Alexander Martis - "Online Payment Options Used by The Consumers While Shopping Online in Mumbai"

A STUDY ON
“ONLINE PAYMENT OPTIONS USED BY THE

CONSUMERS WHILE SHOPPING ONLINE IN
MUMBAI”
A PROJECT SUBMITTED TO
UNIVERSITY OF MUMBAI FOR PARTIAL COMPLETION
OF THE DEGREE OF MASTER IN COMMERCE
UNDER THE FACULTY OF COMMERCE
BY
MR. ALEXANDER PATRICK MARTIS

ROLL NO. 102
UNDER THE GUIDANCE OF

MS. SHALINI CLAYTON
TOLANI COLLEGE OF COMMERCE

150-252, SHER-E-PUNJAB SOCIETY,
GURU GOBIND SINGH ROAD, ANDHERI (EAST),
MUMBAI - 400 093.
SEPTEMBER 2022
A STUDY ON
“ONLINE PAYMENT OPTIONS USED BY THE

CONSUMERS WHILE SHOPPING ONLINE IN
MUMBAI”
A PROJECT SUBMITTED TO
UNIVERSITY OF MUMBAI FOR PARTIAL COMPLETION
OF THE DEGREE OF MASTER IN COMMERCE
UNDER THE FACULTY OF COMMERCE
BY
MR. ALEXANDER PATRICK MARTIS

ROLL NO. 102
UNDER THE GUIDANCE OF

MS. SHALINI CLAYTON

MUMBAI - 400 093.
SEPTEMBER 2022
MUMBAI - 400 093.
CERTIFICATE
THIS IS TO CERTIFY THAT MR. ALEXANDER PATRICK
MARTIS has worked and duly completed his Project Work for the
Degree of Master of Commerce in under the Faculty of Commerce in the
subject of Project in Master of Commerce Studies (Business
Management) and his project is entitled, “A STUDY ON ONLINE
PAYMENT OPTION USED BY THE CONSUMERS WHILE
SHOPPING ONLINE IN MUMBAI” under my supervision.
I further certify that the entire work has been done by the learner
under my guidance and that no part of it has been submitted previously
for any Degree of any University.
It is his own work and facts reported by his personal findings and
investigations.
Date of Submission :-
_____________________ ___________________
Dr. Sadhana Venkatesh Ms. Shalini Clayton
(MCOM Coordinator) (Internal Guide)
_____________________ ___________________
Dr. Vijaya Krishna
(External Examiner) (Principal)
i
DECLARATION
I the undersigned Mr. Alexander Patrick Martis hereby, declare that

the work embodied in this project work titled “A STUDY ON ONLINE
PAYMENT OPTION USED BY THE CONSUMERS WHILE
SHOPPING ONLINE IN MUMBAI”, forms my own contribution to
the research work carried out under the guidance of Ms. Shalini Clayton
is a result of my own research work and has not been previously
submitted to any other University for any other Degree to this or any
other University.
Wherever reference has been made to previous works of others, it has

been clearly indicated as such and included in the Bibliography.
I, hereby further declare that all information of this document has been
obtained and presented in accordance with academic rules and ethical
conduct.
______________________
Signature of the Candidate
Mr. Alexander Martis
_______________________
Certified by
Ms. Shalini Clayton
ii
ACKNOWLEDGEMENT
To list who all have helped me is difficult because they are so numerous
and the depth is so enormous.
I would like to acknowledge the following as being idealistic channels

and fresh dimensions in the completion of this project.
I take this opportunity to thank the UNIVERSITY OF MUMBAI for

giving me a chance to do this project.
I would like to thank my Principal DR. VIJAYA KRISHNA for

providing the necessary facilities required for completion of this project.
I take this opportunity to thank our Coordinator Dr. SADHANA

VENKATESH, for her moral support and guidance.
I would also like to express my sincere gratitude towards my Project

Guide Ms. SHALINI CLAYTON whose guidance and care made the
project successful.
I would like to thank my COLLEGE LIBRARY, for having provided

various reference books and magazines related to my Project.
Lastly, I would like to thank each and every person who directly or
indirectly helped me in the completion of the project especially my
PARENTS AND PEERS who supported me throughout my project.
iii
ABSTRACT
This Research paper is all about the Online Payment options with respect
to Online shopping. It involves the impact and importance of Online
Payment options on consumers. The study was conducted in Mumbai
Region and the survey was collected through a structured questionnaire.
The paper also shows the steps taken by RBI and the Government to
encourage cashless society in India i.e. the government introduced
BHIM and UPI. Cashless transactions like transactions through e-wallets
have various benefits like reduction in Black Money, reduction in crime
rates, helps in improving economic growth of the country, helps in
fighting against terrorism, attract more foreign investors but this also
comes with various disadvantages like major issue at the moment is the
security of the transactions and the services offered in these online
payment applications. This Research Paper also studies the impact of
Online Payment applications and e-Wallets on consumers whether
consumer are satisfied using Online Payment Application or not.
iv
INDEX
Sr. No. Title Page No.

1. INTRODUCTION 1 – 29
1.1 Meaning and Definition of Online Payment. 1
1.2 What is Digital Payment? 3
1.3 Importance of Cashless Transactions or Digital
Payments? 3
1.4 Future of Digital Payments 5
1.5 What is a Digital Wallet? 7
1.6 Online Payment options 14
1.7 Introduction to Consumers 18
1.8 Introduction to Consumer Behaviour 19
(A) Significance of Consumer Behaviour 19
(B) Importance of Consumer Behaviour to
Marketers 20
(C) Consumer Behaviour patterns 21
1.9 Consumer Buying Behaviour 22
1.10 Online Shopping 25
(A) Statistics 25
(B) Advantages 26
(C) Disadvantages 27
(D) Impact of Reviews on Consumer Behaviour 27
1.11 Need of the study 28
2. RESEARCH AND METHODOLOGY 30 – 38
2.1 Objectives 30
2.2 Hypothesis 31
2.3 Research Problems 32
2.4 Research Methodology 34
v
2.5 Research Design 36
2.6 Data Collection 37
3. REVIEW OF LITERATURE 39 – 42
4. DATA ANALYSIS, INTERPRETATION
AND PRESENTATION 43 - 61
4.1 Actual Collection of Data 43
4.2 Data Analysis 44
5. FINDINGS, SUGGESTIONS AND
CONCLUSION 62 - 67
5.1 Findings 62
5.2 Suggestions 64
5.3 Conclusions 65
5.4 Fulfillment of Objectives of Study 66
5.5 Fulfillment of Hypothesis of Study 67
6. REFERENCES & BIBLIOGRAPHY 68
7. APPENDIX (QUESTIONNAIRE) 69 - 73
vi
LIST OF DIAGRAMS / FIGURES / CHARTS
SR. NO. TITLE PAGE NO.

1. Percentage wise study of Age Group of respondents. 44
2. Percentage wise study of Gender of respondents. 45
3. Percentage wise study of Occupation of respondents. 46
4. Percentage wise study of preference in shopping method of
respondents. 47
5. Percentage wise study whether Online payment mode is
used while shopping online by the respondents. 48
6. Percentage wise study of specific Online payment mode
used while shopping online by the respondents. 49
7. Percentage wise study of the frequency at which online
payment mode is used while shopping online by the
respondents. 50
8. Percentage wise study of frequency of the respondents
shopping online. 51
9. Percentage wise study of Average cost of Online Purchase
by the respondents. 52
10. Percentage wise study of Cancelation of Online Purchase
by the respondents. 53
11. Percentage wise study of choice of payment mode affecting
total price of purchase by the respondents. 54
12. Percentage wise study about the Awareness of the benefits
of Online Payment by the respondents. 55
13. Percentage wise study about the means of Awareness of
the benefits of Online Payment by the respondents. 56
14. Percentage wise study about Societal benefits with respect
to reducing Black Money by using Online Payment
options. 57
15. Percentage wise study about the consideration of Online
mode of payment by the respondents. 58
16. Percentage wise study of the feeling of safety while
making Online purchases according to the respondents. 59
17. Percentage wise study about the problems faced by the
respondents while making online payments. 60
18. Percentage wise study about the level of satisfaction after
using online payment option by the respondents. 61
vii
LIST OF TABLES
SR. NO. TITLE PAGE NO.

1. Age Group of the respondents. 44
2. Gender of the respondents. 45
3. Occupation of the respondents. 46
4. Shopping method of the respondents. 47
5. Online Payment : ‘Yes or No’ 48
6. Payment Mode of the respondents. 49
7. Average cost of purchases incurred by the respondents. 52
8. Cancellation of purchases made by the respondents. 53
9. Affecting Total purchase price. 54
10. Benefits of Online Payment. 55
11. Media of Awareness. 56
12. Relationship of Black Money. 57
13. Considering Online mode of payment. 58
14. Problems faced by the respondents. 60
viii
1. INTRODUCTION
1.1 : MEANING AND DEFINITION OF ONLINE PAYMENT
Online payments or Digital Payments are payments that are initiated over the internet
for goods or services purchased either online or offline. Common methods to
facilitate this include:
• Bank Debits via online mandate (often referred to as Direct Debit)

• Bank transfers
• Online credit or debit card transactions
• Digital wallet payments (such as PayPal, PayTM, Google Pay, PhonePe, etc.)
Payments can be one-off (e.g. e-commerce transactions like purchasing clothing) or

recurring (e.g. subscriptions to services like Netflix or Spotify).
Now-a-days world is becoming digitalized in every field and one of the best example
of this is various countries in the world are moving towards becoming a cashless
society. A cashless society is the one which doesn’t use cash for any of its
transaction instead all the transactions are done digitally. There are various countries
in the world which have more than 50% of their transactions through cashless
methods.
According to a study conducted by Capgemini and BNP Paribas, digital payments

are expected to reach about 726 billion transactions by the year 2020. In India 98%
of the total transactions used to be done through cash but after the Demonetization of
the Government on Nov 8 2016, our country has also started getting steered towards
a cashless society. Due to the Demonetization act already existing mobile payment
applications came into the limelight like Paytm, Google pay, Phone Pe etc.
The Digital India program is a flagship agenda of the Government of India with
vision to transform India into a digitally empowered society and a knowledge
economy. “Faceless, Paperless, Cashless is one of the professed role of Digital India.
A study on Online Payment Option used by the consumers while Shopping Online in 1
Mumbai
The Prime Minister of India Mr. Narendra Modi has empowered India to adopt
cashless transactions by giving digital payments sector of India a significant boost.
The digital payment sector of India experienced a unpredicted growth since
Demonetization in November 2016. Digital wallet companies in India has shown a
growth of 271% for a total value of US$2.8 Billion i.e Rs 191 crores. A Google-
BCG Report had estimated that the digital payment industry in India will experience
a growth of US $ 500 billion by 2020.
Government of India is also encouraging various digital payment apps such as

Aadhaar Payment app, UPI App, Bharat Interface for Money (BHIM) app along with
private sector apps like Paytm, Mobikwik, Freecharge etc. Such new apps are
beneficial to transfer funds across various parts of our country. Digital payments
industry in India is growing on a rapid pace providing a highly attractive platform for
foreign investors to invest in India.
Despite widespread use in North America, there are still many countries such as
China and India that have some problems to overcome in regard to credit card
security. Increased security measures include use of the card verification number
(CVN) which detects fraud by comparing the verification number printed on the
signature strip on the back of the card with the information on file with the
cardholder's issuing bank.
There are companies that specialize in financial transaction over the Internet, such
as Stripe for credit cards processing, Smart pay for direct online bank payments
and PayPal for alternative payment methods at checkout.
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1.2 : WHAT IS DIGITAL PAYMENT?
Digital Payment means when any goods or services are purchased through the
use of various electronic modes of payments which means there is no use of physical
cash or cheques in digital payment. Now-a-days people use Digital Payments more is
because Digital payment methods are easier and more convenient and they also
provide customers the flexibility to make the payment from anywhere at any time
which proves as a good alternative to the traditional methods of payment and which
fastens the transaction cycles.
• 10 Types of Digital Payment methods in India:-
1. Banking Cards - Debit / Credit / Prepaid Cards.

2. USSD (Unstructured Supplementary Service Data).
3. AEPS (Aadhaar Enabled Payment System).
4. UPI Mobile (Unified Payments Interface).
5. Mobile Wallets.
6. Bank Pre-paid Cards.
7. POS Terminals.
8. Internet Banking.
9. Mobile Banking.
10. BHIM App (Bharat Interface for Money).
1.3 : IMPORTANCE OF CASHLESS TRANSACTIONS OR

DIGITAL PAYMENTS
I. There is no fear of Robbery or Theft :- When physical cash is in large

amount it is difficult to carry cash as there is danger of theft, but in cashless
transaction this fear is eliminated.
II. Tracking of expenses :- When the transaction are done in cashless way
through E-wallets or Internet Banking we can keep a track on all our
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expenses which becomes easier to determine how much is our total
expenditure. With the help of Cashless transactions a customer can make
payments in exact denominations i.e. if you have to pay Rs. 299.89 you can
pay the same when you use cashless mode of payment.
III. Transparency and accountability :- In cashless economy as there is more

currency in the bank which means there is more currency in circulation,
which means greater liquidity and there is less scope of hiding income
which eventually leads to lower interest rates which leads to better
economic development of the country.
IV. No tension about counterfeit currency :- Every economy in the world

faces the problem of counterfeit currencies, while the government is taking
stringent actions against counterfeit currencies but the common people are
the ones who suffer in these counterfeit currencies. But when an economy
adopts cashless or digitalization then the hassles about handling counterfeit
currency is sorted.
V. Easier Accounting and Easier transactions :- By going cashless customer

can complete a transaction in a more convenient manner than before and can
complete the transaction with increased security. A customer can do direct
bank to bank transactions without physically transferring or depositing the
cash to the bank. This saves time, money and efforts.
VI. Decrease in cost and Economic growth :- If the whole nation will go
cashless then there will be decrease in cost for printing of notes. RBI spends
around Rs. 12,000 crores on replacement of Rs. 500 and Rs. 1,000 notes. By
going cashless there will be improvement in government monetary policy
and government revenue as well as there will be greater transparency and
efficiency in the economy.
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1.4 : FUTURE OF DIGITAL PAYMENTS
Smartphone and mobile phone users, internet users as shown in the above projections
are increasing with the increase in population in India. The above graph is compared
between two years i.e. 2015 and 2020. With greater access to internet and growth and
development of infrastructure and greater usage of smartphones there is significant
development of digital payments in India. India is witnessing exponential growth in
Digital Payment industry as India is considered as the second largest in the world in
case of mobile users with a Billion connections in the country. In India nearly 1.5
Billion transactions take place every single day and most of these transactions are
P2M transactions i.e. person to merchants which means purchases like grocery,
newspaper, mobile recharges, DTH recharges, ticket bookings, cab booking, etc.
Earlier in the year 2015 all the transactions were cash transactions now it is estimated
that by 2023 transactions in India will be more digitally and will rule the market with
the increasing number of smartphone and internet users.
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By the year 2025 in India it is estimated that cashless transactions would be 80% and
the volume of the Digital Transactions would reach up to $ 1 Trillion. In India it will
take time to become a completely cashless society as it will require the support and
understanding by the public and various initiatives by the government. In India the
lack of Digital Literacy and education in rural areas can be a hindrance towards a
cashless society.
It is very important to encourage people to adopt cashless modes of payment by

giving various cash back offers which is been provided by the payment apps whether
private or government initiated payment applications. By making the payment
process simpler, safe, transparent it will become easier for people to access.
The above report shows the rise in Digital Commerce as well as the increase in
mobile payments for a past few years. According to a study conducted by Assocham-
PWC India, the Digital payments in India will be increasing from $64.8 Billion to
$135.2 Billion till 2023. The study also specified that India is expected to have the
fastest growth in Digital payments between the years 2019 to 2023 and also it stated
that between the years 2019 to 2023 on a worldwide transaction scale India’s share
will increase at a greater pace i.e. from 1.56% to 2.02%.
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1.5 : WHAT IS A DIGITAL WALLET ?
An electronic device or online service that allows an individual to make

electronic transactions is called a digital wallet. An individual’s bank account can
also be linked to the digital wallet. One in five customers in Asia are now using a
digital wallet. Some of the popular digital wallet apps are PayTM, Google Pay,
PhonePe, Freecharge, LIME, Jio Money, Airtel Money, State Bank Buddy, SBI
YONO, HDFC PayZapp, UPI BHIM app, Citrus, Mobikwik, PayUMoney, PayPal,
etc.
• Various Digital Wallet apps are :
1. PayTM :
PayTM is an Indian E-Commerce operator and Financial Technology

company. PayTM was founded in August 2010 by its founder Mr. Vijay
Shekar Sharma. In 2014, the company launched its first Digital E-Wallet
known as PayTM Wallet. PayTM offers Digital Wallet Payment, Mobile
Payments, Online Shopping, PayTM Payments Bank, Etc.
In the year 2015, RBI gave License to PayTM to launch PayTM Payments
Bank which was later inaugurated in the year 2017 by the then Finance
Minister Mr. Arun Jaitley. PayTM works in 2 different ways :- PayTM
Wallet and PayTM Payments Bank.
PayTM is known as a Digital Payment system which allows you to transfer

money through your Debit / Credit Cards and which also allows you to do
Online Banking. Once you register to PayTM you can make Online Payemnt
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of bills or you can make Payment through you PayTM Wallet by first adding
money into your wallet.
2. Google Pay :
Google Pay also known as Gpay or Pay with Google it is also one type of
Digital Wallet and Online Payment system developed by Google. The
services of Android Pay and Google Wallet merged in January 2018 and the
name was changed to Google Pay. On September 2017, Google launched an
UPI-based app known as TEZ in India which was later rebranded as Google
Pay. Google Pay has more than 25 million active users in a month of the
Digital Wallets in India. Google Pay transactions are safe and secure.
Google Pay enables you to :-
✓ Send and Receive Money.

✓ Store your Credit / Debit Card information safe.
✓ And use this information to pay for various items on various apps.
Google Pay is known for its security among other similar Digital Payment
apps. Google store your Debit / Credit card information in its secure servers
using strong encryption. Cloud storage and Data Security of the customers is
the prime concern of Google.
3. PhonePe :
PhonePe or PhonePe Private Limited is an Indian E-Commerce Payment

service and Digital Wallet Company. PhonePe was founded in the year 2015
by its founders, Mr. Sameer Nigam and Mr. Rahul Chari and it was the first
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payment app in India which was built on Unified Payments Interface i.e.
(UPI). PhonePe is now available in 11 Languages.
PhonePe offers various services such as :-
✓ User can send or receive money through PhonePe app.

✓ User can make various payment – Mobile recharges, DTH recharges,
users can also make payments of shopping online on various apps.
✓ PhonePe even allows users to book tickets through various apps such
as Redbus, Goibibo, Ola, etc.
PhonePe app has more than 100 Million users and it has crossed more than 5
Billion transactions.
Latest development of PhonePe app is that it allows its customers to

withdraw cash through its in app UPI feature which is also known as PhonePe
ATM, which means that transferring the said amount which has to be
withdrawn to a nearby PhonePe enabled merchant / seller.
4. MobiKwik :
MobiKwik is also another Indian Company app which acts as a Digital

Wallet, as a mobile payments system. MobiKwik is an app founded by Bipin
Singh and Upasana Taku in the year 2009. Initially MobiKwik was just a
website with closed wallet facility but later started with Mobile apps. In the
year 2016 MobiKwik launched – MobiKwik Lite app which was for older 2G
mobile networks and those with poor network connectivity. MobiKwik
launched its first ever Mobile Wallet system in the 2012.
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MobiKwik also launched the feature of sending and receiving money through
a mobile app. MobiKwik also provides financial services such as providing
loans, various insurances such as Life Insurance, accident insurance, Fire
insurance as well as mutual funds. In the year 2017, MobiKwik’s biggest
competitor was PayTM.
According to Forbes India Magazine, in the year 2015 MobiKwik was used
by more than 15 Million users for its unique features and was also claiming
of increase of one Million users every month.
In the year 2016, India had Demonetization during this time MobiKwik had a
400 % increase in Financial Transactions.
5. SBI YONO :
This mobile wallet application was introduced by State Bank of India. This
wallet offers its services in 13 languages. The word YONO means You Only
Need One, this app helps users to access various financial and other services,
it acts as a Digital Banking platform which offers various services such as
online shopping payments, booking tickets of train, bus, taxi, flights it also
allows customers to make medical bill payments.
YONO app was launched in the year 2017 by Mr. Arun Jaitley, the then
Finance Minister of India. This app can also be used by customers to make
ATM withdrawals as well as this app can be used to make various fund
transfers, etc.
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Through YONO app a customer can track his / her OD account balance, can
even open fixed deposit, recurring deposits and can even invest in Mutual
Funds. Customers can even track their Loans through this App.
6. UPI BHIM App :
BHIM stands for Bharat Interface for Money. BHIM App is developed by
National Payments Corporation of India i.e. (NPCI) and it is based on unifies
Payment Interface i.e. UPI. Our Prime Minister Shri. Narendra Modiji had
launched this app. BHIM App was launched on 30th December 2016 and is
currently available in 20 languages.
BHIM App accepts all Indian Banks which works on UPI system and which
is built over IMPS i.e. Immediate Payment System which allows the users to
transfer money to Bank accounts of any two parties.
Using UPI system user can make transactions in an easy, quick and simple
manner. Through BHIM App users can do the various services :-
✓ User can send money.

✓ User can request money, for this it is mandatory that the users mobile
number be linked with the bank account using.
✓ For quick transactions users can Scan and Pay.
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✓ Additional feature of BHIM App is that it allows the customers to
check their transactions history.
✓ There is a report tab in BHIM App for the customers if they have any
complaint to raise they can use this tab to do the same.
✓ Next option in the BHIM App is the Bank account option, so through
this option user can view the bank account that is linked with his/her
BHIM App. A customer can also change the Bank account by just
clicking ‘Change Account’ in the BHIM App.
✓ Through BHIM App it is easy to transfer money as the app allows a
customer to transfer money to more than one payment address.
7. PayPal :
PayPal Holdings, Inc. is an American multinational financial technology

company operating an online payments system in the majority of countries
that support online money transfers, and serves as an electronic alternative to
traditional paper methods such as checks and money orders. The company
operates as a payment processor for online vendors, auction sites and many
other commercial users, for which it charges a fee.
Established in 1998 as Confinity, PayPal went public through an IPO in 2002.

It became a wholly owned subsidiary of eBay later that year, valued at $1.5
billion. In 2015 eBay spun off PayPal to its shareholders, and PayPal became
an independent company again. The company was ranked 143rd on the
2022 Fortune 500 of the largest United States corporations by revenue.
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8. HDFC PayZapp :
PayZapp is a mobile payment app developed by HDFC Bank. PayZapp

allows customers to recharge their phones DTH recharges as well, pay utility
bills such as electricity bill, etc. customers can buy movie, train, flight tickets,
book a cab and can also shop online. Customers can also send money to their
money to their family and friends and can also track their expenses.
Customer has to link their bank account with HDFC PayZapp app to enjoy
the most secure way of payment. You have just scan a QR Code to make any
payment in PayZapp app.
During the launch of PayZapp app. Aditya Puri the Managing Director of
HDFC Bank said “The wallet we introduced under PayZapp, unlike other
wallets, is not a pre-paid wallet. It reflects your account and it reflects your
credit card balance. More importantly it is one click. That is the
convenience.”
How to start with PayZapp App :-
✓ First you have to download the PayZapp App from Playstore.

✓ Enter your registered mobile number i.e. the mobile number which is
registered with your bank account.
✓ Complete the registration process by reading all the KYC steps.
✓ In the next step you have to link your bank account or your credit card
with PayZapp App.
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1.6 : ONLINE PAYMENT OPTIONS
While setting up a fully functional online store/E-Commerce website, you

have to make sure that the online store enables online payments from your
customers. Selecting the right type of payment method is essential and a critical task
for E-Commerce.
There are different types of payment methods and they vary from business to
business. You have to figure out which payment method will suit the nature of your
business and at the same time appeal to your customers. Long gone are the days
where only cash was used for accepting payments. Thanks to technology, there are
various instant payment methods available. Also with new players like UPI, mobile
payments, mobile wallets, etc. payment space is shifting more towards the digital
side. No doubt, it is important to choose a payment method that is suitable for your
business, but you also have to consider other affecting factors. One of which is
customer interaction. People nowadays are using more than one online payment
method. They are trying to tailor the application and method as per their
convenience.
And that’s the main reason, an E-Commerce site should provide more than
one payment method. By enabling different payment methods, your online store can
enhance the opportunities of conversion.
Types of Payment Methods for E-Commerce :
1. Credit / Debit card payments :
Credit Cards - As a global payment solution, by enabling payment

acceptance via cards merchants can reach out to an international market.
Credit cards are simple to use and secure. The customer just has to enter the
card number, expiry date, and CVV, which has been introduced as a
precautionary measure. The CVV helps detect fraud by comparing customer
details and the CVV number.
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CREDIT CARD DEBIT CARD
Debit Cards - Debit cards are considered the best payment method for e-
commerce transactions. Debit cards are usually preferred by customers who
shop online within their financial limits. The main difference between credit
and debit card is with a debit card one can only pay with the money that is
already in the bank account, whereas in the case of a credit card, the spent
amount is billed, and payments are made at the end of the billing period.
2. Bank transfers :
Though not popular nowadays but still bank transfer is considered as an

essential payment method for ECommerce. It is considered as ‘if all else fails’
kind of payment method. Wire transfer or Bank transfer is a method
of electronic funds transfer from one person or entity to another. A wire
transfer can be made from one bank account to another bank account, or
through a transfer of cash at a cash office. Different wire transfer systems and
operators provide a variety of options relative to the immediacy and finality
of settlement and the cost, value, and volume of transactions. A faster
settlement process allows less time for currency fluctuations while money is
in transit. Some of the ECommerce stores are also keen on using bank
transfer payment options. It is a simple way of paying for online purchases
and does not require the customer to have a card for payment purposes.
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3. E-Wallets :
E-wallet is one of the upcoming trends which gives a new shopping

experience altogether. The use of e-wallets is becoming popular at an
alarming rate. E-Wallets require a sign up from merchants as well as
customers. After creating an e-wallet account and linking it to the bank
account they can withdraw or deposit funds. The whole procedure with an e-
wallet is easy and fast. Prepaid e-wallet accounts store customer information
and multiple credit / debit cards and bank accounts. It needs one-time
registration and eliminates the need for re-entering information every time
while making payments.
4. Cash :
Let’s face it, in India, Cash is the King. For E-Commerce, it comes in the
form of the cash-on-delivery option. Cash is often used for physical goods
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and cash-on-delivery transactions. It does come with several risks, such as no
guarantee of an actual sale during delivery and theft. Though nowadays, cash
on delivery does not necessarily mean customers pay with cash (they can use
cards, mobile payments as payment terminals are often available with
delivery agents), missing out on this is a strict NO.
5. Mobile payments :
Payment acceptance was no exception for mobile penetration. This digital

payment solution offers a quick solution for customers. To set up a mobile
payment method, the customer just has to download software and link it to
the Bank Account or credit card. As E-Commerce is becoming mobile
mainstreamed, customers are finding it more convenient to use mobile
payment options.
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1.7 : CONSUMERS
A consumer is a person or a group who intends to order, orders, or uses

purchased goods, products, or services primarily for personal, social, family,
household and similar needs, not directly related to entrepreneurial or business
activities.
In an economy, a consumer buys goods or services primarily for consumption and

not for resale or for commercial purposes. Consumers pay some amount of money
for goods or services then consume (use up). As such, consumers play a vital role in
the economic system of a capitalist system and form a fundamental part of any
economy. Without consumer demand, producers would lack one of the key
motivations to produce: to sell to consumers. The consumer also forms one end of
the chain of distribution.
Consumers are people or organizations that purchase products or services. The term
also refers to hiring goods and services. They are humans or other economic entities
that use a good or service. Furthermore, they do not sell on that item that they
bought. They are the end users in the distribution chain of goods and services. In
fact, sometimes the consumer might not be the buyer.
In the marketplace, consumers are people or economic entities that purchase or hire
products. They do this for personal use. In other words, they do not buy them for
manufacture or resale. When the non-business media talk about consumers, they
usually refer to people. Specifically, people engaged in evaluating, acquiring, and
using products to satisfy their needs and wants.
Consumers are key figures in the marketplace. In fact, all the activities of the makers
and sellers of goods are focused on consumers. We often use the terms ‘Consumers’
and ‘Customers’ interchangeably. However, they do not always have the same
meaning. A customer is not always the consumer. Customers purchase things, but
consumers use them.
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According to Walters (1974), "A consumer is an individual who purchases, has the
capacity to purchase, goods and services offered for sale by marketing institutions in
order to satisfy personal or household needs, wants, or desires."
1.8 : CONSUMER BEHAVIOUR
Consumer behavior is the study of how individual customers, groups or

organizations select, buy, use, and dispose ideas, goods, and services to satisfy their
needs and wants. It refers to the actions of the consumers in the marketplace and the
underlying motives for those actions.
"The aim of marketing is to know and understand the customer so well the
product or service fits him and sells itself." - Peter F. Drucker.
Marketers expect that by understanding what causes the consumers to buy particular
goods and services, they will be able to determine—which products are needed in the
marketplace, which are obsolete, and how best to present the goods to the consumers.
The roles also vary in different consumption situations; for example, a mother plays
the role of an influencer in a child‘s purchase process, whereas she plays the role of a
disposer for the products consumed by the family.
1.8 (A) : Significance of Consumer Behaviour -
Consumer behavior is very important to understand what influences the buying

decisions of the consumers and why does it so. By understanding how consumers
decide on a product it is possible for marketers to fill in the gap and identify which
product is needed and which products are obsolete in the market. It also helps
marketers decide how to present their products such that they have maximum impact
on consumers.
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1.8 (B) : Importance of Consumer Behavior to Marketers -
It is important for marketers to study consumer behavior. It is important for them to

know consumers as individual or groups opt for, purchase, consumer or dispose
products and services and how they share their experience to satisfy their wants or
needs. This helps marketers to investigate and understand the way in which
consumers behave so that they can position their products to specific group of people
or targeted individuals.
In regard to the marketer‘s view point, they assume that the basic purpose of
marketing is to sell goods and services to more people so that more profit could be
made. This principle of making profits is heavily applied by almost all marketers.
Earlier, the marketers were successful in accomplishing their purpose. Thus, in order
to sell a product or service or to convince consumers to buy product, the marketers
have to undergo through proper research to win them over.
The following are some of the points discussed that explains the value to marketers
of understanding and applying consumer behavior concepts and theories:
1. To understand Buying Behavior of consumers.

2. To create and retain customers though online stores.
3. To Understand the factors influencing Consumer‘s buying Behaviour.
4. To understand the consumer‘s decision to dispose a product or services.
5. To increase the knowledge of sales person influence consumer to buy product.
6. To help marketers to sale of product and create focused marketing strategies.
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1.8 (C) : Consumer Behavior Patterns –
Buying behavior patterns are not synonymous with buying habits. Habits are
developed as tendencies towards an action and they become spontaneous over time,
while patterns show a predictable mental design. Each customer has his unique
buying habits, while buying behavior patterns are collective and offer marketers a
unique characterization. Consumer behavior patterns can be grouped into:
a) Place of purchase -
Most of the time customers will divide their purchases in several stores even if all
items are available in the same store. Think of your favorite hypermarket: although
you can find clothes and shoes there as well, you‘re probably buying those from
actual clothing brands.
b) Items purchased -
Things to consider : the items that were purchased and how much of each item was
purchased. Necessity items can be bought in bulk while luxury items are more likely
to be purchased less frequently and in small quantities.
c) Time and frequency of purchase -

Customers will go shopping according to their feasibility and will expect service
even during the oddest hours; especially now in the era of e-commerce where
everything is only a few clicks away.
d) Method of purchase -
A customer can either walk into a store and buy an item right then and there, or order
online and pay online via credit card or on delivery. The method of purchase can also
induce more spending from the customer. The way a customer chooses to purchase
an item also says a lot about the type of customer he is.
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1.9 : CONSUMER BUYING BEHAVIOR
Consumer buying behavior is the sum total of a consumer's attitudes, preferences,

intentions, and decisions regarding the consumer's behavior in the marketplace when
purchasing a product or service. The study of consumer behavior draws upon social
science disciplines of anthropology, psychology, sociology, and economics.
Buying behavior is the decision processes and acts of people/prospective customers

involved in buying and using products.
It helps in understanding :
i. Why consumers make the purchases that they make?
ii. What factors influence consumer purchases?
iii. The changing factors in our society.
Consumer Buying Behavior refers to the buying behavior of the ultimate consumer.
Consumer buying behavior is the study of individuals, groups, or organizations and
the processes they use to select, secure, use, and dispose of products, services,
experiences, or ideas to satisfy needs and the impacts that these processes have on
the consumer and society.
Marketing success or failure of a company depends on target consumers’ individual

and group reactions expressed in the form of buying patterns.
According to Frederick Webster - Consumer buying behavior is all psychological,

social and physical behavior of potential customers as they become aware of,
evaluate, purchase, consume and tell other people about products and services.
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Stages of the Consumer Buying Process :
a. Problem Recognition -
When a consumer realizes that he has a problem with the existing products, he needs
replacement or has to buy a new product because his demands require a purchase. He
sets the chain in motion.
b. Information Search -
The consumer looks for prospective replacements or products that will fit his
requirement perfectly. The sources of information are usually personal (based on
personal research), public (based on public opinion), commercial (Advertisement
pushed in by the vendor), experiential (a previously used product).
c. Evaluation of Alternatives -
Based on the consumer‘s research, they decide which products are to be shortlisted
and which one of the competitions is to be eliminated. The two basic models of
choice are:
Conjunctive : Where the minimum threshold acceptable quality of all attributes is the
deciding factor.
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Lexicographic : When the most important attribute is preferred even if that means a
slightly lesser quality in other aspects.
d. Purchase Decision -
As it suggests, after factoring in all the pros and cons of a product, the consumer
makes the purchase decision at this step.
e. Purchasing -
A need has been created, research has been completed and the customer has decided
to make a purchase. All the stages that lead to a conversion have been finished.
However, this doesn’t mean it’s a sure thing. A consumer could still be lost.
Marketing is just as important during this stage as during the previous.
Marketing to this stage is straightforward keep it simple. Test your brand’s purchase
process online. Is it complicated? Are there too many steps? Is the load time too
slow? Can a purchase be completed just as simply on a mobile device as on a
desktop computer? Ask these critical questions and make adjustments. If the
purchase process is too difficult, customers, and therefore revenue, can be easily lost.
f. Post-Purchase Behaviour -
Depending on the user experience, the consumer may recommend the product to
people or slash the product if their experience isn’t good. The post-purchase behavior
of social influencers is very important to the initial market and this may be the most
underrated point of influence that your product creates.
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1.10 : ONLINE SHOPPING
Online shopping is a form of electronic commerce which allows consumers to

directly buy goods or services from a seller over the Internet using a web browser or
a mobile app. Consumers find a product of interest by visiting the website of the
retailer directly or by searching among alternative vendors using a shopping search
engine, which displays the same product's availability and pricing at different e-
retailers. As of 2020, customers can shop online using a range of different computers
and devices, including desktop computers, laptops and smartphones.
An online shop evokes the physical analogy of buying products or services at a

regular "bricks-and-mortar" retailer or shopping center; the process is called
business-to-consumer (B2C) online shopping. When an online store is set up to
enable businesses to buy from other businesses, the process is called business-to-
business (B2B) online shopping. A typical online store enables the customer to
browse the firm's range of products and services, view photos or images of the
products, along with information about the product specifications, features and
prices.
Online stores usually enable shoppers to use "search" features to find specific
models, brands or items. Online customers must have access to the Internet and a
valid method of payment in order to complete a transaction, such as a credit card,
an Interact-enabled debit card, or a service such as PayPal. For physical products
(e.g., paperback books or clothes), the e-tailer ships the products to the customer; for
digital products, such as digital audio files of songs or software, the e-tailer usually
sends the file to the customer over the Internet. The largest of these online retailing
corporations are Alibaba, Amazon.com, and eBay.
1.10 (A) : Statistics –
Statistics show that in 2012, Asia-Pacific increased their international sales over 30%
giving them over $433 billion in revenue. That is a $69 billion difference between
the U.S. revenue of $364.66 billion. It is estimated that Asia-Pacific will increase by
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another 30% in the year 2013 putting them ahead by more than one-third of all global
ecommerce sales. The largest online shopping day in the world is Singles Day, with
sales just in Alibaba's sites at US$9.3 billion in 2014.
Statistics on online retail sales
% Retail Sales
Country
Online
US 9.8%
Canada 2.8%
UK 20%
1.10 (B) : Advantages -
a. Convenience – Online Stores are usually available 24 hours a day and many
customers in Western countries have Internet access both at work and at
home. Other establishments such as Internet cafes, community centers and
schools provide internet access as well.
b. Information and Reviews – Online stores must describe products for sale with
text, photos and multimedia files, whereas in a physical retail store, the actual
product and the manufacturer’s packaging will be available for direct
inspection (which might also involve a test drive, fitting or other
experimentation).
c. Price and Selection – One advantage of Online shopping is being able to

quickly seek out deals for items or services provided by many different
vendors (though some local Search engines do exist to help consumers locate
products for in nearby stores).
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1.10 (C) : Disadvantages -
a. Fraud and security concerns – Given the lack of ability to inspect

merchandise before purchase, consumers are at higher risk of fraud than face-
to-face transactions. When ordering merchandise online, the item may not
work properly, it may have defects or it might not be the same item pictured
in the online photo.
b. Lack of full cost disclosure – The lack of full cost disclosure may also be
problematic. While it may be easy to compare the base price of an item
online, it may not be easy to see the total cost up front. Additional fees such
as shipping are often not visible until the final step in the checkout process.
c. Privacy – Privacy of personal information is a significant issue for some

consumers. Many consumers wish to avoid spam and telemarketing which
could result from supplying contact information to an online merchant. In
response, many merchants promise not to use consumer information for these
purposes, many websites keep track of consumer shopping habits in order to
suggest items and other websites to view.
1.10 (D) : Impact of Reviews on Consumer Behaviour -
One of the great benefits of Online shopping is the ability to read product reviews,
written either by experts or fellow Online shoppers. According to a survey conducted
by the Nielson Company in March 2010, Reviews on electronics (57%) such as DVD
players, Cellphones, or PlayStations and so on, Reviews on Car (45%), and reviews
on software (37%) play an important role in influencing consumers who tend to
make purchases online. Furthermore, 40% of online shoppers indicate that they
would not even buy electronics without consulting online reviews first.
In addition to online reviews, peer recommendations on online shopping pages or

social media websites play a key role for online shoppers when they are researching
future purchases. 90% of all purchases made are influenced by social media.
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1.11 : NEED OF THE STUDY
Financial Transactions are the backbone of any economy in the world. In India cash
was always the King i.e. all the transactions in our country used to take place through
the means of cash only. Nearly four of every five transactions used to take place
through cash means during the year 2015, cash was the predominant mode of
payment and was the base of our economy and this was because of Digital Illiteracy,
lack of education, lack of infrastructure, low network connections in remote areas of
our country and many more reasons.
The Reserve Bank of India is doing its best to encourage various methods of
payments and to make the whole payment process easier, more secure, reliable and
user friendly. With the introduction of various Digital modes of payment such as :-
I. NEFT / RTGS
II. IMPS (Immediate Payment Services)
III. USSD (Unstructured Supplementary Service Data)
IV. UPI (Unified Payments Interface)
V. BHIM (Bharat Interface for Money)
VI. Digital Wallets.
VII. Bharat QR Code (Quick Response Code)
VIII. Bharat Bill Pay.
IX. AEPS (Aadhaar Enabled Payment System)
X. WhatsApp Pay.
The transaction process has become more convenient, secure and transparent in
nature with the help of such Digital modes of Payment. If cashless transactions is
adopted and implemented in India then it will be easier to exchange currency while
travelling to abroad countries. A cashless society leads to lower crime rates which
are an advantage to the society. There will be no scenario of black money and can
stop corruption once a society is cashless in economy and this can be done by
adopting more and more Digital mode of payment for various transactions.
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The main purpose of the study is to investigate the benefits of using online payment
applications and to analyze the various online payment applications in India. The
main Agenda of this study is to find out the impact of using Amazon Pay and to find
out that using Amazon Pay as a payment method has helped the customers or not.
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2. RESEARCH METHODOLOGY
2.1 : OBJECTIVES OF THE STUDY
Research Objectives state or describe what the research is trying to achieve or what
we expect to achieve by the project. The Objectives of the study gives a brief idea
about the areas of the research which is studied. Research objectives help in the
formulation of Hypothesis for the study and it also helps in narrowing down the
research and helps in focusing on the point.
The Research aims to follow certain objectives. The Objectives for this precise
research are :
1. To study the Awareness and Impact of Online Payment options on

consumers.
2. To analyze the problems faced by the users while using online modes of
payment.
3. To know the consumers attitude while buying a product through Online
Payment options.
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2.2 : HYPOTHESIS
The principle instrument in any research is the Hypothesis of the research. A

Hypothesis is a proposed explanation for the research problem to be solved. The
integral part of a research project is the framing of the hypothesis. Hypothesis has to
be clear, precise and specific. The framed Hypothesis should consider the objectives
of the research.
There are two types of hypothesis i.e. Null Hypothesis and Alternative Hypothesis.
The Null Hypothesis states that there is no relation between the variables. The
Alternative Hypothesis states that there is relation between the variables.
The Hypothesis designed should help us to find if there is any relation between the
variables that is being studied in the research project. The study on the topic is based
on 1 (One) Hypothesis :
• H0 : There is no significant relationship between online payment options and

consumer satisfaction.
• H1 : There is also a significant relationship between online payment options

and consumer satisfaction
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2.3 : RESEARCH PROBLEM
A research problem is a statement about an area of concern, a condition to be

improved, a difficulty to be eliminated, or a troubling question that exists in scholarly
literature, in theory, or in practice that points to the need for meaningful
understanding and deliberate investigation. In some social science disciplines the
research problem is typically posed in the form of a question. A research problem
does not state how to do something, offer a vague or broad proposition, or present a
value question.
A research problem is a definite or clear expression (statement) about an area of

concern, a condition to be improved upon, a difficulty to be eliminated, or a troubling
question that exists in scholarly literature, in theory, or within existing practice that
points to a need for meaningful understanding and deliberate investigate. A research
problem does not state how to do something, offer a vague or broad proposition, or
present a value question.
It is one of the first statements made in research paper and as well as defining the
research area, should include a quick synopsis of how the hypothesis was arrived at.
Operationalization is then used to give some indication of the exact definitions of the
variables, and the type of scientific measurements used. This will lead to the
proposals for research funds, the quality of their research problem often makes the
difference between success and failure. A research problem is a specific issue,
difficulty, contradiction or gap in knowledge that you will aim to address in your
research. You might look for practical problems aimed at contributing to change, or
theoretical problems aimed at expanding knowledge. Bear in mind that some
research will do both of these things, but usually the research problems focusses on
one or the other. The type of research problem you choose depends on your broad
topic of interest and the type of research you want to do.
A research problem is an issue or a concern that a researcher presents and justifies in

a research study.
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The problems that may occur while conducting the research are as follows :
1) Coverage Problem - Considering that there are many Online Payment gateways
which are present in the market worldwide, the research of each and every Payment
gateway is difficult. Thus, the research on Online Payment is restrained to only
Online Shopping.
2) Data Collection Problem - Considering that certain amount of data that is used in
the research is Secondary in nature, this makes it possible that there are limitations
on the reliability of data that is present in the research. The primary collection of data
may be biased by the respondents who will answer to the questions of the research.
Hence, there is a possibility that there may be errors while recording collection of
data.
3) Difficulty in Understanding the Online Payment Method affecting the Behavior of

Consumers - There are many Online Payment methods that are present in the market.
There are many aspects that are taken into consideration while shopping and paying
Online, and understanding the behavior of the consumer. While conducting the
research it is difficult to consider all the aspects due to which only certain aspects are
consider. Hence, it is difficult to understand the online payment method affecting the
behavior of the consumers.
4) Inadequacy to understand the Perception of the Respondents - At times the

respondent may feel not to answer to a particular question due to his/her perception
relating to a question and may not fill the complete survey.
5) Problem for Processing the Data - There may be problems that occur while
processing the data. Errors may occur in the classification and tabulation of data
which will affect the quality of the research work.
6) Limited Area – It is a questionnaire that is shared through WhatsApp to limited

contact hence the research cannot be considered on a large population but it will be
considered as the people representing the whole population. Research is limited to
the Area of Mumbai.
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2.4 : RESEARCH METHODOLOGY
This research is prepared with the help of empirical and intellectual insights under
guidance and recommendation from the concerned professor. The part that of the
research that relates to the concept of theories relating to the brands and consumer
buying behavior, is available on the net. The aspects relating to theories have also
been taken from certain books. Comprehensively this research has been done taking
into account all the above-mentioned things.
What is Research Methodology?
Research methodology is the specific procedures or techniques used to identify,

select, process, and analyze information about a topic. In a research paper, the
methodology section allows the reader to critically evaluate a study‘s overall validity
and reliability.
The process used to collect information and data for the purpose of making business
decisions. The methodology may include publication research, interviews, surveys
and other research techniques, and could include both present and historical
information.
According to Martyn Shuttleworth, Research is defined as, "In the broadest sense of
the word, the definition of research includes any gathering of data, information and
facts for the advancement of knowledge.
According to Creswell, Research is defined as, "Research is a process of steps used

to collect and analyze information to increase our understanding of a topic or issue".
Research is a logical and systematic search for new and useful information on a
particular topic. It is a scientific investigation of finding solutions to technical and
social problems through objective and systematic analysis. The approach of the
research is Pragmatic. Since the data is collected based on both qualitative and
quantitative methods to study and describe various statistical outcomes of the study.
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In the light of the study problem that focuses on the significance of the relationship
between Career Development, retention of research employees and research
institutes study design and methods were developed to enable remaining objectively
focused on the main issue.
Questionnaire method -
This method includes questionnaire which was asked to the general public /
consumers at large. (Appendix)
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2.5 : RESEARCH DESIGN
Research design is the framework of research methods and techniques chosen by a

researcher. The design allows researchers to sharpen in on research methods that are
suitable for the subject matter and set up their studies up for success.
The Research Design includes the following aspects :
1) A clear statement of research problem.

2) The purpose or objectives of the research.
3) The time period of research study.
4) The sources of collecting data.
5) The methods and techniques of data processing.
According to Philips Bernad, Research Design is defined as a logical and systematic

plan prepared for directing a research study. It specifies the objectives of the study;
The methodologies and techniques to be adopted for achieving the objectives.
According to John W. Best, Research Design is defined as, Research design is the
plan, structure, strategy and means of investigation conceived so as to obtain answers
of research questions. It is a plan or an overall scheme or a programme of research.
Descriptive research is selected for this research. Descriptive research or statistical

research provides data about the population or universe being studied. But it can only
describe the who, what, when, where and how of a situation. It does not describe
what caused a particular situation. Therefore, Descriptive research is used when the
objective is to provide a systematic description that is as factual and accurate as
possible. It provides the number of times something occurs, or frequency of
occurrence. It lends itself to statistical calculations such as determining the average
number of occurrences or central tendencies. The two most commonly types of
descriptive research include observation method and the survey method.
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2.6 : DATA COLLECTION
Data collection is the process of gathering and measuring information on targeted

variables in an established system, which then enables one to answer relevant
questions and evaluate outcomes. Data collection is a component of research in all
fields of study including physical and social sciences, humanities and business.
Types of Data Collection :
1) Primary Data –
Primary sources of data refer to firsthand information which is collected to solve a

specific problem. The researcher takes up original investigation with the target group
to gather accurate information and data. Primary data is that which is collected by
sociologists themselves during their own research using research tools such as
experiments, survey questionnaires, interviews and observation. Primary data can
take a quantitative or statistical form, e.g. charts, graphs, diagrams and tables. It is
essential to interpret and evaluate this type of data with care. In particular, look at
how the data is organized in terms of scale. It is organized into percentages, hundred,
thousands, etc. Is it a snapshot of a particular year or is it focusing or is it focusing on
trends across a number of years?
Primary data can also be qualitative, e.g. extracts from the conversation of those
being studied. Some researchers present their arguments virtually in the words of
their subject matter. Consequently, the data speaks for itself and readers are
encouraged to make their own judgements.
Primary data is the data collected by the researcher himself. I have used the
following sources of the data in this project work. In my research the primary data
collections was mainly done through the questionnaires forwarded via Google Forms
to sales executive. I meet the respondents personally & requested to answer my
questions for the requirement of my study.
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2) Secondary Data –
The secondary data is readily available data from published or printed sources. The
secondary data is generally used in the case of academic research and to a certain
extent in the case of social research.
Secondary data is data collected by someone other than the researcher himself.
Common sources of secondary data for social science include census, organizational
records and data collected through qualitative methodologies or qualitative research.
Primary data, by contrast, are collected by the investigator conducting the research.
Secondary data analysis saves time that would otherwise be spent collecting data and
particularly in the case of qualitative data, provides larger and higher - quality
databases that would be unfeasible for any individual researcher to collect on their
own. In addition, analysts of social and economic change consider secondary data
essential, since it is impossible to conduct a new survey that can adequately capture
past change and developments.
SAMPLING TECHNIQUE
The sampling technique selected for the research is Simple Random Sampling. This
technique provides every element or unit an equal chance of being selected in the
sample. It is suitable for selecting a sample from a small homogeneous group.
SAMPLING SIZE
Data is collected using a sample of 85 Respondents.
SAMPLE DESCRIPTION
The sample consists of data that is collected from primary sources that are used for
this research. This is fulfilled by the use of questionnaire which was shared to many
different respondents. Secondary data like research report, journals, etc. are also
utilized for getting information which is mentioned in Review Of Literature.
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3. REVIEW OF LITERATURE
An effort has been made to gather information from the previous researchers and
suitable studies conducted in the field of branding and consumer buying behavior so
that essential variables considering to the study identified and evaluated. The review
of Literature is described in a brief and accurate method.
1. According to Sujith T S, Julie C D (2017)
The article entitled “Opportunities and Challenges of E-Payment System in

India”, aimed to identify the issues and challenges of electronic payment
systems and offer some solutions to improve the e-payment system. E-
Payment system not only provides more opportunities but many threats also.
The study found that, 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.
2. According to Mamta, Prof. Hariom Tyagi and Dr. Abhishek Shukla

(2016)
The article entitled “The Study of Electronic Payment Systems”. This study
aims to identify the issues and challenges of electronic payment system and
offer some solutions to improve the e-payment quality. The successful
implementation of electronic payment system depends on how the security
and privacy dimensions perceived by consumers as well as sellers are
popularly managed in turn would improve the market confidence in the
system.
3. According K. Suma Vally and Dr. K. Hema Divya (2018)
The research paper titled “A Study on Digital Payments in India with

perspective of consumers’ adoption” focuses on the analysis of the level of
adoption of these digital payments by the consumers. The study examines the
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effect of adopting digital payments impact on consumers of the banking
sector of India. The result put together gives us an important policy direction
towards what can enable the country to increase cashless payments. The
results indicate that the deployment of technology for digital payments have
improved the performance of banking sector and able to achieve the motive
cash less country. The study gives emphasis to the percentage of awareness
on maximum utilization of technology. Banks should take effective measures
in creating awareness towards the effective usage of technology and security.
The research methodology used that is the data collected is a primary data and
is collected through a structured questionnaire and the results has been
collected through 183 respondents. The research tool used to analyze the data
is Chi-square technique.
4. According to Prof. Sana Khan and Ms. Shreya Jain (2018)
The research paper titled “A Study on Usage of E-payments for Sustainable

Growth of Online Business” focuses on the frequency and the problems faced
by consumers while using online payment methods. The researchers also
examined the effect of e-payments contribution towards the sustainability of
the business growth in India, these were the main objectives of this research
paper. The research conducted is a descriptive research and the primary data
was collected through a structured questionnaire send to users of e-payment
methods and the sample size was 100 participants which was collected
random sampling technique. The findings of this research suggested that the
users of e-payments have increased and it has become more popular and that
majority of the users used online payments because of coupons and discounts
in those transactions.
5. According to Priyanka. S. Kotecha (2018)
The research paper titled “An Empirical study of Mobile Wallets in India”
focuses on the meaning of M-Wallet and highlights the advantages and
disadvantages of M-Wallet in India. The researcher studied various categories
in Mobile Wallets in India. The research methodology used for data analysis
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in this research is a conceptual study and also descriptive in nature. In this
research paper it is also shown the growth of Mobile wallets in India from the
year 2012 till the year 2016. The paper concluded that mobile wallets are
growing rapidly mainly because of convenience in transactions and various
shoppers are also demanding mobile payments because of which mobile
wallets are growing in forthcoming years.
6. According to Rachna and Priyanka Singh (2013)
The research paper titled “Issues and Challenges of Electronic payment

systems” aims to identify the issues and challenges faced while using
electronic payment systems and this paper also offer some solutions to
improve the quality of e-payment system. This paper stated some issues such
as lack of security, lack of trust in such payment services by the consumers,
lack of awareness by the consumers, online payment services are not feasible
in rural areas of our country. This paper also stated some of the measures to
handle those problems such as encryption, digital signature, firewalls, and can
request for more identification in case of any doubts. The paper concluded
with the facts that e-payment systems can be successful if the privacy of the
consumers and the security dimensions are well managed which would
increase the confidence of the customers on such payment applications.
7. According to Sanghita Roy and Dr. Indrajit Sinha (2014)
The Article was titled as “Determinants of Customer’s Acceptance of

Electronic Payment system in Indian Banking Sector of Kolkata.” The
objective of the study was to find out the most popular E-Payment System out
of numerous other E-Payment System. This study also analyzed and found
out that the level of awareness and the usage of E-Payment technologies. E-
Payment system in India, has shown tremendous growth, but still there has lot
to be done to increase its usage. Still 90% of the transactions are cash based.
The result of this study was 4 Factors which contribute towards the
strengthening the E-payment system in India and those are- Innovation,
Incentive, Customer convenience and Legal framework.
Mumbai
8. According to Ashish Baghla (2018)
This research paper titled “A Study on the Future of Digital Payments in

India” focused on the adoption of Digital payments in India. This paper
identifies the problems or challenges faced by the people of India in adopting
Digital modes of payment. One of the objectives of this study was to find out
the attitude of the people towards the adoption of digital payment in India.
The research methodology used in this research i.e the data is collected from
both the primary and secondary sources, the primary has been collected
through a questionnaire from 110 people. The paper concluded that the effort
by the government to make India cashless is going well but it will take time
for India to become completely cashless. 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.
9. According to N Ramya, D Shivsakhti and Dr. M Nandhini (2017)
With limited cash in hand people and traders may start using online payment
methods to complete the transaction, this may force more merchants and
traders to accept Digital Payments. CASH MAY NO LONGER BE THE
KING. ET Wealth conducted an online survey to find out the level of
adoption of digital payment solutions and user habits. The findings reveal that
while people are getting comfortable with cashless payments. The research
paper also stated certain disadvantages of going cashless and those are –
overspending increases, difficult for people who are not used to such
technology, losing phone can be problematic, higher risk of identity theft and
hacking consumers’ data, etc. The researchers concluded that Digital
Transactions bring in the advantage of transparency, scalability and
accountability in transactions and will be beneficial to both the merchants as
well as the consumers as they are becoming comfortable in using online
modes of payments.
Mumbai
4. DATA ANALYSIS, INTERPRETATION AND
PRESENTATION
4.1 : ACTUAL COLLECTION OF DATA
Both primary and secondary sources of data are used for the purpose of the research.
Primary data is collected by circulating a questionnaire to the different respondents.
Secondary data is collected from various documents, reference books and other
sources.
Sr. Particulars Description

No.
1. Title A study on The Online Payment options
used by the Consumers while Shopping
Online in Mumbai
2. Sample Size 85
3. Sample Unit General People / Consumers
4. Sampling Procedure Simple random Sampling
5. Research Design Descriptive
6. Research Instrument Questionnaire (via Google Form)
Mumbai
4.2 : DATA ANALYSIS
Age group of the respondents
Fig. 1
INTERPRETATION
The above Pie chart represents the age group of the respondents. It
shows that 82.4% of the respondents’ i.e. maximum numbers of
respondents were from the age group of 19 – 25 Y/o, followed by the
respondents of the age groups of Below 18 years who share 5.9%. It also
shows that the age groups of 26 – 40 Y/o and 41 & above have 7.1% and
4.6% respectively.
AGE GROUP NO. OF PERCENTAGE OF

RESPONDENTS RESPONDENTS
BELOW 18 5 5.9 %
19 – 25 70 82.4 %
26 – 40 6 7.1 %
41 & ABOVE 4 4.6 %
TOTAL 85 100 %
Table 1
Mumbai
Gender of the respondents
Fig. 2
INTERPRETATION
The above Pie Chart shows that 77.6 % (66) of the respondents who
have answered the questionnaire are Females. 22.4 % (19) of the total
respondents are Males and there are 0 % respondents in ‘Others’
category.
GENDER NO. OF PERCENTAGE OF

Males 19 22.4 %
Females 66 77.6 %
Others 0 0%
TOTAL 85 100 %
Table 2
Mumbai
Occupation of the Respondents
Fig. 3
INTERPRETATION
The above Pie chart represents the Occupation of the respondents. It
shows that 58.1 % (49) of the respondents’ i.e. maximum numbers of
respondents were Students, followed by the respondents who are
Employees taking around 34.1 % (29). Then are the respondents from
the Others Category around 5.8 % (5). Lastly, Self-Employed
respondents were 2.4 % (2).
OCCUPATION NO. OF PERCENTAGE OF

Students 50 58.1 %
Employees 29 33.7 %
Self – Employed 2 2.4 %
Others 5 5.8 %
TOTAL 85 100 %
Table 3
Mumbai
Fig. 4
INTERPRETATION
The above Pie chart represents the method of shopping that the
respondents prefer. The pie chart is divided into 2 parts namely Online
Shopping & Traditional Shopping (by physically visiting the stores).
Here we can see that major part of the population prefers Online
Shopping holding 52.9 % (45) and 47.1 % (40) covered by the
population that prefers Traditional Shopping.
SHOPPING NO. OF PERCENTAGE OF

METHOD RESPONDENTS RESPONDENTS
Online 45 52.9 %
Traditional Shopping 40 47.1 %
TOTAL 85 100 %
Table 4
Mumbai
Fig. 5
INTERPRETATION
The above pie chart shows us the choice of payment method that the
respondents choose while shopping Online. And we can see that majority
of the population has chosen Online Payment to pay after shopping
online. The numbers are 77.6% (66) selecting Online Payment and
22.4% (19) vice versa.
ONLINE PAYMENT NO. OF PERCENTAGE OF

Yes 66 77.6 %
No 19 22.4 %
TOTAL 85 100 %
Table 5
Mumbai
Fig. 6
INTERPRETATION
The above pie chart presents us with the Data about the preferred
payment method by the respondents while shopping Online among the
options: Banking Cards, UPI, Net Banking or COD. 48.2% (41)
respondents prefer UPI or Mobile Wallet for paying after shopping
online. We also see 32.9 % (28), 15.3 % (13) and 3.5 % (3) respondents
preferring to pay via COD, Banking Cards (Debit or Credit Card) and
Net Banking respectively.
PAYMENT MODE NO. OF PERCENTAGE OF

Banking Cards 13 15.3 %
UPI or Mobile Wallets 41 48.2 %
Net Banking 3 3.6 %
COD (Cash on Delivery) 28 32.9 %
TOTAL 85 100 %
Table 6
Mumbai
Fig. 7
INTERPRETATION
The above bar graph gives clear information about the scale at how
frequently the respondents use Online Payment as an option for making
payments. On the scale of ‘0-6’, we have 9.4 % (8) respondents giving
‘0’ rating, 5.9 % (5) respondents giving ‘1’ rating, 15.3 % (13)
respondents giving ‘2’, ‘3’ & ‘5’ rating each, 20 % (17) respondents
giving ‘4’ rating and 18.8 % (16) respondents giving ‘6’ rating.
Mumbai
Fig. 8
INTERPRETATION
The above bar graph gives clear information about the scale at how
frequently the respondents use Online Shopping. On the scale of ‘0-6’,
we have 4.7 % (4) respondents giving ‘0’ rating, 3.5 % (3) respondents
giving ‘1’ rating, 15.3 % (13) respondents giving ‘2’, 25.9 % (22)
respondents giving ‘3’ & ‘4’ rating each, 14.1 % (12) respondents giving
‘5’ rating and 10.6 % (9) respondents giving ‘6’ rating.
Mumbai
Fig. 9
INTERPRETATION
In the above pie chart is the information about the Average Cost of the
purchases that the respondents usually incur. The number of respondents
spending on an average between Rs. 1,000/- to Rs. 10,000/- is 52.9 %
(45) and the number of respondents spending Below 1,000 INR is 45.9%
(39). Whereas the respondents spending on an average Above 10,000
INR is in the minority with just 1.2 % (1).
AVERAGE COST OF NO. OF PERCENTAGE OF

PURCHASES RESPONDENTS RESPONDENTS
Below 1,000 INR 39 45.9 %
Rs. 1,000/- to Rs. 10,000/- 45 52.9 %
Above 10,000 INR 1 1.2 %
TOTAL 85 100 %
Table 7
Mumbai
Fig. 10
INTERPRETATION
In the above pie chart is the response of the respondents on the question
whether they ‘have ever cancelled an online purchase?’ and we see that
62.4 % (53) respondents are saying ‘Yes’, 20 % (17) saying ‘No’ and
17.6 % (15) saying ‘Maybe’.
CANCELLATION NO. OF PERCENTAGE OF

OF PURCHASE RESPONDENTS RESPONDENTS
Yes 53 62.4 %
No 17 20.0 %
Maybe 15 17.6 %
TOTAL 85 100 %
Table 8
Mumbai
Fig. 11
INTERPRETATION
In the above pie chart, the respondents were asked whether their choice
of E-Payment method affect the total price of purchase. Response to this
question was answered in options ‘Yes’, ‘No’ and ‘Maybe’.
Around 40 % (34) answered by selecting the option ‘Yes’. In the same
way we can see that we received answers by selecting the option ‘No’
and ‘Maybe’ by 27.1 % (23) and 32.9 % (28) respectively.
AFFECTING TOTAL NO. OF PERCENTAGE OF

PURCHASE PRICE RESPONDENTS RESPONDENTS
Yes 34 40 %
No 23 27.1 %
Maybe 28 32.9 %
TOTAL 85 100 %
Table 9
Mumbai
Fig. 12
INTERPRETATION
In the above pie chart, we see that according to the experience of the
respondents as consumers they have answered with selecting ‘Yes’, ‘No’
and ‘Maybe’.
‘Yes’, ‘No’ and ‘Maybe’ was selected by 69.4 % (59), 11.8 % (10) and
18.8% (16) respectively.
BENEFITS OF NO. OF PERCENTAGE OF

ONLINE PAYMENT RESPONDENTS RESPONDENTS
Yes 59 69.4 %
No 10 11.8 %
Maybe 16 18.8 %
TOTAL 85 100 %
Table 10
Mumbai
Fig. 13
INTERPRETATION
In the above pie chart, the respondents select the way by which they were made
aware about the benefits of using Online Payment method with the majority of
awareness, of around 67.1 % (57), being created by ‘Social Media’ according to the
respondents. ‘Friends or Collegues’ are yet another huge portion that creates
awareness, around 24.7 % (21) out of the total respondents. Then we have small
portions like ‘Television’, ‘Internet’, ‘Newspaper’ and ‘Parents’ creating awareness
of around 4.6 % (4), 1.2 % (1), 1.2 % (1) and 1.2 % (1) respectively.
MEDIA OF NO. OF PERCENTAGE OF

AWARENESS RESPONDENTS RESPONDENTS
Newspaper 1 1.2 %
Social Media 57 67.1 %
Television 4 4.6 %
Friends or Colleagues 21 24.7 %
Internet 1 1.2 %
Parents 1 1.2 %
TOTAL 85 100 %
Table 11
Mumbai
Fig. 14
INTERPRETATION
In the above pie chart, around 76.5 % (65) respondents feel that ‘Yes’
that E-Payment modes will benefit the Society with respect to Black
Money while 23.5 % (20) respondents argue by saying ‘No’ that it won’t
help or benefit the society with respect to ‘Black Money’.
RELATIONSHIP WITH NO. OF PERCENTAGE OF

BLACK MONEY RESPONDENTS RESPONDENTS
Yes 65 76.5 %
No 20 23.5 %
TOTAL 85 100 %
Table 12
Mumbai
Fig. 15
INTERPRETATION
In the above pie chart, we can see the respondents’ opinion on
considering Online Payment mode while shopping online with the
answers ‘Yes’ and ‘No’. Around 69.4 % (59) respondents selected ‘Yes’
agreeing that they would first consider Online mode of Payment while,
30.6 % (26) respondents denied considering Online mode of payment for
Online Shopping
CONSIDERING NO. OF PERCENTAGE OF

ONLINE MODE OF RESPONDENTS RESPONDENTS
PAYMENT
Yes 59 69.4 %
No 26 30.6 %
TOTAL 85 100 %
Table 13
Mumbai
Fig. 16
INTERPRETATION
The above bar graph gives clear information on the scale of how safe the
respondents feel while making Online Purchases. On the scale of ‘0-6’,
we have 2.4 % (2) respondents giving ‘0’ rating, 5.9 % (5) respondents
giving ‘1’ rating, 11.8 % (10) respondents giving ‘2’, 29.4 % (25)
respondents giving ‘3’, 23.5 % (20) respondents giving ‘4’ rating, 18.8%
(16) respondents giving ‘5’ rating and 8.2 % (7) respondents giving ‘6’
rating.
Mumbai
Fig. 17
INTERPRETATION
In the above pie chart the respondents were asked whether they ever
experienced / faced any problems while using Online mode of Payment.
There were mixed answers with 28.2 % (24) respondents saying ‘Yes’,
36.5 % (31) respondents saying ‘No’ while 35.3 % (30) of the
respondents were not sure about their experience hence they selected the
option ‘Maybe’.
PROBLEMS NO. OF PERCENTAGE OF

FACED RESPONDENTS RESPONDENTS
Yes 24 28.2 %
No 31 36.5 %
Maybe 30 35.3 %
TOTAL 85 100 %
Table 14
Mumbai
Fig. 18
INTERPRETATION
The above bar graph gives clear information on the scale of how
satisfied they are using Online Payment options with reference to Online
Shopping. On the scale of ‘0-10’, we have 0 % (0) respondents giving
‘0’ rating, 2.4 % (2) respondents giving ‘1’ rating, 3.5 % (3) respondents
giving ‘2’, 5.9 % (5) respondents giving ‘3’, 8.2 % (7) respondents
giving ‘4’ rating, 16.5 % (14) respondents giving ‘5’ rating, 8.2 % (7)
respondents giving ‘6’ & ‘10’ rating, 14.1 % (12) respondents giving ‘7’
rating, 23.5 % (20) respondents giving ‘8’ rating and 9.4 % (8)
respondents giving ‘9’ rating.
Mumbai
5. FINDINGS, CONCLUSION AND SUGGESTIONS
5.1 : FINDINGS
It has been found out that :
[1] Out of all the respondents around 52.9 % of the respondents prefer online
shopping while 47.1 % still prefer Traditional shopping methods.
[2] 77.6 % of the respondents make online payments while shopping online
whereas 22.4 % respondents still do not use online payment as an option
while shopping online.
[3] Around 48.2 % of the respondents prefer paying via UPI or Mobile wallets
while shopping online.
[4] When asked how frequently they use online payment option while shopping
online we got the rating of '4' of around 20 % percent of the respondents
using it quite frequently.
[5] The frequency of shopping online was rated as '3-4' on the scale of '0-6' by
majority of the respondents i.e. 25.9 %.
[6] The average cost of purchase selected by a majority of the respondents i.e.
52.9 %, was between Rs. 1,000 - Rs. 10,000.
[7] Around 62.4 % of the respondents have cancelled their online purchases due
to various reasons.
[8] Majority of the respondents agreed to the fact that selecting or preferring E-
payment modes did affect their total purchase price. 40 % of the respondents
agreed.
Mumbai
[9] 69.4 % of the respondents were about the benefits of using online mode of
payments as a customer.
[10] According to the respondents, around 67.1 % of the respondents were made
aware about the benefits of online payment methods via social media.
[11] Around 76.5 % out of the 85 respondents believe that using E-payment modes
will benefits the society with respect to reducing Black money.
[12] 69.4 % respondents consider / will consider using online payment while
shopping Online.
[13] Around 29.4 % of the respondents feel safe about the online payments at a
moderate level with the rating of ‘3’ out of ‘0 - 6’.
Mumbai
5.2 : SUGGESTIONS
It is found out that in the Online Payment segment the most important aspect
considered by a consumer while Purchasing / Shopping Online is the incentives and
safety & security of their money that the consumers receive. So the Mobile Wallet
apps or Banking websites that allow Online payment should consider these threats
and give preference to safety of the consumers data.
The suggestions related to the reseach are as follows -
A. The Cyber security should be increased so only the account holder can access
the online banking account and an unauthorized person cannot an hack into in
an unauthorized method.
B. Creating awareness and facility about Online Payment options and benefits in
the rural areas as urban cities are now already growing and turning at a faster
pace towards Internet Banking and UPI Payments.
C. Understanding and finding a solution to the problems of the consumers while

making Online Payments which will in turn gain the trust of the consumers
and customers towards their Banks.
D. Giving more incentives and promoting Cashless or Online Transactions

which will change the perspective / consumers attitude while conducting an
Online Transaction.
Many more such suggestions can be made if Research is conducted on a larger scale.
If these suggestions are fulfilled perfectly then it may attract and retain a larger
population toward Online Payment and Online Transaction.
Mumbai
5.3 : CONCLUSION
While governments, regulators and service-providers are working in synergy to

enhance the electronic payments systems and related infrastructure, it makes sense to
study how these options are perceived by the end-user. The key policy
recommendation from our study is that incorporating feedback and gauging public
perception can further catalyze digitization. We observe through our study that
perception of digital payment instruments affects the payment behaviour of an
individual.
Digital payments were not only driven by a positive outlook on digital payments but
also a negative outlook on cash. Contrary to popular belief, customers were seen to
be willing to discount online fraud experience in the face of higher convenience
offered by digital payment modes. The impact of experiencing fraud on the choice to
pay digitally differs according to the purpose of the transaction. Also, we cannot
ignore the role played by demographic factors in better digital payment adoption.
Digital payments adoption is expected to increase in line with the overall
socioeconomic development of the population.
While our collected data is from a geographically diverse set of respondents, it is still
limited to a certain part of the population. Most of the respondents were already
digitally literate, educated and economically sound when compared to the
population. This is one of the major limitations of the study.
Also, e-commerce and technology firms (with higher acceptance of digital payments)
had stepped up their services, filling in the vacuum created by closure of brick and
mortar stores. Various central banks around the world conduct payment diary
surveys to gauge useful variables at the individual level and observe their impact on
payment behaviour. In the future, surveys like these could be taken up with a broader
sample and in a more structured manner, as things gradually return to normal.
Mumbai
5.4 : FULFILLMENT OF OBJECTIVE OF STUDY
1. From the above research we get to know that the consumers are
aware and consider about Online Payment system.
2. This research also understands the problems faced by the
consumers while making Online Payment for Online Purchases.
3. We can clearly see from the above study that the consumers have
a positive attitude while buying a product Online.
Mumbai
5.5 : FULFILLMENT OF HYPOTHESIS OF STUDY
For,
H0 : There is no significant relationship between online payment options and
consumer satisfaction.
H1 : There is also a significant relationship between online payment options
and consumer satisfaction.
From the above research, ‘H1’ that is the Alternative Hypothesis is proved
that there is significant relationship between Online Payment options and
consumers satisfaction.
Mumbai
6. REFERENCES & BIBLIOGRAPHY
https://gocardless.com/guides/online-payments-guide/online-payments-
introduction/#:~:text=What%20are%20online%20payments%3F,ll%20use%20in%2
0this%20guide)
https://www.lyra.com/in/payment-methods/
www.researchgate.net
6818361362.pdf docs.neu.edu.tr
19-123_ea5e9c88-8207-4aef-acb5-b206333b70dc.pdf www.hbs.edu
(PDF) Online Payment Method Selection: The Habitual Choice of Deferring

Payment www.researchgate.net
https://www.diva-portal.org/smash/get/diva2:1320654/FULLTEXT01.pdf
https://www.researchgate.net/publication/319611766_Opportunities_and_Challenges
_of_E-_Payment_System_in_India/link/6195e4c561f0987720ab8f68/download
https://www.ijser.org/researchpaper/Determinants-of-Customers-Acceptance-of-
Electronic-Payment.pdf
http://ijrar.com/upload_issue/ijrar_issue_20542141.pdf
https://www.allresearchjournal.com/archives/2017/vol3issue1/PartB/2-12-137-
352.pdf
https://en.wikipedia.org/wiki/Paytm
https://en.wikipedia.org/wiki/Google_Pay_(mobile_app)
https://en.wikipedia.org/wiki/PhonePe
https://en.wikipedia.org/wiki/PayPal
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7784624/
https://en.wikipedia.org/wiki/Consumer
A study on ‘The impact of branding on consumer’s buying behavior regarding

different smartphone brands with reference to Mumbai’, Project Submitted by Mr.
Mark John Nicholas, MCOM (Business Management).
https://en.wikipedia.org/wiki/Online_shopping
Link to the Google Form (Questionnaire)

https://docs.google.com/forms/d/e/1FAIpQLSc59KsLj61ob2ng0ZVCmd2F9hISDzp
xahu_QH2fEj5f3c4WNQ/viewform?usp=sf_link
Mumbai
7. APPENDIX (QUESTIONNAIRE)
Mumbai
Mumbai
Mumbai
Mumbai
Link to the Google Form (Questionnaire)
https://docs.google.com/forms/d/e/1FAIpQLSc59KsLj61ob2ng0ZVCmd2F9hISDzp
xahu_QH2fEj5f3c4WNQ/viewform?usp=sf_link
Mumbai

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A STUDY ON

“ONLINE PAYMENT OPTIONS USED BY THE

MR. ALEXANDER PATRICK MARTIS

UNDER THE GUIDANCE OF

TOLANI COLLEGE OF COMMERCE

“ONLINE PAYMENT OPTIONS USED BY THE

MR. ALEXANDER PATRICK MARTIS

UNDER THE GUIDANCE OF

TOLANI COLLEGE OF COMMERCE

I the undersigned Mr. Alexander Patrick Martis hereby, declare that

Wherever reference has been made to previous works of others, it has

I would like to acknowledge the following as being idealistic channels

I take this opportunity to thank the UNIVERSITY OF MUMBAI for

I would like to thank my Principal DR. VIJAYA KRISHNA for

I take this opportunity to thank our Coordinator Dr. SADHANA

I would also like to express my sincere gratitude towards my Project

I would like to thank my COLLEGE LIBRARY, for having provided

Sr. No. Title Page No.

SR. NO. TITLE PAGE NO.

SR. NO. TITLE PAGE NO.

1.1 : MEANING AND DEFINITION OF ONLINE PAYMENT

• Bank Debits via online mandate (often referred to as Direct Debit)

Payments can be one-off (e.g. e-commerce transactions like purchasing clothing) or

According to a study conducted by Capgemini and BNP Paribas, digital payments

Government of India is also encouraging various digital payment apps such as

• 10 Types of Digital Payment methods in India:-

1. Banking Cards - Debit / Credit / Prepaid Cards.

1.3 : IMPORTANCE OF CASHLESS TRANSACTIONS OR

I. There is no fear of Robbery or Theft :- When physical cash is in large

III. Transparency and accountability :- In cashless economy as there is more

IV. No tension about counterfeit currency :- Every economy in the world

V. Easier Accounting and Easier transactions :- By going cashless customer

It is very important to encourage people to adopt cashless modes of payment by

An electronic device or online service that allows an individual to make

• Various Digital Wallet apps are :

PayTM is an Indian E-Commerce operator and Financial Technology

PayTM is known as a Digital Payment system which allows you to transfer

Google Pay enables you to :-

✓ Send and Receive Money.

PhonePe or PhonePe Private Limited is an Indian E-Commerce Payment

PhonePe offers various services such as :-

✓ User can send or receive money through PhonePe app.

Latest development of PhonePe app is that it allows its customers to

MobiKwik is also another Indian Company app which acts as a Digital

6. UPI BHIM App :

✓ User can send money.

PayPal Holdings, Inc. is an American multinational financial technology

Established in 1998 as Confinity, PayPal went public through an IPO in 2002.

PayZapp is a mobile payment app developed by HDFC Bank. PayZapp

How to start with PayZapp App :-

✓ First you have to download the PayZapp App from Playstore.

While setting up a fully functional online store/E-Commerce website, you

Types of Payment Methods for E-Commerce :

1. Credit / Debit card payments :

Credit Cards - As a global payment solution, by enabling payment

Though not popular nowadays but still bank transfer is considered as an

E-wallet is one of the upcoming trends which gives a new shopping

Payment acceptance was no exception for mobile penetration. This digital

A consumer is a person or a group who intends to order, orders, or uses

In an economy, a consumer buys goods or services primarily for consumption and

1.8 : CONSUMER BEHAVIOUR

Consumer behavior is the study of how individual customers, groups or

1.8 (A) : Significance of Consumer Behaviour -