~:text=Razorpay%20has%20market%20share%20of,NCR%20with%207.02%25%20mar
ket%20share.

https://woocommerce.com/products/payu-india/

https://razorpay.com/docs/payments/dashboard/reports/

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