A PROJECT REPORT

ON
SUMMER TRAINING

CUSTOMERS PERCEPTION TOWARDS DIGITAL PAYMENTS IN

INDIA

Submitted in partial fulfillment of the requirements for the award of

Degree of

Master of Business Administration (MBA)

Supervised by: Submitted by:

Dr. Anand Sharma Gaurav
(HOD)
Roll No: 201214

Course Code: SLM MGT 01 301 C 0202

Central University of Haryana, Mahendragarh

Session: 2020-2022

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 DECLARATION

I, Mr. Gaurav Roll No.201214 Certify that the Dissertation on Summer Training entitled
“Customers Perception towards digital payments in India” is done by me and it is an
authentic work. The matter embodied in this report has not been submitted earlier for the award
of any degree or diploma in any university/institution to the best of my knowledge and belief.

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 CERTIFICATE
Certified that the Summer Training Dissertation entitled “Customers Perception towards digital
payments in India” undertaken by Mr.___________________, Roll No.__________________,
has been completed under my supervision.

He has complied with the guidelines for submission of the same. It is fit for evaluation.

Signature of the Supervisor

Name of the Supervisor:

Designation:

Date:

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 ACKNOWLEDGEMENT

I would like to convey my heartiest gratitude to my supervisor Dr. Anand Sharma (HOD)
for intensifying my learning curve. Without his guidance and support, this dissertation
would not have been possible.

I also extend my appreciation to my family for their unconditional love and support
throughout my work. Their unwavering support and encouragement accompanied me
through this journey.

I would like to give my special thanks to all my friends, and the other respondents who took
time out to participate in this research, acknowledging that this study would not have been
possible without their assistance and support.

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 TABLE OF CONTENTS

SR. NO. CHAPTER NO. PARTICULAR PAGE NO.

1 -------------- TITLE 1
2 -------------- DECLARATION 2
3 -------------- CERTIFICATE 3
4 -------------- ACKNOWLEDGEMENT 4
5 -------------- TABLE OF CONTENTS 5
6 -------------- SUMMARY 6
7 CHAPTER 1 INTRODUCTION 7
8 CHAPTER 2 LITERATURE REVIEW 22
9 CHAPTER 3 METHODOLOGY 31
10 CHAPTER 4 ANALYSIS & INTERPRETATION 34
11 CHAPTER 5 CONCLUSION 53
12 -------------- REFERENCES 55

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 EXECUTIVE SUMMARY

The Digital India program is a prestigious government program of the Indian government with a
view to turning India into a digital society and a knowledge economy. "Facial, paperless and
cashless" is Digital India's professed role and slogan. Different methods of digital payments are
available to promote cashless transactions and turn India into a less cash society. These modes
are banking cards, Unstructured Supplementary Service Data (USSD), Aadhaar Enabled
Payment System (AEPS), Unified Payment Interface (UPI), mobile wallets point of sales, micro
ATM etc. The current study is focused on urban consumers’ attitude, perception towards Digital
Payment Systems.

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 CHAPTER 1

INTRODUCTION

Introduction about Topic

India is moving on the track of a most important digital revolution. Digitalization of the fee
mechanism can be taken into consideration as milestone in the generation of cashless destiny
economy. The boom of the Indian virtual payments space is anticipated to be pushed by means
of 4 traits that are also likely to impact how this industry looks inside the destiny. India going
virtual, beneficial regulatory environment, emergence of subsequent technology payment
provider companies and greater patron experience are the 4 drivers contributed to the increase of
Indian virtual charge systems. The cellular pockets are a brand new utility of cellular payment
that has capability to displace a conventional wallet and greater. Mobile payments are pinnacle
investment precedence for banks. In truth, the arena’s largest banks hold to consciousness
maximum in their announced IT tasks on cellular monetary offerings (inclusive of bills) and on
line banking (Batra & Kalra, 2016). Till date quite much less wide variety of people have been
using virtual wallet, in comparison to cell phone users.

The essential impediment is mind-set of people, who require some severe power to regulate to
every other innovation (Kunal Tahaem, 2016). Mobile wallets are app-based totally stored price
accounts, funded via credit score or debit playing cards or thru internet banking. Paytm, Mobi
Kwik, Freecharge and Citrus Pay are a few well-known cell pockets examples. These wallets are
in most cases used for cell recharges and invoice payments. During the closing decade, a
reasonable amount of research became achieved in the subject of retail payments to higher
recognize market members’ behaviour and their underlying motivations. However, studies into
clients’ attitudes towards mindset, protection notion on virtual charge behaviour is scarce. The
goal of this examine is consequently to research the determinants of protection belief and the
attitude, consciousness level toward digital bills.

Replacing foreign money with digital cash makes largest modifications in all fields in India,
which changes our economic structure at a amazing extent. Currency isn't fully changed and it
has its own merits and demerits. In paper currency transactions, this gives a direct touch with
clients and banks. But it has chances of getting damages and that is difficult to carry, additionally

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there are possibilities of black cash. Earlier, paper foreign money transactions have an effect on
the clients and banking transactions, delay in transaction is one of the foremost problems. Entry
of digital coins and e-banking centers made adjustments in mankind. Banks are moving from
conventional idea to fashionable concept.

Digital foreign money and e-banking gives various facilities amongst banks and clients.
Anybody can get admission to their banking transactions in everywhere at any time without
journeying their bodily bank. Only a pc gadget and a web connection are enough. It could be
very easy to access and decreases workload of banks and is very simple for balance enquiry and
so on. They can manipulate and manage transactions within seconds by using ‘clicks. It has
worldwide attained and it additionally has demerits. One of the major demerit or dangers is it is
difficult to understand and get right of entry to by way of illiterate and most of the customers are
in loss of accept as true with due to virus, hackers and havoc. Unawareness is certainly one of the
biggest troubles.

The idea that ‘Replacing forex with digital coins’ results in the economic improvement and
various e-banking facilities which enables in clean paymentsfollowing are the famous electronic
offerings supplied by banks: Automatic Teller Machine (ATM), Debit Card, Credit Card, E-
purse, Electronic Fund Transfer, Mobile Banking, E-banking. We can see the choice of our
Honorable Prime Minister Shri. Narendra Modi, each agreeing and disagreeing by way of
Indians. People are compelled to do on-line banking in an effort to keep away from queues,
banks additionally offers help for this. Besides, those on line facilities wondered our safety and
safety when evaluating city and rural vicinity, we will reach in a conclusion that humans in urban
region widely the use of digital foreign money, e-banking facilities and net banking than people
in rural location. What is the reason at the back of that? Because of Unawareness, Lack of
schooling, Lack of accept as true with, Danger of fraud, Virus Hackers, their fake idea about net
banking and the usage of digital cash, maybe now not understanding the benefits of a cashless
economic system.

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Digital Payment Modes in India

In India there are several digital payment modes. These are:

Online or mobile wallets: They are used through the internet and through smartphone
applications. Money may be saved on the app thru recharge by using debit or credit score cards
or internet-banking. Consumer pockets restrict is Rs. 20,000 according to month and the
merchant wallet restriction is Rs. 50,000 in step with month after self-statement and Rs. 100,000
after KYC verification.

Prepaid credit cards: Pre-loaded to individual’s bank account. It is just like a present card;
customers can make purchases the use of funds available on the cardboard -and not on borrowed
credit score from the financial institution. Can be recharged like a cell cellphone recharge, up to
a prescribed restriction.

Debit/RuPay cards: These are linked to an individual’s bank accountcan be used at shops,
ATMs, online wallets, micro-ATMs, and for e-commerce purchases. Debit cards have overtaken
credit score cards in India.

AEPS:The Aadhaar Enabled Payment System uses the 12-digit unique Aadhaar identity quantity
to allow financial institution-to-bank transactions at PoS. AEPS services consist of stability
enquiry, cash withdrawal, coins deposit, and Aadhaar to Aadhaar fund transfers.

USSD: Stands for Unstructured Supplementary Service Data based totally cellular banking.It is
related to merchant’s bank account and used through cell telephone on GSM network for
payments as much as Rs. 5,000 consistent with day per patron.

UPI:The United Payments Interface (UPI) envisages being a device that powers multiple bank
debts onto a single cellular software platform (of any participating bank). Merges multiple
banking capabilities, ensures seamless fund routing, and service provider payments. It facilitates
P2P fund transfers. Digital bills in India were experiencing exponential increase and with boom
of net and mobile penetration, in coming years the United States are prepared to witness a huge
rush in the adoption of digital bills.

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Distinctive Types of E-Wallet

As per Reserve Bank of India four sorts of wallet cash that are accessible are

Open Wallet

Open wallet empowers the clients to purchase merchandise and ventures, pull back money at
ATM or bank and exchange reserves. M-pesa by Vodafone and ICICI is a genuine case for open
wallet.

Semi-Open Wallet

Semi – open wallet enables you to execute with shippers that have contract with the
organizations for e.g. Airtel cash is a semi – open wallet were vendors have contract with Airtel
in which withdrawal of money is beyond the realm of imagination or can get it back yet you can
spend the cash what you have

Stacked Closed Wallet

Shut wallet is a well-known with E-trade were sure measure of cash is bolted with the trader if
there should be an occurrence of wiping out on or return of the request or gift vouchers.

Semi-Closed Wallet

A semi-shut wallet enables us to purchase products and enterprises at recorded trader and
perform money related administrations at recorded area yet a semi – shut wallet does not allow
money withdrawal or reclamation for e.g. PAYTM

Computerized Wallet

Momoe

Momoe is a Bengaluru based portable installments startup that centers around changing how
clients pay while eating out, travel and shop. Utilizing the Momoe application, one can store
their charge card subtleties and make portable installments at different eateries, supermarkets,
attire, salons and other retail outlets.

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Citi MasterPass

Citi Bank India and MasterCard as of late propelled 'Citi Master Pass', India's first worldwide
advanced wallet for quicker and secure online shopping. By utilizing this, Citi Bank Debit And
Credit Card Customers turn into the first in this nation to have the capacity to shop at in excess
of 250,000 internet business traders. It guarantees quicker checkout with a solitary snap or
contact and stores all your credit, charge, paid ahead of time, dedication cards and delivering
subtleties in a single place.

Airtel Money

With the Airtel Money application, clients can undoubtedly revive prepaid records or pay
postpaid bills. You can likewise shop on the web if your computerized wallet has money stacked
in it. It's likewise to a great degree sheltered as each exchange or installment you make requires a
mystery 4-digit mPin.

Citrus Pay

Citrus Pay, one of the best e-wallets in India, it offers a Citrus wallet for clients and in addition
installment answers for organizations. With a solid base of 800 million clients, it has
unquestionably earned its spot as a standout amongst other versatile wallets in India.

Ezetap

Ezetap, a Bangalore based advanced installment arrangement established in 2011, offers an

entrepreneur answers for acknowledge card installments through electronic gadgets. It
additionally sends clients e-receipts through a SMS or email.

Free charge

Freecharge, a standout amongst the most well-known names right now with regards to advanced
installment in India, has been known to focus on the young in the entirety of their advancements.
With proportionate measure of coupons given for each energize you make, it's an extraordinary
choice to spare while paying your bills on the web.

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HDFC PayZapp

HDFC PayZapp, making computerized installment in India rearranged with a single tick
installment, is one of the best online wallets in India. Clients can without much of a stretch think
about flight and inn tickets and even purchase music or pay bills with the application. Basic
interface your charge/Visa once and overlook stressing about making installments.

ICICI Pocket

While you may discover a Pocket card repetitive, considering you're choosing an e-wallet
application to abstain from utilizing a card, they do have a really perfect wallet application.
It'sVISA fueled and can be utilized on any Indian site, or to exchange cash to email ids,
WhatsApp contacts, and furthermore simply tap and pay your companions effortlessly.

Jio Money

JioMoney, propelled as of late in 2016 by Jio, is an advanced installment application. With

JioMoney, one can get incredible limits and offers. Clients can likewise bookmark their regularly
visited retailers so shopping can be made speedier than expected.

Juspay

JusPay Safe is an installment program with over 650+ exchanges in multi day. They offer a
program with which clients can make installments rapidly by means of cards with 2 ticks.

Lime

LIME, propelled by AXIS in 2015, was the main versatile application in India to incorporate
wallets, shopping, installments, and keeping money. Aside from the typical highlights like
making installments, they too give you a chance to break down what you spend. With a cool
component that rounds up the entirety of your change and put resources into a store, and a
mutual wallet instrument, they've certainly earned their spot in the best rundown of portable
wallets in India.

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Mobikwik

Mobikwik is a Gurgaon based e-wallet installment framework in India that enables its clients to
store their cash. Established in 2009 by Bipin Singh and UpasanaTaku, this advanced wallet
empowers clients to energize, pay bills, and make outsider buys with one tap.

Momoexpress

MomoeXpress, a Bangalore based advanced wallet in India, cases to have the quickest checkout
framework. In spite of the fact that they're just accessible in Bangalore, they have an extensive
variety of arrangements they offer to occupants on the city. From paying for your rickshaw ride
to salons and spas, there are finished 3000 outlets accessible available to you

Money on Mobile

MoneyOnMobile, approved by the Reserve Bank of India, empowers clients to purchase

products, items, and administrations from enrolled vendors. It's a multilingual application that
achieves remote zones of the nation to a large number of clients making on the web installments
accessible to a wide populace.

Mswipe

Mswipe, the main versatile purpose of-offers arrangement in India was established in 2012. They
don't precisely offer an application, yet they do give a machine that can be appended to your cell
phone to acknowledge card installments. This may not be a computerized wallet application but
rather it supports going cashless.

Olamoney

Ola Money, propelled in 2015, is a computerized wallet in India offered by Ola. While it's
significantly being used to make installments for Ola taxi rides, making cashless voyaging a
blessing from heaven, it can likewise be utilized to purchase staple goods or flight tickets and
considerably more.

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Oxigen

Oxigen, a FinTech organization established in July 2004, is one of the real suppliers of
computerized installment in India. Alongside making on the web buys and paying bills, you can
likewise send blessing cards to your dear ones.

Paymate

PayMate, established in 2006 by Ajay Adiseshann, propelled PayPOS in 2012, an application for
little entrepreneurs to get installments helpfully by means of charge cards and Mastercards and
furthermore process electronic exchanges.

Paytm

Paytm, propelled in 2010, is presently the biggest versatile wallet application in India. With
installments by means of Paytm being acknowledged all over the place; it's hard not to just
change to it totally. From paying portable bills to purchasing motion picture tickets, there's
nothing you can't do with Paytm.

Payumoney

PayUmoney, a piece of PayU India, is a free installment entryway answer for traders to gather
installments from clients by means of charge/Visas or net keeping money, and the sky is the limit
from there. They additionally offer SMS what's more, email invoicing for traders that don't have
a site.

State Bank Buddy

State Bank Buddy, a result of State Bank of India, is an online wallet in India that is accessible in
13 dialects. Clients (non SBI account holders as well) can send cash through Facebook, or to
other financial balances, book lodgings or motion picture tickets and considerably more.

Advantages of Mobile Wallet

The different advantages of portable wallet are

Lower Cost

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 Buys made in stores now – a-days does not require money since acquiring process is been made
basic by tapping on the cell phone. The purpose of offer framework as diminished exchange cost
of business.

 Competitive Advantage

Mobile wallet application gives a progressively agreeable exchange procedure to the clients
giving business that utilize this innovation a focused edge in the market

 Modern

 Portable wallet opens up a totally new viewpoint to installment technique on substantial

markets, presenting numerous organizations openings and more prominent potential
income.
 Convenience Buyers can make their buy in seconds with just tapping on their versatile
gadget. The acquiring is made speedier and simpler conveying fulfillment to the
customers.

Cell Phone Inclination

 82.8% of the respondents have an advanced cell.

 44.8% of cell phone clients have an Android telephone while 34.8% have an Apple
iPhone.
 8.8% of the respondents don't utilize a cell phone.

Frames of Mind

 More than half of the respondents monitor their spending and paying bills (66.6%), while
➢ 47.8% check their financial balance status once a day.
 58.9% once in a while utilize their portable keeping money application to bank.
 52.4% favor utilizing Mastercard or platinum card for buys, correlation with 23.9% who
lean toward utilizing money, and 20.3% who never convey money or use money.
 46.9% use coupons and dedication focus.
 When sending cash to a companion 6.9% lean toward utilizing Google Wallet or
comparable. Portable wallet inclination

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  45% use PayPal portable
 21% use Google Wallet
 16% use Apple Pay
 12% use Android Pay

12% have a cell phone yet don't anticipate utilizing a wallet of any sort – right now Wanted
wallet highlights Consideration and combination of dedication and participation cards [58%] and
coupons [57%]. 47% need security and insurance highlights to feel certain about utilizing a
portable wallet. Wanted essential card for wallet 59% want their essential bank's items – either
charge or Visa. In the event that their bank offered a versatile wallet; 51% of the respondents are
probably going to utilize a bank offered portable wallet Hindrances

There are dependably difficulties to utilizing new innovation items, yet when an innovation is
appended to utilization of cash the obstructions increment. There is nothing unexpected the best
test to utilizing the portable wallet is dread of data fraud [68.3%], trailed by vendor adequacy
[33.9%]. Instruction will assume a key job in helping shoppers feel good when utilizing a
versatile wallet.

Trust

Respondents were requested to choose the 3 portable wallets mark they trust the most for
personality insurance, protection and security. Surely understood brand names Google Wallet
[38%], Visa Wallet [36%] and Apple Pay [34%] led the pack in decision. While Bank's Wallet
pursued at 26%.

In Their Own Words Respondents were requested to talk about their involvement with utilizing a
versatile wallet application, or a perfect encounter they need with a versatile wallet application.
2000 remarks were refined and dense into this word cloud. Three topics were acknowledged:
Needs: qualities and concerns, Behavior: Quick and simple, Experience: still into.28% positive,
68% unbiased and 3% negative.

Money Saving Advantage Examination

The venture group comprises of five individuals, which went through 14 weeks, no less than 10
hours out of every week to finish the entire venture. The undertaking group isolated their vitality

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into hypothetical material investigation, arranging and examining, satisfying the undertaking
plan, actualizing field think about, and finishing last report. Amid this procedure, there is no
financial expense. From this task, the undertaking group adapted progressively about versatile
installment, including its improvement history and application, advantages and disadvantages of
every arrangement and how they function, the reasonable zone utilized in, the procedure of entire
versatile installment, its potential market and business insight and so on. Also, the most vital and
profitable issues the undertaking group scholarly are that how to deal with a task proficiently,
how to fill in as a group successfully, how to plan and direct an appropriate timetable for the
venture, how to acquaint the task with others and get their participation, and how to make
legitimate acclimation to meet unforeseen changes amid the procedure. This undertaking
fortified the venture group's capacity of controlling and dealing with an undertaking both from
the entire point of view and from each itemized hover of execution.

In addition, the peruses of this paper will know another strategy for installment for obtaining
items from a candy machine. For the gathering of people of this undertaking, the sellers, in the
event that they need to actualize this versatile installment strategy; they ought to think about the
accompanying things.

Expenses

1. Equipment and Software alterations cost for the current candy machines with portable
installment bolster;

2. Preparing cost for new and existing worker to continue day by day Operational and
Maintenance;

3. Give specialized and client support to portable installment for candy machine exchange;

4. Benefit offering to telecom administrators.

Advantages

1. Onetime venture;

2. Esteem expansion to organization profile and high consumer loyalty;

3. Decreased number of workers.

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This better approach for installment would draw in clients who are not ready to utilize candy
machine due to some unique conditions. For instance, a client at a universal airplane terminal is
less inclined to purchase things from candy machine since the person in question does not have
the neighborhood cash. With versatile installment choice accessible, it's anything but an issue.
(Note: in the state of which versatile administrators from the two nations have meandering
understanding that permits such exchanges). Productivity in performing errands identified with
gathering and putting money from/to candy machines. In spite of the fact that money installment
isn't totally surrendered, however money exchange will be diminished under this situation,
monetary respectability and fascination of new clients will be expanded.

Impacts and Risks

For the task it, battling correspondence and collaboration among venture colleagues, slacking in
directing venture contrasted with undertaking plan, and absence of reasonable plan of action for
portable installment turn into the primary dangers,the effect from this venture more is spoken to
on the frame of mind and collaboration inside the task group. From one viewpoint, toward the
starting, the task group was sure with the venture until the point that some sudden issues
occurred. In any case, the venture group did not surrender and endeavored to take care of the
issue through everybody's exertion and make appropriate acclimations to lead the venturebetter.
Notably, it is the task group's request that makes the venture created in the correct way. Then
again, this task is a good open door for the group to coordinate with others.

In the wake of cooperating for just about 4 months, the undertaking colleagues have experienced
challenges with various suppositions and improved the capacity of imparting and collaborating
with others.

In each financial system, money is stated to be the life blood. With the appearance of internet,
smart phones and different virtual technologies have made coins’ transactions simpler. In the
cutting-edge state of affairs maximum of the transactions had been made cashless and in future
physical form of currencies will now not be a king. There is one-of-a-kind medium brought to
carry out cashless transactions. Despite the rise of digital payments there may be also a growth
inside the protection issues.

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Digital payments are sure to have security problems which would possibly restrict the increase of
virtual bills. Hence, this paper helps to perceive the clients’ belief on cashless transactions,
elements influencing cashless transactions and additionally discover the extent of attention of the
clients regarding the facts securities.

The findings screen that the general public of the client’s select credit/debit card has the
maximum secure mode of charge accompanied via mobile wallets. Privacy and security,
convenience have been the elements which impacts purchasers in the direction of cashless
transactions and it changed into additionally found that consumers have sufficient recognition at
the data protection in cashless transactions. Therefore, digital bills will take a long term to turn
out to be key price option but this might advantage the financial system in the near destiny.

UGC for awareness campaign among students on cashless, Digital Transactions

Since the 12th of December, the University Grants Commission (UGC) has asked universities
and their associated institutions to launch a month-long marketing campaign to raise awareness
among students and store owners about cashless and digital transactions.

University of Georgia officials have urged schools to enlist the help of NSS and NCC volunteers
as part of the service-learning programme. Some of the volunteers are taking on a marketplace
outside of campus to assist business owners as they move from physical to electronic
transactions. In IITs, NITs, and other state-funded institutions, the same marketing effort may be
used.

A key part of the marketing effort is ensuring that all campuses are completely cashless by using
virtual fee structures for all receipts, payments, and transactions.

A letter from UGC secretary Jaspal Sandhu to kingdom universities says, "Participation in the
campaign by youths studying in better academic institutions is applicable because they could be
the main beneficiaries of a virtual financial system which is free of corruption, black money and
is completely transparent."

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Universities and Colleges Are Going Digital to Eliminate Cash Payments

University Grants Commission (UGC) released an advice on June 6, 2017, urging academic
institutions to adopt online pricing systems as part of the government's difficult task of moving
India from a cash-based to a less coins-reliant economic structure. Following MHRD's invitation
to all independent institutions to join this "tough job," the bill was passed. On behalf of the
Government, UGC suggested in its declaration that all receipts and payments connected with the
operation of the Institutions be done most conveniently via online or digital means (student costs,
examination expenses, vendor bills, profit/salary bills, and so on).

According to a letter from UGC secretary Jaspal S Sandhu, the BHIM app may be taught to all
administrators and students, corporations and other commercial enterprise institutions on campus
by connecting their bank bills with the cell quantity/Aadhaar number.

A video conference with the heads of universities and other higher educational institutions was
attended by the union minister for Human Resource Development (MHRD), Prakash Javadekar.
Mr. Javadekar, in his remarks at the conference, urged the institutions to stop accepting or paying
in coins (rates/fines/deposits) or cash (wages/salaries/seller bills) and to move toward a cashless
campus. In addition, the Ministry established the VittiyaSaksharta Abhiyan (Financial Literacy
Program) marketing effort to encourage businesses to use digital currency. 2,363 businesses
declared their conversion to digital payment systems at the conclusion of the campaign.

A handful of American universities have claimed they have been using virtual payment systems
for quite some time now.

Fees for students at Panjab University, Chandigarh, may now be paid online, according to
legislation passed in 2010. Renuka Salwan, Panjab University's Director of Public Relations
(DPR), said, "About 95 percent of the transactions carried out by the college are handled
ceaselessly simply."

"On campus, a variety of facilities for cashless payments including credit cards, Paytm, and debit
cards are available to college students. All of the university's 194 schools utilize digital pricing
systems, and 137 of those schools' records have been digitized, according to MsSalwan.

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There are a number of payment methods available to students for tuition and other fees
connected with their enrollment, making it a hassle-free process, according to the dean.

In 2013, Anna University in Chennai digitized all of its receipts, payments, and transactions on
campus. S. Ganesan, Registrar of Anna University, stated, "We are collecting exam costs and
training fees in online method alone, we also intend to establish a web way to collect exam prices
from associated college students as well."

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 CHAPTER 2

LITERATURE REVIEW

Consumer acceptance of technical goods, or innovation in general, is discussed in this section.

Adoption concept

"Adoption" is one of the oldest and most important concepts in literature on innovation spread
(Eveland, 1979). If you're adopting, it might be anything from a process to an event to a country
of being. Adoption carries a lot of weight because of its high perceived worth and implication of
finality. Non-adopters who haven't started the process of becoming adopters are rejecters who
have decided not to undertake" (Zenobia, 2008). It's been used as the primary variable in many
diffusion studies, and it's effectively provided the foundation for generalizability (Eveland,
1979).

Rogers (2003, 5th edition) outlined three kinds of adoption choices in his book Diffusion of
Innovations, which Zenobia (2008) described as follows:

➢ The consumer, for example, makes the choice on whether or not to adopt optionally.
➢ Group consensus is used to make decisions on collective adoption.
➢ More or less a few people who hold positions of power, prestige, or technical expertise in
a group decide whether to accept an authority.

To put it another way, this study will investigate consumers' adoption decisions with an eye on
Optional adoption choice in particular. This does not mean that the adoption will be free of
influences such as other people's opinions (family, friends...etc.) or the impact of the picture
imposed by an advertising agency, though (Katz, 1962). A social procedure is therefore inherent
in the adoption process (Zenobia, 2008).

Innovation-Decision Process

According to Rogers (1983, p.165), the Innovation – Decision Process is "a procedure by which
an individual (or different decision-making unit) passes from the first information of an
innovation, to the formation of a mindset closer to the innovation, to a decision to undertake or

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reject, to implement and affirm this decision" (Figure four). The process was renamed by
Zenobia (2008) to the Technology Adoption Decision Process (TADP) and has since become the
most widely used methodology for determining technology adoption. If you have a large number
of studies, such as the scope of this one, you may want to consider installing the TADP version
(Ettlie, 1980).

According to Rogers (1983, p.163), there are 5 stages included in this conceptualization:

- Knowledge: Individuals are made aware of innovation's presence so that they may acquire a
rudimentary grasp of how it works.

- Persuasion: Individuals have positive or negative opinions about the invention.

- Decision: when a person engages in activities or behaviors that lead to a decision on whether or
not to embrace a new idea.

- Implementation: when a person makes advantage of a new invention.

- Confirmation: when a person needs reassurance about an innovative choice they've previously
made. If the innovation's messages are in contradiction, he or she may go back and change his or
her mind.

Knowledge Stage

Once a person is informed of the existence of an invention and may benefit from knowing its
functions, the knowledge stage begins (Rogers, 1983, p. 164). According to Rogers (1983),
interestingly, a person gets the existence indication of invention by chance rather than on
purpose. As a result, unless he or she recognizes the existence of innovation, he or she cannot
actively seek records of it.

As we can see in the medical field, doctors and other medical professionals are able to get
information about new tablets thanks to the many communiqué channels and messages,
including salesclerk and marketing campaigns (Coleman, 1966). Cellular pockets follow the
same pattern. Business stakeholders in India have a responsibility to disseminate knowledge

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about cell pockets through advertising, blogging, or creating seminars in order to get the word
out.

Rogers (1983, p.167) also brought up the contradiction of need vs awareness in this context. He
pondered, "Does a want precede knowledge of a new notion, or does knowledge of an invention
generate a desire for that new idea?". He opined that there was no longer any study that could
adequately address this issue (to this point until 1983). An individual who is aware of an
invention is likely to have a need to seek out data, and the reverse is also true. As a result,
gaining familiarity with the innovation process may help motivate consumer adoption (Rogers,
1983, p. 166).

Rogers also spoke about different kinds of expertise and how they affect customer awareness
(1983). This study, on the other hand, will place less emphasis on that aspect.

Convincing People Stage

Even if a character is aware of an invention, it doesn't guarantee they'll utilize it. The selection-
making unit's features will have an impact on adoption. Among these are things like social
standing and beliefs, such the fact that a person will not find the new invention helpful or that it
is incompatible with his current circumstances. For the knowledge to be useful, it must go
through the innovation-decision process first. Persuasion starts here. This is when things become
interesting.

To some extent, the character's attitude toward innovation is reflected in his or her character
papers (Rogers, 1983, p. 169). The information that a person has now gathered will lead to
psychological interrogation. When it comes to the invention, he'll seek for more information. The
way he discovers the information, gets the signals, and interprets those messages are all critical
since he is missing his own understanding.

We may say that innovation is fraught with risk (Feldman, 1994). Thus, it causes a period of
confidence doubt for the individual leading to a desire for social reinforcement of his views
toward the new concept (Rogers, 1983, p. 170). He'd want to compare his evaluations with those

24 | P a g e
of others to see whether he's "dancing" to the same beat. In part, the media reinforces this
message.

During this stage, customers often ask, "What are the repercussions of the innovation?" and
"What are the benefits and drawbacks of its implementation in my situation?" In the words of
Rogers (1983, p. 177), These are questions that the designers of mobile wallets should be able to
answer. Closer to cell wallet, people's positive or unfavorable attitudes are strongly influenced by
it. When such attitudes are formed, they don't immediately lead to acceptance or rejection.
Despite this, it has an effect. When someone informs us about the beautiful image of a new idea,
we are almost always encouraged to try it out (Rogers, 1983, p. 170). However, if the invention
is deemed undesirable, assistance in rejecting it will be sought (Seligman, 2006, p. 116).

Decision Stage

It's called the decision-making stage when someone takes part in actions that lead to the
acceptance or rejection of an invention. Adoption may be defined as the choice to put something
new to use. Refusal, on the other hand, is a decision not to use a new invention (Rogers, 1983, p.
172).

Clients will no longer adopt an invention if they haven't first tested it out for themselves. This
can't be tested since in certain cases determining if the new invention is helpful to one's current
situation is necessary before putting it to the test. In other words, ideas that can be checked out in
a more rapid manner have a higher chance of being adopted (Rogers, 1983, p. 172). Seligman
(2006) has a similar perspective, stating that "partial adoption and vicarious trial adoption allow
the individual to meet fresh stimuli for similarly adjusting views of technology and for
knowledge on how the innovation may be integrated into the person's environment" (p. 117). The
provision of free samples to customers/consumers is one tip for facilitating the testing of
innovation (Rogers, 1983). It's difficult to enforce the experiment while using mobile pockets
due of the fact that it involves a lot of different stakeholders for the operation, all of whom stand
to gain financially from it. They want marketing teams to come up with unique ways to put
mobile phones in pockets.

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In this stage, a person may reject the invention for different reasons, which is difficult to forget.
Eveland (1979) distinguished between two kinds of rejections:

In the case of Active Rejection, a person contemplates adopting a new idea (with or without a
trial run), but ultimately decides against it.

A person who does not contemplate embracing an invention is said to be passively rejecting it.

Stage of implementation

Implementation takes place when a person (or another decision-making unit) decides to use an
invention and looks for knowledge on how to do so (Seligman, 2006). According to Rogers
(1983), customers at this level are likely to ask questions such "Where do I get the innovation?"
and "How do I utilize it?" as well as "What operational problems am I likely to run across and
how can I fix them?" (On p. 174, the author claims) Cell wallet case-related companies must
have responsibilities to make such solutions accessible on the market and provide technical
support when needed by clients.

Technology "reinvention" is a word coined by Rogers (1983) and used at this implementation
stage. There was a description of "the degree to which an invention is altered or modified by the
user within the system of its acceptance and deployment" (Rogers, 1983, p. 176). It's safe to say
that reinvention is both adaptive and evolutionary (Swanson, 1994).

The implementation stage may end when the new invention is institutionalized and regularized
as part of the adopter's continuing operations. Additionally, it would allow the entire innovation-
decision process to be terminated for the benefit of the greatest number of consumers. For a
select few, it may even go all the way to "the confirmation stage" (Rogers, 1983, p. 175).

Possible factors influencing consumer adoption of mobile payment

According to a study published in 2006 by Niina Mallat, an economist at India's Helsinki School
of Economics, consumer adoption of mobile payments is "Exploring" This study looked at how
clients adopted the use of qualitative research to bill their mobile phones. Interviewees from

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India's Helsinki metropolitan area provided empirical information during the status quo of six
focus group sessions, which was completed in late 2002. (Mallat, 2006).

According to Bamasak (2011), m-fee has a larger purpose. Virtual charge machine has
significant issues with illegal cell phone usage and the security of mobile payment transactions.

Digital pocket bills, according to Liu et al. (2012), provide consumers with more convenience by
offering a wider range of payment choices and speeding up transaction times.

They found that the simplicity of use, expressiveness, and agreement inspired by wallets led to
the acceptance of digital fees and served as an incentive to implement virtual fees.

According to Roy and Sinha (2014), India's e-payment systems have expanded significantly, and
the use of digital bills will only continue to increase. There were a number of other factors they
discovered that helped enhance the e-price gadget, including creativity, incentives, comfort, and
criminal provisions

Poor security, lack of consideration, fear of failure, exorbitant fees, and lack of familiarity were
found to be the major roadblocks to e-payments, according to Rouibah (2015). Furthermore,
internet security features, banking centers, privacy, and the finest services all influenced the
uptake of e-payments.

According to Rathore (2016), the usage of a virtual wallet for payment has made online
purchasing for goods without the need for physical movement between locations very convenient
for customers.

According to Singh (2017), there was a significant gap between buyers' education and their use
of digital payment. The concept of virtual fee consumers has a substantial and positive effect on
the acceptance of virtual pricing among buyers.

The creator, Malecki (2003), spoke on the drawbacks of digital migration in rural America. The
growing use of virtual generation is urgently needed, but rural America as a whole is still not
equipped with the same. Human capital limitations are a major cause of this type of
backwardness. Large segments of the operational population have relocated from rural to urban
regions in search of greater profit-generating opportunities. Ultimately, this leads to a decline in
the value of recreational spending. Increased immigration and return migration policies may

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assist to fix the problems. If the reasons for leaving one's own region are properly addressed, it
may be concluded that the main reason for moving the base is a lack of income-generating
opportunities. Return migration may be feasible if the problem is properly handled and sufficient
earning possibilities are provided. It's possible that digital motion may also help generate the
kinds of jobs that today's younger generation wants. People who live in foreign countries may
find the machine useful if they need a way to send money back home. The inflow of financial
assets made possible by this method will eventually contribute to the economic growth of the
area concerned.

The authors of Yang et al. (2005) presented a case-study look at approach in this article to
examine the operational effectiveness of small network banks. Community banking is a system
that caters to a particular geographic region.

This kind of banking system restricts company opportunities. Typically, the bank participants are
representatives of the community in which the bank is located. It is possible to maintain
information and requirements owing to slow operations and profitability component. However,
as commercial business sports have grown in popularity, more and more players have begun to
invade their commercial domain. As a result, they're thinking about creating more value-added
and customer-friendly products. E-banking is a tool that gives people access to these kinds of
possibilities. As the market becomes more competitive, it becomes more important to provide
these kinds of services.

According to the inventor, Mukherjee (2011), Information and Communication Technology

(ICT) plays an important role in rural development. There is a strong desire for development and
progress in rural economies. As a consequence of new-age technology, the economy is better
positioned to achieve the desired outcome by delivering previously-priced goods and services at
a lower cost. A changing nature of customer demand may also make sector growth more
advantageous. The ICT has started to play a significant influence in many facets of life.
Economic services, obtaining government benefits, and a whole lot more are all connected to it.
The complexity of the demand increases, and as a result, customer preferences shift dramatically.
If the conversion need is not properly addressed, the facility may not be fully bullet proof in the
future requirement.

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A recent study by Ananthetal (2011) attempts to pinpoint the unique advantages and
disadvantages of technological development and generation in Ethiopia's rural areas. Poverty is
unquestionably a serious problem, but if existing programs are to be successful, there is a strong
desire to increase equality. Well-known fact: agriculture can't grow on its own without the proper
combination of technological and technological factors. The Ethiopian government is making an
effort to broaden that support base so that the poverty alleviation initiative may gain traction.

Net banking is essential in rural regions, according to Sharma (2012). Rural people control
India's economy to a great extent. 70 percent of the country's population still lives in rural
regions, which include about 6 lakh villages. Because of the agricultural economy's diversity and
its life, serving such a large population base is not an easy job. It's critical to provide services that
conventional banks may not be able to deliver with the help of today's banking technology.
There is thus a need to develop an alternative service that caters exclusively to farmers.
However, determining the specific service needs of rural residents is critical first.

In non-rural regions, services and centers may not be overlaid. As a result, the author has
identified 17 additional factors that may result in a service bottleneck for the banks that serve the
unfortunate. Factors like a well-designed ATM network, consumer education resources, debt
maintenance fees, and access to transportation are all important. Are there components that may
also cause problems? In remote areas, banks will be unable to offer services unless and until such
facilities are improved.

The article by Akinola (2012) addresses the component of a cashless society that deals with
safety and dependability. It's a fact that a cashless society has many advantages and that it may
both decrease corruption and criminal activity while simultaneously increasing government
income. Governments may also employ laws and guidelines to force the use of a cashless
system, although this may fail if the recipients of the services are unable to see the benefits of
this.

Most customers believe that there are a few security risks, and one of them might lead to a
financial loss. To some extent, this is true since unwelcome events of this kind do occur. The
second factor has to do with a lack of understanding and awareness of the use patterns of the
products. It's clear that a cashless system is needed, but it also has to be able to inspire
confidence among service recipients.

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OBJECTIVES OF THE STUDY

To understand the factors affecting digital payments.

To understand user’s behavior towards digital payments.

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 CHAPTER 3

METHODOLOGY

To do research, one must go in search of fresh and valuable knowledge on a certain topic in a
methodical and logical manner. The research technique is a methodical approach to addressing
an issue. Research methodology is a science in and of itself. Research technique refers to the
methods researchers employ to describe, explain, and forecast phenomena.

Research Design:

A solid research design ensures that the necessary data for the research project, including issue
description, research time required and cost estimates, are collected accurately and cost-
effectively. Data collection and analysis are guided by the study's research design, which serves
as a framework. This study employs two primary kinds of research design:

Investigative Study:

The beginning of any research endeavour should include some exploratory research. The first
step is critical to getting a clear picture of the issue. Finding new ideas and insights is the
primary goal. Further research helps to clarify broad and ambiguous topics by breaking them into
smaller, more precise assertions of substrates. To better understand the issue being studied,
exploratory research is conducted.

Descriptive research 

 The process through which you characterize a characteristic about a group of individuals. If
something occurs often or there is a difference between two variables, descriptive research is
likely to focus on that fact. When doing a descriptive study, it's critical to know who, when, and
why the research is at its most productive.

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Design first and then a research strategy is created, so we know what to do before we start
interpreting.

Self-administration was used to gather data for this study. Due to time constraints and other
factors, the direct personal interview technique is used. A systematic questionnaire was created
since it saves time and allows for easy data tabulation and interpretation. The likelihood of
respondents responding immediately increases.

Development of research plan has the following steps:

 Sample Design
 Sample Unit
 Sample Size
 Sample Technique.

Data Collection:

The process of gathering data is known as data collection, and it generally occurs early on in a
project of improvement. A data collection strategy, which typically includes the following tasks,
is used to formalize the process.

 Pre collection activity on goals, target data, definitions and methods.

 Collection of Data.
 Presenting findings involving some form of sorting analysis.

The study's goal was achieved by combining primary and secondary data. Data collection via
primary and secondary sources of data

Classification of Data:

Success depends on having the correct data. Data may be divided into several categories based

32 | P a g e
on the information's origin. The following are some examples of subcategories:

 Secondary Data
 Primary Data

Secondary Data:

This data has previously been gathered and statistically processed by someone else before it was
used. The following sources have provided us with the necessary information to create this
report:

Sources of Collection of Secondary Data

 Internet
 Books
 Journal
 Thesis
 NewsPapers
 Govt.Gazettes
 Magazines etc

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 CHAPTER 4

ANALYSIS AND INTERPRETATION

STATEMENT OF THE PROBLEM

Our economy is making an effort to get away from using currency. Because of the increased
usage of digital money, consumer knowledge is critical in this scenario, and our economy will
benefit as a result. Traditional transactions are difficult to use because people are ignorant of the
advantages of digital currency and the cashless economy, making it difficult for those who are
illiterate to use it. Other issues include a lack of trust and a lack of understanding. Banks use
contemporary technology like e-banking, digital money or cashless transactions, electronic
payments, and awareness campaigns to combat these issues.

RELEVANCE OF THE STUDY

The significance of the study is:

Determining the growth of internet banking and online transactions

To understand the awareness of the customers about digital cash.
To explore the customer behavior towards digital currency
Determining the customer satisfaction in replacing currency with digital cash
To understand the problems of digital transactions faced by the customers.

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DATA ANALYSIS

1. Gender

Table no. 1

Frequency Percent
Male 64 64.0
Female 36 36.0
Total 100 100.0

Chart no. 1

Interpretation:

The above table reveals that 64% of the respondents are male and 36% of the respondents are
females.

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 2. Age

Table no. 2

Frequency Percent
20-25 Years 25 25.0
26-30 Years 38 38.0
31-35 Years 32 32.0
Above 36 Years 5 5.0
Total 100 100.0

Chart no. 2

Interpretation:

According to the above data, 38% of respondents are between the ages of 26 and 30; 32% are
between the ages of 31 and 35; 25% are between the ages of 20 and 25; and 5% are above 36.

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 3. Marital Status

Table no. 3

Frequency Percent
Married 72 72.0
Unmarried 28 28.0
Total 100 100.0

Chart no. 3

Interpretation:

The above table reveals that 72% of the respondents are married and 28% of the respondents are
unmarried.

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 4. Family Size

Table no. 4

Frequency Percent
Nuclear 69 69.0
Join Family 31 31.0
Total 100 100.0

Chart no. 4

Interpretation:

According to the data in the table above, 69% of respondents have a nuclear family and 31%
have a combined family.

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 5. Do you use Mobile Payment Wallet/Digital Payment?

Table no. 5

Frequency Percent
Yes 90 90.0
No 10 10.0
Total 100 100.0

Chart no. 5

Interpretation:

The above table reveals that 90% of the respondents use mobile payment wallet/digital payment.

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 6. How often do you use digital payment to make online payment for bills and
purchases?
Table no. 6

Frequency Percent
Always 14 14.0
Often 27 27.0
Occasionally 21 21.0
Rarely 24 24.0
Never 14 14.0
Total 100 100.0

Chart no. 6

Interpretation:

One-quarter of respondents always use digital payment to make online payments for bills or
purchases, while one-fourth of respondents seldom or never use digital payment to make online
payments for bills or purchases.

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 7. I use a particular app/brand/mode for all my Digital Payments.

Table no. 7

Frequency Percent
Strongly disagree 8 8.0
Disagree 18 18.0
Neutral 20 20.0
Agree 43 43.0
Strongly agree 11 11.0
Total 100 100.0

Chart no. 7

Interpretation:

There are 43 percent of respondents who are in agreement, 11 percent of respondents who
strongly agree, and 20 percent of respondents who are indifferent when it comes to using a
specific app/brand/mode for all my digital payments.

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 8. Digital Payment mode is convenient to use.

Table no. 8

Frequency Percent
Strongly disagree 6 6.0
Disagree 22 22.0
Neutral 19 19.0
Agree 40 40.0
Strongly agree 13 13.0
Total 100 100.0

Chart no. 8

Interpretation:

There are 40% who agree and 13% who strongly agree that digital payment method is easy to
use, whereas 19% of respondents were indifferent, and 22% disagree and 6% strongly disagree
(as shown in the above table).

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 9. Mobile Payment Wallet/Digital Payment Transactions are safe and secure.

Table no. 9

Frequency Percent
Strongly disagree 9 9.0
Disagree 18 18.0
Neutral 20 20.0
Agree 36 36.0
Strongly agree 17 17.0
Total 100 100.0

Chart no. 9

Interpretation:

There are 36 percent of respondents who agree and 17 percent who disagree that Mobile
payment wallet/Digital payment transactions are safe and secure, whereas 20 percent of
respondents were indifferent and 18 percent disagreed and 9 percent disagree severely.

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 10. Mobile Payment Wallet/Digital Payment Transactions save a lot of time.

Table no. 10

Frequency Percent
Strongly disagree 8 8.0
Disagree 21 21.0
Neutral 18 18.0
Agree 36 36.0
Strongly agree 17 17.0
Total 100 100.0

Chart no. 10

Interpretation:

Wallet/Digital Payment Transactions save a significant amount of time according to 36% of

respondents, with 17% strongly agreeing. The remaining 18% were ambivalent, with 21%
agreeing and 8% strongly agreeing with this statement.

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 11. Mobile wallets are capable of providing benefits to individuals for purchase of
product.
Table no. 11

Frequency Percent
Strongly disagree 7 7.0
Disagree 19 19.0
Neutral 19 19.0
Agree 40 40.0
Strongly agree 15 15.0
Total 100 100.0

Chart no. 11

Interpretation:

There are only 40% of respondents who believe that mobile wallets may provide advantages to
people for the purchase of products, with 15% strongly believing this. The remaining 19% were
indifferent, with 19% believing this, and 7% believing this strongly.

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 12. Using the mobile wallet improves the quality of my decision making for buying
products.
Table no. 12

Frequency Percent
Strongly disagree 6 6.0
Disagree 20 20.0
Neutral 17 17.0
Agree 39 39.0
Strongly agree 18 18.0
Total 100 100.0

Chart no. 12

Interpretation:

It is evident from the table above that just 39% of respondents agree and 18% strongly agree that
using the mobile wallet enhances the quality of decision making for purchasing goods, 17% of
respondents were indifferent while 20% disagree and 6% highly disagree.

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 13. I believe mobile wallets are useful in buying products than the traditional methods.

Table no. 13

Frequency Percent
Strongly disagree 5 5.0
Disagree 17 17.0
Neutral 20 20.0
Agree 37 37.0
Strongly agree 21 21.0
Total 100 100.0

Chart no. 13

Interpretation:

According to the data in the table above, 37% of respondents agree and 21% strongly agree that
mobile wallets are a better way to pay for purchases than conventional ways. Meanwhile, 20% of
respondents were indifferent, while 17% disagree and 5% strongly disagree.

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 14. Using online wallets can offer me a wider range of banking services and payment
options.
Table no. 14

Frequency Percent
Strongly disagree 3 3.0
Disagree 19 19.0
Neutral 18 18.0
Agree 34 34.0
Strongly agree 26 26.0
Total 100 100.0

Chart no. 14

Interpretation:

Using online wallets may provide a broader variety of financial services and payment
alternatives, according to 34% of respondents, and 26% strongly agree. The other 18% of
respondents were indifferent, while the remaining 19% disagreed and 3% strongly disagreed.

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 15. Interacting with Mobile Wallet is helpful.

Table no. 15

Frequency Percent
Strongly disagree 10 10.0
Disagree 15 15.0
Neutral 21 21.0
Agree 36 36.0
Strongly agree 18 18.0
Total 100 100.0

Chart no. 15

Interpretation:

Table 1 shows that 36% of respondents agree, with 18% strongly agreeing and 21% neutrally
agreeing, that engaging with mobile wallet is beneficial, whereas 15% disagree and 10% strongly
disagree.

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 16. I trust the service providers of Mobile Wallet.

Table no. 16

Frequency Percent
Strongly disagree 7 7.0
Disagree 20 20.0
Neutral 16 16.0
Agree 38 38.0
Strongly agree 19 19.0
Total 100 100.0

Chart no. 16

Interpretation:

There are 38% of respondents who agree and 19% who firmly agree that they trust mobile wallet
service providers; 16% of respondents were indifferent; and 20% disagree and 7% strongly
disagree.

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Findings

 Seventy-two percent of those polled are married, while 28 percent are single.
 There are 69% nuclear families and 31% combined families, according to the survey
respondents.
 Almost all of the people who answered the survey said they paid using a mobile payment
wallet or digital payment.
 Only 14% of respondents say they always use digital payment to pay bills and goods
online, while 27% say they do it often, while 21% say they occasionally do so, 24% say
they do it rarely and 14% say they never do so.
 More than half (54 percent) of respondents say they use a certain app, brand or method
for all of their electronic payment transactions, while 18 percent disagree and 8 percent
strongly disagree.
 Only 13% strongly agree and 40% agree with the statement that digital payment method
is convenient. The remaining 19% were indifferent, with 22% disagreeing and 6%
disagreeing strongly with the statement.
 Mobile payment wallet/Digital payment transactions are safe and secure, according to
36% of respondents, with 17% strongly agreeing. Meanwhile, 20% of respondents were
indifferent, with 18% disagreeing and 9% disagreeing strongly.
 36% of respondents say mobile payment wallets/digital payment transactions save them a
lot of time, with 17% saying they strongly agree. 18% say they are unsure, with 21%
saying they disagree and 8% saying they strongly disagree.
 Mobile wallets may provide advantages to people for the purchase of products, according
to 40% of respondents, 15% of who strongly agree. The other 19% are indifferent, while
the remaining 19% disagree, and the remaining 7% strongly disagree.
 According to the results, 39% of respondents agree, with 18% strongly agreeing, that
using a mobile wallet enhances the quality of decision making when purchasing goods.
Meanwhile, 17% were indifferent, with 20% disagreeing and 6% strongly disagreeing.
 37 per cent agreed and 21 per cent strongly agreed that mobile wallets are helpful in
purchasing goods than conventional ways, 20 per cent of respondents were neutral while
17 per cent opposed and 5 per cent of responders strongly disagreed.

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  According to the results, 34% of those polled said they agree and 26% said they strongly
agree that online wallets may provide a broader variety of financial services and payment
alternatives, while 18% said they had no opinion.
 Interacting with a mobile wallet is beneficial to 36% of those polled, with 18% strongly
agreeing. 21% of those polled were indifferent, with 15% disagreeing and 10% strongly
disagreeing.
 Among those polled, 38% say they trust mobile wallet service providers, with 19%
saying they highly trust them. Meanwhile, 16% say they have no opinion, with 20%
saying they disagree and 7% strongly disagreeing.

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 CHAPTER 5

CONCLUSIONS

Digital world changes have impacted every aspect of human existence. Smart phones and
internet services have made life much easier since they allow you to do almost everything with a
single click. Ultimately, this raises the bar for what consumers expect and require. With the
growing usage of cashless payments, actual currency transactions have all but been replaced.
Even if there aren't many restrictions, how well they work relies on how customers, banks, and
other organizations utilize and manage data. The study's goal was to find out what customers
thought about cashless transactions and the protection of their personal information while doing
business online. Mobile wallets are the most convenient way for customers to pay, according to
the study's results. Privacy and security, followed by convenience, are the most significant
considerations for those making cashless transactions. Digishala is also a manual for customers
on how to make digital payments. The research also revealed that non-cash transaction customers
are well-informed about the protection of their personal information. Because of this, customers
must be capable of adapting to and moving forward in a cashless world despite new
developments.

SUGGESTIONS
1. Downloading applications from third-party sources like Google Play or the Apple Store is
a good first step.
2. Verify the producer of any software before downloading it. When an app has the 'Top
Developer' badge (on Google Play), it's generally a safe bet. Also, check out the feedback
left by other customers.
3. Read the app's request for permission, since that's more essential. Installing it is a bad
idea if you think that you require more than you really need.
4. Never use a link in an e-mail or text message to access an online banking or retail site.
5. You must choose well-known and well-established websites to make payments.
6. Verify two-factor authentication on your online banking or debit/card transactions, if
you're using either. As a result, every time you make a payment, you'll be asked to verify

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 two more times. An OTP (one-time password) is required when paying using a net
banking system since it is delivered to your registered cellphone number. A fraudulent
payment cannot be made even if an attacker manages to obtain your net banking
credentials.
7. To protect your online banking and payment accounts, use a complex password. Your
password should be at least 8 characters long and include both capital and lower-case
characters as well as symbols. 'Cool15is@King, for example, '
8. 8. Stay away from internet cafés and other places where you may use a public computer
without paying for it with cash.
9. 9. Avoid using free Wi-Fi networks to conduct online payments. You have the option of
allowing an attacker to take your personal information.

LIMITATIONS OF THE STUDY

1. As a result, there can be no broad generalizations drawn from the results.

2. There is just a two-month time limit on the research.
3. Since there were only 100 people in the sample, the results cannot represent the
whole population.
4. The interview technique, which was used in this study, takes a longer amount of time.
5. Only literate and cooperative respondents may utilize the questionnaire technique.
6. The quality of the questionnaire is more important than the quantity when using the
questionnaire technique.
7. Only a small number of people refuse to answer the questions.

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 REFERENCES

 Tapscott, D., The digital economy: Promise and peril in the age of networked
intelligence, Vol. 1, New York: McGraw-Hill, 1996.
 Gada, K., The Digital Economy in 5 Minutes, Forbes Magazine, 2017, retrieved on
April14, 2018 from https://www.forbes.com/sites/koshagada/2016/06/16/what-is-
thedigital-economy/
 Nielsen., Mobile Money: From shopping to banking to payments, how mobile is
transforming commerce around the world, Global Mobile Money Report, 2016, retrieved
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 QUESTIONNAIRE

1. Gender
a) Male
b) Female

2. Age
a) 20-25 Years
b) 26-30 Years
c) 31-35 Years
d) Above 36 Years

3. Marital Status
a) Married
b) Unmarried

4. Family Size
a) Nuclear
b) Joint

5. Do you use mobile payment wallet/digital payment?

a) Yes
b) No

6. How often do you use digital payment to make online payment for bills and purchases?
a) Always
b) Often
c) Occasionally
d) Rarely
e) Never

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 7. I use a particular app/brand/mode for all my digital payments.
a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree
e) Strongly agree

8. Digital payment mode is convenient to use.

a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree
e) Strongly agree

9. Mobile payment wallet/Digital payment transactions are safe and secure.

a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree
e) Strongly agree

10. Mobile payment wallet/Digital payment transactions save a lot of time.

a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree
e) Strongly agree

11. Mobile wallets are capable of providing benefits to individuals for purchase of product.
a) Strongly disagree
b) Disagree

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 c) Neither agree nor disagree
d) Agree
e) Strongly agree

12. Using the mobile wallet improves the quality of my decision making for buying products.
a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree
e) Strongly agree

13. I believe mobile wallets are useful in buying products than the traditional methods.
a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree
e) Strongly agree

14. Using online wallets can offer me a wider range of banking services and payment
options.
a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree
e) Strongly agree

15. Interacting with mobile wallet is helpful.

a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree

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 e) Strongly agree

16. I trust the service providers of mobile wallet.

a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree
e) Strongly agree

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