A Study On Digital Payment Gateway and User Prefrence, Focusing On Unified Payment Interface

PROJECT REPORT
On
A STUDY ON DIGITAL PAYMENT GATEWAY AND USER PREFRENCE, FOCUSING ON

UNIFIED PAYMENT INTERFACE
Submitted to
University of Mumbai for partial completion of the degree of

“MASTER IN COMMERCE”
Under the faculty of Commerce
By
HRITHIKA RAJU JETHANI ROLL NUMBER:- 2216525
Under the guidance of
DR. ARJUN LAKHE
MULUND COLLEGE OF COMMERCE
Sarojini Naidu Road, near Mulund Court, Ashok Nagar, Mulund West, Mumbai,
Maharashtra – 400080.
OCTOBER 2022
1
PROJECT REPORT
On
A STUDY ON DIGITAL PAYMENT GATEWAY AND USER PREFERENCE, FOCUSING

ON UNIFIED PAYMENT INTERFACE
Submitted to
University of Mumbai for partial completion of the degree of

“MASTER IN COMMERCE”
Under the faculty of Commerce
By
HRITHIKA RAJU JETHANI ROLL NUMBER:- 2216525
Under the guidance of
DR. ARJUN LAKHE
MULUND COLLEGE OF COMMERCE
Sarojini Naidu Road, near Mulund Court, Ashok Nagar, Mulund West, Mumbai,
Maharashtra – 400080.
OCTOBER 2022
2
Declaration by learner
I the undersigned Miss / Mr. HRITHIKA RAJU JETHANI here by, declare that the work embodied in this
project work titled “A study on digital payment gateway and user preference, focusing on unified payment
interface”, forms my own contribution to the research work carried out under the guidance of Dr. Arjun
Lakhe is a result of my own research work and has not been previously submitted to any other University for
any other Degree/ Diploma 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, here by further declare that all information of this document has been obtained and presented in
accordance with academic rules and ethical conduct. Name and Signature of the learner Certified by Name
and signature of the Guiding Teacher
Name and Signature of the learner
Certified by
Name and signature of the Guiding Teacher
3
CERTIFICATE
This is to certify that Ms/Mr HRITHIKA RAJU JETHANI has worked and duly completed her/his Project
Work for the degree of Master in Commerce under the Faculty of Commerce in the subject of Banking and
Finance and her/his project is entitled, “A study on digital payment gateway and user preference, focusing
on unified payment interface” 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 or Diploma of any University.
It is her/ his own work and facts reported by her/his personal findings and investigations.
Name and Signature of Guiding Teacher

Seal of
the
College
Date of submission:
4
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 chance to do this project.
I would like to thank my Principal, Dr. Sonali Pednekar for providing the necessary facilities required for
completion of this project.
I take this opportunity to thank our Coordinator Dr. S.A. Pawar for his moral support and guidance.
I would also like to express my sincere gratitude towards my project guide Dr. Arjun Lakhe 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.
5
INDEX
CHAPTER CONTENTS PAGE NUMBERS

NUMBER
1 Chapter 1- Introduction 8-21
2
Chapter 2- Review of Literature 23-28
3 Chapter 3- Research Methodology 30,31
4 Chapter 4- Data Analysis, Interpretation 33-76

and Presentation
5 Chapter 5 – Conclusions and Suggestions 78-83
6 Bibliography 85-87
7 Annexure 89-92
6
CHAPTER 1
INTRODUCTION
7
A STUDY ON DIGITAL PAYMENT GATEWAYAND USER PREFRENCE,
FOCUSING ON UNIFIED PAYMENT INTERFACE
CHAPTER 1- INTRODUCTION
This paper studies Unified Payment Interface (UPI), a new age payment system introduced in
India by National Payment Corporation of India. Unified Payment Interface is a mobile centric,
real time interbank payment system which has the potential to transform and universalize
digital payments in India. The paper traces the evolution of payments systems in India and
examines in detail the technology behind Unified Payment Interface focusing on its
architecture and security systems through empirical and theoretical literature review. UPI is a
significant advancement as compared to extant payment system in terms of cost, ease of use
for consumers, settlement times and security and has witnessed good user adoption. Its
modular application programming interface (API) based architecture will enable development
of innovative solutions for consumersand businesses. UPI is currently in its infancy stage and
development of merchant centric UPIsolutions will greatly increase the user adoption. UPI can
help bring a large part of the population within the ambit of digital economy and can be a great
tool for financial inclusion in India
Keywords -
Mobile Payments, Real Time Payments, Unified Payment Interface, Digital Payment.
8
Background
The “Digital India” is the Indian Government’s flagship program with a vision to
convert India into a digitally empowered country. “Faceless, Paperless, Cashless” is
one of supposed function of Digital India. Digital payment system has gained
importance nowadays, especially after demonetization. The government is taking
essential steps to encourage the public to use payment gateway platforms. To
promote payment gateways, it has declared discounts on purchases of certain
products digitally. It has also introduced UPI (United Payment Interface) which is
app based to transact across multiple banks. Another improved version is set to be
unveiled by the government, which makes banking transactions though mobile
phones without internet by a platform called USSD (Unstructured Supplementary
Service Data). These initiatives have provided extensive boost up to the digital
payment system in the country. Government’s other initiatives like BHIM and UPI
are supporting in transition and faster adoption of digital payments. Electronics
Consumer transaction made at point of sale (POS) for services and products either
through internet banking or mobile banking using smart phone or card payment are
called as digital payment. Background with the rapid development of science,
computer and network technology, electronic-commerce (ecommerce) has become
a routine part of human life. Since it can provide new impetus to develop business
in enterprises, it is convenient for customers, especially in Business to customer
(B2C) commerce. The customer can order at home and save time for doing more
things. There is no need to visit a store or a shop. The customer can visit different
stores in the Internet in a very short time and compare the products with different
characteristics. Such are price, color and quality. Furthermore, online payment
systems have a very important role in e-commerce. E- commerce enterprises use
online payment systems that refer to paperless. In April 2009, National Payment
Corporation of India was formed with the objective to integrate all the payment
mechanisms in the country and make them uniform for retail payments.
As payment gateway is surging on account of growing online payment transactions

9
in INDIA, this study undertakes to give an insight about Payment gateways services.
This study helps in understanding the company preference of the users with regard to
payment gateway. It helps us to know the kind of service used by the users, which
are provided by the payment gateways service providers. The Study also aims to
find out the factors influencing the perception of the Customer preference with
respect to Charges and risks. Recently, the RBI had issued certain guidelines that
allow the users to increase their limit to Rs.1,00,000 based on certain KYC
verification. PayTM is currently the leader in the segment has about 125 million
wallet users. It sees about 60 million monthly transactions on its platform.
Significantly, as per an IAMAIIMRB‟s Digital Commerce 2015 Report, only about
eight per cent of buyers pay online using m-wallets, while 21 per cent prefer to pay
using debit card, 16 per cent prefer credit cards and majority 45 per cent prefer Cash-
on-delivery mode of payment. According to reports, the early adopters of wallets
were in the northern and western parts of India, but due to the drop in smart phone
prices and 3G tariffs, virtual wallets are growing pan India. Leading private telecom
operator Airtel too operates Airtel Money. PingPay, PayZapp, Idea Money and m-
pesa are some of the wallets operated by telecom players and banks. Cab aggregator
Ola has launched Ola Money, an independent wallet for mobile recharge and money
transfers. The mobile wallet user base in India has even surpassed the total number
of credit cards issued in the country. The RBI data shows that till November 2015,
around 22 million credit cards have been issued by 55 banks, while a rough estimate
shows there are more than 100 million wallet users in India. Digital wallets are the
best bet to usher in digital payments. There are three key drivers: 1. Strong growth
in smart phones: The digital payments landscape in India has witnessed
unprecedented growth largely driven by increased Smartphone penetration. Smart
phone user base has increased by 60% in the metros, but more importantly, it is the
penetration in the tier 2 and 3 areas which is of critical importance. 61 million people
from tier 2 and 3 use smart phones for onlineshopping.
2. Adoption of Aadhaar & UPI: Data availability along with Aadhaar based
authentication will allow for seamless adoption of the digital wallet. Initiatives such
as Aadhaar, UPI will have a catalytic effect on the industry. Improved 3G & 4G
services: 3G and 4G services are being offered at extremely affordable prices, giving
a huge boost to mobile commerce. With 4G becoming more and more affordable,
we expect Smartphone users from tier 2 and 3 regions to adopt digital wallets.
The growth in spending on the Internet, together with the underlying need for secure
10
transactions, increases the importance of online payment systems. Online payment
systems can be broadly defined as the means and processes involved in conducting
transactions online; however, this description can be expanded to include the online
monetary connections between sellers, buyers, financial institutions, and
intermediaries. Online payment systems have been around for several years, yet are
now becoming ubiquitous with the increased common use of the Internet. Some of
the benefits provided by online payment systems include improved cash flow
efficiency, guaranteed transactions, reduced costs, increased protection of sensitive
information, and increased protection of the payment provider. Given that fraud is
a prevalent concern with online transactions, secure online payment systems are
particularly important. Despite the growth and importance of online payment in the
current global economy, little academic literature exists in this area that integrates
the disparate research streams about online payment systems and describes their
implementation. Further, online payment processes are largely ignored by
traditional textbooks, yet it is important for students to understand online payment
because it represents the most significant shift in payment in the last two hundred
years. IS students are likely to be involved in implementing, purchasing,
maintaining, or interacting with these processes. For example, several instructors
note the need or desire to include online payments into e- commerce curriculum.
REASONS TO USE ONLINE PAYMENT
Most businesses seek online payment to increase purchases by accepting bankcards.

In addition to expanding the payment options available to customers, certain
inherent risks faced by businesses can be reduced by using online credit payment.
This section reviews five ways providers bring value to businesses: improved cash
flow efficiency, guaranteed transactions, reduced costs, increased protection of
sensitive information, and increased protection of the payment provider.
Improved Cash Flow Efficiency
Online payment providers assist businesses in keeping costs of receiving payments

low while enhancing and improving the company’s ability to collect funds. Finding
an efficient and cost-effective way to collect money is of great importance for any
11
company. Hundreds of methods exist for a business to create a dynamic website and
collect customer information, but far fewer allow for the easy collection of funds.
Online payment providers improve cash flow efficiency for small incremental costs.
Many services offer the ability for customers to make a one-time payment or to pay
by subscription. Both methods tend to involve corresponding transaction fees,
depending on the type of account the customer selects. Transaction fees facilitate
more sales without large upfront costs.
Guaranteed Transactions
Online payment providers help reduce some of the risks associated with online
purchasing by guaranteeing transactions with proper support and by protecting
sensitive information [Wright, 2002]. If customers are not confident that a company
will provide them with guaranteed transactions, they may refuse to conduct business
with the company, with devastating effects on revenues. Online payment providers
offer straightforward ways of assuring business transactions over the Internet. One
way is by collaborating with larger companies and major financial institutions to
obtain the resources necessary to guarantee payments. For example, PayPal teamed
up with Wells Fargo to provide greater functionality and stability to its service.
Reduced Costs
Online payment providers help reduce costs on both the business side and the client
side ofa transaction by reducing the paper work, processing time, and human
resources needed to complete it. More important, they may also reduce data-entry
errors because customers enter their own information into the system rather than
relying on a customer service representative to enter the data for them. Online
payment providers also allow companies to eliminate the need for expensive servers,
software, and administrative staff. Many businesses do not possess the capital to
purchase and configure their own servers, nor do they want to worry about
maintenance. Furthermore, using an online payment provider can reduce costs
associated with server downtime. Since small businesses are particularly susceptible
to losses caused by system downtime (much more than larger businesses [Ball,
2001]) reducingof downtime is important in these environments. Using a provider
also greatly reduces the need for technically proficient developers and
12
administrators assuring the reliability, timeliness, and efficiency of the payment
system.
Increased Protection of Sensitive Information
Online payment providers can also decrease the potential for payment fraud by
increasing the security of sensitive information. Payment fraud is 30 times more

likely in the virtual world than in the physical world. Accordingly, consumers
conducting business over the Internet are extremely concerned with the security of
their personal information [Wright, 2002]. Using an online payment provider should
decrease employee access to financial information, reduce internal employee theft,

and protect sensitive customer information. An online payment provider allows a
business to control sensitive information without having to invest in a complex web
application. Once a client’s personal information is stored in the payment provider’s
database, it will not be transferred again over the Internet. To decrease the costs of
fraud further, online payment providers typically assume the risk of credit card
fraud, identity theft, and other financial fraud. Online payment providers typically
are well- equipped to provide increased data security during transmission processes
through techniques such as cryptography. Virtually all major online payment
providers maintain sophisticated fraud control groups that conduct cyber sleuthing
to reduce the amount of fraud committed with their services.
Forms of Digital Payment
1. Banking cards: Cards are among the most widely used payment methods and
come with various features and benefits such as security of payments, convenience,
etc. The main advantage of debit/credit or prepaid banking cards is that they can be
used to make other types of digital payments. For example, customers can store card
information in digital payment apps or mobile wallets to make a cashless payment.
Some of the most reputed and well-known card payment systems are Visa, Rupay
and MasterCard, among others. Banking cards can be used for online purchases, in
digital payment apps, PoS machines, online transactions, etc.
2. USSD: Another type of digital payment method, *99#, can be used to carry out
13
mobile transactions without downloading any app. These types of payments can
also be made with no mobile data facility. This facility is backed by the USSD along
with the National Payments Corporation of India (NPCI). The main aim of this type
of digital payment service is to create an environment of inclusion among the
underserved sections of society and integrate them into mainstream banking. This
service can be used to initiate fund transfers, get a look at bank statements and make
balance queries. Another advantage of this type of payment system is that it is also
available in Hindi.
3. AEPS: Expanded as Aadhaar Enabled Payment System, AEPS, can be used for
all banking transactions such as balance enquiry, cash withdrawal, cash deposit,
payment transactions, Aadhaar to Aadhaar fund transfers, etc. All transactions are
carried out through a banking correspondent based on Aadhaar verification. There
is no need to physically visit a branch, provide debit or credit cards, or even make a
signature on a document. This service can only be availed if your Aadhaar number
is registered with the bank where you hold an account. This is another initiative
taken by the NPCI to promote digital payments in the country.
4. UPI: UPI is a type of interoperable payment system through which any customer
holding any bank account can send and receive money through a UPI-based app.
The service allows a user to link more than one bank account on a UPI app on their
smartphone to seamlessly initiate fund transfers and make collect requests on a 24/7
basis and on all 365 days a year. The main advantage of UPI is that it enables users
to transfer money without a bank account or IFSC code. All you need is a Virtual
Payment Address (VPA). There are many UPI apps in the market and it is available
on both Android and iOS platforms. To use the service one should have a valid bank
account and a registered mobile number, which is linked to the same bank account.
There are no transaction charges for using UPI. Through this, a customer can send
and receive money and make balance enquiries.
5. Mobile Wallets: A mobile wallet is a type of virtual wallet service that can be
used by downloading an app. The digital or mobile walletstores bank account or
debit/credit card information or bank account information in an encoded format to
allow secure payments. One can also add money to a mobile wallet and use the same
14
to make payments and purchase goods and services. This eliminated the need to use
credit/debit cards or remember the CVV or 4-digit pin. Many banks in the country
have launched e-wallet services and apart from banks, there are also many private
players. Some of the mobile wallet apps in the market are Paytm, Mobikwik,
Freecharge, etc. The various services offered by mobile wallets include sending and
receiving money, making payments to merchants, online purchases, etc. Some
mobile wallets may charge a certain transaction fee for the services offered.
6. PoS terminals: Traditionally, PoS terminals referred to those that were installed
at all stores where purchases were made by customers using credit/debit cards. It is
usually a hand held device that reads banking cards. However, with digitization the
scope of PoS is expanding and this service is also available on mobile platforms and
through internet browsers. There are different types of PoS terminals such as
Physical PoS, Mobile PoS and Virtual PoS. Physical PoS terminals are the ones that
are kept at shops and stores. On the other hand, mobile PoS terminals work through
a tablet or smartphone. This is advantageous for small time business owners as they
do not have to invest in expensive electronic registers. Virtual PoS systems use web-
based applications to process payments.
7. Internet Banking: Internet banking refers to the process of carrying out banking
transactions online. These may include many services such as transferring funds,
opening a new fixed or recurring deposit, closing an account, etc. Internet banking
is also referred to as e-banking or virtual banking. Internet banking is usually used
to make online fund transfers via NEFT, RTGS or IMPS. Banks offer customers all
types of banking services through their website and a customer can log into his/her
account by using a username and password. Unlike visiting a physical bank, there
are to time restrictions for internet banking services and they can be availed at any
time and on all 365 days in a year. There is a wide scope for internet banking
services.
8. Mobile Banking: Mobile banking is referred to the process of carrying out financial
transactions/banking transactions through a smartphone. The scope of mobile
banking is only expanding with the introduction of many mobile wallets, digital
payment apps and other services like the UPI. Many banks have their own apps and
customers can download the same to carry out banking transactions at the click of a
15
button. Mobile banking is a wide term used for the extensive range or umbrella of
services that can be availed under this.
9. Bharat Interface for Money (BHIM) app: The BHIM app allows users to make
payments using the UPI application. This also works in collaboration with UPI and
transactions can be carried out using a VPA. One can link his/her bank account with
the BHIM interface easily. It is also possible to link multiple bank accounts. The
BHIM app can be used by anyone who has a mobile number, debit card and a valid
bank account. Money can be sent to different bank accounts, virtual addresses or to
an Aadhaar number. There are also many banks that have collaborated with the
NPCI and BHIM to allow customers to use this interface.
Benefits of Digital Payments

Faster, easier, more convenient: Perhaps, one of the biggest advantages of cashless
payments is that it speeds up the payment process and there is no need to fill in
lengthy information. There is no need to stand in a line to withdraw money from an
ATM or carry cards in the wallet. Also, with the move to digital, banking services
will be available to customers on a 24/7 basis and on all days of a year, including
bank holidays. Many services like digital wallets, UPI, etc, work on this basis.
Economical and less transaction fee: There are many payment apps and mobile
wallets that do not charge any kind of service fee or processing fee for the service
provided. The UPI interface is one such example, where services can be utilized by
the customer free of cost. Various digital payments systems are bringing down costs.
Waivers, discounts and cashbacks: There are many rewards and discounts offered
to customers using digital payment apps and mobile wallets. There are attractive
cash back offers given by many digital payment banks. This comes as boon to
customers and also acts a motivational factor to go cashless.
Digital record of transactions: One of the other benefits of going digital is that all
transaction records can be maintained. Customers can track each and every
transaction that is made, no matter how small the transaction amount this.
16
One stop solution for paying bills: Many digital wallets and payment apps have
become a convenient platform for paying utility bills. Be it mobile phone bills,
internet or electricity bills, all such utility bills can be paid through a single app
without any hassle.
Helps keep black money under control: Digital transactions will help the
government keep a track of things and it will help eliminate the circulation of black
money and counterfeit notes in the long run. Apart from this, this may also give a
boost to the economy as the cost of minting currency also goes down.
INDUSTRY PROFILE
Unified Payments Interface (UPI)
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single
mobile application (of any participating bank), merging several banking features, seamless fund
routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request
which can be scheduled and
paid as per requirement and convenience
With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot
launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have
started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards.
17
How is it unique?
• Immediate money transfer through mobile device round the clock 24*7 and 365 days.
• Single mobile application for accessing different bank accounts.
• Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides
for a very strong feature of seamless single click payment.
• Virtual address of the customer for Pull & Push provides for incremental security with the
customer not required to enter the details such as Card no, Account number; IFSC etc.
• Bill Sharing with friends.
• Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
• Merchant Payment with Single Application or In-App Payments. Utility Bill Payments, Over the
• Counter Payments, Barcode (Scan and Pay) based payments.

• Donations, Collections, Disbursements Scalable.
• Raising Complaint from Mobile App directly.
Participants in UPI
• Payer PSP
• Payee PSP
• Remitter Bank
• Beneficiary Bank
• NPCI
• Bank Account holders
• Merchants
UPI - Benefits to the Ecosystem participants
Benefits for banks:
• Single click Two Factor authentication

• Universal Application for transaction
• Leveraging existing infrastructure
18
• Safer, Secured and Innovative
• Payment basis Single/ Unique Identifier
• Enable seamless merchant transactions
Benefits for end Customers:
• Round the clock availability
• Single Application for accessing different bank accounts
• Use of Virtual ID is more secure, no credential sharing
• Single click authentication
• Raise Complaint from Mobile App directly
Benefits for Merchants:
• Seamless fund collection from customers - single identifiers
• No risk of storing customer’s virtual address like in Cards
• Tap customers not having credit/debit cards
• Suitable for e-Com & m-Com transaction
• Resolves the COD collection problem

• Single click 2FA facility to the customer - seamless Pull
• In-App Payments (IAP)
• Registration in UPI enabled application
Steps for Registration:
• User downloads the UPI application from the App Store/Banks website
• User creates his/her profile by entering details like name, virtual id (payment address), password
etc.
• User goes to “Add/Link/Manage Bank Account” option and links the bank and account number
with the virtual id
Generating UPI – PIN:
• User selects the bank account from which he/she wants to initiate the transaction
• User clicks one of the option -
Change M-PIN
In the case of 3(a) -
• User receives OTP from the Issuer bank on his/her registered mobile number
• User now enters last 6 digits of Debit card number and expiry date
• User enters OTP and enters his preferred numeric UPI PIN( UPI PIN that he would like to set)
and clicks on Submit
• After clicking submit, customer gets notification (successful
19
or decline) In the case of 2(b) -
• User enters his old UPI PINand preferred new UPI PIN (UPI PIN that he would like to set) and
clicks on Submit
• After clicking submit, customer gets notification (successful or failure)
Performing a UPI Transaction:
PUSH – sending money using virtual address
• User logs in to UPI application

• After successful login, user selects the option of Send Money/Payment
• User enters beneficiary’s/Payee virtual id, amount and selects account to be debited
• User gets confirmation screen to review the payment details and clicks on Confirm
• User now enters UPI PIN
• User gets successful or failure message
PULL – Requesting money:

• User logs in to his bank’s UPI application
• After successful login, user selects the option of collect money (request for payment)
• User enters remitters/payers virtual id, amount and account to be credited
• User gets confirmation screen to review the payment details and clicks on confirm
• The payer will get the notification on his mobile for request money
• Payer now clicks on the notification and opens his banks UPI app where he reviews payment
request
• Payer then decides to click on accept or decline
• In case of accept payment, payer will enter UPI PIN to authorize the transaction
• Transaction complete, payer gets successful or decline transaction notification
• Payee/requester gets notification and SMS from bank for credit of his bank account
Product
A. Financial Transactions: UPI supports the following financial transactions viz.

Pay Request: A Pay Request is a transaction where the initiating customer is pushing funds to the
intended beneficiary. Payment Addresses include Mobile Number & MMID, Account Number &
IFSC and Virtual ID Collect Request: A Collect Request is a transaction where the customer is
20
pulling funds from the intended remitter by using Virtual ID.
B. Non-Financial Transactions: UPI will support following types of non-financial transactions on
any PSP App viz
Mobile Banking
Registration* Generate One
Time Password (OTP)
Set/Change PIN
Check
Transaction
Status Raise
Dispute/Raise
query
21
CHAPTER 2
REVIEW OF LITERATURE
22
CHAPTER 2- REVIEW OF LITERATURE
Somanjoli Mohapatra (2017)
In their study reported that the single interface across all NPCI systems
besides creating interoperability and superior customer experience. The UPI
seeks to make money transfers easy, quick and hassle free. The proliferation
of smart phones, the availability of an online verifiable identity, universal
access to banking and the
introduction of biometric sensors in phones will proactively encourage
electronic payment systems for ushering in a less-cash society in India.
Radhika Basavaraj Kakade, Prof. Nupur A. Veshne (2017)

In their study reported that the UPI has made digital transaction for
individuals as easy as sending text messages. Service is available 24X7, not
like RTGS or NEFT which don’t work on holidays or during non-banking
hours. This will bring enormous efficiency in the system and help India
become a truly cashless economy.
Roshna Thomas, Dr. Abhijeet Chatterjee (2017)
The study reported that UPI is a tool with compatible features that can make
monetary transactions easy and affordable to the customers though it is
difficult to sideline the challenges. A strong Aadhar platform (UID)
combined with statistics for the country pertaining to increased financial
inclusion, Smartphone adoption and telecom subscription indicate positive
prospects for UPI whereas competition from mobile wallets and possible
cases of failure from banks to overcome technical errors especially relating
to the front-end platform designed by them may negatively impact the scope
of this innovative payment tool.
Ravish Rana (2017)

In their study reported that adoption of digital payment is influenced by the
education level of the customer. If a person has studied beyond
23
matriculation and internet
savvy, he or she will be inclined to use the digital payment mode. It was also
found that in the areas/region where education level is high such as Delhi
NCR and other metropolitan area, the possibility of acceptance of digital
payment is much higher. The growth of users of Smartphone and internet
penetration in such area also facilitated the adoption of digital payment.
Ved Prakash Gulati (2017)

Study focuses about an Internet E-Commerce Payment Gateway is a critical
infrastructural component to ensure that such transactions occur without any
hitches and in total security over electronic networks. This component has
multiple benefits with critical ones being multiple payment options, secure
transmission, multi- currency settlements and rapid processing. While there
are several payment gateways, the paper proposes a National Internet e-
Commerce Payment Gateway that can support all banks and transactions.
Piyush Kumar and Dr. Dhani Shanker Chaubey (2017)

This study talks about the period when demonetization took place in India
and in those days how digital payment was adopted, about its opportunities,
issues and challenges. It talks about how behaviour of Indian society
changed due to digital payment.
Joyojit Prakash, Priyank Chandra (2018)

Using theoretical work on market and information behavior, we examined
environmental pushes for technology adoption against prevalent
transactional practices, trust, and control. We propose that the move toward
digital payments must be framed within a larger undertaking of technology-
driven modernity that drives these initiatives, rather than just the efficiency
or productivity gains digital payments.
NN Murthy, BM Mehtre, KPR Rao (2016)

The study explains about the various components or subsystems making up
the e- commerce super system include Digital Payment Systems, Payment
server, Payment Gateway, Wallet, and security systems like Firewall and
Intrusion Detection. Digital Payment Systems include payment instruments
24
like e-cheque, and credit cards. E- Wallet is used to hold different payment
instruments. Payment Server and Payment Gateways help to realize the
end-to-end payment in the electronic domain. Public Key Infrastructure is
the necessary infrastructure required for effective operation of ecommerce
in real life applications.
K. Suma Vally, Dr. K. Hema Divya (2018)

The study is about how in recent days many changes took place in the
payment system like digital wallets, UPI and BHIM apps for smooth shift to
digital payments. The objective of this research paper is to study the positive
impact that Digitization of payment system. The present paper focuses on
the analysis of the adoption level of these digital payment systems by
customers.
Pallavi Maindola, Neetu Singhal (2017)

The authors analyses sentiments by using the IBM Watson software tools in
various social networks by taking different payment system into
consideration. The authors analyzed the documents, forums, tweets and
other sources where the users shared their feedback for the wallets from 8 th
November 2016 to 7 th November 2017. This study brings various interesting
insights about India's readiness to adopt change for digital payment options
and sentiments of the users for the same.
Kadam (2020)
Digital payment methods are often easy to make more convenient & provide
customers the flexibility to make payments from anywhere and at anytime,
These are a good alternative to traditional methods of payment and speeded
up transaction cycles. Post demonetization, people slowly started embracing
digital payments and even small time merchants & shop owners started
accepting payments through the digital mode.
Pratham Singh, RS Rajput (2019)

The study brings into focus the security issues related to payment apps.
Keeping these facts in view in the present study we investigate the security
constraints of some digital wallet and mobile payment apps in India.
25
Mhmd. Moinuddin (2017)
The study focuses about how a terminal component can receive a portion of
data related to a payment for at least one of a good or a service. A mobile
device can include at least one mobile payment card (m-card), wherein the
m-card is created by establishing a link to an account associated with a form
of currency. The mobile device can employ public-key cryptography (PKC)
to securely and wirelessly transmit a payment to the terminal component
utilizing the m-card and linkedaccount.
Sivathanu (2019)
This study aims to investigate the actual usage (AU) of digital payment
systems by the consumers during the period of demonetization (from
November 9, 2016 to December 30, 2016) in India.
Mrunal Joshi (2017)
This paper is an attempt to study the trend in various modes of digital

payments like NFS Inter Bank ATM Cash Withdrawal, NACH, CTS, IMPS,
AEPS, BBPS, UPI, BHIM(UPI) and NETC in last three years. In this study
it is found that in previous two years (2015-16 and 2016-17) and especially
during the year 2017-18 (up to July 2017) there is remarkable growth in
digital payment in volume and value both.
Tanya Sanatani (2017)

This study focuses on the impact that Demonetization has had on the various
payment methods in India. Specifically, it aims to see how the various digital
platforms have evolved with the advent of demonetization.
Balaji, Vijayakumar (2020)

This study revolves around digital payment systems in rural areas of South
India. The intention of the research is to determine the benefits of digital
payments and its influence on the rural sector of India. The study conducted
convenient sampling survey with selected number of respondents in rural part
of Southern India. The paper presents conceptual framework for better
26
understanding of the concept and uses SEM as the research tool for obtaining
Good Fit Model.
Singh, Grover (2017)

This study seeks to determine the dimensions of quality from the perspective
of “voice of the consumer”. It uses the Total Interpretive Structural
Modelling (TISM) with construct of Usefulness, Ease of Use, Security
&Trust, Visual Appeal, Complementary Relationship and Customer
Service.
Sumathy, Vipin (2017)

The Digital India programme is a prestigious programme of the Government
of India with a vision to transform India into a digitally empowered society
and to become a knowledge economy. “Faceless, Paperless, Cashless” is one
of professed role and slogan of Digital India. As part of promoting cashless
transactions and converting India into less-cash society, various modes of
digital payments are available.
Sahu, Rana (2018)
This paper studies the Critical Success Factors’ (CSFs) for the adoption of
Digital Payment System in India. There are few studies about the literature
on CSFs for the adoption of the digital payment system in the Indian context.
This study is an attempt to cover this gap. In this study, we reviewed the
theories for adoption modelat the individual level used in Information
System (IS) and discussed four technology model including “Technology
Acceptance Model”
Singh, Sinha (2017)

The purpose of this paper is to test the conceptual model of consumers’
intention and satisfaction towards mobile wallets. This study uses the
integrated UTAUT model which includes variables such as ease of use, trust,
security, self-efficacy, etc., and an additional variable (hedonism) to test
consumers’ behaviour in the context of mobile banking technologies.
Roy (2018)
27
This study is an attempt to identify, which modes have been emerged as top
most for making payment of their transactions. The paper has highlighted
the many issues of on-going development happened in the market after
demonetization of money which has been announced by the Indian Prime
Minister, Narendra Modi on 8 November 2016, of all ₹500 and ₹1000
banknotes. The study has found that Ewallet payment method is more
preferred than any other payment methods. Keywords: Preferences,
Cashless payments, Demonetization & Payment Mode.
Mishra, Gunasekar, Gupta (2016)

This study aims to evaluate product perception, discount buying behaviour
of consumer and cash back related perceptions as motivators of online
payments. The data collected through an online survey across India was
analysed using logistic regression.
28
CHAPTER 3
RESEARCH METHODOLOGY
29
CHAPTER 3- RESEARCH METHODOLOGY
Statement of Problem
During demonetization, digital payment took place and had a lot of significance. In
recent days after all situations getting normal, again cash transactions are increased.
It is important to study how the digital payment gateway is working in these days.
Objectives
• To know the customer preference and level of satisfaction towards the UPI scheme.
• To study about awareness of UPI payment services.
• To study the problems faced by customers in using UPI scheme.
Research Methodology
This research paper uses descriptive research. Primary data will be collected
through google forms from respondents by drawing a sample size of 200. Data
which is collected will be analysed and interpreted in systematic analytical
presentation though graphs.
✓ Sampling - Integrative Sampling
✓ Sources of data – Primary Data (Based on respondents), Secondary Data
(Based on several articles, research papers of different universities and
international journals.
✓ Tools of data collection – Questionnaire
Review of Data Collection Method
• Secondary Data
The research started with secondary data which is available on different
websites, journals and other profiles by different experts.
Primary Data
The primary data is being collected through google forms from different
respondents who may have different way of perception. To collect this
data, the sample size is considered 200 and the analysation is done with
30
the help of questioner tool.
Methodology
The methodology used to get information about choice of preference towards

Unified Payment Interface of general consumer people in Bangalore city. The
survey questionnaire is designed and distributed via goggle forms. The target
population for this study is the internet user consumers in Bangalore city.
Questionnaire is design to apply to a sample which answered in general questions
about Gender, Age group, Education level, Occupation, Location and purchase
behaviour factors.
Using Statistical Package for Social Science (SPSS) following test were administered
1. Reliability Test
2. Simple percentage analysis
3. Chi-Squared Tests.
LIMITATIONS OF THE STUDY

• Time limit is main constraints.
• Limitation of the study is the selection of existing studies which may not
be appropriate.
• Due to time limitation, I only searched a few journals. This may ignore
some other prominent empirical studies.
• The study has been conducted within the in Bengaluru city and
considered all the factors analysed for one particular city only.
• Another major limitation is; the study was conducted during pandemic
lock down of COVID19 which was restricted to meet some respondents.
This may affect the accuracy of data.
31
CHAPTER 4
DATA ANALYSIS AND INTERPRETATION
32
Chapter 4
DATA ANALYSIS OF AND INTERPRETATION
4.1 Percentage Analysis
The data which is collected from primary sources is presented in percentage and
graphical method.
Table 4.1: Gender
Valid Cumulative
Frequency Percent Percent Percent
Valid Male 106 53.0 53.0 53.0
Female 94 47.0 47.0 100.0
Total 200 100.0 100.0
Figure : 4.1 Data showing the respondents based on gender
33
Interpretation
The collected data shows that 53% of respondents are male and 47% respondents are
female.
Table : 4.2 Age
Valid Cumulative
Valid 18 to 25 Years 90 45.0 45.0 45.0
26 to 35 Years 67 33.5 33.5 78.5
36 to 45 Years 37 18.5 18.5 97.0
46 Years and 6 3.0 3.0 100.0
above
Total 200 100.0 100.0
Figure 4.2 Data showing responses based on age
Interpretation
The collected data shows that 45% respondents are from age category 18 to 25
years. Hence it is showing that most of the respondents are from youth
generation.
34
Table 4.3 Occupation
Valid Cumulative
Valid Student 57 28.5 28.5 28.5
Freelancer 54 27.0 27.0 55.5
Employee 71 35.5 35.5 91.0
Other 18 9.0 9.0 100.0
Total 200 100.0 100.0
Figure 4.3 Data based on Occupation
Interpretation
The majority of people are employee with 71% of total responses followed by
student, freelancer and other fields.
35
Table 4.4 Income Level
Valid Cumulative
Valid 5000 to 10000 ₹ 18 9.0 9.0 9.0
10001 to 20000 ₹ 67 33.5 33.5 42.5
20001 to 30000 ₹ 20 10.0 10.0 52.5
30001 ₹ and 95 47.5 47.5 100.0
above
Total 200 100.0 100.0
Figure 4.4 Data based on income level
Interpretation
The majority of people that is 47.5% people belong from 30001 ₹ and above
income category. Followed by 33.5% and others.
36
Table 4.5 Awareness of UPI payment
Valid Cumulative
Valid Fully Aware 131 65.5 65.5 65.5
Partially 69 34.5 34.5 100.0
Aware
Total 200 100.0 100.0
Figure 4.5 Data Showing awareness of UPI
Interpretation
The above data shows that 65.5% respondents are fully aware of UPI Payment and 34.5%
respondents are partially aware of UPI
37
Table 4.6 Frequency to use UPI in a week
Valid Cumulative
Valid Less than 10 73 36.5 36.5 36.5
times
More than 10 127 63.5 63.5 100.0
times
Total 200 100.0 100.0
Figure 4.6 Data showing frequency to use UPI in a week
Interpretation
The data shows that 63.5% respondents use UPI for more than 10 times. 65%
people do use the UPI less than 10 times in a week.
38
Table 4.7 No. of years using UPI
Cumulative
Frequency Percent Valid Percent Percent
Valid Less than 1 year 14 7.0 7.0 7.0
1 to 2 years 18 9.0 9.0 16.0
2 to 3 years 54 27.0 27.0 43.0
3 years and above 114 57.0 57.0 100.0
Total 200 100.0 100.

0
Figure 4.7 Data showing No. of years using UPI
Interpretation
The data shows that majority of respondents that is 57% are using UPI from
more than 3 years or above.
39
Table 4.8
Familiar with UPI
Valid Cumulative
Valid Beginer 16 8.0 8.0 8.0
Average 40 20.0 20.0 28.0
Knowledge
Advanced 74 37.0 37.0 65.0
Knowledge
Expertise 70 35.0 35.0 100.0
Total 200 100.0 100.0
Figure 4.8 Data showing familiarness with UPI
Interpretation
The data above shows that 37% respondents are having advanced knowledge to
use UPI as it is a majority of responses.
40
Table 4.9 Cashback motivation
Cumulative
Valid Yes 168 84.0 84.0 84.0
No 32 16.0 16.0 100.0
Total 200 100.0 100.0
Figure 4.9 Data showing cashback motivation
Interpretation
The above data shows that majority of people that is 84% get motivated by
cashback. 16% people shows that they do not get motivated from cashback.
41
Table 4.10 Problem of waiting time while transferring through UPI
Cumulative
Valid Often 73 36.5 36.5 36.5
Rare 66 33.0 33.0 69.5
Never 61 30.5 30.5 100.0
Total 200 100.0 100.0
Figure 4.10 Data showing problem of problem of waiting time while

transferring through UPI
Interpretation
The data says that 36.5% people face problem of waiting oftenly while
transferring the money through UPI.
42
Table 4.11 Problem during login process
Cumulative
Valid Often 29 14.5 14.5 14.5

Rare 130 65.0 65.0 79.5
Never 41 20.5 20.5 100.0
Total 200 100.0 100.0
Figure 4.11 Data showing problem during login process of UPI
Interpretation
In above data the majority of people says that they rarely face the problems during UPI
login process that is 65% respondents.
43
Table 4.12 The UPI Payment is fully secured.
Valid Cumulative
Valid Strongly Agree 75 37.5 37.5 37.5
Agree 67 33.5 33.5 71.0
Neither agree nor 6 3.0 3.0 74.0
disagree
Disagree 20 10.0 10.0 84.0
Strongly Disagree 32 16.0 16.0 100.0
Total 200 100.0 100.0
Figure 4.12
Interpretation
Majority of respondents strongly agree that UPI payment is fully secured.
44
Table 4.13 There are too many steps involved while processing the
transaction through UPI.
Valid Cumulative
Valid Strongly Agree 55 27.5 27.5 27.5
Agree 72 36.0 36.0 63.5
Neither agree nor 19 9.5 9.5 73.0
disagree
Disagree 39 19.5 19.5 92.5
Strongly Disagree 15 7.5 7.5 100.0
Total 200 100.0 100.0
Figure 4.13 Data showing the responses based on likert scale
Interpretation
The above data shows that the majority of people that is 36% says that they do agree
for the statement that there are too many steps involved while processing the
transaction through UPI.
45
Table 4.14 Please rate the easy use of UPI (5 is considered as Very Easy
and 1 is considered as not easy at all)
Cumulative
Valid 1 2 1.0 1.0 1.0
2 2 1.0 1.0 2.0
3 12 6.0 6.0 8.0
4 106 53.0 53.0 61.0
5 78 39.0 39.0 100.0
Total 200 100.0 100.0
Figure 4.14 Data showing the responses on the basis of rating
Interpretation
The above data shows that 53% of the respondents are agree that using UPI
is an easy process.
46
Table 4.15 The service provided by UPI is convenient (5 - very
convenient, 1- Not convenient at all)
Frequency Percent Valid Percent Cumulative Percent
Valid 1 11 5.5 5.5 5.5

2 11 5.5 5.5 11.0
3 35 17.5 17.5 28.5
4 71 35.5 35.5 64.0
5 72 36.0 36.0 100.0
Total 200 100.0 100.0
Figure 4.15 Data showing the rating on the basis of convenience of UPI services
Interpretation
The present data shows that 36% people of total respondents gave the rating of
5 as they are strongly saying UPI is a convenient services.
47
Table 4.16 The UPI System Services provide good layout. (5 - Very Good, 1 -
Not good at all)
Valid Cumulative
Valid 1 12 6.0 6.0 6.0
2 12 6.0 6.0 12.0
3 12 6.0 6.0 18.0
4 94 47.0 47.0 65.0
5 70 35.0 35.0 100.0
Total 200 100.0 100.0
Figure 4.16 Data showing rating given by respondents based on UPI layout
Interpretation
The above data shows that majority of people that is 35% people gives the rating of
4 for UPI layout.
48
Table 4.17 The UPI service contribute to the customer needs. (5 - Strongly yes,
1 - Not at all)
Frequency Percent Valid Percent Cumulative

Percent
Valid 1 12 6.0 6.0 6.0
2 12 6.0 6.0 12.0
3 12 6.0 6.0 18.0
4 83 41.5 41.5 59.5
5 81 40.5 40.5 100.0
Total 200 100.0 100.0
Figure 4.17 Data based on rating of responses
Interpretation
As per above the data, most respondents gives the rating of 4 for the UPI service
contribution towards customer needs.
49
Table 4.18 Rating for PayTM (1 - Very Bad, 5 - Very Good)
Cumulati
Frequency Percent Valid Percent ve
Percent
Valid 1 8 4.0 4.0 4.0
2 12 6.0 6.0 10.0
3 33 16.5 16.5 26.5
4 68 34.0 34.0 60.5
5 79 39.5 39.5 100.0
Total 200 100.0 100.0
Figure 4.18 Data showing rating for PayTM
Interpretation
The above data showing the majority of respondents that is 39.5% people gives the
rating of 5 for PayTM services.
50
Table 4.19 Google Pay
Cumulative
Valid 1 12 6.0 6.0 6.0
2 12 6.0 6.0 12.0
3 37 18.5 18.5 30.5
4 90 45.0 45.0 75.5
5 49 24.5 24.5 100.0
Total 200 100.0 100.0
Figure 4.19 Data showing the rating for Google Pay
Interpretation
45% people have given the rating of 4 for Google Pay services.
51
Table 4.20 PhonePe
Cumulative
Valid 1 12 6.0 6.0 6.0
2 12 6.0 6.0 12.0
3 12 6.0 6.0 18.0
4 101 50.5 50.5 68.5
5 63 31.5 31.5 100.0
Total 200 100.0 100.0
Figure 4.20 Data showing rating for PhonePe
Interpretation
50.5% people gives the rating of 4 to the PhonePe UPI services
52
Table 4.21 Amazon Pay
Valid 1 12 6.0 6.0 6.

2 12 6.0 6.0 12.
3 24 12.0 12.0 24.
4 75 37.5 37.5 61.
5 77 38.5 38.5 100.
Total 200 100.0 100.0
Figure 4.21 Data based on rating given for Amazon Pay
Interpretation
The data indicates that most of the people have given the rating of 5 for
Amazon Pay services.
53
Table 4.22 LazyPay

Valid 1 12 6.0 6.0 6.0
2 12 6.0 6.0 12.0
3 36 18.0 18.0 30.0
4 74 37.0 37.0 67.0
5 66 33.0 33.0 100.0
Total 200 100.0 100.0
Figure 4.22 Data based on rating given for LazyPay
Interpretation
According to collected data, most of the respondents have given the rating of 4 for
LazyPay.
54
Table 4.23 Paypal

Valid 1 12 6.0 6.0 6.0
2 12 6.0 6.0 12.0
3 36 18.0 18.0 30.0
4 88 44.0 44.0 74.0
5 52 26.0 26.0 100.0
Total 200 100.0 100.0
Figure 4.23 Data showing rating given for Paypal
Interpretation
According to collected data, majority of respondents gives the rating of 4 for Paypal
UPI payment service.
55
Table 4.24 MobiKwik
Frequency Percent Valid Percent Cumulative

Percent
Valid 1 12 6.0 6.0 6.0
2 12 6.0 6.0 12.0
3 24 12.0 12.0 24.0
4 77 38.5 38.5 62.5
5 75 37.5 37.5 100.0
Total 200 100.0 100.0
Figure 4.24 Data based on the rating provided by respondents for MobiKwik
Interpretation
As per collected data 38.5% people have given the rating of 4 for Mobikwik services.
56
Table 4.25 Preference of UPI payment for Bill payments

Valid 1 12 6.0 6.0 6.0
2 12 6.0 6.0 12.0
3 12 6.0 6.0 18.0
4 50 25.0 25.0 43.0
5 114 57.0 57.0 100.0
Total 200 100.0 100.0
Figure 4.25 Preference of Bill payment through UPI
Interpretation
According to collected data, majority of respondents prefer for Bills payments.
57
Table 4.26 Preference of UPI for Recharge of phones, DTH services
Cumulative
Valid 1 12 6.0 6.0 6.0
2 12 6.0 6.0 12.0
3 12 6.0 6.0 18.0
4 48 24.0 24.0 42.0
5 116 58.0 58.0 100.0
Total 200 100.0 100.0
Figure 4.26 Preference of UPI for Recharges of phones, DTH services
Interpretation
58% of total respondents majorly prefer for Mobile phone recharges and
DTH service recharges.
58
Table 4.27 Preference of UPI payment for Movie, bus, train booking.
Cumulative
Valid 1 12 6.0 6.0 6.0
2 12 6.0 6.0 12.0
3 12 6.0 6.0 18.0
4 116 58.0 58.0 76.0
5 48 24.0 24.0 100.0
Total 200 100.0 100.0
Figure 4.27 Data based on preference of UPI payment for movie, bus, train booking
Interpretation
According to data 58% people prefer the UPI most for Bus, Train and Movie booking.
59
Table 4.28 Online Payment of food orders.
Cumulative
Valid 1 12 6.0 6.0 6.0
2 12 6.0 6.0 12.0
3 23 11.5 11.5 23.5
4 104 52.0 52.0 75.5
5 49 24.5 24.5 100.0
Total 200 100.0 100.0
Figure 4.28 Data based on preference of UPI payment for food orders
Interpretation
The collected data indicates 52% of the total respondents have given the rating of 4 for the
preference of UPI payment for food orders.
60
Table 4.29 Preference of payment through UPI at the shops
Cumulative
Valid 1 12 6.0 6.0 6.0
2 12 6.0 6.0 12.0
3 49 24.5 24.5 36.5
4 62 31.0 31.0 67.5
5 65 32.5 32.5 100.0
Total 200 100.0 100.0
Figure 4.29 Data showing preference of UPI payment at the shops
Interpretation
As per collected data majority of respondents says that they prefer most to pay
through UPI at the shops.
61
Reliability Analysis
By including all variables of the data, the Reliability Test is to be considered.

Following table shows the validity of the data collected from total
respondents.
Table 4.30
N %
Cases Valid 200 100.0
a
Excluded 0 .0
Total 200 100.0
a. Listwise deletion based on all variables in the procedure.
Reliability Statistics
Cronbach's Alpha N of Items

.879 25
Cronbanch’s
Alpha X 100
0.879 X 100
= 87.9%
Interpretation
The calculated data indicates that 87.9% of the data is reliable considering all the
responses.
62
Factor Analysis
The individual statements based on likert scale and rating examined using factor
analysis which is based on 11 individual statements.
Table 4.32
KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .750
Bartlett's Test of Sphericity Approx. Chi-Square 1632.198

df 55
Sig. .000
Interpretation
KMO measure of sampling adequacy is an index to examine the appropriateness of

factor analysis. High values between 0.5 and 1.0 indicate factor analysis is
appropriate. Values below 0.5 imply that factor analysis may not be appropriate.
From the above table it is seen that Kaiser – Meyer – Olkin measure of sampling
adequacy index is 0.750 and hence the factor analysis is appropriate for the given
data set. Bartlett‘s Test of Sphericity is used to examine the hypothesis that the
variables are uncorrelated. It is based on chi- Square transformation of the
determinant of correlation matrix. A large value of the test statistic will favor the
rejection of the null hypothesis. In turn this would indicate that factor analysis is
appropriate. Bartlett‘s test of Sphericity Chi-square statistics is 1632.198, hence as
inferred in KMO, factor analysis is appropriate for the given data set.
63
Table 4.33
Total Variance Explained

Rotation
Sums of
Extraction Sums of Squared Squared
Initial Eigenvalues Loadings Loadingsa
Component
% of Cumulati % of Cumula
Total Varianc ve% Total Variance tiv e Total
e %
1 4.440 40.361 40.361 4.440 40.361 40.361 4.425
2 2.147 19.514 59.876 2.147 19.514 59.876 2.242
3 1.108 10.070 69.946 1.108 10.070 69.946 1.143
4 .961 8.740 78.686
5 .846 7.691 86.377
6 .468 4.258 90.635
7 .416 3.778 94.413
8 .315 2.864 97.277
9 .197 1.789 99.066
10 .073 .660 99.726
11 .030 .274 100.000
Extraction Method: Principal Component Analysis.
a. When components are correlated, sums of squared loadings cannot be added to obtain a
total variance.
Interpretation
Eigen Value represents the total variance explained by each factor. Percentage of
the total variance attributed to each factor. All the 11 statements which is used for
the study is now reduced and grouped into 4 components which has similarity. Out
of 4 components generated, Component 1 contributed 40.361%, component 2
contributed 59.876%, Component 3 contributed 69.946. All these contributions
cumulatively stand for an overall contribution of 69.946%.
64
Table 4.34
Component Matrixa
Component
1 2 3
The UPI Payment is fully secured. .023 .074 .663
There are too many steps involved .081 -.089 .791
while processing the transaction
through UPI.
Please rate the easy use of UPI (5 is .285 .348 .128
considered as Very Easy and 1 is
considered as not easy at all)
The service provided by UPI is .135 .830 -.026
convenient (5 - very convenient, 1-
Not convenient at all)
The UPI System Services provide .086 .801 .099
good layout. (5 - Very Good, 1 - Not
good at all)
The UPI service contribute to the .123 .802 -.112
customer needs. (5 - Strongly yes, 1 -
Not at all)
Rate the purpose of your UPI use (5 .941 -.040 -.045
- Most preferable, 1 - Do not prefer
at all) [Bill Payments]
Rate the purpose of your UPI use (5 - .931 -.045 -.024
Most preferable, 1 - Do not prefer at
all) [Recharges]
Rate the purpose of your UPI use (5 .937 -.080 .000
at all) [Movie, Bus, Train Booking]
Rate the purpose of your UPI use (5 .940 -.116 -.015
at all) [Food orders]
Rate the purpose of your UPI use (5 - .892 -.123 -.032
Most preferable, 1 - Do not prefer at
all) [Paying at shops]
Extraction Method: Principal Component Analysis.
a. 3 components extracted.
65
Interpretation
Interpretation of factors is facilitated by identifying the statements that have large

loadings in the same factor. The factor can be interpreted in terms of the statement
that loads high on it. The factors of a study on to contribute the factors and influence
factors that affect to purchase online comprises of 11 individual statements. Out of
11 statements, 3 individual statements contribute more towards the study (69.946%)
The extracted statements/factors are

• The preference of people is payment through UPI for Bill payments.
• The preference of people is payment through UPI for payment for online food
orders.
• The preference of people is payment through UPI for payment for train
bookings, bus bookings and movie ticket bookings.
4.4 Chi-Square Tests
Association between Gender and awareness of UPI services way of Dimension

Hypothesis
H0 – There is no relationship between gender and awareness of UPI

services.H1 – There is a relationship between gender and awareness
of UPI services.
Independent Variable is Gender and dependent variable is considered as awareness of UPI

services.
Table 4.35a
66
Gender * Awareness of UPI Crosstabulation
Awareness of UPI
Fully Aware Partially Aware Total

Gender Male Count 74 32 106
Expected Count 69.4 36.6 106.0
Female Count 57 37 94
Total Count 131 69 200

Interpretation
From the above calculation of cross tabulation, we have tried to find out the inter-
relationship between gender which is an independent variable and awareness of UPI
services which is dependent variable. The table shows the responses collected from
male and female gender individually.
Table 4.35b
Chi-Square Tests
Asymptotic
Significance Exact Sig. (2- Exact Sig. (1-
Value df (2-sided) sided) sided)
Pearson Chi-Square 1.855a 1 .173
Continuity Correctionb 1.471 1 .225
Likelihood Ratio 1.855 1 .173
Fisher's Exact Test .183 .113
Linear-by-Linear 1.846 1 .174
Association
N of Valid Cases 200
a. 0 cells (0.0%) have expected count less than 5. The minimum expected count is 32.43.
67
b. Computed only for a 2x2 table
Symmetric
Measures
Approximat
Value e
Significanc
e
Nominal by Nominal Phi .096 .173
Cramer's V .096 .173
N of Valid Cases 200
Interpretation
• The value of Pearson Chi-Square is 1.855
• The corresponding p-value of the test statistics p= 0.173
• Since the value of p is more than criteria value of significance level (0.05)
• The Null hypothesis (H0) is accepted in this test.
• It indicates that there is no relationship between gender and problem
of waiting time during transferring the money online. (H0).
Correlation analysis
Hypothesis statement: There is no significance relationship between

gender and purpose of using the UPI. (Money transfer)
Ho1: There is no significance relationship between gender and purpose

of using the UPI. (Money transfer)
H11: There is a significance relationship between gender and purpose

of using the UPI. (Money transfer)
68
Correlation between gender and purpose of using the UPI. (Money transfer)
Table 4.36
Correlationsa
Gender Bill Payments
Gender Pearson Correlation 1 -.049
Sig. (2-tailed) .489
Bill Payments Pearson Correlation -.049 1
a. Listwise N=200
Interpretation
The value of test statistics (Pearson correlation) is -0.049, indicating a

negative correlation. The corresponding p-value of test statistics is
p=0.489. Since the value of p is higher than criteria value of significance
level (p=0.05), we do not reject the null hypothesis. Therefore, it can be
stated that there is significant no relationship gender and purpose of using
the UPI. (Money transfer)

of using the UPI. (Recharges)

of using the UPI. (Recharges)
Correlation between gender and purpose of using the UPI. (Recharges)
69
Table 4.37
Correlationsa
Gender Recharges
Recharges Pearson Correlation -.049 1
a. Listwise N=200
Interpretation

the UPI. (Recharges)

of using the UPI. (Movie, Bus, Train Booking)

of using the UPI. (Movie, Bus, Train Booking)
Correlation between gender and purpose of using the UPI. (Movie, Bus, Train Booking)
Table 4.38
70
Correlationsa
Movie, Bus,
Gender Train
Booking
Pearson
Gender 1 -
Correlation
.
0
6
5
Sig. (2-tailed) .
3
5
9
Pearson
Movie, Bus, Train Booking Correlation -.065 1
a. Listwise N=200
Interpretation

the UPI. (Movie, Bus, Train Booking)

of using the UPI. (Food orders)

of using the UPI. (Food orders)
Correlation between gender and purpose of using the UPI.

(Food orders)
71
Table 4.39
Correlationsa
Gender Food orders
Food orders Pearson Correlation -.057 1
a. Listwise N=200
Interpretation

the UPI (Food orders).

of using the UPI. (Paying at shops)

of using the UPI. (Paying at shops)
Correlation between gender and purpose of using the UPI (Paying at shops)
72
Table 4.40
Correlationsa
Paying at
Gender shops
Gender Pearson 1 -.055

Correlation
Paying at shops Pearson -.055 1

Correlation
a. Listwise N=200
Interpretation

the UPI (Paying at shops)
Linear Regression
Hypothesis statement: Impact of the UPI service and service contribute

to the customer needs.
Table 4.41
73
Model Summary
Adjusted R Std. Error of

Model R R Square Square the Estimate
1 .332a .110 .078 1.073
a. Predictors: (Constant), Mobikwik, PayTm, Google Pay,

Lazy Pay, PhonePe, Amazon Pay, Paypal
Above table shows the multiple regressions of UPI service and service
contribute to the customer needs. The model summary table shows R-
square for this model is
0.110. This means that 11 percentage of the variation in UPI service and
service contribute to the customer needs can be explained by seven
independent variable. Table also shows Adjusted R Square for the model
0.078 and Std. Error of the Estimate 1.073.
Table 4.42
ANOVAa
Sum of
Model Squares df Mean Square F Sig.
1 Regression 27.423 7 3.918 3.401 .002b
Residual 221.172 192 1.152
Total 248.595 199
a. Dependent Variable: The UPI service contribute to the customer needs. (5 -

Strongly yes, 1 - Not at all)
74
b. Predictors: (Constant), Mobikwik, PayTm, Google Pay, Lazy Pay, PhonePe,
Amazon Pay, Paypal
The ANOVA Table, as showed in the above table shows the F proportion
for the regression model that demonstrates the factual criticalness of the
general regression model. The F proportion is determined as a similar
route for the regression model examination. The difference Independent
variable that is related to a subordinate variable is alluded to as clarified
fluctuation. The rest of the absolute change in Independent variable that
isn't related with subordinate variable is alluded as unexplained
fluctuation. The larger the F ratio the more will be the variance in the
dependent variable that is associated with the independent variable. The F
ratio =3.401. The statistical significance is .002 - the “Sig”. So we can
reject the null hypothesis that no relationship exists between the two
variables. There is relationship between independent and dependent
variables.
Table 4.43
Coefficientsa
Unstandardized Coefficients Standardized Coefficients
Model t Sig.
B Std. Error Beta
(Constant) 2.566 .430 5.961 .000
PayTm .325 .074 .314 4.390 .000
Google Pay -.090 .137 -.087 -.660 .510
PhonePe .087 .298 .084 .293 .770

1
Amazon Pay .049 .287 .050 .171 .864
Lazy Pay .451 .303 .456 1.490 .138
Paypal -.700 .396 -.680 -1.767 .079
Mobikwik .226 .268 .229 .844 .400
75
a. Dependent Variable: The UPI service contribute to the customer needs. (5 - Strongly
yes, 1 - Not at all)
The regression model of the following form has been used

Y=a+b1x1+b2x2+b3x3+b4x4+b5x5 In the output of regression model,
the value of B gives all the coefficients of the model are as follows
• (constant)= 2.566
• b1=0.325
• b2=-0.090
• b3=0.087
• b4=-0.049
• b5=0.451
• b6=-0.700
• b7=0.226
These values can be substituted to get the value of Y (Services) =

2.566+0.325 (PayTm) -0.090(Google Pay) + 0.087 (PhonePe) - 0.049
(Amazon Pay) + 0.451(Lazy Pay) -0.700(Paypal) + 0.226(Mobikwik)
The significance level is observed to be 0.02, indicating that the model
is statistically significant.
F-value gives the fair amount of association among the variables.
ANOVA model has given an F-value of 3.918, and its significance level
is 0.02. This indicates the strength of the regression model.
76
CHAPTER 5
SUMMARY OF FINDINGS,
SUGGESTION AND CONCLUSION
77
CHAPTER 5
SUMMARY OF FINDINGS, SUGGESTION AND CONCLUSION
Summary of Findings
Unified Payments Interface (UPI) is one of the most significant disruptions in the
payments industry in India. As with any new technology, problems persist until UPI
becomes stable. It is predicted that cards will be history within upcoming 5 years.
Until then, cards are likely to co-exist with mobile payments until the latter becomes
mature, reliable and scaleable. Cards may also still live as legacy international
standard until global standards on mobile payments evolve.
Meanwhile, in response to UPI’s rise, we have mVISA and Masterpass. In the first
phase, UPI is restricted to banks and its partners. The recent controversy involving
PhonePe and ICICI bank has demonstrated that not all banks are really keen on
partnerships as this implies losing territory to startups and private players.
In the current design, PSPs (i.e., banks) can give a separate API to anyone to build UI
and for limited functionality (collect alone) apps. There is also a passing mention
about opening up UPI for independent developers.
UPI as a platform must also mature technically before opening up layers for
developers. This is important so that customers don’t get exposed to the beta-
platform.
A majority of digital transactions in India is fulfilled by UPI. According to a recent
KPMG report, the global digital payments market is expected to touch $10.07 trillion
by 2026. From close to 1.5 million locations accepting digital payments in 2016-17,
the number of merchants accepting digital payments modes has increased to over
10 million. The path to achieving these numbers lie in the hinterlands, where the
masses still pay in cash and use feature phones that restrict online transactions.
Converting offline payments to online mode will be important in achieving this
growth.
The secret sauce behind digitisation is the rapid adoption of technology that
becomes a solution only after it solves a specific challenge. UPI has been hailed as
the future of digital payments in India, a solution that’s adding newness, stirring an
uprising of new world order in payments.
Seems like Karnataka has been pushing the right buttons. 30.10% of India’s digital
78
transaction makes the southern heart the numero-uno in UPI transactions. Namma
Bengaluru lived up to its name and gobbled 40.06% of UPI transactions among the
top 15 cities of India. Maharashtra has seen a steady flow of 14.37% of UPI
transactions, while Pune contributed 8.7% towards the growth. No rest for the
growth rate in Andhra Pradesh, as thenumbers pile up to a healthy 11.90%, which
makes Hyderabad the second most-digitised city after Bengaluru.
Interpretations and Findings
Reliability Analysis
The calculated data indicates that 87.9% of the data is reliable considering all the
responses.
Findings based on simple percentage analysis
Out of 11 statements, 3 individual statements contribute more towards the study (69.946%)
The extracted statements/factors are

➢ The preference of people is payment through UPI for Bill payments.
➢ The preference of people is payment through UPI for payment for online food
orders.
➢ The preference of people is payment through UPI for payment for train
bookings, bus bookings and movie ticket bookings.
• Findings based on Chi-Squared Tests
✓ There no relationship between gender and awareness of using UPI.
• Findings based on Correlation Tests

79
• There is significant no relationship gender and purpose of using the UPI.
(Money Transfer)
✓ There is significant no relationship gender and purpose of using the UPI.

(Recharges)
✓ There is significant no relationship gender and purpose of using the UPI.
(Movie, Bus, Train Booking)
✓ There is significant no relationship gender and purpose of using the UPI
(Food orders).
✓ There is significant no relationship gender and purpose of using the UPI
(Paying at shops)
• Findings based on Linear Regression Test

✓ There is relationship between different ccompanies offering UPI payment
services and service contribute to the customer needs.
Conclusion
Bankers are divided on the UPI story so far. One group believes UPI is only
attracting deal- seekers who will switch back to traditional methods of payments
once the deals are gone. Others say the cashbacks and rewards are essential to
creating new habits and onboarding users on to digital payments in a country where
cash still rules. That while payments to merchants are desirable as they create value,
incentives are necessary to chart a path toward that.
UPI has brought a big change in peerto-peer payments and a lot of recurring cash
transactions have perhaps moved to UPI. This is a big positive for the payments
ecosystem,” said Sujatha Mohan, head of digital and new initiatives at RBL Bank,
which runs its own UPI app named BHIM RBL Pay. “Merchant adoption on an
interoperable manner has begun but is not at scale. If scale is achieved then this
payment method (UPI) will be as ubiquitous as a (credit or debit) card. Industry
estimates suggest that more than 90% of UPI transactions are peerto- peer.
Regulators do not differentiate peer-to-peer payments and payments to merchants
under UPI transaction data.
80
BHIM registered impressive transaction volumes initially, because of its novelty
factor as well as the referral bonuses the government announced for drawing more
people to the app. That in itself was a novelty.
The Reserve Bank of India (RBI) has been trying hard to make the Indian economy
a ‘cash free economy’. It is finding ways to reduce the transactions based on cash in
the entire financial system. The UPI system seeks to make the transfers of money
easy, convenient, hassle-free and safe. As of now, 29 major banks are a part of the
UPI system out of which 15 banks have already started integrating the interface into
their smart phone apps and this number will multiply very fast as the system gains
popularity.
In conclusion, ETF or Digital Payment Gateway have been around for many years
and the economy has greatly benefited from this technological advance. An
electronic payment system such as credit cards has facilitated monetary transactions
and even provides a way to finance everyday purchases through credit. Because of
this, bitcoins are gaining popularity but there are still many questions and
considerations of a virtual economy. However, the risk of identity thefts, market
euphoria, and privacy issues will always exists. As history has showed us, new
technology can cause irrational exuberance that only leads to overvalued securities
and ultimately end in a financial collapse. Nonetheless, new financial technology is
not yet perfected and can be very costly. But with new innovations and proper usage,
financial technology can be the key to successfully managing one’s money. The
number of transactions via real-time payments system, the Unified Payments
Interface (UPI), were 1.2 times higher than the number of debit card transactions in
2018-19, according to the Reserve Bank of India's annual report.
According to the report, there were as many as 5.35 billion UPI-based transactions,
compared to 4.41 billion debit card payments. In a first, UPI-based transactions
overtook debit card payments, indicating a shift in consumers' choices and
preferences as far as digitalpayments are concerned. Besides UPI and debit cards,
National Electronic Fund Transfer (NEFT), prepaid payment instruments such as
wallets, internet banking are some other popular e- payment options.
81
The jump is phenomenal, considering UPI was launched three years ago by the RBI-
backed National Payments Corporation of India. During 2017-18, there were 915.2
million UPI transactions, compared to 3.34 billion debit card transactions.
During 2018-19, the number of card payment transactions carried out through credit
cards and debit cards was 1.8 billion and 4.4 billion, respectively. Prepaid
instruments recorded about 4.6 billion transactions worth ₹2.12 trillion.
“The acceptance infrastructure also witnessed substantial growth, the number of
point of sale (POS) terminals increased by 21% to 3.72 million at the end of March
2019, from 3.08 million at the end of March 2018. However, during the same period,
the number of ATMs witnessed a decline from 222,247 to 221,703," the annual
report said.
Another popular mode of electronic payments, mainly used by businesses, NEFT
system handled 2.3 billion transactions worth ₹228 trillion in 2018-19, up 19.1% in
terms of volume and 32.3% in terms of value against the year ago. The report said
the NEFT facility was available through 144,927 branches of 209 banks.
In a boost to the government’s digital payment plan, the banking regulator said it
will make online payment system NEFT available 24x7 from December.
The report also said that the next-generation NEFT will lead to higher degree of
automation and state-of the-art features ensuring conformity to global standards.
“Introduction of ISO 20022 messaging format in NEFT would standardise messages
across the payment and settlement systems and ensure interoperability between
payment systems. The Reserve Bank will consolidate its network and storage for
easier manageability and monitoring," it said.
Suggestion
• As times and resources were one of the critical factors limiting the study,
future research should apply more timeframe and allocate more resources to
conduct the study in Bangalore city to obtain larger sample size to better
represent the overall consumer population in Bangalore.
• Study should include more variables that able better understanding about its
effects on consumer’s choice of preference as it will help consumers
population purchasing behaviour through Unified Payment Interface.
82
• There are other UPI service providers other than considered in to this study
which should be included in future studies.
• Majority of the responses belong to student; the suggestion is to concentrate
on equal occupational status for better understanding the intension to
preference towards UPI payment services.
• This study was majorly focused on Unified Payment Interface only. In future
analysis to maintain the comparative analysis it is necessary to take some
more way of payments.
83
BIBLIOGRAPHY
84
BIBLIOGRAPHY
1. Mohapatra, S. (2017). Unified Payment Interface (UPI): A Cashless

Indian e- Transaction Process. International Journal of Applied
Science and Engineering, 5(1), 29-42.
2. Kakadel, R. B., & Veshne, N. A. (2017). Unified Payment Interface
(UPI)–A Way Towards Cashless Economy. International Research
Journal of Engineering and Technology, 4, 762-766.
3. Thomas, R., & Chatterjee, A. (2017). Unified Payment Interface (UPI): A
Catalyst Tool Supporting Digitalization–Utility, Prospects & Issues.
International Journal of Innovative Research and Advanced Studies, 4(2),
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4. Singh, S., & Rana, R. (2017). Study of consumer perception of digital
payment mode. Journal of Internet Banking and Commerce, 22(3), 1-
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5. Gulati, V. P., & Srivastava, S. (2007). The empowered internet payment
gateway. In International Conference on E-Governance (pp. 98-107).
6. Kumar, P., & Chaubey, D. S. (2017). DEMONETIZATION AND ITS
IMPACT ON ADOPTION OF DIGITAL PAYMENT:
OPPORTUNITIES, ISSUES AND CHALLENGES. Abhinav National
Monthly Refereed Journal of Research in Commerce & Management,
6(6).
7. Murthy, N. N., Mehtre, B. M., Rao, K. P. R., Ramam, G. S. R., Harigopal,
P. K. B., & Babu, K. S. (2001). Technologies for e-commerce: An
overview. Informatica.
8. Durairaj, D., & Joseph, P. A Study On The Feasibility Of Upi Vs
Mobile Wallets Among The Students Of Faculty Of Science And
Humanities, Srm Institute Of Science And Technology, Kattankulathur.
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Computer Communication and Informatics (ICCCI) (pp. 1-6). IEEE.
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Youth. Studies in Indian Place Names, 40(38), 61-67.
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11. Singh, P., & Rajput, R. S. (2019). Cybersecurity Analysis in the Context
of Digital Wallets. International Journal of Advanced Studies of
Scientific Research, 4(3).

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Systems in India. International Journal of Computer Science and
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system in rural India. Global Journal of Management And Business
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16. Singh, B. P., Grover, P., & Kar, A. K. (2017, November). Quality
in mobile payment service in India. In Conference on e-Business,
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Perception and concerns among urban consumers. IJAR, 3(6), 1118-
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(2018, June). Critical success factors of the digital payment
infrastructure for developing economies. In International Working
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Websites
Digital Payment Systemhttps://www.priyankc.com/

Mobile Wallet Paymenthttps://patents.google.com/patent/US8041338B2/en
87
ANNEXURE
88
ANNEXURE
1. Gender
o Male
o Female
o Others
2. Age
o 18 to 25 Years
o 26 to 35 Years
o 36 to 45 Years
o 46 Years and above
3. Occupation
o Student
o Freelancer
o Employee
o Business Man
o Other
4. What is your household income ?

o 5000 to 10000 ₹
o 10001 to 20000₹
o 20001 to 30000₹
o 30001 and above
5. Are you aware of UPI services ?

o Fully Partial
o Partially Aware
6. How frequently do you use UPI?

o Less than 10 times
o More than 10 Times
89
7. Since how many years you are using UPI?
o 1 to 2 years
o 2 to 3 years
o 3 years and above
8. How familiar you are to use UPI system ?

o Beginer
o Average Knowledge
o Advanced Knowledge
o Expertise
9. Does cashback motivate you to use UPI?

o Yes
o No
10. How you face the problems of waiting time while transferring through UPI?
o Often
o Rare
o Never
11. How you face problem during login process?

o Often
o Rare
o Never
12. The UPI payment is fully secured.

Strongly Agree Neither Agree Disagree Strongly Disagree
Agree Nor Disagree
90
13. There are too many steps involved while processing the transaction through UPI.
Strongly Agree Neither Agree Disagree Strongly Disagree
Agree Nor Disagree
14. Please rate the easy use UPI

1. 2. 3. 4. 5.
15. The service provided by UPI is convenient

1. 2. 3. 4. 5.
16. The UPI services provide good layout.

1. 2. 3. 4. 5
17. The UPI service contribute to the customer needs.

1. 2. 3. 4. 5
18. Rate the following UPI services
1 2 3 4 5
PayTM
Google Pay
PhonePe
Amazon Pay
LazyPay
Paypal
Mobikwik
91
19. The UPI services provide good layout
1. 2. 3. 4. 5
20. The UPI service contribute to the customer needs.

1. 2. 3. 4. 5
21. Rate the following UPI services

1 2 3 4 5
PayTM
Google Pay
PhonePe
Amazon Pay
LazyPay
Paypal
Mobikwik
22. Rate the purpose to use UPI

1 2 3 4 5
Money
Transefer
Bill Payments
Recharges
Movie bus train
booking
Payment for
online food
orders
Pay at shops
92
93
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95
96
97
98
99
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101
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105
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A Study On Digital Payment Gateway and User Prefrence, Focusing On Unified Payment Interface

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PROJECT REPORT

A STUDY ON DIGITAL PAYMENT GATEWAY AND USER PREFRENCE, FOCUSING ON

University of Mumbai for partial completion of the degree of

Under the faculty of Commerce

HRITHIKA RAJU JETHANI ROLL NUMBER:- 2216525

Under the guidance of

DR. ARJUN LAKHE

MULUND COLLEGE OF COMMERCE

A STUDY ON DIGITAL PAYMENT GATEWAY AND USER PREFERENCE, FOCUSING

University of Mumbai for partial completion of the degree of

Under the faculty of Commerce

HRITHIKA RAJU JETHANI ROLL NUMBER:- 2216525

Under the guidance of

DR. ARJUN LAKHE

MULUND COLLEGE OF COMMERCE

Name and Signature of the learner

Name and Signature of Guiding Teacher

CHAPTER CONTENTS PAGE NUMBERS

1 Chapter 1- Introduction 8-21

3 Chapter 3- Research Methodology 30,31

4 Chapter 4- Data Analysis, Interpretation 33-76

5 Chapter 5 – Conclusions and Suggestions 78-83

As payment gateway is surging on account of growing online payment transactions

monetary connections between sellers, buyers, financial institutions, and

REASONS TO USE ONLINE PAYMENT

Most businesses seek online payment to increase purchases by accepting bankcards.

Improved Cash Flow Efficiency

Online payment providers assist businesses in keeping costs of receiving payments

Increased Protection of Sensitive Information

increasing the security of sensitive information. Payment fraud is 30 times more

decrease employee access to financial information, reduce internal employee theft,

Forms of Digital Payment

NPCI and BHIM to allow customers to use this interface.

Benefits of Digital Payments

Unified Payments Interface (UPI)

• Counter Payments, Barcode (Scan and Pay) based payments.

UPI - Benefits to the Ecosystem participants

Benefits for banks:

• Single click Two Factor authentication

• Resolves the COD collection problem

Performing a UPI Transaction:

PUSH – sending money using virtual address

• User logs in to UPI application

PULL – Requesting money:

A. Financial Transactions: UPI supports the following financial transactions viz.

Somanjoli Mohapatra (2017)

Radhika Basavaraj Kakade, Prof. Nupur A. Veshne (2017)

Roshna Thomas, Dr. Abhijeet Chatterjee (2017)

Ravish Rana (2017)

Ved Prakash Gulati (2017)

Piyush Kumar and Dr. Dhani Shanker Chaubey (2017)

Joyojit Prakash, Priyank Chandra (2018)

NN Murthy, BM Mehtre, KPR Rao (2016)

K. Suma Vally, Dr. K. Hema Divya (2018)

Pallavi Maindola, Neetu Singhal (2017)

Pratham Singh, RS Rajput (2019)

Mrunal Joshi (2017)

This paper is an attempt to study the trend in various modes of digital

Tanya Sanatani (2017)

Balaji, Vijayakumar (2020)

Singh, Grover (2017)

Sumathy, Vipin (2017)

Sahu, Rana (2018)