Chapter 4: Data Analysis, Interpretation and Presentation

4.1 Primary Data Table 1 ahead summarized the personal and demographic characteristics of the
respondents.

SR.NO PARTICULARS RESPONDENT PERCENTAGE (%)

1 BELOW 20 55 54.00%
21 TO 30 26 25.40%
31 TO 40 13 12.80%
ABOVE 40 8 7.80%
2 GENDER
MALE 71 69.6%
FEMALE 31 30.3%

3 EDUCATION QUALIFICATIONS
SECONDARY 8 7.8%
HIGHER SECONDARY 40 39.21%
GRADUATE 41 40.2%
POST GRADUATE & ABOVE 13 12.8%
4 OCCUPATION
SALARIED EMPLOYEE 13 12.80%
SELF EMPLOYED 23 22.6%
FREELANCER 12 11.8%
STUDENT 54 53%

This table indicates that majority of the respondents are from the age group below 20 years of who
are basically students either in secondary, higher secondary or graduate thus one thing we can know
is still the older generation of 30 above prefer the fashion system of cash transaction or any and
more of the younger generation people are into cashless mode of payment such as UPI, NET
BANKING, DEBIT & CREDIT CARDS.
 1) Which mode of payment/fund transfer do you prefer the most?

MODE OF PAYMENT/FUNDS TRANSFER RESPONDENTS PERCENTAGE(%)

CASH 37 36.3%
UPI 37 36.3%
NET BANKING 22 21.6%
DEBIT/CREDIT CARD 6 5.8%
TOTAL SAMPLE 102

Mode Of Payment

5.80%

21.60%
36.30%

36.30%

CASH UPI NET BANKING DEBIT/CREDIT CARD

INTERPRETATION:-

The above table and Pie chart clearly indicate that majority of respondents preferred UPI & Cash
payment around 36.30% and 22 respondents rather than any other sort of payment or fund transfer
like Net Banking which is around 21.60%, Debit/credit card which is by the way the least people
preferred now a days around 5.80%. This shows growing popularity of UPI over the years among
other modes of payment.
 2) From which Period you first started using any of the digital payment apps?

PERIOD RESPONDENTS PERCENTAGE (%)

PRE - COVID 28 27.5%
DURING COVID 41 40.2%
POST- COVID 33 32.3%
102 100

From which period you started using any of Digital payments app

27.50%
32.30%

40.20%

PRE COVID DURING COVID POST COVID

INTERPRETATION

We can see rise in number of people using UPI during the Covid Period and so we can tell it might be
after effect due to demonetisation, we can also see that there is nothing such as steady growth by
yearly but we can see the peek rise came during the covid and after post covid. Thus, we can
conclude that most people started using UPI from 2020 around 40.20% due to sudden impact of
covid
 3) How would you rate the above mention payment method as per your experience out of five(
1 is least preferred and 5 is the most preferred)

3.1 Banking cards

Ratings Respondent Percentage (%)

1 34 33.34
2 11 10.78
3 20 19.60
4 17 16.67
5 20 19.60
Total Sample 102 100

BANKING CARDS

19.60%

33.34%

16.67%

10.78%

19.60%

1 2 3 4 5

INTERPRETATION

From the chart we can get to know that 34 respondents out of 102 i.e 33.34% consider banking
cards as the worst payment option and thus they rated it as 1 out of 5. On the other hand only
19.60% people think to use banking cards as their priority and use it. Thus this isn’t user friendly at
this stage.
3.2 Unstructured Supplementary Service Data (USSD)

Ratings Respondent Percentage (%)

1 30 29.41
2 26 25.49
3 26 25.49
4 11 10.78
5 9 8.82
Total Sample 102 100

USSD

8.82%

10.78% 29.41%

25.49%

25.49%

1 2 3 4 5

INTERPRETATION

Many of them in the young generation aren’t aware about USSD and its features and so 30
respondents gave 1 ratings and 26 respondents gave 2 ratings i.e 29.41% & 25.49% Respectively.
3.3 UPI

Ratings Respondent Percentage (%)

1 16 15.68
2 10 9.8
3 17 16.66
4 22 21.5
5 37 36.27
Total Sample 102 100

UPI

15.68%

36.27%
9.80%

16.67%

21.56%

1 2 3 4 5

From the data given we can know that 36.27% I.e 37 out of 102 think BHIM as Best UPI payment
apps and have given them 5 Rating, 21.56 % of them gave 4 as their rating, 16.67% as 3, 9.80% as 42
and lastly 15.68% of them 1 as their rating which shows why it is more preferred as the best mode of
payment after the lockdown.
3.4 Aadhar Enabled Payment System (AEPS)

Ratings Respondent Percentage (%)

1 26 25.49
2 29 28.43
3 21 20.58
4 19 18.62
5 7 6.88
Total Sample 102 100

AEPS

6.88%

25.49%
18.62%

20.58%
28.43%

1 2 3 4 5

INTERPRETATION
3.5 MOBILE WALLETS

Ratings Respondent Percentage (%)

1 20 19.61
2 10 9.80
3 15 14.70
4 32 31.39
5 25 24.50
Total Sample 102 100

MOBILE WALLET

19.61%
24.50%

9.80%

14.70%
31.39%

1 2 3 4 5
3.6 POINT OF SALE MACHINES

Ratings Respondent Percentage (%)

1 18 17.6
2 23 22.5
3 21 20.7
4 17 16.6
5 23 22.6
Total Sample 102 100

Sales

17.60%
22.60%

22.50%
16.60%

20.70%

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 5th Qtr
3.7 MOBILE BANKING

Ratings Respondent Percentage (%)

1 19 18.7
2 12 11.7
3 20 19.7
4 28 27.4
5 23 22.5
Total Sample 102 100

MOBILE BANKING

18.70%
22.50%

11.70%

27.40%
19.70%

1 2 3 4 5
3.8 INTERNET BANKING

Ratings Respondent Percentage (%)

1 21 20.6
2 14 13.7
3 16 15.6
4 19 18.6
5 32 31.4
Total Sample 102 100

INTERNET BANKING

20.60%

31.40%

13.70%

18.60%
15.60%

1 2 3 4 5
 4) Why do you use above mention methods?

Reason Respondent Percentage(%)

Convenience 57 31.1%
Reward 35 19.1%
Easy to use 51 27.9%
Trust 40 21.9%
Total 183 100%
 5) How often did you use digital payment apps in recent week?

No of Times Used Respondents Percentage(%)

Once 16 15.7%
Twice 26 25.5%
More than 3 33 32.4%
More than 5 27 26.5%
Total 102
 6) Purpose of digital transaction done by you?

Purpose Respondents Percentage(%)

Sending bills 42 41.2%
Bill Payments 52 51%
Shopping 61 59.8%
Booking Tickets 40 39.2%
Mobile / TV Recharge 56 54.9%
Non-Financial 20 19.6%
Groceries 38 37.3%
Restaurants / Cafes 58 56.9%
 7) Do you spend more than decided while using digital payment?

Yes/No Respondents Percentage(%)

Yes 37 36.3%
No 37 36.3%
Maybe 28 27.5%
Total 102

8) Has digital payment affected your expected savings?

Yes/No Respondents Percentage(%)

Yes 44 43.1%
No 33 32.4%
Maybe 25 24.5%
Total 102
 9) How did you came to know about digital payments?

How they came to Know Respondents Percentage(%)

Awareness schemes by 20 19.6%
bank
Social Media 24 23.5%
Friends 38 19.6%
Advertisement 20 37.3%
 10) Average money spent via digital payments in a Month?

Average Money spent Respondents Perentage(%)

Less than 2000 28 27.5%
2001-4000 30 29.4%
4001-6000 20 19.6%
More than 6000 24 23.5%

11) Did you move back to cash payment post Covid

Yes/No Respondents Percentage(%)

Yes 33 32.4%
No 43 42.2%
Maybe 26 25.5%
Total 102
12) Had your usage of digital payment increased during the time of covid

Yes/No Respondents Percentage(%)

Yes 45 44.1%
No 37 36.3%
Maybe 20 19.6%
Total 102
4.2 SECONDARY DATA

1) BANKING CARDS

Banking cards are a class of financial tool that make it simple for customers to access their
bank accounts and carry out transactions. These cards, also known as payment cards, can be
used to make purchases or withdraw cash from ATMs since they are connected to a bank
account or a line of credit. Cards exist in a variety of forms, including debit cards, credit
cards, prepaid cards, and gift cards, and are frequently issued by banks and other financial
institutions.
Users with debit cards can instantly access their funds to make purchases or cash withdrawals
because they are linked to a checking account. In contrast, credit cards give customers access
to a line of credit that they can use to borrow money for purchases and repay it over time with
interest. Gift cards are preloaded with a certain amount of money and can be used as a present
or for personal use, whilst prepaid cards are similar to debit cards but require users to load
money onto the card before making transactions or withdrawing cash.
Convenience, security, and the capacity to establish credit history are just a few of the
advantages that banking cards offer. They do, however, also include some hazards, including
those related to fraud, fees, and interest rates. To prevent any fraudulent activity or illegal
purchases, it's crucial to use banking cards properly and to keep an eye on your accounts
frequently.
 2) USSD

An information sharing protocol called Unstructured Supplementary Service Data (USSD) is utilised
between a mobile network and a mobile device. Using a sequence of menu options shown on the
screen of their mobile device, customers can access services or information supplied by their mobile
network operator using this session-based protocol.

Because it enables interactive real-time communication between the user and the mobile network,
USSD differs from Short Message Service (SMS). The user's mobile device does not save USSD
messages, and the session ends whenever the user stops interacting with the service.

Mobile banking, prepaid mobile top-up, monitoring account balances, and accessing numerous
value-added services provided by mobile network carriers are just a few of the uses for USSD. Since
internet connectivity is scarce and mobile devices are the only way to access digital services, USSD is
commonly used in developing nations.

Common prefixes and suffixes for USSD codes are the "*" and "#" symbols. For instance, entering
"*123#" will bring up a list of alternatives for recharging prepaid mobile accounts or checking
account balances. Regardless of the make or version of the device, anyone with a mobile device and
an active SIM card can use USSD codes.

3) UPI

The National Payments Corporation of India (NPCI) created the Unified Payments Interface (UPI), a
real-time payment system, to streamline interbank transactions in India. Without requiring the user
to provide their bank account information, it allows for immediate fund transfers between bank
accounts using a mobile device.

Users of UPI can create a special virtual payment address (VPA) connected to their bank account
through a mobile application. Then, users can send and receive money to and from other UPI users
using this VPA.

Users must use a mobile application that supports UPI to connect their bank
account and mobile number in order to use UPI. Users can start transactions,
check their account balance, and monitor their transaction history using the UPI
mobile application's user-friendly interface. Because it uses two-factor
authentication for all transactions, UPI is a very secure payment system. For each
transaction, the user must enter a special UPI PIN that is known only to them and
is never shared with a third party. In India, UPI has gained enormous popularity,
and more than 200 banks now provide UPI services to their consumers. Money
transfers between bank accounts are now quicker, simpler, and more comfortable
thanks to the country's transformation of the digital payments landscape.
 4) AADHAR ENABLED PAYMENT SYSTEM

An individual's identification can be verified and financial transactions made

through a bank account that is linked to their Aadhar card through the Aadhaar
Enabled Payment System in India. The National Payments Corporation of India
created this project as a government-sponsored effort to advance financial
inclusion and broaden the use of digital payments in India. AEPS enables a variety
of banking transactions, including cash withdrawals, deposits, balance inquiries,
and fund transfers, by using biometric authentication using Aadhaar. Via Micro
ATMs, which are portable machines offered by banks or authorised agencies,
customers can access AEPS services. These Micro ATMs contain a card reader
and a fingerprint scanner that verify the user's identity and bank account
information that is connected to Aadhaar.

Those in rural and isolated places who might not have access to conventional
banking services can benefit especially from AEPS. Anyone can conduct
transactions via AEPS without going to a physical bank branch, saving time and
money on travel. Also, it does away with the requirement for physical debit cards,
enhancing transaction security and lowering the possibility of fraud.

More people have successfully entered the official banking system thanks to
AEPS, especially those who were previously unbanked or underbanked. In India, it
has turned into a crucial tool for fostering financial inclusion, and numerous
banks and financial organisations are actively seeking to increase its customer
base.

5) MOBILE WALLETS

A mobile wallet, often referred to as a digital wallet, is a virtual wallet that

securely stores digital information such as payment card numbers, loyalty card
numbers, and other information on a mobile device. Users can pay for goods and
services quickly and easily without using physical money or credit cards thanks
to this technology.

Many different technologies, including near-field communication (NFC), QR codes,

and smartphone apps, are used by mobile wallets to enable payments. The user
can use the mobile wallet to make purchases at businesses that allow mobile
payments by linking their bank account, credit or debit cards, or other payment
methods to it.
The advantages of mobile wallets over conventional payment methods are
numerous. By removing the need to carry cash or credit cards, they provide
consumers a safe and practical option to make payments. Additionally, they have
the capacity to save digital receipts, loyalty cards, and discounts, making it
simple for users to access and use them.

Peer-to-peer payments, bill payments, and the ability to control various payment
methods from one app are just a few of the extra features that mobile wallets
offer. Since numerous mobile wallet providers, like Apple Pay, Google Pay,
Samsung Pay, and many more entered the market in recent years, they have
grown in popularity.

6) Point of sale machines

Point of sale (POS) machines are electronic tools that let companies handle credit
and debit card payments from clients. Retail establishments, dining
establishments, and other establishments that accept credit cards frequently
employ POS equipment.

A customer's payment card's data is read by POS devices, which then confirm the
transaction with the card's issuer. The customer's account then transfers the
transaction amount to the merchant's account.

A variety of capabilities are available on modern POS devices, including the

capacity to handle chip-enabled cards as well as contactless payments like Apple
Pay and Google Pay. Additionally, many POS systems offer other functions
including personnel administration, inventory management, and sales reporting.

Businesses now need POS devices more than ever since they allow them to give
clients a variety of payment alternatives and improve customer satisfaction.
Additionally, they provide numerous advantages to businesses, including
enhanced cash flow, decreased risk while handling cash, and simplified payment
processing.

POS equipment is available in a variety of forms, including freestanding terminals

and portable devices that may be used anywhere. It is simpler for merchants to
discover the ideal solution for their needs because a large number of payment
processing providers provide POS systems that are targeted to particular
industries or business types.

In general, POS devices have transformed the payment sector by making it

simpler and more effective for both businesses and consumers to make
purchases.

7) MOBILE BANKING

Customers that use mobile devices like smartphones or tablets to undertake

banking operations are given access to mobile banking, a service provided by
financial institutions. With mobile banking, users can access their account
details, transfer money, pay their bills, and complete other financial tasks
whenever and wherever they like.

Mobile banking normally requires an internet connection and can be accessed

through a mobile app or mobile website. Either the customer's bank or another
financial institution, or a third-party provider, may be the source of the app or
website.

In recent years, as more individuals rely on their mobile devices for daily tasks,
mobile banking has grown in popularity. Without having to physically go to a bank
branch or ATM, it provides a quick and secure way to manage money. Customers
may monitor their spending, set up notifications for account activity, and see
their account history with the use of mobile banking.

8) Internet banking

Online banking, commonly referred to as internet banking, is a service provided

by financial institutions that enables users to conduct different banking
operations online. Customers can access account information, check account
balances, transfer funds, pay bills, apply for loans, and complete other financial
operations through internet banking.

On a desktop, laptop, or mobile device, a web browser is commonly used to

access internet banking. To access the bank's website and log in to their account
using their username and password, the consumer needs to be connected to the
internet. In order to add an additional degree of protection, several banks also
implement two-factor authentication.

Since more people prefer the convenience of handling their accounts online,
internet banking has grown in popularity. It enables 24/7 access to financial
services and eliminates the need to go to a real bank branch or ATM. Also, online
banking provides a safe and practical way to keep tabs on account activity, keep
track of expenses, and check transaction history

CHAPTER 5 :- CONCLUSION & SUGGESTIONS

As a result, digital payments have completely changed how we conduct financial

transactions by giving us quick, secure, and practical ways to pay for products
and services. Digital payments have reduced the need for currency, facilitated
safer and simpler transaction completion, and increased financial transaction
transparency.

With the ability to conduct banking operations from any location and at any time,
mobile and internet banking have been instrumental in promoting digital
payments. They have also made it easier to manage funds, monitor expenditure,
and track account activities.

We may anticipate that as technology advances, digital payments will become

even more sophisticated, with new payment options and improved security
measures. To secure our personal and financial information, it's vital that we
utilise digital payments responsibly and adhere to the necessary security
procedures. Overall, digital payments have revolutionised how we transact in
money, giving us more accessibility, ease, and security than ever before.

SUGGESTIONS

Several respondents believed that India's citizens' lack of digital and technology literacy was a
barrier to the country's adoption of a cashless economy. As a result, the government must take
steps to address this issue by educating the populace.

It is crucial to educate the populace about cashless transactions and UPI because the bulk of
people in our country reside in rural areas.

The government should create an entirely safe and secure electronic payment infrastructure
since many respondents thought that cashless transactions in India are not secure.
 The government should boost transaction openness and efficiency to encourage more digital
payments.

To inform the populace about digital payment options, the government should
launch a financial literacy campaign.

To reduce fraud and theft, the government should make the infrastructure reliable
and secure. These are some ideas that could improve India's transition to a
cashless society.

CHAPTER 6 BIBLIOGRAPHY