EXECUTIVE SUMMARY

The development and the ascent of versatile innovation all through the
world among individuals has extended to a great extent in light of the
prepaid model. Because of this all classes of society approach the budgetary
administrations and have turned out to be exceptionally comfortable. A
commercial center model and a Revenue based show which gives clients an
opportunity to save money choice, energizes, charges, installments,
Cashbacks when things are acquired, installment arrangements,
Digital Gold, Paytm Bank and e-wallet. Online Payments are accepted and
the option for payment comes with no maintenance charge but there is a
commission cut on each transaction. Initially, Paytm had only
Recharge services and mindset of the people been that Paytm was only for
Recharge, but now things have changed using Paytm now it is even
possible to pay educational fees and bills. Achievement of an innovation is
the point at which a customer acknowledges an item and administration
over a market depends on another heap of advantage traded at a price
or a value The report clarifies the significance of versatile wallet
The customers are been helped by the administrative policies to battle
dark cash The shoppers needed to be a dynamic help to this preface
along these lines they starred utilizing computerised installment modes.
Thus, the report revolves around the technology advancement as a cure to
the schenario and embracing new oppurtunities. Thus the report deals
with the details of various transational mode available and their indifferent
nature. With the analytical statement and questionnaire depicting the
nature and advancements of the transactional structure.

TRANSACTIONAL MODES

PAYTM
Paytm is India's largest leading payment gateway that offers comprehensive payment
services for customer and merchants. It offers mobile payment solutions to over 7 million
merchants and allow consumers to make seamless mobile payments from Cards, Bank
Accounts and Digital Credit among others. It is pioneered mode and are the leader of
QR based mobile payments in India. With the launch of Paytm Payments Bank, it aims
to bring banking and financial services to half-a-billion un-served and under-served
Indians. As it is diversifying it includes various major investors include Softbank, SAIF
Partners, Alibaba Group and Ant Financial. It strives to maintain an open culture where
everyone is a hands-on contributor and feels comfortable sharing ideas and opinions.

GOOGLE PAY

Google Pay is a digital platform and online payment system developed by GOOGLE to power in-
app and tap-to-pay purchases on mobile devices, enabling users to make payments
with phones, tablets or watches. Google Pay takes advantage of physical authentications such
as fingerprint ID where available. On devices without fingerprint ID, Google Pay is activated with
a passcode. When the user makes a payment to a merchant, Google Pay does not send the
credit or debit card number with the payment. Instead it generates a virtual account number
representing the user's account information. This service keeps customer payment information
private, sending a one-time security code instead of possessing the card details.

BHIM

Bharat interface for money is a mobile payment app The app supports all Indian banks
which use UPI, which is built immediate payment service infrastructure and allows the user to
instantly transfer money between bank accounts of any two parties. BHIM allow users to send or
receive money to or from UPI payment addresses, or to non-UPI based accounts. BHIM app is
only a mechanism which transfers money between different bank accounts. Transactions on
BHIM are nearly instantaneous and can be done 24/7 including weekends and bank holidays.

ADVANCEMENT AND GROWTH

Economic growth and it is defined as an increase to the tools and products that
will be used to meet the human needs in any country or region. A method to
measure economic growth rate involves inquiring whether there has been a real
increase (excluding price increases) in GDP (Gross Domestic Product) from one
year to the other as GDP represents the market equivalent of all measurable
values produced by one economy. The main three indicators of economic
growth are capital accumulation. Happens with the transparent way of the use
of money. As everything is getting digital.

Social growth people learn and develop new ways of working and thereby
leading to modernity in the standards of living. Thereby improvising on the
systems of the generation and advancements in the technological aspects of
transacting. Thereby leading to a transparent economy.
 RESEARCH METHODOLOGY

RESEARCH OBJECTIVES
 To study customer expectations, perception and their satisfaction level with the use of
online banking platforms.
 To find out the factors behind the rise and adoption of digital payments means in a diverse
country like India.
 Analysis of social, cultural and economic factors leading to the growth of the digital
transaction service providers.

METHODOLOGY

In this chapter, the research methodology is briefly discussed to conduct the study. It includes
the sample selection and design along with collection of primary as well as secondary data with
focus on analysis and interpretations of resultant figures. The limitations of study are also
derived at the end in order to conduct further comparative studies.

RESEARCH DESIGN
The research study is based on descriptive design methodology taking into consideration the
data available from both primary and secondary sources thus measuring the satisfaction level
of customers while using online banking apps and other related payment interfaces. Variable
usage trends were observed among the surrounding populations thus targeting the performance,
quality and reliability of digital transaction service providers.

SOURCES OF DATA
The study being more research based involved collection of information from primary data
such as Questionnaire survey of a randomly selected population followed by thorough
interpretation of facts and figures. Use of secondary data source such as Company websites,
Fact Sheets, Published Journals have also been used in order to meet the research objectives.

QUESTIONARE DESIGN

A structured Questionnaire design was prepared with a total of 10 questions using the
information gathered from primary and secondary data sources in order to study and analyze
the customer expectations and satisfaction levels with the adoption of digital payment services
along with the ongoing trend for unified payment interface platforms. The respondents were
allowed to choose multiple available options as responses in order to study the public opinion
in general.

DATE:
NAME:
AGE:

1. Do you prefer using Online Banking and Transaction Services like Paytm, BHIM etc.
over manual banking services?

 Yes
 No

2. Which particular mobile application or digital banking service do you use more
frequently for carrying out day to day transactions?

 Mobile e-Banking Apps

 Paytm
 PhonePe
 Google Pay
 BHIM UPI
 Other

3. Do you agree that adoption of digital payment platforms have simplified the
the process of banking services?

 Yes
 No
 Maybe
 Not Sure

4. Which factors do you consider as potential advantages for digital payment services
over the use of traditional manual banking procedures?

 Easy to use
 Reliability
 Secure
 Cost effectiveness

5. To what extent are you satisfied with the current ongoing trend of online payment
interfaces and other digital means of banking channels?

 Highly Satisfied
 Satisfied
 Neutral
 Dissatisfied

6. According to you, how the ongoing trend of adopting to digital means of banking
transactions has simplified the life of customers?

 Effective day to day transactions

  User friendly
 Cost Effective
 Multi-purpose functionality
 Secure and Reliable

7. Do you agree that switching to digital modes of banking transactions and other
related payment gateways is more secure over the conventional means of banking
services?

 Yes
 No
 Not Sure

8. Do you agree that the ongoing trend of adoption to digital means of handling
banking services is a strategic step to help the rural workforce to escalate to new
technology platforms thus help them to grow and develop the vision for growth
and development?

 Yes
 No
 Not Sure

9. Do you think that the growth of digital banking services has helped foreign
investments in the country thus creating more job openings for youths?

 Yes
 No

10. According to you, does the growing use of digital means of payment platforms is a
significant step towards e-governance?

 Yes
 No
 Maybe
 Can’t Say

SAMPLE DESIGN

 Sample Element: The sample population for the study comprised of general public
who uses online apps like Paytm, BHIM and PhonePe etc. on a regular basis for their
day to day transactions.

 Time Frame: The time frame for the completion of the study was 5 weeks which
included the evaluation and comparison of results for finest conclusions.
  Sample Size: The study was conducted at both indoor and outdoor venues in order to
include both local and foreign respondents thus adding to a total of 200 respondents
ranging from children to adults.

LIMITATIONS OF STUDY

a) People were less interested to show response regarding the use of digital means of
payment platforms due to lack of knowledge.
b) Due to limited time frame and respondents, data collected cannot be used extensively
for further comparative studies between other competitive technology and services in
the market.
c) Responses collected were less informative in order to conduct a comparison study.
d) Since the study is mainly focussed on data sampled by primary tools (Questionnaire
sampling), hence majority of responses are tabulated in graphical format with less
intent on statistical analysis.

DATA ANALYSIS AND INTERPRETATION

ANALYSIS OF DATA

The data collected from secondary sources was tabulated into desired formats using various
statistical tools available in Excel. Also, the inputs from various respondents were recorded
in a structured Questionnaire which was designed with easy content of questions to be
answered with the provided responses. The respondents were asked to input their responses
as per the perception and expectations they had with the products and services offered.

DATA INTERPRETATION

 Do you prefer using Online Banking and Transaction Services like Paytm, BHIM etc.
over manual banking services?

RESPONSE NO. OF RESPONDENTS

Yes 185
Other 15

Table 1.1
 RESPONSE SUMMARY
NO
8%

YES
92%
YES NO

Fig 1.1

Interpretation:

From the above graphical representation, it can be clearly see that majority of respondents are in
favour of using the digital means of banking services and transactions. Thus, more and more people
are switching to the use of mobile friendly applications to make their day to day transaction handling
more efficient and reliable.

 Which particular mobile application(s) or digital banking service do you use more
frequently for carrying out day to day transactions?

RESPONSE NO. OF RESPONDENTS

e-Banking Apps 30
Paytm 120
Google Pay 10
PhonePe 170
BHIM UPI 90
Other 100

Table 1.2
 RESPONSE SUMMARY

170
No. of Respondents

200
150 120
90 100
100
30
50 10
0
e-Banking Paytm Google Pay PhonePe BHIM UPI Other
Apps
Payment Platforms

Fig 1.2

Interpretation:

As it can be witnessed from the above graphical presentation, there are multiple payment interfaces
and application gateways that have helped people to adopt to digital means of handling bank
transactions thus making the process altogether more reliable and secure. Majority of responses
were in favour of mobile banking apps like Paytm and PhonePe followed by other competitive
service providers in line. Thus, people are becoming more technology savvy and familiar with new
means of technology.

 Do you agree that adoption of digital payment platforms have simplified the process
of banking services?

RESPONSE NO. OF RESPONDENTS

Yes 140
No 20
Maybe 30
Not Sure 10

Table 1.3
 RESPONSE SUMMARY
Not Sure
5%
Maybe
15%

No
10%

Yes
70%

Yes No Maybe Not Sure

Fig 1.3

Interpretation:

The above responses suggest that the adoption of digital payment platforms and other e-banking
services have resulted in the simplification of transaction processes thus resulting in the increasing
use of such digital platforms showing a positive trend. Also, with the growing competition in the
market, more and more companies are launching user friendly services and products thus providing
people more perks and options to switch from manual means of banking services to digital ones.

 Which factors do you consider as potential advantages for digital payment services
over the use of traditional manual banking procedures?

RESPONSE NO. OF RESPONDENTS

Easy to use 160
Reliability 120
Secure 175
Cost Effectiveness 140

Table 1.4
 RESPONSE SUMMARY

140
175

120
200 160
No. of Respondents

150

100

50

Easy to use Reliability Secure Cost Effectiveness

Fig 1.4

Interpretation:

As it can be seen from the above response summary, there are many potential advantages of
modern digital banking services as compared to conventional manual means of banking. With more
user friendly interface availability, more and more people are switching to mobile based payment
platforms such as Paytm, PhonePe, BHIM etc. Also factors such as cost effectiveness and security
makes them more reliable to use thus allowing people to make multiple transactions more
frequently along with other benefits as well.

 To what extent are you satisfied with the current ongoing trend of online payment
interfaces and other digital means of banking channels?

RESPONSE NO. OF RESPONDENTS

Highly Satisfied 140
Satisfied 120
Neutral 10
Dissatisfied 90

Table 1.5
 RESPONSE CHART

Dissatisfied
25%
Highly Satisfied
39%

Neutral
3%

Satisfied
33%

Highly Satisfied Satisfied Neutral Dissatisfied

Fig 1.5

Interpretation:

Majority of respondents are satisfied with the use of digital means of banking transactions thus
making payments more secure and user friendly. Also, mobile apps like Paytm, PhonePe and others
provide multi-purpose functionalities such as bill payments, ticket booking and many other
advantages thus giving users plethora of options on click of a button.

 According to you, how the ongoing trend of adopting to digital means of banking
transactions has simplified the life of customers?

RESPONSE NO. OF RESPONDENTS

Effective day to day transactions 110
User Friendly 180
Cost Effective 50
Multi-purpose Functionality 190
Secure and Reliable 170

Table 1.6
 RESPONSE SUMMARY

Secure and reliable 170

Multi-purpose Functionality 190

Cost Effective 50

User Friendly 180

Effective Day to Day transactions 110

0 20 40 60 80 100 120 140 160 180 200

No. of Respondents

Fig 1.6

Interpretation:

As it can be seen from the above figures, use of digital banking services have made the life of
customers altogether a lot easier. With multi-purpose functionalities, online UPI apps such as Paytm,
PayPal, PhonePe etc. provides more user friendly, secure and reliable means of handling frequent
transactions thus making the process more efficient and effective. Be it bill payments, ticket booking
or money transfers across the borders, UPI apps have made it easier and faster.

 Do you agree that switching to digital modes of banking transactions and other
related payment gateways is more secure over the conventional means of banking
services?

RESPONSE NO. OF RESPONDENTS

Yes 190
No 20
Not Sure 10

Table 1.7
 RESPONSE SUMMARY
Not Sure
No 5%
9%

Yes
86%

Fig 1.7

Interpretation:

As far as security is concerned, most of the respondents were in favour of switching to digital modes
of banking and use of mobile apps thus allowing users to carry out large transactions on a day to day
basis without any delay or significant costs. Mobile apps such as Paytm, Google Tez and a few others
provide reasonable benefits as well to help encourage people use digital means more frequently.

 Do you agree that the ongoing trend of adoption to digital means of handling
banking services is a strategic step to help the rural workforce to escalate to new
technology platforms thus help them to grow and develop the vision for growth and
development?

RESPONSE NO. OF RESPONDENTS

Yes 190
No 80
Not Sure 20

Table 1.8
 RESPONSE SUMMARY
190
200
180
160
No. of Respondents

140
120 80
100
80
60 20
40
20
0
Yes No Not Sure

RESPONSE SUMMARY

Fig 1.8

Interpretation:

With the growth of digitalisation in India, the use of tech savvy banking services and other related
payment platforms have contributed towards building a new India. Also, the multifold reach of
banking services in both urban and rural parts have made it possible for people to learn new means
of technology thus make life easier. Thus, as customer base grow more and more people are
adapting to better modes of technology, companies are coming up with new products and services.

 Do you think that the growth of digital banking services has helped foreign
investments in the country thus creating more job openings for youths?

RESPONSE NO. OF RESPONDENTS

Yes 190
No 80

Table 1.9
 RESPONSE SUMMARY

No
30%

Yes
70%

Fig 1.9

Interpretation:

With the growth of digital means of banking in India and across the globe, several firms are showing
investment intentions thus creating more job opportunities in both public as well as private sectors.
Majority of respondents agreed to the fact that with the growth of digital means of banking
transactions, people are getting more familiar with efficient and reliable options to carry out day to
day tasks involving frequent exchange of funds.

 According to you, does the growing use of digital means of payment platforms is a
significant step towards e-governance?

RESPONSE NO. OF RESPONDENTS

Yes 180
No 50
Maybe 60
Can’t Say 110

Table 1.10
 RESPONSE SUMMARY
200
180
180

160

140
No. of Respondents

120 110

100

80
60
60 50

40

20

0
Yes No Maybe Can't Say

Fig 1.10

Interpretation:

With digitalization of banking services and online payment portals, an end-to-end digital architecture
has been created thus making paperless and cashless transactions a reality in today’s world. Be it
instant money transfers across borders or payment of bills, UPI Apps and other related net banking
services have made things possible just a tap away.