SUMMER TRAINING PROJECT REPORT

Submitted in partial fulfillment of Master of Business Administration

A Study on challenges faced by Paytm & Google Pay users in Kanpur

Session- 2022-2023

Faculty Guide Submitted By:

Mr. Anurag Shukla Rishi Singh

Faculty-Master of Business Administration 2101640700197

PRANVEER SINGH INSTITUTE OF TECHNOLOGY

Affiliated to Dr. A.P.J. AKTU

Pranveer Singh Institute of Technology Summer Internship Project

 DECLARATION

I hereby declare that this submission is my own work. It contains no material previously

published or written by another person, nor has this materials to a substantial extent been

accepted for the award of any other degree or diploma of the university or other institute of

higher learning.

Rishi Singh

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Pranveer Singh Institute of Technology Summer Internship
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 ACKNOWLEDGEMENT

Summer Internship Project Report is the one of the important part of MBA program,

which has helped me to gain experience and will be beneficial in my succeeding career.

For this, with an ineffable sense of gratitude I take this opportunity to express my deep

sense of indebtedness and gratitude to Dr. S. K. Bhalla, Director - Pranveer Singh

Institute of Technology and Dr. Harit Kumar, Head of Business Administration

Department, for their encouragement, support and guidance in carrying out the project.

I am very much thankful to, my Project Guide Mr. Anurag Shukla, MBA Department for

his/her interest, constructive criticism, persistent encouragement and untiring guidance

throughout the development of the project. It has been my great privilege to work under his

inspiring guidance.

I am also thankful to my parents and my friends for their indelible co-operation for achieving

the goals of this study.

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 EXECUTIVE SUMMARY

In this cashless economy era, information and communication technology (ICT) plays a vital

role in making payments using various payment modes. The mobile wallet app is an innovative

technology for avoiding the usage of physical cash. The mobile wallet records all kinds of

transactions with a clear payment reference and makes it accountable for tax payments. There

are countless reasons for using

mobile wallets, which make service providers confused and leads them to offer unattractive

features

in the wallet apps, making the offer a failure. This paper attempts to collect the data from the

mobile wallet users and provides a clear understanding of the reasons for using mobile wallets.

Secondly, the customer preferences towards Google Pay and Paytm are analyzed in detail with

primary data collected from mobile wallet users to suggest a model for improving the business.

This research was conducted to understand the customers’ inclination towards the use of mobile

wallets.

Difficulty in adoption of change, un acceptness due to fail of security breach and fraud,

competition from debit card and credit card, trade mark infringement case filed by PayPal,

transactional issues, and performance issues these are the major challenges faced by the Paytm.

While PhonePe commanded a 47.67% share of customer transaction volumes on the Unified

Payment Interface (UPI), Google Pay bagged 33.9% and Paytm owned 14.87% of the UPI

market in transaction count.

The regulations on digital payments and BNPL by RBI, stricter KYC, and compliance norms

will not be favorable for the development of fintech companies in general, and will potentially

bring down unit economics and growth, which will impede Paytm's growth and profitability.

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Payment systems are complex multi network gateways. Unless full re-engineering is made then

systems can be near real-time enabled. Major issue are that many banks interface API and core

system are still batch oriented. Why so because of the excessive cost of upgrading from batch

processing to real-time banking.

Digital payment methods are prevalent nowadays. Paytm is the leader in digital payments in

India. After demonetization, there is a growth in use of e-wallets. The objective of the study

was to find the reasons of using Paytm and to investigate the effect of gender on the use of

Paytm. The data have been collected through online survey filled by 200 respondents. The data

were evaluated using t-test and factor analysis. KMO value was 0.654 and Bartlett’s test was

also found significant. Based on eigen value, five factors were taken which were explaining 64

percent of the variance. After carrying out Varimax Rotation Method, five factors were

considered and the factors were given names as Factor 1- ease of use, Factor 2- best mode,

Factor 3-time, Factor 4- affordable and Factor 5- usefulness. The present study found that

convenient to use, offering discount and coupons, easy return of money, instant payment,

secured transaction and widely acceptance are the main reasons of using Paytm.

Paytm is an e-wallet company launched in 2000 by One97 Communications Limited (One97),

started by Mr. Vijay Shekhar Sharma. An e-wallet is a computer-generated facility where

people can add or pay the money to buy products or services. The business has to be registered

with the wallet companies. It works pretty much like the bank card to make payment to the

business (Agarwal & Tuteja, 2018). In August 2015, Paytm obtained a license from RBI and

launched its bank. In 2017, Paytm launched Paytm Mall, where the customers can buy products

from the registered sellers. Starbucks joined with Paytm in July 2020 so that the customers can

order food online during pandemic (www.wikipedia.com). Digital payment methods are

prevalent nowadays (Bagla & Sancheti, 2018). It is one of the leaders in e- payments in India

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(Maji, 2020). After demonetization, there is a growth in use of e-wallets (Bagla & Sancheti,

2018). Paytm plays the role of an intermediary between the merchant and the customer’s

transaction(www.paytmblog.com). It helped the country to become cashless economy from

money-based economy (Bagla & Sancheti, 2018).

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 TABLE OF CONTENTS
Page no.

Declaration i

Acknowledgement ii

Executive Summary iii

PART-1

CHAPTER 1: INTRODUCTION

1.1 Introduction about the Problem 1-15

1.2 Industry Profile 16-40

CHAPTER 2: COMPANY PROFILE

2.1 History of the organization 41-43

2.2 Vision, Mission and Quality Policy 43-45

2.3 Structure of the organization 45-46

2.4 Products/Services of the organization 47-50

2.5 Growth of the organization (Challenges faced in past) 50-51

2.6 Organization’s SWOT analysis 51-53

PART- 2

❖ CHAPTER 3: STUDY OF THE SELECTED RESEARCH

PROBLEM

3.1 Statement of the research problem. 54-56

3.2 Review of Literature 56-61

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3.3 Statement of the research objective. 62-64

3.4 Research Methodology

1) Research Design (Qualitative/Quantitative, Exploratory/Descriptive/Causal)

2) Measurement/ Scaling technique (details about Interviews/ questionnaires

etc.)

3) Data Collection (Type of data- Primary, Sampling techniques)

❖ CHAPTER 4: DATA ANALYSIS

4.1 Graphical presentation/ Visualization (if applicable) 65-83

4.2 Hypotheses (if applicable)

4.3 Statistical Test (if applicable)

❖CHAPTER 5: FINDINGS OR INTERPRETATION 84-85


❖CHAPTER 6: LIMITATIONS OF STUDY 86

❖CHAPTER 7: CONCLUSION 87-88


❖ BIBILOGRAPHY 89-90
❖ APPENDICES 91-93

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Pranveer Singh Institute of Technology Summer Internship
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 PART-1

CHAPTER 1: INTRODUCTION

1.1 Introduction about the Problem

Paytm is an Indian e-commerce payment system and financial technology company, based

in Noida, Uttar Pradesh, India. Pay tm is currently available in 11 Indian languages and offers

online use-cases like mobile recharges, utility bill payments, travel, movies, and events

bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants,

parking, tolls, pharmacies and educational institutions with the Paytm QR code[1].As per the

company, over 7 million merchants across India use this QR code to accept payments directly

into their bank account. The company also uses advertisements and paid promotional content

to generate revenues.

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On 18 September 2020, Paytm's official app was briefly unlisted from the Google Play

Store allegedly due to violations of the Play Store's gambling policy Paytm likened the sudden

removal of its app to 'arm-twisting' by Google. The company claimed that Google did not

offer any prior warning or give the company an opportunity to explain its views on the

contentious 'cash back' offers while claiming that Google's own payments app Google

Pay offered similar 'cash back' offers and suffered no repercussions].Google is acting as the

judge, jury and executioner,” says Paytm CEO Vijay Shekhar Sharma. Google objected to

Paytm’s cricket-themed scratch-card cash-back scheme for UPI transactions. Google, without

naming Paytm, said it couldn’t allow apps that were “online casinos.

The Paytm app was taken down from the Google Play Store recently. While Google said it

doesn't allow online casinos or supports any unregulated gambling apps, Paytm said this was a

sticker cash back scheme. It subsequently withdrew the promotion and was back on the Play

Store after a few hours. Paytm founder Vijay Shekhar Sharma hit out at Google for the

disproportionate power it wields over the Indian internet ecosystem. While Nigam said

Google's policies are applied consistently they aren't right and need more scrutiny by the

Competition Commission of India.

Digital payment app, Paytm, is giving a hard time to some users. Several users reported that

they were not able to log in to the Paytm app and not able to pay using the app. Paytm has

acknowledged the issue and said that it is fixing the bug that is not letting people access the

app and make payments. Considering how dependent people are on the digital payment apps,

it can be no less than a nightmare when you are trying to make a payment and the app

malfunctions. Most of the time, people do not carry a lot of cash and get stuck in situations

when such things happen.

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As per outage tracking website down detector, the website received 611 reports from the users

about the app not working. The down detector shows a huge spike in between 9AM and 10AM

when Paytm faced maximum issues. As per the website, over 66 per cent of users faced issues

while logging in, whereas 5 per cent users reported that they were unable to make payments

and the remaining 29 per cent of users faced other issues with the app. The issues were faced

by users living in Delhi, Mumbai, Ahmedabad, Chennai, Bengaluru and several other cities.

If you own a smartphone and spend any time at all in India, there's a good chance you have the

Paytm app on your home screen. Most people living in India do: they use it for everything from

buying groceries and paying school tuition fees through to selecting insurance products and

getting loans.

Adoption rates have been amazing — even by today's standards. The company was founded

less than a decade ago. Yet, today, more than 7 million merchants across India use its QR code-

based mobile payment system. The app has been downloaded more than 100 million times; the

number of registered users has jumped from just 11 million in 2014 to more than 420 million

today. Revenues soared to US$480 million in 2018.

Mobile payments company Paytm is still facing issues in transacting as many users have

complained that money was deducted from their bank accounts but did not reach the e-wallet.

Besides, the users said they are not able to see the existing balance in their Paytm wallet and

their attempts to transfer the balance back to bank accounts were failing. Paytm customers have

been facing such issues for the last few days. Its customer care hasn't been of much help as no

transaction IDs are getting generated on its platform to help track details, they said. Several

customers using Apple handsets complained that they could not even access their accounts and

pay through using.

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When contacted, a Paytm spokesperson said there are regular cases wherein owing to server

connectivity issues, bank downtime or other technical reasons, many times money gets

deducted from the account but does not get credited to the recipient.

"Such transactions are automatically corrected within 48 hours. Currently, bank servers are

strained thereby, increasing the frequency of such issues," the spokesperson added.

Some users claimed that they are still waiting to get their transferred money back despite raising

the issue with Paytm customer care.

Government's move to scrap old Rs 500 and Rs 1,000 notes and the resultant cash crunch has

forced many people to use digital platforms like Paytm to make transactions. However, given

the huge spurt in transactions, failure rates of transactions have also gone up.

"As we continue to route the traffic to new servers and install additional capacity, certain

customers are facing the time out," the company had said when asked about the reasons for the

technical errors being faced by customers.

On Apple handset users facing difficulties, Paytm in a blog said the company had "found a bug

in its iOS app where certain app users were not able to pay, thereby hanging their app. Soon

the system logged them out preventing them from further accessing their account".

"We are sending an app update to Apple immediately and requesting them to approve the same

as soon as possible. Once live, we request our users to update their iOS app," it added.

The company also sought to pacify users saying the users' "data and money is absolutely safe

and secure. This is a minor issue that we are fixing," it said.

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Google Pay has taken a comfortable lead in India’s payments market over rivals like PhonePe,

Amazon Pay, and a one-time market leader, Paytm. However, for Google, the up and coming

WhatsApp Pay may prove to be the real challenge.

However, according to reports, Google Pay had 75 million transacting users in May, while

PhonePe had 60 million users and Paytm had 30 million. Paytm has been facing the pressure

from competition as according to reports, its monthly active users in December 2019 too were

at 40 million, down from 45 million a year earlier.

Paytm reached out to Business Insider to say that "Paytm Wallet & other payment methods

(net-banking, cards, IMPS etc) available on our app has continued to grow and we register a

huge number of transactions. Overall, Paytm continues to dominate digital payments and has

over 50% market share of mobile payments to merchants. We have the largest offline merchant

network in the country with over 17 million merchants." The spokesperson added that "Paytm

5
has over 10 million daily transacting users and our overall user base is much more than the

combined UPI base of all players."

According to the TechCrunch report which cited data from National Payments Corporation of

India, Google Pay had 540 million UPI transactions, PhonePe had 460 million while Paytm

saw 120 million. Another report said that Amazon Pay too had ramped up its operations and

saw 60 million UPI transactions in May. According to NPCI, the total UPI transactions in May

hit 1.23 billion.

However, Paytm has clarified that " UPI consists of just a minor percentage of all digital

payments happening in the country. The largest majority of payments is made on wallets, cards,

and net banking."

As almost everything is going digital, making online payment has also gained pace amid the

Covid-19 pandemic. However, due to internet issue or other technical glitches there are

instances when people face some payment or transaction related problems.

If you use Google Pay for making online payment then here are some of the things you need

to know:

What to do when the bill payment transaction is settled/processing but the payment was not

updated?

Step 1: See how long it takes to pay the biller: Find your payment and check the status. If the

status says 'Success', you’ll see how many days it might take for the money to reach the biller.

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Step 2: Wait, then check your bill status: After the stated number of days, check with your

biller to confirm that the money has been paid.

Google Pay faced a service disruption in India on Tuesday. Multiple users reported that the app

has suddenly removed their bank accounts, preventing them from making transactions. The

issue appears to have a limited impact, though several users have posted their complaints on

social media platforms. Google Pay is one of the more popular mobile payments sources in

India. As of September last year, the app is touted to have over 67 million monthly active users

in the country. The Google Pay app is also believed to have contributed largely in the growth

of Unified Payments Interface (UPI) based digital payments in the country. The company

acknowledged the issue in a statement to Gadgets 360, and said the issue is now fixed.

The Demonetization process in India has great impact on cashless transaction. It encourages

usages of credit card, debit cards, online payment and mobile wallets for financial transaction

among public. The demonetization has influenced the digital payment platforms in India. The

Digital transaction e-wallets have significant impact on increasing usage of cashless

transaction. The Usage of the mobile wallet and its application is trend among young

population ranging the age group of 18-25 years. The mobile wallet provides services through

companies and individuals can pay and receive payments via mobile applications. India has the

largest market in the global arena in terms of Smartphone and mobile phone apps for payment

transactions. Payment gateways and banks are approaching toward cashless transaction.

Meanwhile, mobile apps play a big part of the Government’s initiative of “Cashless India”.

This will have an enormous impact on making India a digitalized cashless economy. This study

focuses on the impact of mobile wallets on cashless transaction.

As per the user reports on Twitter, the Google Pay app had suddenly removed bank account

details and was no longer allowing users to connect back their existing bank accounts. Several

7
users have pointed out that instead of showing all the listed bank options, the app is providing

only State Bank of India (SBI) as the option to select for the affected accounts.

Step 3: Inform customer care if the biller hasn't received the money: Open the payment that

you want to report, tap Raise Dispute and follow the steps on the screen.

What if the merchant transaction failed but the payment was not updated?

The issue will be resolved within 3 business days (usually within hours) from the date of

payment initiation. The money will be transferred to your bank account during this period. You

are advised to check your bank statement to verify the same.

What if the transaction failed but the amount got deducted from the bank account?

If something like this happens then users need to know that banks usually take up to 3 business

days to add money back to your account. You are advised to wait for your bank to complete

the reversal. Refer to the bank account statement to verify if your transaction has been reversed.

Google alleged problems in Paytm as-

India’s most popular payments app-- Paytm-- was removed by Google from its Play Store on

September 18 for a few hours. Google blamed Paytm for violating its Play Store policies and

was quick to create a general impression that Paytm is promoting ‘sports gambling’ through its

app and thus, it should be removed as it is against Indian laws and Google’s policies. Having

said that Paytm was quick to respond to the Google Play Store ban and said that “Google and

its employees are making policies which are over and above the laws of our country, and are

arbitrarily implementing them.” Paytm’s argument is clear: “How can UPI cashback be called

8
an ‘online casino’ by Google?” Interestingly, Paytm claims that Google is already running

similar campaigns in India through its ‘Tez Shots’ game.

This is a concern for every regulator in this country and for the government because our app

is not a gambling app. I feel agitated to the level that it won’t stop today or tomorrow, this fight

will go long., said Paytm founder Vijay Shekhar Sharma in a report by ET. Paytm was being

“singled out” and “targeted” while similar features were running elsewhere and on Google’s

own payments app, he added.

Quick response initiated by Paytm-

A temporary takedown of Paytm, one of India’s best-known financial services applications,

from Google’s Android Play Store, Friday on the ground that it was facilitating

unregulated gambling, engendered a major controversy with the app's founder Vijay Shekhar

Sharma terming the move as being “against Prime Minister Narendra Modi's vision of

Atmanirbhar Bharat.” The app was back on the Play Store by evening after Paytm agreed to

remove a new UPI-based cash back feature called ‘Paytm Cricket League’ that was rolled out

on Friday morning, a day before the start of the 13th edition of the Indian Premier League

(IPL). Google’s move to ban the Paytm app due to the Indian company's violation of its policy

against “simulated gambling content”, the tech major said.

'Not in violation of Indian law'

A Paytm spokesperson told ET earlier on Friday, that the newly rolled out feature was not in

violation of any Indian law, while pointing out that Google too had such cashback features on

its popular UPI app Google Pay. “We have stickers and cashbacks, Google also has them by

the way, where you have a scratch card and you can win cash,” the Paytm spokesperson said.

“Does it violate the law of India? No, it does not. And it is very similar to what Google Pay

does,” said the person cited above, adding that it was an issue not limited to Paytm alone and

9
pointed to how Google “regulated” India’s internet landscape. Experts said Google’s action

stems from the company’s view that IPL- linked cash back feature offered by Paytm violated

its stance on non-skill-based fantasy gaming, which is prohibited under Google’s anti-gambling

policy.

Paytm allowed back on play store-

As a condition of being allowed back into the Play Store, Paytm had to pull out its UPI

promotional scheme. The row has brought to the fore Google’s Play Store monopoly and its

power to pull down apps that it feels violates its rules. Sharma is accusing Google of seeking

to hinder Paytm’s ability to acquire new customers through its “dominance” of the country’s

digital ecosystem. This allegation acquires a serious edge when seen in the context of Paytm

being a competitor to Google’s own payments app, Google Pay. About 95 per cent of India’s

mobile phones run on Google’s Android operating system and that means most of the apps are

bought from the Play Store. Google has a hammerlock on the Android ecosystem in India and

this monopoly means companies like Paytm have to rely on Google playing fair with its rivals.

And it’s not only the payments market which is facing competition from Google. The tech

heavyweight’s apps also compete in other areas like cloud storage, maps and email. Google,

which was found guilty of abuse of dominant

position and unfair trade practices by the European

Commission, is already under investigation by the

Competition Commission of India after an

unidentified party complained the company was

“unfairly” promoting Google Pay in India.

Google’s presence in India’s digital ecosystem is

only set to increase with the internet giant planning

to invest $10 billion in the country over the next

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five to seven years. All of this places a heavy responsibility on Indian regulatory authorities to

implement tough oversight measures to ensure Google and others like Facebook, Amazon and

Apple don’t steam-roll the competition in India. Policymakers need to wake up to obvious

conflicts of interest in the internet domain which need to be regulated with a measure of

sophistication. Regulators need to stay ahead of the curve, as the country pivots decisively

towards a digital economy.

Difficulty in adoption of change, unacceptness due to fail of security breach and fraud,

competition from debit card and credit card, trade mark infringement case filed by PayPal,

transactional issues, and performance issues these are the major challenges faced by the paytm.

The Unified Payments Interface (UPI) system which has been government’s favourite mobile

application to boost digital transactions, comes with a clause now. This new development will

limit you to transfer money only to 10 people per day and not more than that. This would come

as a setback for customers who use UPI in heavy amounts. Not only this, many BHIM, Google

Pay and Paytm will also face trouble as they use UPI transfer and receive funds. Earlier there

was no such limit and one can make maximum transfer of money anytime, anywhere they are.

However, the National Payments Corporation of India (NPCI) maker of UPI introduced new

checks and balances, believing that such movement will encourage genuine transactions in

UPI. In a circular the NCPI mentioned that, they have implemented requisite changes in UPI

Fraud & Risk management system which is made in effect from October 21. Under the new

changes, was also listed that now only 10 transactions per bank account can be made on daily

basis. Therefore, the NCPI has now halved the transaction limit in UPI which was at previously

20 per day. But there is a catch, for instance the new guidelines assures saying one can make

only 10 transactions from person to person in a day. This would mean a single bank account.

11
Simply put, if a person has more than one bank account, even if they are linked with same

mobile number, one can actually make more than 10 transactions per day. For suppose, if a

person has more than four bank accounts, he or she can make 40 money transfers in a day using

the UPI. Going ahead, this new rule is not applicable to money transfer to any merchants. UPI

allows many merchants to register themselves as merchants, hence, while making any online

purchases and using UPI app for payment to registered merchant, then the limit is not levied

on you. This means, you can make multiple transactions in a day when you are ordering

something from online, food delivery or cab apps and many more. Interestingly, if a merchant

is not registered in UPI and accepts the services through their VPA (virtual payment address)

or QR Code, that transactions will be considered as limit of 10 transactions per day. The UPI

is still better than IMPS in many ways. The NCPI’s digital app provides additional services

like P2P Pull functionality, Simplifies Merchant Payments, Single APP for money transfer and

Single click two factor authentication. At present, the upper limit per UPI transaction is Rs 1

Lakh. When you shop-online, you can pay through UPI when you see UPI as a payment option.

On clicking that, you will need to enter your Payment Address. Once entered, you will receive

a collect request on your BHIM app. Enter your UPI-PIN here and your payment will be

complete. As easy as this! UPI transactions increased by 30% to 405 million in September

month, compared to 312 million recorded in the month of August 2018.

The Unified Payments Interface (UPI) system which has been government’s favorite mobile

application to boost digital transactions, comes with a clause now. This new development will

limit you to transfer money only to 10 people per day and not more than that. This would come

as a setback for customers who use UPI in heavy amounts. Not only this, many BHIM, Google

Pay and Paytm will also face trouble as they use UPI transfer and receive funds. Earlier there

was no such limit and one can make maximum transfer of money anytime, anywhere they are.

However, the National Payments Corporation of India (NPCI) maker of UPI introduced new

12
checks and balances, believing that such movement will encourage genuine transactions in

UPI.

In a circular the NCPI mentioned that, they have implemented requisite changes in UPI Fraud & Risk

management system which is made in effect from October 21. Under the new changes, was also listed

that now only 10 transactions per bank account can be made on daily basis. Therefore, the NCPI has

now halved the transaction limit in UPI which was at previously 20 per day. But there is a catch, for

instance the new guidelines assures saying one can make only 10 transactions from person to person in

a day. This would mean a single bank account.

Simply put, if a person has more than one bank account, even if they are linked with same

mobile number, one can actually make more than 10 transactions per day.

For suppose, if a person has more than four bank accounts, he or she can make 40 money

transfers in a day using the UPI.

Going ahead, this new rule is not applicable to money transfer to any merchants. UPI allows

many merchants to register themselves as merchants, hence, while making any online

purchases and using UPI app for payment to registered merchant, then the limit is not levied

on you.

This means, you can make multiple transactions in a day when you are ordering something

from online, food delivery or cab apps and many more.

Interestingly, if a merchant is not registered in UPI and accepts the services through their VPA

(virtual payment address) or QR Code, that transactions will be considered as limit of 10

transactions per day.

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The UPI is still better than IMPS in many ways. The NCPI’s digital app provides additional

services like P2P Pull functionality, Simplifies Merchant Payments, Single APP for money

transfer and Single click two factor authentication.

At present, the upper limit per UPI transaction is Rs 1 Lakh.

When you shop-online, you can pay through UPI when you see UPI as a payment option. On

clicking that, you will need to enter your Payment Address. Once entered, you will receive a

collect request on your BHIM app. Enter your UPI-PIN here and your payment will be

complete. As easy as this!

UPI transactions increased by 30% to 405 million in September month, compared to 312

million recorded in the month of August 2018.

Unable to add money to Paytm Wallet

Paytm allows its users to add money to Paytm wallet through various modes including online

banking, debit cards, and credit cards. The integrated wallet offers its users a large array of

services which includes making payments to merchants, sending money to another Paytm user,

transferring money from your Wallet to any bank account, making online purchases and

payments etc.To initiate payment for any of the services through Paytm wallet, you will need

to have sufficient money in your Paytm Wallet.

Adding money to your Paytm wallet is a quick and seamless process, however, if you have not

completed your KYC (Know Your Customer), you may face a few bumps while trying to do

so. In fact, this is the primary reason for customers not being able to add money to their Paytm

wallet.

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In most cases, this happens if you have exceeded your KYC limits. The amount of money that

you can add to your wallet at any point of time is decided intuitively based on your credit, debit

and balance limit.

To know the limitations of a Minimum KYC account and the benefits of a Full KYC account,

please refer the table given below.

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1.2 Industry Profile

Gone are the days when individuals would rely on traditional methods of payments, such as

cash and cheques. The advent of computers and mobiles have not only changed the way we

work, but also how we manage our financial aspects and payments. The ever changing and

evolving technologies have also led to the introduction of newer services, such as e-commerce

that has led to the demand for quicker payment systems. Unfortunately, the traditional modes

of payments, which was growing at a slow pace, was unable to meet the demand for new

payment systems. Thereby, leading to the growth of new digital payment technologies.

Paytm Payments Bank is India's only mobile-first bank with zero balance — zero digital

transaction charge. Paytm offers Paytm wallet and Savings bank account from Paytm Payment

bank.

The term ‘Fintech’, the short form of the phrase financial technology denotes industry that is

comprised of companies which use technology for efficient delivery of financial services. It is

an emerging type of service in this 21st century. The new start - up companies are trying to

replace the traditional transaction system with the new, effective methods by applying

technology in financial sectors for mobile payments, loans, money transfers and even for asset

management. Broadly, the term "financial technology" can apply to any innovation in how

people transact business, from the invention of digital money to double-entry bookkeeping.

Since the internet revolution and the mobile internet/Smartphone revolution, however,

financial technology has grown explosively, and fintech, which originally referred to computer

technology applied to the back office of banks or trading firms, now describes a broad variety

of technological interventions into personal and commercial finance. Some more examples of

technology applied to the financial transactions are peer-to-peer lending, peerto-peer payment

technology, digital wallets, Block chain and mobile banking. These aim in bringing further

16
benefits and achieving high efficiency for the financial transactions. They also help to reduce

costs incurred for customers. A big part of India’s fast-growing online payments infrastructure

is the United Payments Interface (UPI), created by the country’s top payments processor, the

National Payments Corporation of India (NPCI). UPI processed more than 2 billion

transactions in October and is supported by most of India’s lenders. Its open architecture allows

interoperability between payments apps using the platform, which facilitates peer-to-peer

money transfer. UPI is currently dominated by PhonePe and Google Pay, leaving Paytm a

distant third, according to reports. The paper tries to highlight the opportunities and benefits

Fintech gets to a nation like India. The benefits of fintech services are reducing operation costs

and friendly users. The fintech services India is fastest growing in the world. The fintech

services are going to change the habits and behavior of the Indian finance sector.

We are India’s leading fintech platform and the most trusted payments app. We have always

been at the forefront of the digital revolution in India. As pioneers of mobile payments and QR

technology, we have always developed innovative and affordable products for every business,

including the small and micro-merchants in India.

Taking the centre stage today at the Global Fintech Fest 2022, our Founder, CEO & MD Vijay

Shekhar Sharma said: “The presence of the Government of India, the Reserve Bank of India at

Global Fintech Fest 2022 is highly inspiring for young fintech entrepreneurs. We get energy

from the Government’s support and vision of a digital economy.”

The Global Fintech Fest (GFF) 2022 was organised by the Department of Economic Affairs,

Government of India, Fintech Convergence Council (FCC), the Payments Council of India

(PCI) and the National Payments Corporation of India (NPCI). GFF 2022 showcased the

dominant fintech of India thought leader and demonstrated the country’s fintech ecosystem to

the world.

17
Talking about Paytm’s role in driving financial inclusion, he added, “Digital payments have

been revolutionary for India. Paytm is solving problems for the smallest of shopkeepers and

consumers in the country. I didn’t want to just create for others, but wanted to build something

that our country would be proud of. It is our responsibility and role as a fintech to spread digital

literacy and provide knowledge on financial services to the people of India.”

Sharing the purpose of Paytm, he added: “Our purpose is to reduce the technological divide

between the rich and the poor. The main challenge was to change the culture of India, where

once the internet and smartphones were both unaffordable. When people think of Paytm today,

it is the pioneer of digital payments.”

Our QR code has been helping enterprises accepting contactless and error-free payments from

customers through our app. “When the opportunity came to build something for Japan, we built

PayPay in 3 months for a country that didn’t understand our language. QR was invented by a

Japanese person and today, I can proudly say that we are teaching QR to the country that

invented it,” Vijay said.

The Paytm Soundbox was born out of his personal experience. Sharing the story behind the

ground breaking Soundbox, he said: “I was once stopped by a shopkeeper because he didn’t

get a payment alert on SMS. To solve that problem of instant alerts, Paytm Sound Box was

born.”

He also moderated a session ‘How Fintech are Changing Businesses, Consumers and the

World, one innovation at a time’, where he spoke with Minister of State for Finance Dr.

Bhagwat Kishanrao Karad. It concluded with Vijay’s closed door session with Ashwini

18
Vaishnaw, the Minister of Railways, Communications and Electronics & Information

Technology in Government of India, which was only for industry leaders.

Fintech giant Paytm is all set to go for a massive initial public offering with plans to raise INR

21,800 Cr ($3 Bn) in the IPO by November this year. And one of the key strengths for the

company is said to be its diversified business model, that is tightly linked to the Paytm

Payments Bank and Paytm Payment Gateway, which enables the full stack payments play as

well as a clutch of financial services verticals, helmed by experienced domain experts.

Paytm is said to be on track to break even in 12-18 months and is expected by market watchers

to be a major force in the payments and fintech market because of its diversification.

Fintech Diversity Sets Paytm Apart

Paytm has chosen to create value through building multiple businesses around the core Paytm

brand. Given that the Paytm Payments Bank has grown significantly and plays a critical role

in the company’s payments and lending success, a key future objective for Paytm would be

getting the small finance bank license, which would allow it to build a universal bank with a

strong digital edge backed by fully digital onboarding and customer servicing on the app.

In comparison, the two major payments companies — Google Pay and PhonePe — rely on UPI

heavily, and even though they have enabled new features and integrations, they are not as

tightly knit as Paytm with its payment bank license, payments gateway, lending through

postpaid business as well as a slew of other financial services.

This has resulted in Paytm having the lowest failure rate among UPI apps, and also significantly

little to no dependency on UPI payments for overall revenue growth.

19
Paytm is not a major player in the UPI market, and this is by design. It has focussed on a lot

more than payments to grow its revenue base, as indicated by its revenue from non-payments

sources.

On the face of it, the massive UPI numbers look impressive, but they hide a stark reality —

none of the industry leaders, be it Google Pay, PhonePe or Paytm — made much money from

their UPI offerings, thanks to the existing zero MDR policy.

China’s transformation from a financial-technology backwater into a $46 trillion-a-year leader

in digital payments left most international investors watching in awe from the sidelines. Now

India is undergoing its own fintech revolution, and the race is on to grab a piece of the action.

As online payments and digital loans in the second-most populous country soar at some of the

fastest rates worldwide, money is pouring into India’s fintech sector at an unprecedented pace.

The outsized growth of fintech in India has some concerned that consumers who aren’t

financially savvy could borrow too much, driving calls for more oversight. There are also rising

instances of online payments fraud that authorities are neither able to investigate or curb as

there are far too many victims among first-time users. Yet optimists say India’s fintech industry

offers better prospects for foreign players than China ever did.

Paytm has leveraged this dominant reach to grow its businesses, and build a two-sided

ecosystem of consumers and merchants, according to a company spokesperson. This was seen

in its recently released Q3 FY22 earnings report, revealing how the company has witnessed

strong growth, with steadily rising revenues, the spokesperson added.

Paytm’s revenue from operations grew 89 per cent Y-o-Y in Q3FY22 to ₹ 1,456 crore, while

financial services and payments contributed to a significant amount of revenue generated in the

20
third quarter. Revenue from financial services and payments grew 98 per cent Y-o-Y in

Q3FY22 to ₹1,116.8 crore.

Meanwhile, Paytm continues to steadily build on the number of consumers on its platform

while ensuring greater consumer retention and engagement. As per the Q3FY22 earnings

report, Paytm’s monthly transacting users (MTU) grew consistently to 64.4 million, up by 37

per cent Y-o-Y and 12 per cent quarter-on-quarter (Q-o-Q).

Paytm, which has scaled up its financial services, saw its digital lending business grow strongly

in the third quarter with 4.4 million loans disbursed through partners on the platform, marking

a 401 per cent growth. The total value of loans disbursed in Q3FY22 stood at ₹2,181 crore.

We are excited to share that Paytm has won many coveted awards at the Global Fintech Awards

2022. We have bagged the awards in the categories Best UPI App, Most Design User-friendly

Interface Fintech App Award and Most Innovative Use of Technology Award. Our Paytm

Payments Bank was also recognized at the event as it won Best-in-Class Mobile Banking

Solution Award and Best Prepaid Wallet.

The Global Fintech Awards 2022 was presented by The Global Fintech Fest and organised by

the Department of Economic Affairs, Government of India, Fintech Convergence Council

(FCC), the Payments Council of India (PCI) and the National Payments Corporation of India

(NPCI). The Awards recognize outstanding startups, disruptive technologies, unique business

models and innovative founders and entrepreneurs across the globe.

We are India’s leading fintech platform and the most trusted payments app. As pioneers of

mobile payments and QR technology, we have been at the forefront of the digital revolution in

21
India. Our continuous efforts to bring innovative solutions to users got us the Most Innovative

Use of Technology Award.

Paytm UPI, which won the Best UPI app, is preferred by millions of users for superfast money

transfers and as we offer a hassle-free experience to users. Our secure and reliable Paytm App

has also achieved the ‘Most Design User-friendly Interface Fintech App Award’.

Paytm Payments Bank has bagged the ‘Best-in-Class Mobile Banking Solution Award’. The

Bank has the largest scale among all licensed payments banks in India – in terms of mobile

transactions. Paytm Wallet conferred with the ‘Best Prepaid Wallet Award’. Paytm Wallet is a

secure and RBI-approved digital/mobile wallet that allows users to meet all of their financial

needs. Users can add money to our Paytm wallet through UPI, internet banking, or credit/debit

cards.

Awards and recognitions show that we are on the right path in achieving our goals in leadership,

innovation, development and growth. This is a recognition of our hard work to create

technology-led innovations to make everyday life easier for our users.

When I travel today, seeing the Google Pay QR in public transport or local stores, makes me

feel how far we have come in terms of digital payments. When we look at what we are, there

are about 2 billion transactions on a daily basis. 10 million plus merchants who have used the

QR codes. When we look in terms of the diversity, of the consumers and merchants we serve,

two-thirds of our transactions happen beyond top cities, from across 3 lakh villages,

said Deeksha Kaushal, Director, Financial Services and Banking Partnerships, Google Pay

India.

22
In an interaction with Amol Dethe, Editor, ETBFSI, Deeksha spoke in detail about her

company's partnership model. "We have entirely focused our model on partnerships with

banking and financial services providers. Essentially our model is that we have as a technology

company a platform, a model where we have users, and we work with banks and financial

services organisations to see how we can provide to them digital access," she said during this

week's FinTech Diary.

23
An Indian payments network for the 99%
One key development in the Indian payments space was the launch of the United Payments

Interface (UPI) in 2016. UPI is a payment system that allows two individuals with bank

accounts to instantly transfer money to each other with a single identifier.

Among these identifiers is Aadhar, a unique identity number tied to biometric identifiers like a

fingerprint or an iris scan. Aadhar is part of the Indian government’s attempt to tie the identities

of Indian citizens to biometrics, clamping down on fake identities and identity theft. As of

August 2017, the government said it had registered the biometric identities of 1.2B people.

Aadhar identification has been heralded as the game-changer that will help affordably secure

and connect millions of India’s previously identity-less citizens to services like banks, through

the UPI and other means.

Its success has helped persuade tech and finance companies that fintech and payments

innovation will accelerate in India. For example, Google is among the tech companies that have

recently launched apps built atop the UPI rails.

The race for mobile-friendly fintech

The Indian government is also trying to encourage the emergence of a new fintech ecosystem

by offering different types of licenses that make it easier for companies to provide mobile

banking services.

One option is the e-wallet license. Fintech startups that want the ability to hold deposits can

register with the Reserve Bank of India (RBI) for e-wallet licenses. Mainly, they apply for what

is known as a semi-closed wallet license, which allows them to hold money. The limit is INR

20,000 (roughly $300).

The e-wallet concept is akin to PayPal in the United States. Customers can use e-wallets to

transact on internal websites — like the Amazon e-wallet, which works on the Amazon India

24
website — as well as on external websites that the company providing the e-wallet has

partnered with. In Amazon’s case, this includes Indian coffee chain Cafe Coffee Day and fast

food brand Faasos.

A more robust option is the payment bank license. In 2015, the Reserve Bank of India (RBI)

granted 11 companies this license.

A payment bank can hold up to approximately $1500 per user and can operate both

checking and savings accounts. They go a step beyond e-wallets, issuing debit cards, providing

online banking services, and allowing for cash withdrawals at ATMs. Customers also earn

interest on the money in their accounts. The only thing separating these banks from official

banks is that they cannot give out loans or other credit products.

The increasing share of Unified Payments Interface (UPI) transactions in merchant payments

has begun to gnaw at banks’ and non-banks’ fee incomes. The homegrown payments channel

does not earn merchant fees due to government rules and the growing trend of UPI usage is

now coming to bite banks and other payments players who have been its biggest champions.

Merchant establishments, especially small storefronts across the country, have taken to UPI

QR-based payments in a big way since they do not have to shell out a merchant discount rate

(MDR) to their bank or non-bank service providers, also known as acquirers. In contrast, all

non-RuPay card transactions are chargeable by banks and tend to hurt merchants’ margins. The

shift to QR-based payments has been accelerated by consumers’ tendency to use their mobile

phones for making payments instead of handling cash during the pandemic.

One touch, and done.” That’s how 40-year-old Manish Devulkar was introduced to the Unified

Payments Interface (UPI) by a neighbour. Devulkar has been running a sandwich stall near

25
Goregaon railway station in Mumbai for the last two decades. Soon after the COVID lockdown

ended, he recalls getting agents from the fintech PhonePe to install a UPI Quick Response (QR)

code at his sandwich stall. As COVID spread like wildfire, many Indians embraced digital

payments in order to avoid any infection handling cash and coins. Given this reality, Devulkar

needed UPI to retain and attract customers.

“Two months later, I realised my business had picked up by around 20 percent because

payments had become easy and quick. Customers generally ask if they can make payment via

the phone to avoid the hassle of loose change and/or to avoid a rush,” said Devulkar, as he

dexterously buttered freshly made toast. More than 40 percent of his customers opt to pay via

UPI now, and his monthly income has increased by around Rs 5,000.

A few metres away from Devulkar’s stall is a kirana store. Kamal Gudhka, the owner, is a

veteran in the grocery business and has been running the store for the last 40 years. While he

has seen many shifts in consumer spending over the years, the UPI-led “revolution” has been

quite stark and noteworthy, he said.

“I started accepting UPI payments after COVID, because customers insisted on avoiding

physical contact. Now, more than 50 percent of my customers pay via UPI,” said Gudhka. “In

due course, I realised it saves my time in terms of keeping track of daily transactions and I do

not have to haggle with consumers for loose change. It’s a win-win for all.”

Gudkha and Devulkar are not alone. Like them, millions of Indians, both merchants and

customers, have embraced UPI. Thanks to this radical shift, particularly after the onset of the

COVID pandemic, UPI has become part and parcel of the common man’s life. And fintechs

have been at the vanguard in driving that shift.

26
The financial system in India has undergone transitional change with the onslaught of Fintech

which has proved to be a disruptive technology in the Banking, Financial Services, Insurance

(BFSI) sector. Fintech is simply the use of high-end technology to carry out financial

transactions. Fintech players are competing with each other in the business areas pertaining to

not only digital wallets, retail and corporate lending but also insurtech, wealthtech. As per

Indian Brand Equity Foundation (IBEF), there are 20 public sector banks, 22 private sector

banks, 44 foreign banks, 44 regional rural banks and also a good number of cooperative banks

in India as of March 2020. Paytm has been facing a daunting competition from established

players in Indian banking sector since it began operations as an e-wallet, followed by its

expansion in areas of lending, insurtech, wealthtech. However, gradually with a user base of

450 million registered users, there were 130 million active users as of July 2019. Paytm was

effectively able to capitalize the sudden digital wave in the country in the year 2014 and

emerged as a potential competitor for existing players. The paper also discusses the trends in

revenues and profits of Paytm since the year 2013 and how Paytm has set an example of daring

to enter the industry and establishing itself, where established players have enjoyed dominance

for a long time. It is also proved why a “High Volume-Low Margin” strategy helps a new

venture to give stiff competition to even the established players if the same is implemented

with a consistent approach.

The development and modernization of the payment system has resulted in transparency

and accountability, reduced transaction costs, and has decreased the size of the informal

economy. Further, it has reduced overall corruption and boosted economic growth,

especially in India's rural areas. The financial sector in India has undergone significant

reforms during the last three decades. The transformation of financial services

started during the 1990s with increased emphasis on deregulation, competition, and

adoption of international best practices. The Reserve Bank of India (RBI) set out its

27
objectives in 1998 with monograph on Payment Systems in India and provided a roadmap

for the consolidation, development and integration of the country's payment systems

(Payment System Vision Document for 2001–04). Further, Payment and Settlement Systems

Act was implemented in 2007 with the objective of ensuring the safe, secure, sound,

efficient, accessible and authorized payment and settlement system in the country.

Gaining positive experience in the payments system during different vision periods,

the RBI provided a roadmap to ensure benefits of a structured modern payment and

settlement system, including innovative products, to reach beyond the currently served

target groups thereby facilitating greater financial inclusion (Vision Document

2012- In 2015, Government of India launched a flagship program titled 'Digital India'

with.

Aim to transform India into a digitally empowered society and knowledge

economy. “Faceless, Paperless, Cashless” is one part of the role of Digital India. The positive

outcomes of the developments during the period 2015-2018 include introduction of

new and innovative systems, distinctive shift from paper to electronic payment modes,

sizeable increase in transaction turnover, customer centric initiatives, international

recognition, etc. Presently, the global Covid'19 pandemic has influenced the shift towards

digital payments and also increased the adoption rate of digital channels. In the current

situation and as a result of the lockdown, the usage of digital payment systems in India

is higher (75%) than China (63%) and Italy (49%) whereas the global average stood

at 45 per cent (Capgemini Institute; 2020). So, there is an importance to measure the

growth of digital payment services in the country.The covid-19 pandemic could move the

world more rapidly towards digital payments. Payment systems have demonstrated

that they are dependable and durable, and continue to command a high level of confidence

from the general population. However, closure of businesses and the lockdown have

28
resulted in lower transaction volumes overall. To aid the recovery and lead the emergence

into this new normal, it is imperative for the digital payments ecosystem to evolve rapidly and

help shape the post-covid era.Before the spread of COVID-19, the trend of making a

transaction via mobile payment apps was already gaining momentum in India. After the

coronavirus outbreak, this activity further accelerated as consumers started switching

to digital payment methods. According to the report, mobile payment apps such as

Amazon pay, Google pay and PhonePe in India saw a significant increase in the

number of transactions made via their platforms during the COVID-19 crisis.

According to the report, after the lockdown kicked in more people have switched to digital

payment mode. With accessibility to the ATMs in the last few weeks being limited the

digital payments companies are making most of it.Digital payment-app have they been

using the most in the last three weeks, since the coronavirus outbreak, 33% said

Paytm, 14% Google Pay, 4% PhonePe, 10% Amazon Pay, 6% BHIM while 33% used

other apps. Many e-retailers are also requesting payments via digital mechanisms, which

is also contactless and reduces risk of spreading coronavirus.

The Unified Payments Interface (UPI), an instant payment system developed by the National

Payments Corporation of India (NPCI), was down for over an hour on Sunday.

Netizens took to Twitter to vent out their frustration on the issue. They complained that Google

Pay, Paytm and PhonePe, which use UPI to allow users to send money instantly to other bank

accounts have been not working.

The NPCI in a tweet acknowledged the technical glitch and said that UPI is operational now.
It also added that it is monitoring the system closely.

29
“Google is acting as the judge, jury and executioner,” says Paytm CEO Vijay Shekhar Sharma.

The statement, made in the aftermath of the dramatic events of last week when Google decided

to drop Paytm from its Play Store one fine morning, draws attention to an important fact that

has been lost in all the din. And that is the obvious conflict of interest in Google being the

platform for apps in India via its Play Store, and also being a player in the app ecosystem.

Paytm said the reason Google cited for the Play Store eviction was alleged violation of its

policy banning gambling apps. Google objected to Paytm’s cricket-themed scratch-card cash-

back scheme for UPI transactions. Google, without naming Paytm, said it couldn’t allow apps

that were “online casinos.” Paytm insists its apps involve no gambling and moreover that

Google Pay has made similar scratch-and-win offers like Tez Shots, which let players score

runs to win scratch-cards worth up to ₹3,300.

As a condition of being allowed back into the Play Store, Paytm had to pull out its UPI

promotional scheme. The row has brought to the fore Google’s Play Store monopoly and its

power to pull down apps that it feels violate its rules. Sharma is accusing Google of seeking to

hinder Paytm’s ability to acquire new customers through its “dominance” of the country’s

digital ecosystem. This allegation acquires a serious edge when seen in the context of Paytm

being a competitor to Google’s own payments app, Google Pay. About 95 per cent of India’s

mobile phones run on Google’s Android operating system and that means most of the apps are

bought from the Play Store. Google has a hammerlock on the Android ecosystem in India and

this monopoly means companies like Paytm have to rely on Google playing fair with its rivals.

And it’s not only the payments market which is facing competition from Google. The tech

heavyweight’s apps also compete in other areas like cloud storage, maps and email.

Google, which was found guilty of abuse of dominant position and unfair trade practices by

the European Commission, is already under investigation by the Competition Commission of

India after an unidentified party complained the company was “unfairly” promoting Google

30
Pay in India. Google’s presence in India’s digital ecosystem is only set to increase with the

internet giant planning to invest $10 billion in the country over the next five to seven years. All

of this places a heavy responsibility on Indian regulatory authorities to implement tough

oversight measures to ensure Google and others like Facebook, Amazon and Apple don’t

steam-roll the competition in India. Policymakers need to wake up to obvious conflicts of

interest in the internet domain which need to be regulated with a measure of sophistication.

Regulators need to stay ahead of the curve, as the country pivots decisively towards a digital

economy.

The Centre will not “actively intervene” in the matter of conflicting demands by India’s top

payment providers over the issue of enforcing a 30% cap on the market share of. apps operating

on the unified payment interface.

While Paytm, the third ranking payment app “believes market capping should be implemented

as per the timeline (December 2022), “ market leaders Walmart-owned PhonePe as well as

Google Pay had independently approached UPI regulator National Payments Corporation of

India (NPCI) for an extension of the deadline by at least three more years.

With advancements in technology during the recent years, online transactions have become the

most preferred medium of making payments, whether it is for buying/selling something or

transferring money from one bank account to another. And why wouldn’t it be? Considering

the benefits that online payment modes have to offer, it is evident that payment mediums

like UPI are becoming popular by the day. Well, with benefits come certain drawbacks as well.

While there are innumerable benefits offered by UPI as a payment mode, there are also certain

limitations that you must consider. Let’s discuss more about whether it is safe to use UPI

payment apps for money transactions in the blog ahead.

31
Today Electronic payment system is rapidly introduced in our country. It is to make India

Digital. In this study, we will analyze awareness of e-payment among the people of Satara. We

are targeting customers, private sector and Government Sector employees, Students, and

Farmers. e-payment helps to grow economically as well as make digital India. We show the

research result by analyzing the responses according to gender, age, qualification, occupation,

monthly income, the user of payment apps, and so on. The study focuses on an analysis of the

preference for payment apps and a comparative analysis of male and female users of apps in

rural areas with the reference to Satara district in Maharashtra. UPI is an advanced payment

system that offers greater use for consumers along with high security and it has shown greater

adoption by the people. According to the government of India, the cashless transaction will

maximize employment opportunities in the economy, and avoid cash-related robbery thereby

minimizing the risk of carrying physical cash. The present study focuses on the concept and

methods of UPI transactions in the Satara District, India. Besides, the study examines the

benefits and limitations of using Apps for the general public.

Financial technology (popularly known as FinTech) refers to the use of technology to upgrade

and automate the design and delivery of financial services. FinTech firms provide a variety of

services under a single umbrella such as money transfer, financing start-ups, wealth

management services, and insurance. FinTech services have also foreyed into the banking

services such as deposits, payments, and collection. FinTech firms are increasingly made

instrumental for financial inclusion in India. The Government of India, through the introduction

of India Stack, encouraged the growth of FinTech ventures which create unified software

platform with the purpose of bringing India’s population into the digital age. With the ever-

increasing population of smartphone user (about 500 million by 2020), the digital banking

space is expected to witness exponential growth (PwC & Startup bootcamp, 2017). The

32
consumers’ preference toward the variety of FinTech services and the Government’s steps to

improve the access by rolling out payment banks and upgrade digital transformation are

positive moves. In recent years, various financial institutions have taken a digital route and a

collaborative move with the FinTech firms to meet the customers’ needs. The ICICI bank has

1 billion fund for FinTech partnerships and has also developed mobile applications for various

segments of the customers, that is, iMobile (a banking app), iPal (an artificial intelligence

powered chat box), iBiz (a mobile application for corporate and small and medium enterprises),

and Mera iMobile (an e-wallet for the purpose of rural lending) (Hetankar, 2018). State Bank

of India (SBI) has also developed apps to provide user-friendly services to its customers which

include YonoLite and SBI’s chat box SIA that is designed to handle queries. Thus, embracing

of technology in banking, financial services, and insurance sector will help in reaching the

unreached segments of the population and will provide better and innovative experience to

bank customers and assist the banks to flourish.

The rapid adoption of mobile devices and proliferation of ecommerce weren’t the only two

reasons for accelerated growth of digital payments. The growth of these payment technologies

were fueled by the following reasons:

 Changing customer preferences and expectations. The speed and convenience of

ecommerce or online shopping has also altered customer expectations about the

immediacy of payments experience. In today’s world, customers expect faster services

in all sectors, and this appreciation for time-saving has quickly extended to the

payments environment.

 Enhancements to traditional payment mechanisms. Despite customers being interested

and expecting newer payment options, the payment industry still recognizes the

importance of maintaining customer choice over the range of payment options on offer.

33
 For instance, for those customers who continue to prefer to use cash and cheques, the

industry is still looking to innovate and evolve these traditional payment methods. Some

of the innovations that the industry is currently looking at is cheque imaging. Once

introduced, cheque imaging will speed up the time taken to clear cheques and also offer

customers an additional way of paying cheques into their accounts. One of the recent

innovations that the Bank of England introduced is polymer banknotes. These new bank

notes are cleaner, more durable and secure than the previous paper banknotes.

 New technologies and the adaptation of existing technology have provided new ways to pay.

In particular, smartphone technology has given customers access to an ever-expanding

range of services through ‘apps’. These apps have enabled payments for everything

from taxi to hotel bookings, as well as giving the option of quick, secure payments

through mobile banking.

 Regulation and legislation continue to define the framework within which payment

service providers and consumers interact, exchange data and make payments. Good

regulation supports innovation, protects consumers and encourages competition in the

market. It also gives the market confidence to go in a specific direction.

 Competitive and collaborative developments. Payment service providers compete by

providing new products and services to their customers. New payment services result

from industry-driven collaborative initiatives such as the introduction of contactless

technology on cards, Faster Payments or Paym. The emergence of new entrants into the

market, in particular from the UK’s growing FinTech sector, is also driving new

products and services. The UK already employs more people in this sector than

Singapore, Hong Kong and Australia combined.

 New entrants. It is estimated that there are now over 2,500 payment service providers in

the UK, many of whom are offering new payment products and services. As UK has

34
 become the home of the FinTech community the number of payment service providers

are only expected to grow.

These drivers have led to the UK payment sector undergo numerous changes, which can be

seen from the timeline below:

 In 2003, the UK was the first country in the world to roll out Chip and PIN technology

to make cards safer.

 The introduction of contactless technology in 2007 has been making card payments

more convenient.

 In 2008, Faster Payments was launched. This enabled online and phone payments to be

made at the touch of a button.

 Mobile payment technology Paym was introduced in 2014. This new technology has

made payments through a mobile phone a widely-available option. Along with Paym,

other payment methods such as Apple Pay were also introduced.

These innovations have collectively helped mobile, online shopping and banking become the

norm for many of the Kanpur’s consumers and businesses, thereby, changing the payment

ecosystem in the Kanpur.

Drivers for change towards digital payments

These traditional payment systems, however, are undergoing a paradigm shift with an influx

of technology, demographic and regulatory dynamics. Trends, such as new opportunities in the

payment industry in terms of adoption of open application programming interfaces, growth in

digital payments, innovation in cross border payments and challenges from the entry of

alternative payment providers are impacting the industry in terms of fostering competition,

nurturing innovation and enhancing process and system related efficiencies. The intersection

35
of new payments technology, emerging markets, increased consumer expectations, a new

regulatory environment and greater impact of non-traditional players is transforming the

payments ecosystem. This transformation demands that banks reassess the way they participate

in the payments ecosystem.

While, the industry is poised towards transformation, the entry of non-traditional payment

providers with solutions that have an instant service, are challenging the traditional payment

providers to upgrade their products and services.

Someof the trends that are impacting the traditional payment industry are:

a) Increase in adoption of digital payments: According to a report by Capgemini, digital

payments primarily comprised online, mobile and contactless cards and these were expected to

hit $3.6bn in transaction globally in 2016. This figure would also witness around 20% growth

from $3bn in 2015, out of which 20% would be attributed to the contactless cards segment.

The adoption of these new digital technologies has primarily grown due to the increase in

customer demand and adoption of electronic and mobile commerce, contactless devices such

as, wearables, wallets, mobiles and cards. The advent of faster and more secure mobile devices

has also fostered a degree of customer expectation for more efficient and faster methods of

payments. Another reason for the increase in adoption is the downward pressure on fees

charged by card processing merchants and increase in cheaper alternatives provided by fintech

companies such as Uber.

The report also stated that the global value of the POS terminal payments was also expected to

hit $500bn annually in 2017 from the expected $321bn in 2016.

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b) Instant payments are potential opportunity for existing payments: The availability of

instant payments has triggered a new customer need. The introduction of Second Payment

Services Directive (PSD2) has also disrupted the payment landscape with new instant payment

providers like e-wallets, having the potential to emerge as an alternative to existing payment

instruments. A key factor for the increase in adoption for instant payments is its instant access

to funds and its simple usage.

PSD2 aims to fundamentally enhance competition in the industry, bring into scope new types

of payment services and enhance customer protection and security. After its implementation,

PSD2 is expected to lead to a major change in the accessibility of customer data to authorized

third parties when the customer has given their explicit consent. The implementation of PSD2

is also expected to enable new technology companies that recognizes new opportunity in

financial services to compete on a level playing field with traditional financial services and

banking institutions. An example of a new service that might arise is payments that are

connected to social media. For instance, Services that enable to send payments directly from

messaging apps are already popular in the US, where Venmo stands ahead of the pack, and

pleasing investors with steady double-digit growth.

These fintech newcomers will be able to now access customer accounts, make payments on

behalf of customers using API‘s, which account holding institutions will have to give fintech

companies access to and enhanced security through SCA – Strong Customer Authentication –

such as Two Factor Authentication. PSD2 also seeks to standardize the different approaches to

surcharges on card-based transactions, which will be not allowed for those consumer cards

affected by the Interchange fee cap. Traditional payment providers, such as banks will also

have to adapt to the regulation. In this new regulation, banks will have to open up and the

burden of developing new solutions, such as, creating, will come on the banks itself.

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c) Implementation of Instant Payments and Basel-III Norms: Adoption of immediate or

instant payments through initiatives such as SWIFT gpi and real-time payments schemes

across the globe are expected to improve liquidity and shorten reconciliation times which result

in faster order fulfilment across the payments lifecycle.

There is a growing need to monitor the level of liquid assets required to cover future liquidity

needs and improve banks’ ability to withstand the liquidity shocks, the Basel III norms aim at

better liquidity through longer-term funding of assets. Post-2008 Crisis the Basel Committee

on Banking Supervision (BCBS) devised new norms and rules for revising the then-current

capital-adequacy guidelines for global banks. The committee has recommended monitoring

tools to supplement the Basel III liquidity ratios (such as the Liquidity Coverage Ratio), which

are currently in different phases of implementation across different markets

While several countries such as the Netherlands already have an intra-day liquidity monitoring

framework in place, additionally other national-level regulators are also supporting the BCBS

tools, where banks needed to fully implement intra-day liquidity reporting norms by January

2017.

d) Cross-Border Payments Transformation: With the advent of blockchain, cryptocurrency

and other alternative payment providers, cross border remittances are likely to witness a high

degree of growth. According to the Top 10 digital payments trend reports by Capgemini, global

trade flows are estimated to triple to reach up to $85tr by 2025 and will be powered by emerging

economies. The spread of the Internet and digital technologies, are also driving the need for

organizations to streamline their processes to keep up with the quickening pace and rising

volume of international trade transactions.

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The payments industry is also witnessing an increase in demand for cross-border payments to

become simpler, faster, and more cost effective. Some regulatory initiatives such as SWIFT

and blockchain are also helping to change the traditional international payment methods that

are growing less to high fees. Given the pace of change – and customers’ increasing appetite

for increased speed and convenience, digital payments will bring about a radical change in the

payments sector. Currently, the UK payments sector has more than 2,500 payment service

providers; future changes such as the PSD2 can also see the number of providers grow further

and the range of services available to customers further explode.

However, despite increased adoption of digital payments, cash would still remain as a primary

form of payment for many, especially for low-value transactions and certain demographic

groups. Attributes of cash contributing to continued use include speed, universal acceptance,

anonymity, lack of fees, etc. Some emerging markets also still lack a modern payments

infrastructure while certain cultures still have not developed trust in the modern banking

system, thereby indicating that we still have a long way to go to become a cashless society.

Google Pay - Company Highlights

Startup Name Google Pay

Headquarters Google, US

Sector Fintech

Founders Sujith Narayanan and Sumit Gwalani

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Startup Name Google Pay

Founded September 11, 2015, and then renewed on January 8, 2018

Website pay.google.com

Do you want a single platform for managing UPI money transfer, phone recharge, QR code

payments, bill payments, and other cashless transactions? Your search ends with Google Pay.

A robust platform that enables you to go cashless, Google Pay has established itself as one of

the top names in the digital payments segment. Bank transfers, sending and receiving money,

online shopping, and several other services have become as easy as cracking an egg with

Google Pay.

40
CHAPTER 2: COMPANY PROFILE

2.1 History of the organization

IKIGAI LAB PRIVATE LIMITED is a Private

company incorporated on Sunday, 21 February 2021. It is classified as Non-government

company and is registered at Registrar of Companies, KANPUR. Has authorized share capital

of Rs.1,000,000 and has paid up capital of Rs.5,000. It is involved in Other Business Activities

Directors of IKIGAI LAB PRIVATE LIMITED are NANDAN MISRA and ABHAY

PANDEY. IKIGAI LAB PRIVATE LIMITED's Corporate Identification Number is (CIN)

U74999UP2021PTC142201 and its registration number is 142201. Its registered address is A-

3/07 GRD FLOOR TOWER 9 PURVANCHAL ROYAL PARK NOIDA SECTOR 137

NOIDA Gautam Buddha Nagar UP 201304 IN. Current status of IKIGAI LAB PRIVATE

LIMITED is Active. Company is also written / known as M/S IKIGAI LAB PRIVATE

LIMITED or M/S IKIGAI LAB PVT. LTD.

To many English language speakers, ikigai is heard and spoken in three syllables. However, in

actuality, ikigai has four syllables as shown in the Japanese Hiragana alphabet below, and is

pronounced (ee-kee-ga-ee): When translated literally, iki means “life; alive”

and kai (pronounced as gai in this case) can be translated as “reason; worthiness; fruitful;

effective.”

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Ikigai Lab Sam Ushio is Founder of Ikigai Lab, a purpose incubator that delivers insights,

experiences, and solutions rooted in the Japanese concept of ikigai. Inspired by his Great-

Grandmother's journey of sacrifice, legacy, and triumph, Sam launched Ikigai Lab to empower

and inspire the power of purpose.

The Ikigai Lab is a data school of Indo-Canadian AI company Algo8.ai. Ikigai Lab is enabling

the individuals and organizations to learn and develop themselves in new technologies to fulfil

their potential. This is done with the help of bringing real industry case studies to learn and

practice for the students and creating the context of AI among the industry leaders and

managers. Ikigai lab is committed to helping students who are passionate about technology,

design thinking, and data science to learn these skills through our learning and development

programs. They are also running an Artificial Intelligence Academy with IIT Kanpur i.e., EICT

Academy, IIT Kanpur. We are having artificial research labs at institutions like IIT Kanpur,

IIT Patna, IIT Jammu, IIT Jodhpur, etc. We are running a B.Tech AI Program with Shoolini

University, GLA University, PSIT, etc.

On a chain of small islands off the southern coast of Japan known as Okinawa, there’s

something incredible happening. Residents there are living some of the longest, healthiest, and

happiest lives. Even for a country known for its longevity where the average lifespan is 84

years old, Okinawans live a full 5 years longer. Research has described Okinawa as a Blue

Zone – areas in the world where people live some of the longest and healthiest lives.

What makes Okinawans live longer and healthier? One contributing factor could be the concept

of ikigai which originated from the region. Roughly translated to “the reason for

being”, ikigai means that you’re jumping out of bed every morning with a sense of meaning &

purpose in your life. More specifically, ikigai happens at the intersection where what you love,

what the world needs, what you can be paid for, and what you’re good at come together.

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We live in an incredible time in history where, through the advancement of human ingenuity

and technology, access to knowledge and opportunity can be found all over the place. And yet

many of us find ourselves disconnected, disengaged, and even dissatisfied with aspects of our

lives.

What happened here? And why is there this nagging sense “I should be doing more” or “I’m

not good enough” whenever we hop onto our social media feed or engage in small talk with

strangers? What principles can we learn from groups of people like the Okinawans so we can

not only extend the length but also the quality of our lives?

Wherever you’re starting from, there might be a place for ikigai in your life. Living

with ikigai doesn’t have to mean a whole life makeover like quitting your well-paying job or

going on a 30-day silent meditation retreat. It’s about infusing what we currently do with more

meaning, focusing less on material rewards, finding ways to get into a “flow” state more often,

and bringing more experiences in our lives that spark joy.

According to Japanese culture, everyone has ikigai. It indicates the value that one finds in their

life or the things that make someone feel like their life is valuable. It refers to both mental and

spiritual circumstances that make one feel like their life has reason..

2.2 Vision, Mission and Quality Policy

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  Our Vision

Our Vision is to be the company that

best understands and satisfy customer expectations.

 We Believe In

Making a difference. Our customer is our priority. We value customer securety,

productivity & trust.

 Our Mission

Our Mission is to exceed the customer expectation consistently through commitment &

innovation.

 Our Committment

We promise smooth, elevated & accelerated growth along with great transparancy to

our customers.

Creating Future Technology Leadership. The Ikigai Lab is an Emerging Technology and

Human Skills Gurukul, with a focus on AI technology training. It is Algo8 AI's “data-school”.

The Ikigai Lab was founded with the vision to empower every individual with the knowledge

of Artificial Intelligence.

Usually interpreted as: Source of value in one's life or the things that make one's life

worthwhile. The rough English translation means "thing that you live for" or "the reason for

which you wake up in the morning." Each individual's ikigai is personal to them and specific

to their lives, values and beliefs. It reflects the inner self of an individual and expresses that

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faithfully, while simultaneously creating a mental state in which the individual feels at ease.

Activities that allow one to feel ikigai are never forced on an individual; they are often

spontaneous, and always undertaken willingly, giving the individual satisfaction and a sense

of meaning to life.

Inspired by Stanford University’s pioneering Life Design Lab, IKIGAI Lab has been delivering

workshops for individuals from a multitude of backgrounds. Young children, students,

researchers, professionals and retirees have all attended our workshops, which use a variety of

individual and group exercises to help attendees on the journey to identifying and realizing

their ‘personal IKIGAI’ (A tool that helps individuals to connect to a purpose that aims at

benefitting society). More and more organisations are being encouraged to re-evaluate, or

simply to identify, their purpose. This is being encouraged not only in France but on an

international basis. The Loi Pacte encourages French businesses to commit to establishing a

charter detailing their “raison d’être” as a company, while the largest US business group has

accepted that businesses must define company targets beyond solely making profit. IKIGAI

Lab is researching ways in which to support companies in this transition towards defining their

collective purpose, through workshops and digital content.

2.3 Structure of the organization

What really sings for me about ikigai is that it’s interchangeable. It’s unique to every individual

and acknowledges that the idea of “happiness” is actually quite elusive. Ikigai, as a concept, is

able to develop as you do. If one path of purpose ceases to exist, you can adapt, change and

pursue new passions with purpose. Ikigai creates platforms for that.

There are many different facets to ikigai, but there is one fundamental part to it that really

works: Even if your present doesn’t feel right, if you don’t feel truly valuable in your current

state but you have a strong goal you’re striving towards, then you have found your

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Ikigai.According to the residents of the Japanese island of Okinawa – the world’s longest-living

people – finding Ikigai is the key to a longer and more fulfilled life. Ikigai shows us how to

leave urgency behind, find purpose, nurture friendships and throw ourselves into your passions.

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2.4 Products/Services of the organization

Business Intelligence

Business intelligence (BI) refers to the procedural and technical infrastructure that collects,

stores, and analyzes the data produced by a company's activities. BI is a broad term that

encompasses data mining, process analysis, performance benchmarking, and descriptive

analytics.

The need for BI was derived from the concept that managers with inaccurate or incomplete

information will tend, on average, to make worse decisions than if they had better information.

Creators of financial models recognize this as “garbage in, garbage out.”

BI attempts to solve this problem by analyzing current data that is ideally presented on a

dashboard of quick metrics designed to support better decisions. These requirements mean

finding more ways to capture information that is not already being recorded, checking the

information for errors, and structuring the information in a way that makes broad analysis

possible.

In practice, however, companies have data that is unstructured or in diverse formats that do

not make for easy collection and analysis. Software firms thus provide business intelligence

solutions to optimize the information gleaned from data. These are enterprise-level software

applications designed to unify a company’s data and analytics. Although software solutions

continue to evolve and are becoming increasingly sophisticated, data scientists still need to

manage the trade-offs between speed and the depth of reporting.

Some of the insights emerging from big data have companies scrambling to capture

everything, but data analysts can usually filter out sources to find a selection of data points

that can represent the health of a process or business area as a whole.

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Artificial Intelligence

Artificial intelligence is the simulation of human intelligence processes by machines, especially

computer systems. Specific applications of AI include expert systems, natural language

processing, speech recognition and machine vision. As the hype around AI has accelerated,

vendors have been scrambling to promote how their products and services use AI. Often what

they refer to as AI is simply one component of AI, such as machine learning. AI requires a

foundation of specialized hardware and software for writing and training machine learning

algorithms. No one programming language is synonymous with AI, but a few, including

Python, R and Java, are popular.

In general, AI systems work by ingesting large amounts of labeled training data, analyzing the

data for correlations and patterns, and using these patterns to make predictions about future

states. In this way, a chatbot that is fed examples of text chats can learn to produce lifelike

exchanges with people, or an image recognition tool can learn to identify and describe objects

in images by reviewing millions of examples.

AI programming focuses on three cognitive skills: learning, reasoning and self-correction.

AI is important because it can give enterprises insights into their operations that they may not

have been aware of previously and because, in some cases, AI can perform tasks better than

humans. Particularly when it comes to repetitive, detail-oriented tasks like analyzing large

numbers of legal documents to ensure relevant fields are filled in properly, AI tools often

complete jobs quickly and with relatively few errors.

This has helped fuel an explosion in efficiency and opened the door to entirely new business

opportunities for some larger enterprises. Prior to the current wave of AI, it would have been

48
hard to imagine using computer software to connect riders to taxis, but today Uber has become

one of the largest companies in the world by doing just that. It utilizes sophisticated machine

learning algorithms to predict when people are likely to need rides in certain areas, which helps

proactively get drivers on the road before they're needed. As another example, Google has

become one of the largest players for a range of online services by using machine learning to

understand how people use their services and then improving them. In 2017, the company's

CEO, Sundar Pichai, pronounced that Google would operate as an "AI first" company.

Application Programming Interface

An application programming interface, or API, enables companies to open up their

applications’ data and functionality to external third-party developers, business partners, and

internal departments within their companies. This allows services and products to communicate

with each other and leverage each other’s data and functionality through a documented

interface. Developers don't need to know how an API is implemented; they simply use the

interface to communicate with other products and services. API use has surged over the past

decade, to the degree that many of the most popular web applications today would not be

possible without APIs.

APIs offer security by design because their position as middleman facilitates the abstraction of

functionality between two systems—the API endpoint decouples the consuming application

from the infrastructure providing the service. API calls usually include authorization

credentials to reduce the risk of attacks on the server, and an API gateway can limit access to

minimize security threats. Also, during the exchange, HTTP headers, cookies, or query string

parameters provide additional security layers to the data.

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For example, consider an API offered by a payment processing service. Customers can enter

their card details on the frontend of an application for an ecommerce store. The payment

processor doesn’t require access to the user’s bank account; the API creates a unique token for

this transaction and includes it in the API call to the server. This ensures a higher level of

security against potential hacking threats.

2.5 Growth of the organization (Challenges faced in past)

Modern industrialized society oppresses human autonomy and shapes dominant future images.

Rapid enhancement of technologies adds much more complexity to our society, and it can be

dystopian futures. These futures are often shaped by actors with power, such as experts, tech

industries, institutions, or designers. On the other hand, recent design agendas including

Transition Design and Collective Dreaming, claim a strong demand for empowering wider

people to shape desirable futures. Therefore, the thesis presents the method of Co-Speculation

as a participatory and experiential speculative method to enable non-expert citizens themselves

to imagine possible futures.

The thesis is grounded on mainly two fields; speculative design and participatory design. It

investigates how the Co-Speculation method can work for everyday citizens to collectively

envision possible futures. In more detail, the research aims to investigate three sub-questions:

1) To explore why speculative design needs to be more participatory, 2) To explore what

enables or challenges citizens to speculate futures, and 3) To explore what possible effects the

method can create.

With this aim, the thesis conducted an empirical case study in the City of Takarazuka, in Japan.

In collaboration with the local civic-tech organization, Community Link, the case study

explored futures of ikigai, a psychological state of feeling worthy for a living, in the context of

an aging society. The project engaged active citizens as co-futurists. Materials for analysis were

50
collected from evaluative interviews with participants, audio records of the workshop, and the

researcher’s reflection notes.

The research found that the Co-Speculation performs as a potential method for enabling

citizens to envision alternative futures. It supports non-experts’ imagination in several ways;

diverse views of participants, making as an embodied act, and the empathic scaffolding tools.

Some challenges were also identified, such as the difficulty in the suspension of disbelief,

dominant pre-assumptions, and a lack of controversial views. Suggestions for further

improvements and possible areas of the method application are also presented.

This study contributes to the academic discussion on speculative design and participatory

design by providing findings and the empirical case of the method application. The conclusion

indicates that the method can catalyse imagination and citizens can be involved in the visioning

process as active co-futurists.

2.6 Organization’s SWOT analysis

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The modern interpretation of Ikigai tends to include 4 main elements: what you love, what the

world needs, what you are good at and what you can be paid for. The original philosophy,

thought to date back to the Heian period (794 to 1185 AD), didn’t include ‘what you can be

paid for’. In earlier times, working out your Ikigai meant finding the ‘sweet spot’ between what

you loved, what you were good at, and what the world needed. This could be volunteering or

caring for your family. Alternatively, it could simply be aiming to show kindness every day.

Ikigai can be thought of as an internal compass, helping to navigate us through difficult times.

Ikigai is not a static concept. As we mature, and the world and our circumstances change, so

can our ikigai change direction or evolve. Maybe you won’t discover your ikigai until later in

life, when you learn something new that inspires you, or your flame might be sparked by

injustice or a world issue. Alternatively, you might discover a new passion. The 4 key elements

listed above can also be labelled as: passion, expertise, demand and value.

For an individual, passion is about what you love to do. For a company, it's what work

motivates the organisation's culture. This could be a specific activity, an impact you have in

the world, or a customer you love to help. A few examples that come to mind: Apple loves to

create beautiful technology, Toms Shoes loves to help communities that are underserved, and

Google loves to organise information. The trick is that though there may be many things you

love to do, only some of them will also meet the other criteria below.

Finding your why is often a process, as opposed to an event. However thought leaders in the

space such as Simon Sinek use frameworks such as the ‘Golden Circle’: Why, How and What.

‘What’ corresponds to the outer section of our brains, the neocortex – which thinks rationally

and analytically. It helps us understand facts, figures, features and benefits.

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The other two elements (Why and How) correspond to the middle section of our brains, the

limbic system. That limbic system is responsible for our feelings, decision making and

behaviours. Crucially, this part of our brain has no capacity for language. Instead, it gives us a

feeling (‘gut feeling’) about what to do, that we struggle to explain.

Once we understand our Why, we can recognise what drives our behaviour, and what fulfils

us. Importantly, we can make better-informed choices about what we do, in business, in our

careers, in our lives.

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 PART- 2

❖ CHAPTER 3: STUDY OF THE SELECTED RESEARCH

PROBLEM

3.1 Statement of the research problem.

The study is about Google pay and Paytm user’s in Kanpur city. To know the satisfaction level

of the customers, the developers introduced new features to attract the users. So, this study is

to identify the problems and preference among Google pay and Paytm users.

Digital payment app, Paytm, is giving a hard time to some users. Several users reported that

they were not able to log in to the Paytm app and not able to pay using the app. Paytm has

acknowledged the issue and said that it is fixing the bug that is not letting people access the

app and make payments. Considering how dependent people are on the digital payment apps,

it can be no less than a nightmare when you are trying to make a payment and the app

malfunctions. Most of the time, people do not carry a lot of cash and get stuck in situations

when such things happen.

A mobile wallet is one of the financial inclusion options available to access financial services.

When people are running behind time, mobile wallet helps in time saving and helps in quick

payments for doing various transactions like travel booking, hotel booking, bill payments and

purchases. In India, many Indian and International mobile wallet companies compete to capture

the Indian mobile wallet market. Globally, mobile wallet transactions have reached INR 2

trillion in 2019 and the survey revealed that 83.6% of the respondents are using mobile wallet

transactions in India. All the mobile wallet brands are approved by the Reserve Bank of India

and both private and public sector banks connect their UPI’s with mobile wallets. Especially

in Bangalore, most of the employees, students, homemakers, business people, retail shoppers,

petty shoppers, and roadside vendors are adopting and using the mobile wallet for their day to

day transactions. In India, around 20 brands of mobile wallets are available but in Kanpur, most

54
people prefer PayTm & Google pay. Attempt is made to analyse the reasons for the success of

these two brands of wallets among the various brands in Kanpur. Mobile wallet payments are

the most convenient and fastest payment method in cashless payments. The mobile wallet

provides more offers and discounts to the users and eliminates the use of banking cards, account

numbers, IFSC, and passwords for making the transactions.

“At times, there are problems in terms of where the money has to be credited to or from the

bank where the funds will get debited. That could be any lender and not necessarily the four

banks backing Google Pay," said a senior executive in charge of digital payments at a private

bank. Google Pay and NPCI did not respond to queries. PPB declined to comment.

“The spillage is happening and it is natural as UPI users leverage at least two payment apps.

Google Pay will not be able to correct the infrastructure challenges with banking partners easily

in the next few weeks or months, since payment infrastructure needs sustained attention," said

a payments company executive, requesting anonymity.

Merchant transactions on UPI have boosted UPI’s growth which provides a further edge to

PhonePe and Paytm, which have been investing on their offline merchant base in a bid to

distribute credit and financial services to their partners.

“P2P (peer-to-peer) transactions will see some stagnation. It is P2M (peer-to-merchant)

transactions where there is headroom to grow, and PhonePe and Paytm are adding more use-

cases, growing the overall UPI ecosystem. Another challenge is the ‘do-it-yourself’ model,

which Big tech like Google might be adopting, whereas Paytm and PhonePe are handholding

merchants, since this base counts for monetization streams," said Deepak Abbot, a former

Paytm executive, and the co-founder of Indiagold, a startup which works in the gold

monetization space.

55
While PhonePe commanded a 47.67% share of customer transaction volumes on the Unified

Payment Interface (UPI), Google Pay bagged 33.9% and Paytm owned 14.87% of the UPI

market in transaction count. According to data shared by the National Payments Corporation

of India (NPCI) in July 2022. The merchant transaction failed but the payment was not updated.

The issue will be resolved within 3 business days (usually within hours) from the date of

payment initiation. The money will be transferred to your bank account during this period.

Please check your bank statement to verify the same.

3.2 Review of Literature

S.Lyrics Miruna (June 2019), Explained The present study focuses on measuring customer

satisfaction towards E-Wallet in Kanpur City. Digital wallets give them the sense of security

by acting as a wall between the bank and vendor. The country needs to move away from the

cash-based towards a cashless (digital) paytm system. Shivangi Jaiswall, Pankaj Joga (2018),

“A study on consumer acceptance of Mobile Wallet with special.

Dr.T.Venkatesan (2018), Observed Paytm is the Indian mobile first financial services

company that offers payments, banking, lending and insurance to consumers and merchants

through its mobile app. Paytm can establish a separate wing with trained staff to address the

issue and problems related to Paytm services. The research paper analyzes the usage of Paytm

by users in Kanpur.

Jewel E. Ann, Scarlet Stone (2018) Explained In this cashless economy era, Information and

Communication Technology (ICT) plays a vital role in making payments using various

payment modes. The mobile wallet app is an innovative technology for avoiding the usage of

physical cash. The mobile wallet records all kinds of transactions with a clear payment

reference and makes it accountable for tax payments. There are countless reasons for using

mobile wallets which makes service providers confused and leads them to offer unattractive

56
features in the wallet apps making the offer as a failure. This paper attempts to collect the data

from the mobile wallet users and provide a clear understanding of the reasons for using mobile

wallets. Secondly, the customer preferences towards Google Pay and PayTm are analyzed in

detail with primary data collected from mobile wallet users to suggest a model for improving

the business. This research was conducted to understand the customer's inclination towards the

use of mobile wallets.

Joshi et al (2019) Observed Financial transactions are intimately bound with social interactions

and woven into everyday economic lives. In this paper we focus on Paytm, a digital wallet, and

a specific set of users of Paytm, street vendors in urban India. Through an ethnographic

investigation we offer to unpack two questions: 1. Can digital forms of money create financial

inclusion by opening up access to the marginalized 2. Can digital platforms amplify socio-

economic capacities of low literate users enhancing financial literacy? We argue that digital

and financial literacy are an immersive component of digital wallet use acquiring ‘everyday

life’ in specific socio-economic ecosystems. Our study captures daily practices of digital

money staking a claim in advancing the understanding of financial inclusion as a lived process

accumulating habits, practices and stakes to expand socio-economic capabilities.

Gupta et al (2020) Explained "Faceless, Paperless, Cashless". ‘Digital India’ is a flagship

programme of the Government of India that envisions India as a digitally empowered

knowledge economy. As India emerges a global competitor in innovative population-scale

payment systems, various digital payment methods have been introduced nation-wide,

including Micro ATMs, Banking Cards, Internet Banking, UPI (Unified Payment Interface),

Mobile Banking, and Mobile Wallets. However, the Indian economy identifies an unapparent

barrier between the growth of Digital India and complete acceptance towards Digital Payment

System. India’s present usage of cash as a payment mode can be measured in the terms of

India’s cash to GDP (Gross Domestic Product) ratio of 11.4 percent, as of 2019, which is

57
considerably higher than several other developing and developed countries. This also includes

costs of cash, such as costs of printing, maintaining cash supply to ATMs, incurred interest and

costs due to counterfeit currency, which round up to 10 to 30 percent of India’s GDP. This

research studies prior literature and consumer behaviour via ground-level surveys and

interviews. We also analyse the cryptic challenges faced by users belonging to different age

groups towards complete acceptance of digital payments and modes. For instance, a significant

proportion of digital users are minors which spurs the need of shared wallets to allow governed

transactions by dependent users. Also, symmetric inter-app transactions, intelligent resolution

for effective redressal, credible incentivisation, short-term loans, etc. are proposed. As an

outcome, a more reliable, secure, and contemporary working model for a Digital Payment

Wallet service using Blockchain Technology has been developed.

Dr. A. Sandhya Rani (2022) Explained India's financial system is evolving continuously with the

help of emerging technologies to make online transactions easier, safer, accessible and more

personalized for customers. It is also becoming more agile and efficient. The study purpose is

to examine the effect of Covid-19 on Digital payments and to compare the respondent’s buying

behavior before lockdown and during the lockdown, to study the acceptance level of Paytm

and Google pay in India as an alternative to the cash transactions, to analyze the problems faced

by them during online payment, for this, Primary data and secondary data are collected. The

primary data is obtained from survey questionnaires using convenience sampling method. The

contribution of this study is an attempt to comparatively analyze the switch to digital payments

from cash payments and how covid-19 outbreak has made its contribution towards the

contactless digital payments. The study basically helps us by to understand the major sector of

people who are aware and adopted the mode of transactions of digital payments through e-

wallets. The research and data collection in the study concluded that there was an inclination

58
in the mode of digital payments. The customers with age group of 25-45 show the most usage

of digital payments and are completely aware of it. Majority of respondents prefer phonepe and

g-pay over other payment methods. The problems faced were mostly about non availability of

financial accounts and the lack of proper internet access.

Dr. Praveen Paul Jeyapaul , Dr. Jaya Christa S.T.(2022) Observed Digital transactions are given

a big push in India and this becomes more relevant given the COVID pandemic situation since

handling of hard cash may be a vector of the deadly virus. Consumer transformation to digital

transaction depends on their perceived benefits and problems. Thus the main objective of the

study was to examine the consumers’ perception of benefits and problems associated with

digital transactions. Primary data was collected from 122 respondents who use digital payment

modes in a suburban area of Virudhunagar in India. Data was collected using a structured

questionnaire with five point Likert scale. Chi square for cross tabulation was used to find if

there was a significant difference between the difference groups of respondents. Linear

regression was used to find the impact of the factors on the overall preference towards digital

transactions. It was found that a large portion of the respondents have used debit cards followed

by net banking Paytm and Google pay and few respondents have used credit cards, Phonepe,

etc. Fear of misuse of personal information and fear of losing security and safety of financial

information had significant impact on the overall preference of digital transactions. It is

suggested that if service providers can instil enough confidence on the security of data then

most of the consumers will be confident on the digital transactions.

Tiwari et al (2022) explained the tremendous increase in the use of digital payment systems,

there is a surge in the usage of payment apps; therefore, it is very important to do a comparative

analysis of various payment apps in order to understand the customer satisfaction towards

various payment apps and to identify the factors which motivate people to use a particular

59
payment app. The research is conducted in Pan India using an online questionnaire of 200

respondents. Primary as well as secondary data was used in the study. Hypothesis testing was

done using SPSS software, and results were obtained based on all the factors which could

possibly affect the selection of the payment app.

Verma et al (2022) Observed Today Paytm have gained a lot of importance in the past few

years in India. Street vendors in India are using using Paytm to retain their customers. Security

of payments is very essential in every online transaction. To ensure all payment transfers are

processed securely, Paytm Payment Gateway uses the latest technology to keep transactions

safe for customers. Paytm help the street vendors in many ways like cashless transaction and

problem of change money. The present study is basically done to analyse the perception on

PayTm among street vendors of Lucknow and problem faced by street vendor’s of Lucknow

while using PayTm and the hurdles they gone through like fraudulent transactions, danger of

losing money & risk of identity theft. This study is based on the primary data and secondary

data.

Singhal Rashi (2021): explained “Impact and Importance of Digital Payment in India” that

services offered by banks in digital form provides various opportunities to the banks when it

comes to the benefit of their customers. The shoppers have a great impression along with a

worthwhile effect upon the use of digital payments services. As one of the largest providers of

financial and monetary services in our smart cities and the bush of rural areas, business banks

provide inimitable services to their potential customers. She has founded that RBI and Indian

government has brought up some noticeable acceptances with an entry of a mode such as non-

financial system of deferred payments. The regular improvement in transmission of media as

well as innovation has provided stimulation to voluntary framework of computerised

instalments. Further she also mentioned about various governmental activities such as

60
demonetisation or GST which is contributing to the economic expansion along with spreading

of net for high expenses.

Vally Suma and Divya Hema (2018): observed mentioned in their study on “digital payments

in India with perspective of consumer adoption” that digital payments services got hike after

the happening of demonetization which gave rise to use of BHIM and UPI applications with a

presence of full transparency. The researches have conducted a primary survey for 183 people

from Hyderabad region of India and analysed their data through application of a technique that

is Chi-square. They founded that technological deployment in case of digital payments has

raised banking performances that is competent to attain objective of cash less economy. They

further analysed that banks are required to bring some measures that are effective in order to

create awareness while using security or technology.

Esther Krupa, M (2022) explained Cashless Transaction is the latest technology that has

seen a tremendous growth in the past year. Cashless payments are now becoming a popular

trend in almost every field. The

usage of mobile wallets experienced massive growth in users. The users of e-wallet have

been increased after demonetization and Covid-19 among the college students. This study

makes an attempt to study users’ perception towards selected e-wallets. This study mainly

concentrates on google pay and paytm users. Primary and secondary sources are used to

collect the data. The primary source is collected through structured questionnaire from 150

respondents. The secondary data is collected through journals, magazines, etc., Various

statistical tools have been adopted to extract the output.

61
3.3 Statement of the research objective

 To identify the customer preference among Google pay and Paytm.

 To identify the problems faced by the users’ while using Google pay and Paytm.

 To study the satisfaction level of the customer using Google pay and Paytm.

3.4 Research Methodology

Research Methodology is a way to solve the research problem in a systematical way. The

research strategy which forms the basic structure of the entire research project is methodology

which helps in identifying the methods to be used. Research methods and Research

Methodology are two different concepts which has to understood research methods can be

understood as all the methods or techniques that will be used in the research project, various

research types has various methods and techniques. Research Methodology forms the base of

every research and the scope of research methodology is much wider than that of research

methods because research methodology also means specifying the logic behind the methods or

the techniques we use to conduct a research. Research Methodology also explains how to

conduct a research, how to find the information and how to present the collected data. For

example how an architect designs a building he has to specify every single detail and has to

evaluate every single decision that he has taken and specify the result. Research Methodology

can be different for every research problem.

1) Research Design:- The current research is built on the primary data source and the data

consists of 50 people responses collected within the boundaries of Kanpur Nagar. A set of pre-

defined questions intended towards to the study perception of customers towards Paytm and

Googlepay users in Kanpur city.

2) Measurement/ Scaling technique:- Likert scale provides five possible answers to a

statement or question that allows respondents to indicate their positive-to-negative strength of

62
agreement or strength of feeling regarding the question or statement. 5 point Likert scale is

used to gather the answers from the respondent where 5 – Strongly Agree, 4- Agree, 3- Neutral,

2- Dis-Agree and 1-Strongly Agree.

LIKERT SCALE ANALYSIS (GOOGLE PAY)

 Majority of respondents have preferred to money transfer, recharge, utility & bill

payment and buying movie tickets.

 Majority of respondents are satisfied using recharge, ticket booking, bill payment,

shopping, transfer of funds and hotel booking facilities.

 Majority of respondents are highly satisfied with transaction speed service provided

by Google pay.

 Majority of respondents are satisfied with safety & security, charges, software issue,

convenience and grievance services provided by Google pay.

LIKERT SCALE ANALYSIS (PAYTM)

 Majority of respondents have preferred to money transfer, recharge, utility & bill

payment and buying movie tickets.

 Majority of respondents are satisfied with the usage of recharge, movie ticket booking,

bill payment, shopping, transfer of fund and hotel booking.

 Majority of respondents are highly satisfied with charges services provided by paytm.

 Majority of respondents are satisfied with transaction speed, safety & security,

software issue, convenience and grievance services provided by paytm.

3) Data Collection:- In the primary research, sampling is an important component, which

determines the number of respondents participating in the research study. Due to several

constraints, including time, geographic and finance, a study needs to select a subset of the

63
population. The sampling process can be either probability or non-probability. In this case, the

convenience sampling‟ technique is used, which is a form of non-probability sampling and

considers accessibility and proximity of the respondents.

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 ❖ CHAPTER 4: DATA ANALYSIS

4.1 Graphical presentation/ Visualization

Male 62 %

Female 38 %

65
18 Years – 28 Years 70 %

29 Years – 39 Years 22 %

40 Years – 50 Years 8%

66
 Married 27.5 %

Un married 36.3 %

Never Married 37.3 %

67
Less than or equal to Rs.25000 48.1 %

Rs.25001 – Rs.50000 30.8 %

Rs.50001 – Rs.75000 11.5 %

Rs.75001 – Rs.100000 9.6 %

68
Employed in Pvt. Organization 19.2 %

Government Employee 21.2 %

Business Person 17.3 %

Others 42.3 %

69
Money Transfer 46.2 %

Recharge 30.8 %

Booking tickets 13.5 %

Others 9.6 %

70
 0 – 3 months 34.6 %

3 – 6 months 23.1 %

6 – 9 months 21.2 %

More than 9 months 21.2 %

71
 By friends 25 %

Advertisements 42.3 %

References 25 %

Others 7.7 %

72
Rewards 17.6 %

Discounts 37.3 %

Cashback 29.4 %

Others 15.7 %

73
 5 - 10 41.2 %

10 - 15 33.3 %

15 - 20 15.7 %

20 above 9.8 %

74
 0 – 3 days 29.4 %

3 – 6 days 39.2 %

6 – 8 days 25.5 %

More than 8 days 5.9 %

75
 Satisfied 34.6 %

Highly satisfied 32.7 %

Dissatisfied 26.9 %

Highly dissatisfied 5.8 %

76
Yes 57.7 %

No 42.3 %

77
 Highly satisfied 25.5 %

Satisfied 39.2 %

Dissatisfied 33.3 %

Highly dissatisfied 2%

78
3000 - 5000 35.3 %

5000 - 8000 19.6 %

8000 - 12000 35.3 %

12000 above 9.8 %

79
Satisfied 34.6 %

Highly satisfied 25 %

Dissatisfied 32.7 %

Highly dissatisfied 7.7 %

80
Yes 53.8 %

No 46.2 %

81
 Satisfied 37.3 %

Highly satisfied 29.4 %

Dissatisfied 27.5 %

Highly dissatisfied 5.9 %

82
Yes 71.2 %

No 28.8 %

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 ❖CHAPTER 5: FINDINGS

Customers have different priorities according to their satisfaction aspects, the

highest and second highest responses are-

1. Paytm & Google pay wallet accepted everywhere Yes (71.2 %)

2. More used by whose age is 18 Years – 28 Years (70 %)

3. Total number of male users of Paytm and Google pay is (62 %)

4. Do you recommend Paytm and Google pay wallet others Yes (57.7 %)

5. Paytm and Google pay is users friendly Yes (53.8 %)

6. Current monthly income of the Paytm and Google pay users less than or equal to Rs.

25000 (48.1 %)

7. Mostly use the Paytm and Google pay by the users for the purpose of money transfer

(46.2 %)

8. Total number of transaction do make per month by the users through Paytm and

Google pay 5 – 10 (41.2 %)

9. Response from customer service towards complaint raised satisfied (39.2 %)

10. Average transaction value using Paytm wallet 8000 - 12000 (35.3 %)

11. Overall satisfaction towards Paytm and Google pay wallet satisfied (34.6 %)

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 Table shows the obstacles facing by the users

FACTORS GOOGLEPAY PAYTM

I II III IV TOTAL RANK II III IV TOTAL RANK
SCORE SCORE
TOO MUCH TIME 24 23 17 204 19 17 11 153
CONSUMPTION (4) (3) (2) (1) (4) (3) (2) (1)
TO SET UP
INVOLVES 15 29 21 193 12 19 16 141
DANGER OF (4) (3) (2) (1) (4) (3) (2) (1)
LOSING MONEY
CANNOT BE
USED FOR 23 27 14 202 23 19 6 164
INTERNATIONAL (4) (3) (2) (1) (4) (3) (2) (1)
TRANSACTION
DATA COST
28 23 15 214 27 13 8 166
(4) (3) (2) (1) (4) (3) (2) (1)

INTERPRETATION

From the above table, Data cost is ranked as first, too much time consumption to set up is

ranked as second, cannot be used for international transaction is ranked as third and Involves

danger of losing money is ranked as fourth. (GOOGLE PAY)

From the above table, Data cost is ranked as first, cannot be used for international transaction

is ranked as second, Too much time consumption to setup is ranked as third and Involves

danger of losing money is ranked as fourth. (PAYTM)

85
 ❖CHAPTER 6: LIMITATIONS OF STUDY

 The research sample was taken mostly from a particular region, Kanpur, hence it cannot

be used to be generalized for pan India.

 The sample was limited up to 52 respondents which may not show the exact consumer

behavior of the whole population of Kanpur challenges faced by Paytm and Google Pay

users.

 The study contains limited aspects to analyze the consumer behavior towards

challenges faced by Paytm and Google pay users, there can be many other aspects on

which consumers may show different challenges.

 The literature review is done for only 10 previous researches, which may not clarify the

results to more enhanced level.

 The answers may include biases of individual respondents to a particular aspect of the

services received, thereby decreasing the objectivity of the study.

 Some of the questions were negatively phrased to check the constancy of the responses;

some of these questions may have seemed ambiguous to the respondent.

 The study is not conducted on a much larger scale in Kanpur, Tier-1, Tier-2 and Tier-

3, with a greater number of variables, to understand challenges faced by Paytm &

Google Pay users.

86
  CONCLUSION


Paytm is a fast-growing corporation with a strong presence in the Indian banking and service

sectors.

The fact that it evolved from a small start-up to a big corporation in such a short amount of

time highlights the strength of India's capitalist system and the region's adept use of innovation.

The relationship between entrepreneurship and creativity is incomprehensible. Without

innovating their organization, no one can succeed in this competitive world. Successful

entrepreneurs often put their priority first, regardless of what others think. They make every

effort to please their customers before they have a need. The best example of this type of

entrepreneur organisation is Paytm. Vijay Shekhar Sharma aims to keep his consumers'

attention ahead of their imagination. When demonetization was declared, the founder of Paytm

benefited the most because he was prepared to solve people's most difficult problems. Paytm

was able to reach the largest possible audience as a result of this. Paytm has seen tremendous

growth as a result of a variety of creative initiatives.

According to Ms.Pranjali A. Shendge (2017), digital wallets can be easily traceable, so it

restricts the illegal transaction of money transfer in turn the black money generation. Richa

Goel et al. (2019) states that, many rural people are not aware of the cashless economy and

many of the people are having a lack faith and confidence in the mobile wallet. It is one of the

facts found in this study, the study attempted to find out the reasons for preferring google pay

and Paytm mobile wallet only in Kanpur city. Before and after the demonetization in India,

many mobile wallet brands have emerged and these brands are providing many offers and

benefits to cover a wide range of users. In India more than 20 mobile wallet brands are available

but a few brands like Paytm, Google Pay, Phonepe, MobiKwik, and Freecharge brands are

familiar in India and also are user-friendly to their customers. In Kanpur, Google pay and

Paytm are very familiar and it is used by a wide range of people for the reason that two apps

87
are more trustable, less risky, and more familiar in Kanpur. Despite experiencing the risks in

terms of loss of money, a transaction failure, network issues, server down, etc., customers stick

to these two brands Google Pay and Paytm due to their loyalty and other factors like

convenience, ease to use, time-saving, and risk-free transactions.

Technology has arguably made our lives easier. One of the technological innovations in

banking, finance and commerce is the online Payments. Online payments (e-payments) refer

to the technological breakthrough that enables us to perform financial transactions

electronically. After analysis and comparison between Google pay and Paytm modes of

electronic payment systems, it is revealed that it is quite difficult, if not impossible, to suggest

that which payment system is best has they differ only in some minor details. Hence this study

concludes that success of e-commerce payment systems depends on consumer preferences,

ease of use, cost, authorization, security, authentication, accessibility and reliability. The efforts

of using these payment systems are going well by the government as well as the private sector

companies having e-wallets apps such as Google pay and Paytm. The government needs to

tackle some challenges on the usage of these apps to have cashless economy and to give a boost

to digital payments to provide sustainable economic development to the country in the long

run.

88
 ❖ BIBILOGRAPHY

 Esther Krupa, M. (2022). A STUDY ON USERS PERCEPTION TOWARDS

SELECTED E-WALLETS (GOOGLE PAY & PAYTM) AMONG COLLEGE

STUDENTS. GEDRAG & ORGANISATIE REVIEW, 35(1), 318-327.

 Mayilsamy, R., & Vishmita, M. S. A COMPARATIVE STUDY ON

USERS’SATISFACTION TOWARDS GOOGLE PAY AND PAYTM WITH

SPECIAL REFERENCE TO KANPUR CITY.

 Manickam, T., Vinayagamoorthi, G., Gopalakrishnan, S., Sudha, M., & Mathiraj, S. P.

(2022). Customer Inclination on Mobile Wallets With Reference to Google-Pay and

Paytm in Kanpur City. International Journal of E-Business Research (IJEBR), 18(1), 1-

16.

 Joshi, T., Gupta, S. S., & Rangaswamy, N. (2019, May). Digital wallets ‘turning a

corner’for financial inclusion: A study of everyday PayTM practices in India.

In International Conference on Social Implications of Computers in Developing

Countries (pp. 280-293). Springer, Cham.

 Gupta, R., Kapoor, C., & Yadav, J. (2020, June). Acceptance towards digital payments

and improvements in cashless payment ecosystem. In 2020 International Conference

for Emerging Technology (INCET) (pp. 1-9). IEEE.

 Rani, A. S. (2022). IMPACT OF COVID-19 ON DIGITAL PAYMENTS. Journal of

Positive School Psychology, 6(7), 1453-1461.

 Tiwari, P., Bhavsar, V., Sinha, B., & Bhatt, V. (2022, March). Comparative Analysis

of Top Payment Apps in India-By Studying Customer Satisfaction. In 2022

International Conference on Decision Aid Sciences and Applications (DASA) (pp. 378-

381). IEEE.

 Verma, A., Gupta, G. K., Srivastava, P., & Singh, M. P. (2022). Gauge The Ease Of

89
 Paytm Among Street Vendors With Reference To Kanpur City. Journal of Positive

School Psychology, 6(8), 4939-4944.

 Jeyapaul, P. P., & ST, J. C. (2021). User Perception On Benefits And Problems

Associated With Digital Transactions In The Covid Era. NVEO-NATURAL

VOLATILES & ESSENTIAL OILS Journal| NVEO, 1015-1028.

 Saviour F (2019), “A Study on Customer Satisfaction of Mobile Waller Services

Provided by Paytm”, International Journal of Engineering and Management Research,

e-ISSN: 2250-0758, p- ISSN: 2394-6962, Vol 9, Issue 1, February 2019.

 Shivanji Jaiswal & Pankaj Joge (2018), “A Study on Consumer Acceptance of

Mobile Wallet with Special reference to Durg/Bhilai”, International Journal of

Advanced in Management, Technology & Engineering Science, ISSN No.: 2249-7455,

Vol 8, Issue III, March 2018.

 Ms.Pallavi Gupta, Dr.Chhaya Mangal Mishra & Dr.Tazy Rahman (2013), “

comparative Study on Customer Satisfaction in Indian Public Sector and Private Sector

Banks (with special reference to Kanpur city)”, International Journal of Social Science

& Interdisciplinary Research, ISSN: 2277-3630, IJSSIR, Vol 2(8), August 2013.

90
 ❖ APPENDICES

Questionnaire

Customer satisfaction survey on Paytm & Google pay wallet in

Kanpur

1. Gender

(a.) Male (b.) Female (c.) Others

2. Age

(a.) 18Years – 28Years (b.) 29Years – 39Years (c.) 40Years -

50Years (d.) 50Years – 60 Years

3. Current marital status

(a.) Married (b.) Unmarried (c.) Divorced , separated , widowed (d.)

Never married

4. Current monthly income

(a.) Less than or equal to Rs.25000 (b.) Rs.25001 – Rs.50000 (c.) Rs.

50001 – Rs.75000 (d.) Rs. 75001 – Rs. 100000

5. Occupation

(a.) Employed in Pvt. Organization (b.) Government employee (c.)

Business person (d.) Others

6. For which purpose you use Paytm and Google pay wallet most?

(a.) Money transfer (b.) Recharge (c.) Booking tickets (d.)

Others

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 7. How long you have been using Paytm and Google pay wallet?

(a.) 0-3 months (b.) 3-6 months (c.) 6-9 months (d.) More than 9

months

8. How did you come to know about Paytm & Google pay wallet?

(a.) By friends (b.) Advertisements (c.) References (d.) Others

9. What is the important criteria to choose Paytm & Google pay wallet?

(a.) Rewards (b.) Discounts (c.) Cashback (d.) others

10. How many transactions do you make per month by Paytm & Google

pay

(a.) 5-10 (b.) 10-15 (c.) 15-20 (d.) 20 above

11. In how many days the complaint got resolved?

(a.) 0-3days (b.) 3-6 days (c.) 6-8 days (d.) More than 8 days

12. Rate your overall satisfaction towards Paytm & Google pay wallet?

(a.) Satisfied (b.) Highly Satisfied (c.) Dissatisfied (d.) Highly

dissatisfied

13. Do you recommend Paytm & Google pay wallet others?

(a.) Yes (b.) No

14. How was the response from customer service towards complaint

raised?

(a.) Highly satisfied (b.) Satisfied (c.) Dissatisfied (d.) Highly

dissatisfied

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15. What is your average transaction value using Paytm wallet?

(a.) 3000-5000 (b.) 5000-8000 (c.) 8000-12000 (d.) 12000 above

16. Are you satisfied with the transaction limit of the wallet?

(a.) Satisfied (b.) Highly satisfied (c.) Dissatisfied (d.) Highly

dissatisfied

17. Paytm & Google pay wallet user friendly?

(a.) Yes (b.) No

18. How satisfied are you with customer service unit?

(a.) Highly satisfied (b.) Satisfied (c.) Dissatisfied (d.) Highly

dissatisfied

19. Paytm & Google pay wallet accepted everywhere?

(a.) Yes (b.) No

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94