INTRODUCTION

1.1 Introduction

PhonePe is a digital wallet platform and online payment system to tap-

to-pay purchases on mobile devices, enabling users to make payments
with smart phones, tablets or watches. PhonePe was founded in
December 2015 by Sameer Nigam and serves as the SVP Engineering
and VP Marketing. Rahul Chari is the Chief Technology officer at
PhonePe. And Burzin Engineer is the Chief Reliability officer of
PhonePe. In 2016 PhonePe was acquired by Flipkart and the PhonePe app
goes live. PhonePe became the 1 st UPI based app to hit 1 million app
transactions a day in 2017 and emerges as the largest driver of UPI
transactions nationwide. In 2018 PhonePe launches Micro-apps on the
platform, and wins the NPCI award for excellence as a BHIM UPI
Merchant. PhonePe ranks amongst Top10 most trusted Digital Brands in
India by Brand Equity and most trafficked platforms by Comscore. And
won the ‘Best Mobile Payment Product or Service’ at the IAMAI India
Digital Awards 2019 and 2020. The PhonePe ATM goes live across 10
lakh stores in 300 cities in 2020. And launched Liquid funds, Super funds
and 7 more curated MF category products. PhonePe also have Travel
Insurance, Coronavirus Insurance, Motor Insurance and more Insurance
offerings.

This is an UPI based app to provide cashless transactions. The app

allows you to transact using the PhonePe wallet, Credit/Debit card, or
UPI. You can pay bills and do recharges on PhonePe, just like Paytm or
Google Pay. It is dependent upon YES Bank to process its transactions.

1
 PhonePe is accepted as a payment option at over 10 million offline
and online merchant outlets across 400 cities in India covering food,
travel, groceries, medicines, movie tickets, etc. The app crossed 100
million user marks in June 2018 and also crossed 5 billion transactions in
December 2019. It has currently over 200 million users. The company
launched the PhonePe ATM in January 2020.

PhonePe is licenses by the Reserve Bank of India for insurance and

Operation of a Semi Closed Prepaid Payment system with Authorization
Number : 75/2014 dated 22 August 2014.PhonePe uses Near Field
Communication (NFC) to transmit card information facilitating funds
transfer to the retailer. It replaces the credit or debit card chip and PIN or
magnetic stripe transaction at point-of-sale terminals by allowing the user
to upload these in PhonePe wallet. It is similar to contactless payments
already used in many countries, with the addition of two-factor
authentication. The service lets Android devices wirelessly communicate
with point of sale systems using a near field communication (NFC)
antenna, host-based card emulation (HCE), and Android’s security

PhonePe takes advantage of physical authentications such as

fingerprint ID. On devices without fingerprint ID, PhonePe is activated
with a passcode. When the user makes a payment to a merchant, PhonePe
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. This
service keeps customer payment information private, sending a one-time
security code instead of the card or user details.

2
 PhonePe requires that a screen lock be set on the phone. It has no card
limit.

Users can add payment cards to the service by taking a photo of the
card, or by entering the card information manually. To pay at points of
sale, users hold their authenticated device to the point of sale system. The
service has smart-authentication, allowing the system to detect when the
device is considered secure (for instance if unlocked in the five minutes)
and challenge if necessary for unlock information.

1.2 Scope of the study

Digital Payment is the future of all the modern economies in the

world. India being one such emerging economy it is very relevant to
understand the new term in depth. Digital economies are not far from
being a reality. The present trend shows that there is an increase in the
use of the components used in the Online Payments.

The general purpose of this study is to understand the preference of

public in opting PhonePe as an option for cash transactions. The opinions
from youth will be mostly collected as they are the future. Our country is
slowly moving towards the elimination of paper currency and is adopting
the use of digital currency. Thus, this is the most relevant time to conduct
the study because the result from the study will help us to understand if
the people are willing to accept the new form of payment. The area of
study for this project is Don Bosco College Mannuthy at Thrissur. Thus,
the study will help to understand the trend, merits, demerits and the
suggestions from the people.

The global spread and use of internet and mobile contributed to the
development of digital payments and baking. There is a lack of research
which provides comprehensive synthesis and analysis of factors affecting

3
the use and adoption of digital banking and payment methods in GCC
countries. Thus, the aim of this paper is to provide a comprehensive
literature review and perform weight and meta-analysis. By reviewing 46
studies, it was found that best predictors for digital payment and banking
adoption in GCC countries are trust, perceived security and perceived
usefulness. Based on the extensive literature review, the conceptual of
factors affecting adoption digital banking and payment methods in Gulf
countries model was proposed, which will set agenda for future research.
Practitioners will be able to use the findings from this study to improve
adoption and quality of digital banking and payment services

The Internet is growing rapidly as a marketplace for the exchange of both

tangible and information goods and services. Numerous payments for
suitable for use in this marketplace are in various stages of development 1
‘few have been implemented; most have been merely proposed or are
undergoing trials. Potential participants in electronic commerce are
having difficulty evaluating and selecting payment mechanisms because
the field is in constant flux. To begin with, there are many methods for
making payments. Consider the tremendous variety of familiar
mechanisms: coin, bills, personal checks, cashier checks, money orders,
credit cards, debit cards and so fortlB each of these has multiple digital
analogues.

1.3 Objectives of the study

 A study on people’s preference in using PhonePe as an online

payment method.
 To understand the popularity of PhonePe among the population.
 To measure the intensity of usage done by people already using it.
.

4
1.4 Research methodology

Research methodology is concerned as the nerve of any project.

Without proper and well organized research plan, it is very challenging to
complete the project and research to any conclusion. Both primary and
secondary data were used for this study. Questionnaires were used to
collect primary data.

1.4.1 Research design

The present study is “descriptive” in nature as it is a fact-finding

investigation. It seeks to discover ideas and insight to bring out new
relationship. The main objective of the study is to identify the various
factors which motivate customers for preferring a particular brand and
also seeing that whether the customers are satisfied or not. Data collection
is done through the structured questionnaire and observations among
students in Don Bosco College. Here brand preference is the dependent
variable and the independent variable constitutes price, quality,
advertisement, features of the mobile phone, etc.

1.4.2 Sources of Data

Primary data

Primary data is the first hand information which is directly collected

from the respondents through written questionnaire.

Secondary data

Secondary data includes information obtained from educational

websites, journals and articles which has already published or compiled
for another purpose of study.

5
1.4.3 Sampling technique

The data from respondents was collected with the help of random
sampling technique. The sample was chosen from students in Don Bosco
College. Some of the techniques that are used to collect the data for the
research are mainly qualitative as no previous data on this topic is
available. Observations and self-administered surveys/ questionnaire are
mainly used.

1.4.4 Sample size

A sample of 50 individuals was taken for the purpose of study and

analysis.

1.4.5 Tools for analysis and presentation

Percentage (%) and rank preferences are used as the important tool for
analysis of responses. The results of the study were presented in the form
of tables and bar diagram.

1.4.6 Period of study

The period of study for this project report is 21 days.

1.5 Limitations of the study

1. All the attributes of customer satisfaction are not included in the

survey.
2. The scope of the project is limited to Thrissur Corporation. So it
cannot be generalized.

3. This study is based on the prevailing satisfaction of the

respondents. This may change according to time, technology,
fashion, development, etc.

6
1.5 Limitations of the study

 Some of the people were not interested or rather was busy to

answer the questionnaire.
 The study is only limited to Don Bosco College.

1.6 Scheme of the study

The project report climbed into 6. The first chapter explains the
introduction about the topic, scope, objective, research methodology and
limitations. The second chapter deals with review of literature and the
third chapter includes the industry profile. The fifth chapter deals with
data analysis and its interpretation. The fifth chapter includes the findings
and suggestions and conclusion. It is followed by bibliography.

7
 REVIEW OF LITERATURE

2.1 Review of Literature

This chapter provides previous studies and the theoretical framework

that was used in the study. The objective of the chapter is to concentrate
and include the current knowledge including substantive findings, as well
as theoretical and methodological contribution to the topic. Literature
reviews are secondary sources, and do not report new or original
experimental work. Review of Literature focuses on earlier studies on
efficiency of distribution. These studies are helpful in assessing the
limitations, findings and suggestions involved in such studies.

 Ankit Kaur (2020), Business Head for PhonePe India – said that
the internet experience is hugely multifarious and enriched by the
work of large and small technology companies, on-demand
businesses, individual content creators, news organizations and
many more people who use it to move the world in different ways.
We simply want to leverage our competencies to make the internet
more helpful for users. A mix of multiple variables, coupled with a
fragmented device ecosystem and users who are leapfrog adopters
of technology, provided a unique crucible for a product like
PhonePe to scale.
 Lavina Bhattacharjee (2020), Compensation Philosophy at
PhonePe – in January 2020, PhonePe launched its Stock Option
Plan that gives every PhonePe employee the chance to own a part
of the company. The USD 200Mn plan allotted stock options to all
2,200 employees at PhonePe, enabling everyone in the
organization to benefit from its success. The PhonePe Stock Option
Plan is a core component of our compensation philosophy crafted

8
 to encourage collaboration, long-term focus and organization-first
thinking. PhonePe is on a mission to use technology as a
transformational force that’s making financial inclusion real for
every Indian. We believe when money and services flow freely,
everyone progresses. A core value that enables this inclusion is
positive disruption the idea that as we unlock value and expand the
market, we expand the opportunity for everyone, creating a
positive flywheel of success. The same core principle drives us
internally.
 Priya Patankar (2020), PhonePe Blog – digital payments
adoption in India has been booming over the last few years and we
have led this adoption for customers across age groups, urban and
rural areas, and income levels. This phenomenal growth is driven
by the best-in-class payment success rates, fastest speed of
transactions and an easy-to-use user interface which the PhonePe
app offers.
 Nihit Agarwal (2020), Business Head for PhonePe India - said
that the internet experience is hugely multifarious and enriched by
the work of millions of large and small technology companies, on-
demand businesses, individual content creators, news organizations
and many more people who us it to move the world in different
ways. We simply want to leverage our competencies to make the
internet more helpful for users. A mix of multiple variables,
coupled with a fragmented device ecosystem and who are leapfrog
adopters of technology, provided a unique cruicible like PhonePe
to scale.
 Pratik Bhakta (2020), Editor Economics Times - PhonePe has
consolidated its lead in the Unified Payments Interface (UPI)

9
 sweepstake having recorded more than 240 million transactions in
May.
 Rahul Chari (2020), CTO and Co-Founder PhonePe - As
PhonePe moves to its next phase of growth, my challenge was to
design an engineering organization that places our ambitious goal
squarely at the centre while giving engineers a roadmap for
professional growth. PhonePe is an ecosystem powering a variety
of products and services that help consumers and business
participate and thrive in the economy.
 Rick Broida (2019), Senior Editor C Net - PhonePe is designed
to let you pay for things and tracks purchases via your phone. Quite
often people wrongly blame themselves for not being to complete
the task on the UI in one go. While this problem was so prevalent,
it didn’t get enough attention until now. In the moment of doing a
repetitive task, people just to dive head-on into it. It also happens
to be the point of embankment in a user’s journey. At this point the
intent is strong, and the person wants to quickly jump to the task in
hand and see it in motion. It’s because of this user behaviour and in
the rush of doing things, they start typing in digits in the message
text box itself.
 Satya Nadella (2015), Microsoft CEO – intends to become
India’s partner in Digital India program. He said that his company
will set up low cost broadband technology services to 5 lakh
villages across the country.
 Gupta and Arora (2015) – studied the impact of digital project on
India’s rural sector. The study found that many schemes have been
launched in digital India to boost agriculture sector and
entrepreneurship development in rural areas. Digital India program
has also set the stage for empowerment of rural Indian women.

10
 Farina Yasmin (2015), Department of Business Administration
Northern University Bangladesh – marketers are faced with new
challenges and opportunities within this digital age. Digital
marketing is the utilization of electronic media by the marketers to
promote the products or service into the market. The main
objective of digital marketing is attracting customers and allowing
them to interact with the brand through digital media
 Loewenstein and Hafalir (2012) – conducted a study on “The
impact of Credit Cards on Spending”. The study focused on two
types of customers, revolvers and convenience users, and measured
the impact of payment with credit card as compared with cash by
an insurance company employees spending on lunch in a cafeteria.
It was found that there was change in the diner’s payment medium
from cash to credit card when an incentive to pay with a credit card
was given. It was then found out that credit cards do not increase
spending. However, the use of credit has a differential impact on
spending for revolvers and convenience users. Revolvers spend
less when induced to spend with a credit card, whereas
convenience users display the opposite pattern.
 Bansi Patel and Urvi Amin (2012) – in their research paper
“Plastic Money: Road may Towards Cash Less Society” discussed
that now-a-days in any transaction and with it life becomes more
easy and development would take better place and along with the
plastic money it becomes possible that control the money laundry
and effective utilization of financial system would become possible
which also helpful for tax legislation.
 Stagemann and Sutton-Brandy (2012) – online marketing issues
digital advertising, campaigning, public relations that have a
sophisticated psychological impression in the minds of the

11
 customers. Various organizational authorities find it fruitful to take
hold of online activities related to marketing to reach maximum
number of potential customers.
 Kelley (2010) – companies vary substantially in the extent to
which they implement versions of technology that locate expertise
and control, respectively, in white-collar technicians or shop.
 Steindl (2008) – “Credit cards, Economization of money, and
Interest Rates”. Shows the effect of interest rates on use of credit
cards, which are increasingly used to finance consumption. The
corollary is a reduction card usage increases the demand for credit,
which raises the interest rate. Three models employing a credit
market are used to resolve the problem. The principal result is that
each establishes that the interest rates must rise. An additional
implication is the counterintuitive result that credit does not simply
substitute for money in financing expenditure; rather increased
credit card use must result in increased consumption expenditure.
 Simon and Victor (2004) – “Customers Risk Perceptions of
Electronic Payment Systems” finds that one reason for the slow
adoption rate of electronic fund transfer at point-of-sale (EFTPoS)
is that consumers perceive that EFTPoS has a higher level of risk
than other traditional payment methods. Study shows that EFTPoS
has the lowest physical risk and highest financial risk, the credit
card has the highest physical risk and lowest performance risk.
Physical risk, financial risk and time loss risk for cash payment are
significantly higher when purchase is large while performance risk
EFTPoS have a significantly higher level of perceived financial
and time loss risk than non-users, while non-users have higher
level of psychological risk.

12
 INDUSTRY PROFILE

3.1 Digital Payment Industry

The world has been moving towards all things digital for some time
now. However, the year 2020 put into perspective the dire need to adapt
to digital technology as soon as possible. This adaption happened almost
instantly with the lockdown coming into effect, especially for digital
payments in India. The Indian government has been promoting and
propagating online payments aggressively, starting with demonetization
back in 2016. ‘Digital India’ had been the guiding force of many
economic and financial decisions that pushed Indians to switch to online
payments. With modernisation of payment methods happening around us,
we are surely in an era which will be remembered for the radical changes
in this industry. It’s a phase where innovation and whirlwind growth of e-
commerce is supporting the online payment industry in such a way that
now it has become an integral part of our lives. No matter how big or
small the payment is; every institution in the ecosystem has shown its
dependency in the various modes of online payments. To top it, the use of
mobile phones, globally, has led to an increase in the user base if e-
payment subscribers. In India alone there are 150+ million smartphone
users today, and the number is expected to rise to 500 million over the
next five years taking the online payment reach to a new level. Also, as
per a recent report, India’s payment market is expected to reach Rs.817.3
crore by 2021.

3.2 Digital Payment

Digital payment is a transaction that takes place via digital or online

modes, with no physical exchange of money involved. This means that
both parties, the payer and the payee, use electronic mediums to exchange

13
money. Digital payment can take place on the internet as well as on
physical premises.in a country like India, where disparities are sometimes
poles apart, ensuring financial equality becomes an issue of prime
importance. One of the reasons why our government started vocalizing
Cashless Economy and Digital India was to improve access to financial
resources. There are multiple benefits that digital payments bring to the
table. Digital payment refers to electronic consumer transactions, in
which payments for goods and services are, included which are made
over the internet, mobile payments at point-of-sale (PoS) through smart
phone applications and peer-to-peer transfers between private users and
consumers.

This has been possible with development of the internet; online

payments began to operate first in the 1990s. Establishes of Stanford
Federal Credit Union in1994 was the first institution to offer online
banking services to all its customers. In the earlier stages, online payment
system was not user-friendly and needed specialized knowledge of data
transfer protocol. In line with government reforms, Prime Minister
Narendra Modi has pushed Indians to adopt cashless transactions, giving
the digital payments sector a significant boost.

The sector is experiencing an unprecedented jump in growth since

November 2016, when the government implemented demonetization of
Rs. 500 and 1000 which represented 86% of India’s cash in circulation.
By February 2017, digital wallet companies had shown of 271% for a
total value of US $2.8 billion.

Prior to the sudden developments in 2016 enabling the massive

disruption in India’s payments landscape, an estimated that India’s digital
payments industry would grow up to US $500 billion by 2020,

14
contributing to 15% of the country’s GDP. An important driver of this
growth is the second largest in the world.

Multiple factors and parallel institutional and behavioural trends seem

to be powering India’s transition towards a less-cash economy. The rapid
penetration of smart phones and mobiles, digital payment services
provided by and the rise of the consumer expectations of one-touch
payments, and have altogether shaped India’s payments landscape in
favour of digital solutions. Mobile will become another instrument of
payment and it won’t be surprising if they get phone banking license in
the future. The increasing number of mobile wallets and m-wallet
providers are emerging as mini banking institutions. IMPS, UPI, Prepaid
cards are just a few features which are changing the face of transactions
in the Indian diasporas. The Unifies Payment Interface (UPI) will take the
power of smart phones to a new level in India, making instant money
transfers an every-minute possibility. It will use interoperable OTP (one
time password) generated on one bank app and can be used across
another for transaction authentication. Also, multiple levels of identifiers
can be used (bank account, aadhaar number, virtual identifier, mobile
number, etc.) to send or receive money. Financial institutions/ e-
commerce/ lifestyle shops are all introducing their own wallets. The value
proposition of a mobile wallet will never be about the payment, but the
value-added services that will be offered across mobile-enabled
environment because mobile devices that will be a mainstream option for
person-to-business payments.

Indian payments industry is largely dominated by cash-based

transactions. The banking industry in the country was majorly branch
based till 2014. Later, there was a considerable growth in the branch-less
channels of banking, which has further explored into digital payments in

15
both rural and urban regions. Indian digital payments industry is expected
to research $700 billion by 2022 in terms of value of transactions. It is
expected that more than 80% of the urban population in India will adopt
digital payments as a part of their routine by 2022 and 70% of the retail
chains will adopt the same. The reduced transactions charges and the
degree of ease of cash transactions associated with the electronic fund
transfers and mobile banking will further drive the growth of digital
payments systems in India.

Cashless transactions are on the verge of increase in the present days.

Most of the people find it very convenient to carry out their transactions
without any kind of risk. Digital payments are very fast & the amount
will be credited to the receivers account instantly. Transaction can be
done anytime, anywhere without any requirements of documents. In the
present day economic state financial transactions are carried out in digital
form without the presence of physical cash. Easiest mode to carry out
digital payment transactions is by using payment apps. It has emerged as
an important tool in advancing financial inclusion because of lower
transaction costs & safety & convenience of making payments.

The present study aims to compare and identify which electronic

money transfer is more preferred and frequently used by the customers
with special reference to NEFT services and PhonePe services. Data was
collected from 200 customers using Random sampling technique from
various parts of Chennai City. A new set of Questionnaire was framed in
order to meet the purpose of the study. Students-test, not paired t-test and
One sample t-test were used for analysis of the data. The study revealed
that the PhonePe users were more than the NEFT users, irrespective of
their preferences. Also there was significant difference between
demographic variables of NEFT users and PhonePe users.

16
 The digital payment landscape is sprouting in the country at a dizzying
step. After the demonetization, complete turnaround in the payment
landscape has been observed. The technology revolution and government
initiative of cashless economy, followed by demonetization saga has
enabled the evolution of multiple non-banking players in the payment
space. While these e-wallets have made substantial grounds in the Indian
economy system, it becomes eminent to analyse the customers’
perception towards these e-wallets. In this paper authors attempt to
analyse the sentiments of digital wallet users in India over different
payment applications. The authors analyses sentiments by using the IBM
Watson software tools in various social networks by taking different
payment system into consideration. The authors analysed the documents,
forums, tweets and other sources where the users shared their feedback
for the wallets from 8th November 2016 to 7th November 2017. This
study brings various interesting insights about India’s readiness to adopt
change for digital payment options and sentiments of the users for the
same.

Shopping in malls and supermarkets is becoming a daily activity in

everyone’s life. There will be big rush at these malls, especially at the
billing counter. People purchase different items and put them in the
respective carts. After completing the purchases, one has to go to the
billing counter for payments. The cashier prepares the bill using bar code
reader which is a time-consuming process and results in long queue in the
billing counter. So, to avoid this, a cart which reads the price of the
products purchased with the help of Arduino Uno(Radio Frequency
Identification) RFID reader and RFID tag is introduced. The amount of
each product and the total amount for the purchased products will be
displayed in the LCD mounted in their cart. If a product is to be removed

17
from the cart, they can use the push button provided in the cart. Then, by
viewing the total price, people can make their payments through online
by scanning the QR code available uniquely for the shop, by using the
open source applications such as PhonePe, Paytm, Google pay etc. Thus,
the payments can be done easily and the time of the customer is also
saved.

The last decade has seen tremendous growth in use of internet and
mobile phone in India. Increasing use of internet, mobile penetration and
government initiative such as Digital India are acting as catalyst which
leads to exponential growth in use of digital payment. Electronics
Consumer transaction made at point of sale for services and products
either through internet banking or mobile banking using smart phone or
card payment are called as digital payment. This study has examined the
effect and importance of digital payment services in their today life. The
samples were collected from Thoothukudi online customers and analysed.

The tax department has started sending notices to non-filers of GST

returns through emails asking them to submit returns within three days of
the expiry of the deadline failing which the tax liability would be assessed
under the GST Act, 2017. These emails are automated and system
generated and the time limit given to return files vary from immediately
to three days to 15 days, as per industry sources. They opine that sending
of notices for non-submission of the GST returns would improve the
compliance level significantly. Currently, on an average around 65 per
cent GST returns are filed within deadline. The due date for filing GST
summary returns for a month is 20th day of the subsequent month.

18
 COMPANY PROFILE

4.1 Company Profile

PhonePe Private Limited is a leading e-commerce payment platform in

India. The digital wallet company was founded 2015. PhonePe is a digital
wallet company owned by Flipkart, and one of the first payments app.
built on Unified Payments Interface (UPI). The PhonePe app is available
in over 11 Indian languages. Using PhonePe, users can send and receive
money, DTH, recharge mobile, data cards, make utility payments, buy
gold and shop online and offline. In addition PhonePe also allows users to
book Ola rides, pay for Redbus tickets, order food on Freshmenu, eat.fit
and avail Goibibo Flight and Hotel services through micro apps on its
platform. In January 2020, PhonePe started allowing its customers to
withdraw cash using the in-app UPI feature called PhonePe ATM. This
involves transferring the intended amount to be withdrawn to a nearby
PhonePe-enabled merchant.

The company aims to make digital payments so easy, safe and

universally accepted that people never feel the need to carry cash or cards
again. PhonePe strives to make commerce a seamless experience for both
customers and businesses.

PhonePe for Business payments across over 70 BHIM UPI apps. As a

BHIM UPI App. User, you can trigger a merchant payment by using the
“PhonePe for Business – Accept all digital payments”. The merchant
account for PhonePe is stable and convenient. The PhonePe Super Fund
helps you to choose the best fund from multiple Mutual Fund Companies.
You can choose from Moderate Fund, Aggressive Fund and Conservative
Fund. A professional fund manager will track your portfolios and will
make adjustments in your allocations based on the market conditions.

19
 The present study aims to compare and identify which electronic
money transfer is more preferred and frequently used by the customers
with special reference to NEFT services and PhonePe services. Data was
collected from 200 customers using Random sampling technique from
various parts of Chennai City. A new set of Questionnaire was framed in
order to meet the purpose of the study. Students-test, not paired t-test and
One sample t-test were used for analysis of the data. The study revealed
that the PhonePe users were more than the NEFT users, irrespective of
their preferences. Also there was significant difference between
demographic variables of NEFT users and PhonePe users.

The ‘Corona Care’ or The Coronavirus Insurance Policy at PhonePe is

an affordable coverage program which has been launched by PhonePe.
The insurance package gives you financial assistance in case you might
need treatment for Coronavirus. The insurance plan at Rs.199. this comes
with a cover of Rs.50,000 and it is now available at any hospital which
provides Coronavirus treatment.The tax department has started sending
notices to non-filers of GST returns through emails asking them to submit
returns within three days of the expiry of the deadline failing which the
tax liability would be assessed under the GST Act, 2017. These emails
are automated and system generated and the time limit given to return
files vary from immediately to three days to 15 days, as per industry
sources. They opine that sending of notices for non-submission of the
GST returns would improve the compliance level significantly. Currently,
on an average around 65 per cent GST returns are filed within deadline.
The due date for filing GST summary returns for a month is 20 th day of
the subsequent month. The last decade has seen tremendous growth in use
of internet and mobile phone in India. Increasing use of internet, mobile
penetration and government initiative such as Digital India are acting as

20
catalyst which leads to exponential growth in use of digital payment.
Electronics Consumer transaction made at point of sale for services and
products either through internet banking or mobile banking using smart
phone or card payment are called as digital payment

Anonymity of the participants is an important requirement for some

applications in electronic commerce, in particular for payment systems.
Because anonymity could be in conflict with law enforcement, for
instance in cases of blackmailing or money laundering, it has been
proposed to design systems in which a trustee or a set of trustees can
selectively revoke the anonymity of the participants involved in a
suspicious transaction. From an operational point of view, it can be an
important requirement that such trustees are neither involved in payment
transactions nor in the opening of an account, but only in case of a
justified suspicion. The described basic protocol for anonymity
revocation can be used in on-line or off-line payment systems.

CAFE (“Conditional Access for Europe”) is an on-going project in the

European Community’s ESPRIT program. The goal of CAFE is to
develop innovative systems for conditional access, and in particular,
digital payment systems. An important aspect of CAFE is high security of
all parties concerned, with the least possible requirements that they are
forced to trust other parties (so-called multi-party security). This should
give legal certainty to everybody at all times. Moreover, both the
electronic money issuer and the individual users are less dependent on the
tamper-resistance of devices than in usual digital payment systems. Since
CAFE aims at the market of small everyday payments that is currently
dominated by cash, payments are offline, and privacy is an important
issue.

21
 The basic devices used in CAFE are so-called electronic wallets,
whose outlook is quite similar to pocket calculators or PDAs (Personal
Digital Assistant). Particular advantages of the electronic wallets are that
PINs can be entered directly, so that fake-terminal attacks are prevented.
Other features are:

Loss tolerance: If a user loses an electronic wallet or the wallet breaks or

is stolen, the user can be given the money back, although it is a prepaid
payment system.

Open architecture and system. The aim is to demonstrate a set of the

systems developed in one or more field trials at the end of the project.
Note that these will be real hardware systems, suitable for mass
production.

This paper concentrates on the basic techniques used in the CAFE

protocols.

The Digital India programme is a prestigious programme of the

Government of India with a vision to transform India into a digitally
empowered society and to become a knowledge economy. “Faceless,
Paperless, Cashless” is one of professed role and slogan of Digital India.
As part of promoting cashless transactions and converting India into less-
cash society, various modes of digital payments are available. 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. For the purpose of study, a convenient sampling
survey was conducted among 100 urban respondents in Malappuram
District of Kerala with the help of an interview schedule. The tools used

22
for this study are Percentage analysis; one way Anova, independent
sample t-test, ranking method etc.

The global spread and use of internet and mobile contributed to the
development of digital payments and baking. There is a lack of research
which provides comprehensive synthesis and analysis of factors affecting
the use and adoption of digital banking and payment methods in GCC
countries. Thus, the aim of this paper is to provide a comprehensive
literature review and perform weight and meta-analysis. By reviewing 46
studies, it was found that best predictors for digital payment and banking
adoption in GCC countries are trust, perceived security and perceived
usefulness. Based on the extensive literature review, the conceptual of
factors affecting adoption digital banking and payment methods in Gulf
countries model was proposed, which will set agenda for future research.
Practitioners will be able to use the findings from this study to improve
adoption and quality of digital banking and payment services

The Internet is growing rapidly as a marketplace for the exchange of

both tangible and information goods and services. Numerous payments
for suitable for use in this marketplace are in various stages of
development 1 ‘few have been implemented; most have been merely
proposed or are undergoing trials. Potential participants in electronic
commerce are having difficulty evaluating and selecting payment
mechanisms because the field is in constant flux. To begin with, there are
many methods for making payments. Consider the tremendous variety of
familiar mechanisms: coin, bills, personal checks, cashier checks, money
orders, credit cards, debit cards and so fortlB each of these has multiple
digital analogues.

23
 In present day cashless payment systems, the banks and (by installing
a Trojan horse) even the manufacturers of the computer equipment used
could easily observe who pays what amount to whom and when. With the
increasing digitization of these systems, e.g. point-of-sale terminals and
home banking, the amount of transaction data and their computerization
drastically increases. Therefore these payment systems become
completely unacceptable, since compiling dossiers on the lifestyle and
whereabouts of all clients will become easy.

In November 2016, the Government of India banned the vast majority

of the nation’s banknotes in a move referred to as’ demonetization’, with
the states the goals of fighting corruption, terrorism, and eventually
expanding digital transactions. In this study of 200 shop-keepers in
Mumbai and Bengaluru, we found that cash shortage increased digital
payment adoption but that digital payments fell after new banknotes
became available. Digital payment adoption depended on the nature and
scope of transactions, type of product sold, as well as personal factors
specific to business owners such as comfort and familiarity with other
digital technologies and online transactions. Using theoretical work on
market and information behaviour, we examined environmental pushes
for technology adoption against prevalent transactional practices, trust,
and control. We propose that the move toward digital payments must be
framed within a larger undertaking of technology-driven modernity that
drives these initiatives, rather than just the efficiency or productivity
gains digital payments present

The Digital India programme is a prestigious programme of the

Government of India with a vision to transform India into a digitally
empowered society and to become a knowledge economy. “Faceless,
Paperless, Cashless” is one of professed role and slogan of Digital India.

24
As part of promoting cashless transactions and converting India into less-
cash society, various modes of digital payments are available. 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
digtal payment systems. For the purpose of study, a convenient sampling
survey was conducted among 100 urban respondents in Malappuram
District of Kerala with the help of an interview schedule. The tools used
for this study are Percentage analysis; one way Anova, independent
sample t-test, ranking method etc.

The global spread and use of internet and mobile contributed to the
development of digital payments and baking. There is a lack of research
which provides comprehensive synthesis and analysis of factors affecting
the use and adoption of digital banking and payment methods in GCC
countries. Thus, the aim of this paper is to provide a comprehensive
literature review and perform weight and meta-analysis. By reviewing 46
studies, it was found that best predictors for digital payment and banking
adoption in GCC countries are trust, perceived security and perceived
usefulness. Based on the extensive literature review, the concepts that

Affects adoption digital banking and payment methods in Gulf

countries model was proposed, which will set agenda for future research.
Practitioners will be able to use the findings from this study to improve
adoption and quality of digital banking and payment services

In present day cashless payment systems, the banks and (by installing a
Trojan horse) even the manufacturers of the computer equipment used
could easily observe who pays what amount to whom and when. With the

25
increasing digitization of these systems, e.g. point-of-sale terminals and
home banking, the amount of transaction data and their computerization
drastically increases. Therefore these payment systems become
completely unacceptable, since compiling dossiers on the lifestyle and
whereabouts of all clients will become easy.

We describe the digital payment systems enabling observation of

clients and arrange them in a general model to compare their different
degrees of observation and their different levels of security. Since no
single system has all desired features, we propose a suitable synthesis.

Digital platforms are disruptive information technology (IT) artefacts

that erode conventional business logic associated with traditional market
structures. This paper presents a framework for examining the disruptive
potential of digital platforms whereby we postulate that the strategic
interplay of governance regimes and platform layers is deterministic of
whether disruptive derivatives are permitted to flourish. This framework
has been employed in a comparative case study between centralized (i.e.,
PayPal) and decentralized (i.e., Coinkite) digital payment platforms to
illustrate its applicability and yield propositions on the nature and impact
of digital platform disruptions. Preliminary findings indicate that
centralized digital platforms attempt to create unique to obtain
monopolistic power by tightly coupling platform layers, which are
difficult to replicate. Conversely, decentralized digital platforms
purposely decouple platform layers, to foster open innovation and
accelerate market disruption. This paper therefore represents a first
concrete step aimed at unravelling the disruptive potential of digital
platforms.

26
 Cashless transactions are on the verge of increase in the present days.
Most of the people find it very convenient to carry out their transactions
without any kind of risk. Digital payments are very fast & the amount
will be credited to the receivers account instantly. Transaction can be
done anytime, anywhere without any requirements of documents. In the
present day economic state financial transactions are carried out in digital
form without the presence of physical cash. Easiest mode to carry out
digital payment transactions is by using payment apps. It has emerged as
an important tool in advancing financial inclusion because of lower
transaction costs & safety & convenience of making payments

4.2 Supported Networks

 Visa/ Visa Debit/ Visa electron

 Mastercard / Debit Mastercard
 Unified Payments Interface in India or Rupay

27
 DATA ANALYSIS AND INTERPRETATION

Data analysis and interpretation includes the detailed analysis and

interpretation of the responses received by preparing the questionnaires.
Data analysis and interpretation is done by using percentage analysis and
by using various diagrams.

Tables have been created showing the attributes towards which

respondents have answered. The percentages of the respondents are also
calculated by using percentage variance. The diagrams have been created
using the percentage data. Analysis and its interpretations are provided
from the next page onwards.

28
5.1 Frequency of Usage of Online Payment.

Table showing Frequency of Usage of Online Payment:

Response No. of Percentage

respondents (%)

Monthly 10 20

Weekly 15 30

Occasionally 23 46

Don’t Prefer 2 4

Total 50 100

(Source: Primary Data)

Graph 5.1 showing Frequency of Usage of Online Payment:

50
45
Chart Title
40
35
30
25
20
15
10
5
0
Monthly Weekly Occasionally Don’t prefer

Interpretation:

Out of 50 respondents, 20% chose monthly, 30% chose weekly,

46% chose occasionally and 4% don’t use online payment method.

29
5.2 Preference in using Google Pay as an online payment method.
Table showing Preference in using PhonePe as an online payment
method:

Response No. of Percentage (%)

respondents

Agree 23 46

Neutral 10 20

Disagree 17 34

Total 50 100

(Source: Primary Data)

Graph 5.2 showing Preference in using PhonePe as an online

payment method:

50
45
40
35
30
25
20
15
10
5
0
Agree Neutral Disagree

Interpretation:

Out of 50 respondents, 46% chose agree, 20% chose neutral and

34% chose disagree.

30
5.3 Reason for preferring PhonePe as an online payment.

Table showing Reason for preferring PhonePe as an online payment:

Response No. of Percentage (%)

respondents

Secure 21 42

Convenience 18 36

Accessibility 5 10

Don’t Prefer 6 12

Total 50 100

(Source: Primary Data)

Graph 5.3 showing Reason for preferring PhonePe as an online

payment:

45
40
35
30
25
20
15
10
5
0
Secure Convenience Accessibility Don't Prefer

Interpretation:

Out of 50 respondents, 42% chose secure, 36% chose convenience,

10% chose accessibility and 12% do not prefer using PhonePe.

5.4 Problems faced while using PhonePe.

31
Table showing Problems faced while using PhonePe:

Response No. of Percentage

respondents (%)

Too many procedures 14 28

Frequent server 7 14
maintenance

Others, Specify 29 58

(Server maintenance
issues, speed, etc.)

Total 50 100

(Source: Primary Data)

Graph 5.4 showing Problems faced while using PhonePe:

70

60

50

40

30

20

10

0
Too many procedures Frequent server maintenance Others

Interpretation:

Out of 50 respondents, 28% chose too many procedures, 14%

chose frequent server maintenance and 58% chose others.

5.5 Acceptance of PhonePe in all stores.

32
Table showing Acceptance of PhonePe in all stores:

Response No. of Percentage (%)

respondents

Agree 18 36

Neutral 11 22

Disagree 21 42

Total 50 100

(Source: Primary Data)

Graph 5.5 showing Acceptance of PhonePe in all stores:

45

40

35

30

25

20

15

10

0
Agree Neutral Disagree

Interpretation:

Out of 50 respondents, 36% chose agree, 22% chose neutral and

42% disagree.

5.6 Difficulty in linking bank account with PhonePe.

33
Table showing Difficulty in linking bank account with PhonePe:

Response No. of Percentage (%)

respondents

Agree 12 24

Neutral 15 30

Disagree 23 46

Total 50 100

(Source: Primary Data)

Graph 5.6 showing Difficulty in linking bank account with PhonePe:

50
45
40
35
30
25
20
15
10
5
0
Agree Neutral Disagree

Interpretation:

Out of 50 participants, 24% chose agree, 30% chose neutral and

46% chose disagree.

5.7 Offers provided by PhonePe in which people are interested.

34
Table showing Offers provided by PhonePe in which people are
interested:

Response No. of Percentage (%)

respondents

Cash backs 24 48

Scratch cards 14 28

Festive offers 8 16

None 4 8

Total 50 100

(Source: Primary Data)

Graph 5.7 showing Offers provided by PhonePe in which people are

interested:

60

50

40

30

20

10

0
Cash backs Scratch cards Festive offers None

Interpretation:

Out of 50 respondents, 48% chose cash backs, 28% chose scratch

cards, 16% chose festive offers and 8% chose the option none.

5.8 Role of demonetization in increasing the use of PhonePe.

35
Table showing Role of demonetization in increasing the use of
PhonePe:

Response No. of Percentage (%)

respondents

Agree 24 48

Neutral 14 28

Disagree 12 24

Total 50 100

(Source: Primary Data)

Graph 5.8 showing Role of demonetization in increasing the use of

PhonePe:

60

50

40

30

20

10

0
Agree Neutral Disagree

Interpretation:

Out of 50 respondents, 48% chose agree, 28% chose neutral and

24% chose disagree.

5.9 Impact of digital economy on acceptance of PhonePe.

36
Table showing Impact of digital economy on acceptance of PhonePe:

Response No. of Percentage (%)

respondents

Agree 27 54

Neutral 16 32

Disagree 7 14

Total 50 100

(Source: Primary Data)

Graph 5.9 showing Impact of digital economy on acceptance of

PhonePe:

60

50

40

30

20

10

0
Agree Neutral Disagree

Interpretation:

Out of 50 respondents, 54% chose agree, 32% chose neutral and

14% chose disagree.

5.10 Impact of digital economy in reducing corruption.

Table showing Impact of digital economy in reducing corruption:

37
 Response No. of Percentage (%)
respondents

Agree 29 58

Neutral 15 30

Disagree 6 12

Total 50 100

(Source: Primary Data)

Graph 5.10 showing Impact of digital economy in reducing

corruption:

70

60

50

40

30

20

10

0
Agree Neutral Disagree

Interpretation:

Out of 50 respondents, 58% chose agree, 30% chose neutral and

12% chose disagree.

5.11 Business organizations able to render more services with the

help of PhonePe.

38
Table showing Business organizations able to render more services
with the help of PhonePe:

Response No. of Percentage

respondents (%)

Agree 27 54

Neutral 16 32

Disagree 7 14

Total 50 100

(Source: Primary Data)

Graph 5.11 showing Business organizations able to render more

services with the help of PhonePe:

60

50

40

30

20

10

0
Agree Neutral Disagree

Interpretation:

Out of 50 respondents, 54% chose agree, 32% chose neutral and

14% chose disagree.

5.12 PhonePe ideal for daily use.

Table showing PhonePe ideal for daily use:

39
 Response No. of Percentage (%)
respondents

Agree 30 60

Neutral 13 26

Disagree 7 14

Total 50 100

(Source: Primary Data)

Graph 5.12 showing PhonePe ideal for daily use:

70

60

50

40

30

20

10

0
Agree Neutral Disagree

Interpretation:

Out of 50 respondents, 60% chose agree, 26% chose neutral and

14% chose strongly disagree.

5.13 Rating of the performance of the application.

Table showing Rating of e-governance setup in the country:

40
 Response No. of Percentage (%)
respondents

Good 23 46

Average 11 22

Poor 16 32

Total 50 100

(Source: Primary Data)

Graph 5.13 showing Rating of e-governance setup in the country:

50
45
40
35
30
25
20
15
10
5
0
Good Average Poor

Interpretation:

Out of 50 respondents, 46% chose good, 22% chose average and

32% chose poor.

5.14 Lost money by using PhonePe.

Table showing Lost money by using PhonePe:

41
 Response No. of Percentage (%)
respondents

Yes 2 4

No 43 86

Not sure 5 10

Total 50 100

(Source: Primary Data)

Graph 5.14 showing Lost money by using PhonePe:

100
90
80
70
60
50
40
30
20
10
0
Yes No Not sure

Interpretation:

Out of 50 respondents, 4% chose yes, 86% chose no and 10% were

not sure whether they lost or not.

5.15 PhonePe became familiar to people.

Table showing PhonePe became familiar to people:

42
 Response No. of Percentage
respondents (%)

Friends 12 24

Family 17 34

Social Media 14 28

Others, Specify (newspapers, 7 14

billboards, etc.)

Total 50 100

(Source: Primary Data)

Graph 5.15 showing PhonePe became familiar to people:

40

35

30

25

20

15

10

0
Friends Family Social Media Others

Interpretation:

Out of 50 respondents, 24% knew from Friends, 34% knew from

Family, 28% knew from Social media and 14% chose option others.

5.16 Suggestions to improve the services provided by PhonePe.

Table showing Suggestions to improve the services provided by

PhonePe:

43
 Response No. of Percentage (%)
respondents

Decreasing procedures 30 60

Improvement in server 17 34

Others, Specify (speed, 3 6

notifications, etc.)

Total 50 100

(Source: Primary Data)

Graph 5.16 showing Suggestions to improve the services provided by

PhonePe:

70

60

50

40

30

20

10

0
Decreasing Procedures Improvement in Server Others

Interpretation:

Out of 50 respondents, 60% chose to decrease in procedures, 34%

chose to improvement in server, and 78% chose others.

5.17 Acceptance of PhonePe in India.

Table showing Acceptance of PhonePe in India:

Response No. of Percentage (%)

44
 respondents

Agree 19 38

Neutral 17 34

Disagree 14 28

Total 50 100

(Source: Primary Data)

Graph 5.17 showing Acceptance of PhonePe in India:

40

35

30

25

20

15

10

0
Agree Neutral Disagree

Interpretation:

Out of 50 respondents, 38% chose agree, 34% chose neutral and

28% chose disagree.

5.18 Faced any fraudulent activities while using PhonePe.

Table showing faced any fraudulent activities while using PhonePe:

Response No. of Percentage (%)

45
 respondents

Agree 10 20

Neutral 15 30

Disagree 25 50

Total 50 100

(Source: Primary Data)

Graph 5.18 showing faced any fraudulent activities while using

PhonePe:

60

50

40

30

20

10

0
Agree Neutral Disagree

Interpretation:

Out of 50 respondents, 20% chose agree, 30% chose neutral and

50% disagree.

5.19 Factors influencing customers to use PhonePe.

Table Factors influencing customers to use PhonePe:

Response No. of Percentage (%)

46
 respondents

Brand Status 8 16

Services 14 28

Security 17 34

Others, Specify 11 22

Total 50 100

(Source: Primary Data)

Graph 5.19 Factors influencing customers to use PhonePe:

40

35

30

25

20

15

10

0
Brand Status Services Security Others

Interpretation:

Out of 50 respondents, 16% chose brand status, 28% chose

services, 34% chose security and 22% chose others.

5.20 Suggesting PhonePe to others.

Table showing Suggesting PhonePe to others:

Response No. of Percentage (%)

47
 respondents

Agree 28 56

Neutral 18 36

Disagree 4 8

Total 50 100

(Source: Primary Data)

Graph 5.20 showing Suggesting PhonePe to others:

60

50

40

30

20

10

0
Agree Neutral Disagree

Interpretation:

Out of 50 respondents, 56% chose agree, 36% chose neutral and

8% chose disagree.

FINDINGS, SUGGESTIONS AND CONCLUSION

6.1 Findings

 People use PhonePe occasionally to perform digital transactions.

48
 Most people opt to use PhonePe as an digital payment method over
others.

 Reason for people preferring PhonePe is because it is secure as

well as convenient to use.

 The major drawback while using PhonePe is too many procedures

are to be covered.

 PhonePe needs to work out on their popularity among the

shopkeepers as it is not accepted in some stores.

 It is easy to link ones bank account with PhonePe.

 People are interested in Cash backs and thus, PhonePe should try
focusing on them than scratch cards.

 Demonetization has increased the usage of PhonePe.

 Digital Economy has also played a major role in society accepting

the PhonePe.

 Digital economy has helped in reducing corruption in the country.

 Introduction to PhonePe has not really helped organizations to

render more services towards people.

 PhonePe is an ideal tool which can be used on daily basis.

 The performance of the application is good according to the users.

 A very few people have lost their money by using PhonePe which
shows that PhonePe is very safe and trustworthy.

 PhonePe have become familiar among people through friends and

family. So they have to work on advertisement as well.

49
  People don’t feel to give any suggestions in improving services
provided by PhonePe, now this is a good sign as it shows the users
are happy using the application.

 India as a country is gradually accepting PhonePe as their e-wallet.

 Users of PhonePe seems to be really satisfied and are suggesting

PhonePe to the people they know.

 The factors influencing customers to use PhonePe is because of the

good security features and proper services such as server
maintenance and updating.

 Most of the people suggest using PhonePe to others for digital

transactions.

6.2 Suggestions

 PhonePe could try to work on the promotional activities.

50
 The Government also can try to improve the e-governance setup in
the country

 PhonePe also have to keep the number of procedures down.

 Providing Internet facilities to everyone in the country can increase

the usage of e-payment.

 PhonePe can give a try to bring new features in favors of business

organizations such as increased number of transactions with
increased amount.

51
6.3 Conclusion

The digital payments in a boon to current pandemic situation It helps

us to maintain the social distance and avoid the contacts. They use
PhonePe occasionally to perform online or digital transactions. Most of
the people prefer PhonePe as a digital payment method over others. The
major drawback while using PhonePe is too many procedures are to be
covered. PhonePe have become familiar among people through friends
and family. So they have to work on advertisement as well. And PhonePe
needs to work out on their popularity among the shopkeepers as it is not
accepted in some stores.

Digital payments made a huge change in the Indian community. It

made our country to move faster. Our country is contributing many new
methods and to whole world. While analyzing the data base about Digital
payment in India it is only utilized by fewer amounts of people. The
system is very easy, fast and efficient a part of Indians are utilizing it.
But, a huge community is unaware about this availability of digital
payments, due to some political issues, illiteracy, cultural inertia, poor
networks, cultural beliefs etc. made the digital payments not common in
many area of our country. The system is converged to the people of urban
area, youth, professional, businessman etc. in future we should work hard
to make our country developed in the case of digital payments. Digital
payments have a certain future in India. India is one of the largest
economies in the world, so digital payments have a big market in the
country. Most people have started using online payment systems as a
payment option in India.

52
BOOKS

 Chari, Rahul – Promise and Peril in the Age of networked

Intelligence, CTO and Co-Founder Phone, 2020.
 Broida, Rick – “Growth of Digital Payment system in India”,
Senior Editor C Net, 2019.
 Nadella, Satya– The internet as playground and factory, Microsoft
CEO, 2015.

JOURNALS

 Bansi Patel and Urvi Amin – Plastic money: Roadmay Towards

Cash Less Society, 2015
 Gupta and Arora - Quick payment using mobile device binding,
2013.

 Joshi M, “ New Vistas of Digital Payment” Economic publishers

Jodhpur p: 383-392, 2012

 Modi H.A “ Sustainable Digital Economy”, A Vishkar publisher,

Jaipur, 2010

 Singh A-K “ Conversion to Digital Marketing”, International book

publisher company, Lucknow, 2007

 Oz. Member “Time Magazine Time in partnership with CNN”, The

Digital Alternative, 2010.

53
WEBSITES

 https://www.androidcentral.com/its-2019-and-phonepe-way-worse-
it-should-be (2021,January 22 )
 https://www.cnet.com/how-to/things-you-should-know-about-the-
new-phonepe-app/ (2021,January 28)
 http://www.techopedia.com(2021, February 2)
 https://www.economictimes.com (2021, February 5)
 https://www.economictimes.com (2021, February 9)

54