A Study on Perception of Customers Towards UPI Platform
A MINOR PROJECT
Submitted towards partial fulfilment of the requirement for the award
of the degree
Of
Master of Business Administration
SAGE UNIVERSITY
BHOPAL (M.P)
Submitted By Under the supervision of
ABHISHEK TIWARI (231912) MR. KAYALA REDDY
ANIKET CHAUHAN (231145)
ANJALI NAMDEV(230384)
ADITI TIWARI (230665)
SCHOOL OF MANAGEMENT
SAGE UNIVERSITY BHOPAL
(2023-24)
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
DECLARATION
We , ABHISHEK TIWARI (231912) ,ANIKET CHAUHAN (231145), ANJALI NAMDEV(230384) , ADITI
TIWARI (230665)
the students of School of Management, SAGE University, Bhopal (M.P.) do hereby
declare that Project Based Learning –V entitled “[ A study on perception of customers
towards UPI platform based on Bhopal city]” is an original work and has not been
submitted anywhere in the quest of any degree. ABHISHEK TIWARI (231912)
ANIKET CHAUHAN (231145)
DATE - ………………………
ANJALI NAMDEV(230384)
PLACE – …………………….
.
ADITI TIWARI (230665)
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
CERTIFICATE
This is to certify , ABHISHEK TIWARI (231912) , ANIKET CHAUHAN (231145) , ANJALI
NAMDEV(230384) , ADITI TIWARI (230665) , are the students of BBA Semester –_. They have
minor project – _ under my guidance entitled “A study on perception of customers
towards UPI platform based on Bhopal city”.
MR. KAYALA REDDY
DATE - ………….. SCHOOL OF MANAGEMENT
PLACE - ………….. SAGE UNIVERSITY BHOPAL
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
ACKNOWLEGDMENT
It is our proud privilege to present a project on “A study on perception of customers
towards UPI platform based on Bhopal city”. We take this opportunity to express deep
sense of gratitude and would like to give thanks to our guide, Prof.Anamika , SCHOOL
OF MANAGEMENT, Bhopal for their valuable guidance, inspiration and
encouragement that has led to successful completion of this work. We would like to
express our heartfelt thanks to, Dr. Manoj Bhatia. We would like to express our heartfelt
thanks to Ms.Anamikafor their valuable suggestions throughout the project work. We
could not have accomplished, what we actually have, without their guidance.
We would like to deeply thank our family and friends for all the support and
encouragement they have rendered time to time.
Last but not the least, we dedicate our work to almighty God without whose wish and
helping hands this work would not have taken the shape it has now and also to my family
members whose support and encouragement had led me to complete this task.
DATE - ………… ABHISHEK TIWARI (231912)
PLACE - ……….. ANIKET CHAUHAN (231145)
ANJALI NAMDEV(230384)
ADITI TIWARI (230665)
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
Table of Content
S. No Title Page No
1. INTRODUCTION 6
2. REVIEW OF LITERATURE 6
3. OBJECTIVE OF THE STUDY 7
4. RESEARCH METHODOLOGY 7
5. DATA ANALYSIS AND INTERPRETATION 8
6. CONCLUSION 10
7. REFERENCES 11
8. QUESTIONNAIRE 12
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
INTRODUCTION
India was predominantly a cash economy with 98% of all its economic transactions done
in cash. The demonetisation exercise of November 2016 acted as a catalyst to the
adoption of digital payments. Demonetisation accelerated electronic transactions and the
digital payments industry in India. Demonetisation was seen by many as the next giant
economic reform that would lay the path for a digital economy in the country. Mobile
penetration surged in all parts of the country which turned out to be advantageous for the
outreach of online payments. The government had linked these three together forming a
bedrock for the nation that turned out to be the base upon which the government had built
preliminary infrastructure for its very popular move Digital India. Following afterwards,
the National Payments Corporation of India (NPCI) 25 Aug 2016 launched Unified
Payments Interface (UPI) which proved to be the most advanced payments system in the
history of digital payments in India. 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 and merchant payments
into one hood. It also caters to the ―Peer Peer‖ collection request which can be scheduled
and paid as per requirement and convenience. Each bank provides its own UPI App for
Android, Windows and iOS mobile platforms. National Payments Corporation of India
(NPCI) after successfully launching the IMPS online payments system, has taken a step
further in turning the Indian Economy into a “less-cash” and more “digital society”. The
launch of a Unified Payments Interface (UPI) adds a feather to its cap. UPI is set to
completely revolutionize the financial sector for good.
As of March 2019, there are 142 banks live on UPI with a monthly volume of 799.54
million transactions and a value of ₹ 1.334 trillion (US$19 billion). UPI witnessed
1,029.44 crore transactions until August 2019. The mobile-only payment system helped
transact a total of ₹ 17.29-lakh crore during the 37 months of operation starting from
2016.It is predicted to cover over 50% of all digital payments by March 2023 in the
future.
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
Introduction to most popular UPI applications
PhonePe:
PhonePe is one of the leading UPI apps in India. It uses the UPI Payment system for
sending money and making payments for various services. It gives you the facility of the
wallet as well. You can keep money in the PhonePe Wallet for faster transactions.
PhonePe is a subsidiary of Flipkart. And recently Walmart became the owner of Flipkart.
The PhonePe App does not require a PIN or password for opening the app. So you can
directly reach the dashboard. In the dashboard, the most prominent feature is the ‘Money
transfer’. From the dashboard itself, you can choose the type of recipient. PhonePe has
fewer steps for sending money. That is why money transfer through the PhonePe is the
fastest. PhonePe has focused a lot on repeat and recurring payments. If you want to
submit a complaint or dispute, you can do so on PhonePe very easily.
Google Pay (previously Google Tez):
Unlike Google Pay in other countries, Google Pay for India hosts a lot of features. It is
just a UPI app and doesn’t have a wallet. But you can pay for almost every transaction
which supports UPI. Google also gives scratch cards for transactions. These scratch cards
provide users rewards in the form of money. Google Pay is the most secure UPI
transactions app. It requires a PIN to open the app. It also uses patented technology that
recognizes unauthorized transactions. Tez Mode allows you to transfer money to nearby
people without knowing any details. These functions are similar to the Share it app. This
is another unique Google Pay feature that lets you chat with the recipient before any
transactions. Users can also request payment. This feature is particularly useful for first
time payment to a person. Using this feature, you can also send an invoice before
requesting the payment. The other party can also inquire if required.
Paytm:
Paytm is the most popular digital wallet and UPI app in India and is accepted by the
number merchants. It has the highest number of features. Along with the fund transfer,
mobile recharge and bill payment, you can also invest and book movie tickets through it.
Paytm QR codes are everywhere. From small fruit merchants to massive product stores,
Paytm is accepted almost everywhere. Sometimes shop owners don’t even know about
other apps but Paytm. Shopkeepers can get back money to their account without charges.
This also helps in acceptability. Paytm first started as a mobile wallet platform. But over
time, they have added many services. From school Fees to toll charges, you can pay for
everything through Paytm. It also gives the facility of mutual fund and gold investment.
Paytm Payments Bank allows you to score interest on the money you have kept in your
wallet. Paytm Post-paid is another feature added recently which functions similar to
credit cards. Users can buy things and pay later for them just like credit cards.
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
REVIEW OF LITERATURE
Ashish Das, and Rakhi Agarwal, (2010) (3) in their article "Cashless Payment System in
India-A Roadmap" Cash as a method of an instalment is a costly suggestion for the
Government. The nation needs to move far from money based towards a cashless
(electronic) instalment framework. This will help diminish money administration cost,
track exchanges, check charge evasion/misrepresentation and so forth, upgrade budgetary
consideration and incorporate the parallel economy with the standard.
Khuram Shafiq and Khalil Ahmad (2015) (7) is plastic Money Matter for Consumer
Buying Behaviour? This examination gives the affirming data since buyers feel good in
spending through plastic cash as easy access of money, no cash-carrying risks and reward
shopping are the major factors that play an important role behind it. Rouibah (2015)
showed that poor security, lack of trust, fear of failure, high charges and poor familiarity
were the major constraints that affected payments. Besides, the security features of the
internet, banking facilities, privacy and quality of services were also affecting the
adoption of payments.
Radhika Basavaraj Kakade, Prof. Nupur A. Veshne (2017) (14) in their study reported
that the UPI has made the 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 to the system
and help India become a truly cashless economy.
(Salil Panchal and Manu Balachandran, 2018) (20) UPI's success is proof that India is
moving mountains to usher in a less-cash economy. But the scope of BHIM must be
widened. BHIM should add more categories to the payment application for user
engagement. UPI is the ―Refined and Finished‖ product of IMPS and it is forecasted that
at some stage, it could get merged with the NEFT system, operated under RBI guideline.
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
OBJECTIVES OF THE STUDY
To find out the satisfaction level of customers towards UPI
To find out the most preferred UPI platform
To find how has UPI changed life of customers
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
RESEARCH METHODOLOGY
Both primary and secondary data were used for the study.
Primary Data
Primary data had been collected from 60 respondents who were included in the sampling.
A well-structured questionnaire was designed to collect the information from the
respondents. The questionnaire was designed to study the satisfaction of consumers
towards various UPI application.
Secondary Data
Secondary data were collected from various sources such as books, websites and Articles
etc.
Both the primary and secondary data collected were analysed with help of a statistical
tool such as a graph, chart etc.
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
DATA ANALYSIS AND INTERPRETATION
1Do you use UPI?
2Which online payment mode you prefer most?
3What is your reason to use UPI?
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
4.How often do you face payment failures in UPI?
5.How much are you satisfied with UPI?
6. Which UPI app do you use the most?
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
7.Why do you prefer the app?
8.Do you think UPI is necessary in day to day life?
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
CONCLUSION AND SUGGESTION
UPI has enabled mobile phone to be used as a primary payment device for making and
accepting payments. UPI leverages high density in India to enable every bank account
holder to make digital transactions using a mobile phone. India, which has a poor
merchant payment acceptance infrastructure UPI, enables even the smallest merchant to
start accepting digital payments without the need for any POS machine. UPI has done
away with the need to know the complicated payment details of the transacting parties,
which makes payments easy and seamless for transacting parties. Compared to all other
payment systems it would not be misplaced to say that UPI is the most advanced payment
system in the world. Phone pay is the most preferred platform.
Spread awareness about UPI platform in rural areas for using UPI for transaction.
To improve network problem
Provides session for how it will work.
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
REFERENCES
Radhika Basavaraj Kakade And Prof. Nupur A. Veshne (2017) Unified Payment
Interface (Upi) - A Way Towards Cashless Economy. International Research Journal Of
Engineering And Technology (Irjet). 4, 11, 762 – 766, Nov
Shamsher Singh (2017) Study Of Consumer Perception Of Digital Payment Mode.
Journal Of Internet Banking And Commerce. 22, 3, 1-13, Dec
Http://www.wikipedia.org
Http://www.ebsco.com
Http://www.razorpay.com
Http://www.shodhganga.com
https://www.gpay.com.tr/
https://paytm.com
www.phonepe.com
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
QUESTIONNAIRE
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
THANK
YOU
School of Management, SAGE UNIVERSITY, Bhopal
Sahara Bypass Road, Katara Hills, Extension, Bhopal, Madhya Pradesh 462022
