ABSTRACT

This study is based on the electronical payment: its current scenario

and scope of improvement in the future. This study shows the interest of people
towards the e-payment options rather than direct cash payment options. Results in
this research have shown that people mostly prefer digital payments facilities and rate
of customer involvement in cashless transactions were found have a powerful
relationship with digital payment technique of transactions. The primary data was
analysed using simple statistical methods and techniques. The research further shows
that the emergence of ecommerce has created new financial needs that in many cases
cannot be effectively fulfilled by the traditional payment systems. It further shows that
most of them are conscious of and agree that digital payments technique of
transactions will help to eradicate currency duplication, national economic money
will not have inflation and decrease the danger of carrying cash, as well as quicker
economic growth in the future. Recognizing this, virtually all interested parties are
exploring various types of e-payment categories like Online Credit Card Payment
System, Online Electronic Cash System, Electronic Cheque System, Smart Cards
based Electronic Payment System, mobile payment system like G-pay, Paytm,
Phonepe, mobikiwk etc. These electronical methods of payment will bring security
and efficiency to payment system. In future Electronic Payment Industry has an
extensive potential for growth by considering the growth of Internet.

Electronic payment is a subset of an e –commerce transaction to

include electronic payment for buying and selling goods or services offered through
the internet. Generally we think of electronic payment are referring to online
transactions on the internet, there are actually many forms of electronic payments. an
electronic payment system is needed for compensation for information of goods and
services provided through the internet such as access to copyrighted materials,
database searches or consumption of system resources-or as a convenient form of
payment for external goods and services-such as merchandise and services provided
outside the internet. It helps to automate sales activities, extends the potential number
of customer and may reduce the amount of paper work. Cashless economy is a
situation in which the flow of cash within an economy is non-existent and all
transactions are done through electronic media channels such as direct debit, credit
and debit cards and electronic clearing and payment systems such as Immediate
Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real Time
Gross Settlement (RTGS). Today, credit cards and online payment services are
becoming increasingly popular in urban India, paper currency notes are still an
essential part of daily life. One saying is revenue is vanity, cash flow is sanity but
cash is king. Cash may be defined as any legal medium of exchange that is
immediately negotiable and free of restrictions.Cash in circulation to
private consumption ratio in India is 20% and Card transactions account for 4% of
the personal consumption expenditure. As most of people are illiterate, poor, engaged
in small transactions and having less banking habits. For people cash is the most
convenient, preferred and easy form of medium of exchange, hassles free. A cash
transaction is immediate and doesn’t involve any intermediary. Cash provides
individuals and families with liquidity. Once needs not to worry about a computer
system crashing, power going off, and losing transaction midway. Use of cash doesn’t
involve any extra cost as in the use of debit/credit cards. Usually cashless economies
have low corruptions and less black money. Almost every country is bracing towards
cashless economy and many countries have made significant progress. It is just a
world trend which India is trying to catch up.
 CHAPTER 1

INTRODUCTION
 1. INTRODUCTION: -

In today’s digital era the usage of the internet has increased drastically. All
counts of age are consuming and producing loads of data each second. With
the ease of smartphones and virtual accessibility of products, services and
payments online have boosted the way people are shopping and making
payments online. The ecommerce industry initially started with the Cash on
Delivery basis for the people to get the feel of the new online industry and to
build up their trust. After the customers are well versed with the organization,
the company started introducing various platforms of the online payments. E-
Payment has given access to various financial platforms like debit card, credit
card, net banking, digital wallets, mobile payments etc.

Cash has become a less common mode of transaction as the appearance of e-

payments has allowed consumers and buyers to have a greater convenience.
We all have witnessed that the traditional payment modes have been replaced
by various types of e-payments that are quick and efficient. In e-payment
process both buyer and seller use digital modes to send or receive money, it is
an automatic process where seller and the buyer can avoid visiting their bank.
It eliminates the physical cash that is risky to handle at times. Today
consumers can make payment through electronic modes by using cards and
other platforms that are made available through all types of smart devices. Past
few years’ smartphones are having a tremendous growth due to accessibility
and availability of the internet. The mobile wallet providers like Paytm,
PayPal, Mobikwik, G-pay, phonepe etc. with the payback schemes also
attracting many consumers to use e-payment modes aiding the organisations
with significant growth. The digital wallets are further enabling economies to
a cashless society. Electronic wallets and mobile wallets are moreover digital
version of the hard cash in physical wallet with more features and functions.
E-payments wallets reduce cost of cash holding.

E-commerce grows rapidly and provides an opportunity for companies to increase

sales over the internet. Nowadays, every individual and company familiar with e-
commerce to make sales and purchase products and services.
The advent of e-commerce has created new financial needs that are not effective in
many cases met traditional payment systems. An electronic payment system comes
to replace a cash payment system. Sales of goods and services increased significantly
with the adoption of the use of e-payment systems so that electronic payments
became an increasingly important part of the payment system. E-Payment is a
system that provides tools for payment of services or goods carried on the internet.
E-payment system provides the ease of transaction processing in e-commerce
between consumers and sellers. Using the E-payment System has many benefits for
payers, payees, E-commerce, banks, organizations and governments. These benefits
can lead to widespread electronic payment systems in the world. An efficient and
reliable e-payment system enables faster pay-outs, better tracking, transparent
transactions, reduced time use, cost savings and increased trust between sellers and
buyers. The development and adoption of technology in the e-payment system
involve financial transactions, assimilated users and quality e-payment technology
tend to shape their own perceptions and expectations. Electronic payment systems
are now commonly used such as transactions via ATM machines, use of credit or
debit cards, through online banking and mobile banking. E-payment provides
significant cost savings on paper-based payments.
1.2 OBJECTIVES OF THE STUDY: -

1. To study the about various methods of online payment systems.

2. To identify the awareness among the employees about various frauds of electronic
payments.

3. To analyse the progress made by employees in adoption of

technology and e-payment.

4. To identify that whether the online payments safe and secure or Not.
1.4. SCOPE OF THE STUDY: -

In the scope aspect there is a need for more research on how to create trust in electronic
payment systems, customer interest in using electronic payment systems and about the
importance of security in electronic payment systems as they can affect user trust, and
research on the future of electronic payment systems. This study will help to know the
preferences of the people towards traditional and modern payment techniques. The
information provided in this study can be used to spread awareness about the e-
payments and people interest towards it.
1.5 Research Methodology

RESEARCH METHODOLOGY:-

This chapter provides an outline of the research methodology used to answer the
research questions- the research process, a description of primary data collection
process, secondary data and statistical tools and techniques applied for data analysis.

Data Collection

The data pertaining to the research has been collected in the following two ways:

● Primary Data.
● Secondary Data.

Primary data:-

Primary data is also known as the raw data. Primary data is a type of data that is
collected by research directly from main sources through interviews, surveys,
experiments, etc. primary data are usually collected from the source- where the data
originally originates from and are regarded as the best kind of data in research.

The sources of primary data are usually chosen and tailored specifically to meet the
demands or requirements of a particular research. Also, before choosing a data
collection source, things like the aim of the research and target population need to be
identified.

Primary data collection methods can be divided into two categories: quantitative
methods and qualitative methods.

The above research was carried out using a mailed questionnaire method. In this
method, a set of questions are prepared and sent by mail to the respondents. The
respondents are supposed to fill the schedule and mail them back to the investing
person. It is very useful when the respondents are educated, and the area of
investigation is very wide.

Merits of primary data:-

 Degree of accuracy is quite high.

 It does not require extra caution.

 It depicts the data in great detail.

 It is original and fresh.

 Primary data alone are necessary for certain studies like advertising etc.

Demerits of primary data:-

 Collection of primary data is time consuming.

 Primary data can be expensive sometimes.

 It is difficult to find sincere and honest interviews or enumerators.

 In case of questionnaire method, the researcher might face the problem of non-
response.

 The respondents may not be prepared for the interview when the enumerator
approaches them with the schedule.

Secondary data:-
Secondary data refers to data that is collected by someone other than the primary user.
It is a type of data which has already been collected in the past and readily available
for researchers to use for their own research. Common sources of secondary data
include books, published sources, unpublished personal sources, journal, newspapers,
websites, blogs, diaries, censuses, information collected by government departments,
organizational records and data that was originally collected for other research
purposes.

Secondary Data Collection Methods

Secondary data is the data that has been used in the past. The researcher can obtain
data from the sources, both internal and external, to the organization.
Internal sources of secondary data: Organization’s health and safety records,
Mission and vision statements, Financial Statements, Magazines, Sales Report, CRM
Software, Executive summaries

External sources of secondary data: Government reports, Press releases, Business

journals, Libraries & Internet

The secondary data collection methods, too, can involve both quantitative and
qualitative techniques. Secondary data is easily available and hence, less time-
consuming and expensive as compared to the primary data. However, with the
secondary data collection methods, the authenticity of the data gathered cannot be
verified.

Statistical tools and techniques applied for data analysis:-

The following statistical tools are used for analysing the data collected from the
respondents sent through survey questionnaire: -

 Tabulation:- tabulation is presentation of figures from an investigation in a

table which consists of rows and columns of cells or spaces each of which
provides one unit of information. It is a logical presentation of numeric data. It
facilitates comparison by bringing related information close to each other and
helps in further statistical analysis and interpretation.

 Bar graph:- A bar chart or bar graph is a chart or graph that presents
categorical data with rectangular bars with heights or lengths proportional to
the values that they represent. The bars can be plotted vertically or
horizontally. It is a graphical representation of data. Through bar graphs we
can understand and study the data very quickly.

 Pie chart:- a pie chart is a type of graph that represents the data in the
circular graph. The slices of pie show the relative size of the data.Each slice of
the pie is relative to the size of that category in the group as a whole. The
entire “pie” represents 100 percent of a whole, while the pie “slices” represent
portions of the whole. It is a type of pictorial representation of data. A pie
chart requires a list of categorical variables and numeric variables. It is a graph
that shows how data sets relate to one another.

 SAMPLE SIZE:
 The time factor given for the project is very less to collect the data from many ways.
So the data collected was from a sample of 50 people in Hyderabad.

 SAMPLE UNIT:

The local residents of Himayathnagar area.

1.6 LIMITATIONS OF THE STUDY:

 The period of the study is only for 30 days which is a major constraint.

 Analysis of primary data is done on the assumption that the answers given by
the respondents are true and correct.

 There was a bit difficulty in collecting secondary data as we could not get the
original records of the company.

 The perception bias and attitude of the respondents also acts as a hurdle to
study.
 2.2 THEORITICAL FRAME WORK

Electronically payment:-

An electronical payment (e-payment) can be simply defined as paying for goods and
services on the internet. It includes all financial operations using electronic devices
such as computers, smartphones, or tablets. E-payments come with various methods
like credit card or debit card payments or bank transfers.
The electronic payment system has grown increasingly over the last decades due to
the growing speed of internet-based banking and shopping. As the world advances
more with technology development, we can see the rise of electronic payment systems
and payment processing devices. As the increase, improve and provide ever more
secure online payment transactions the percentage of check and cash transactions will
decrease.

Methods of electronical payment system:-

 Credit/ debit card payment:- payments via cards are one of the
most widely used and popular methods. Credit cards are very much
simple to use and secure whereas debit cards are usually preferred by
customers who shop online within their financial limits. The main
difference between credit and debit card is with a debit card one can
only pay with the money that is already in the bank account, whereas
in case of a credit card the amount spend is billed and payments are
made at the end of the billing period.
 Prepaid card payments:- as an alternative for credit/debit cards,
prepaid cards are introduced. They usually come in different stored
values and the customer must choose from them. Prepaid cards have
virtual currency stored in them.
 Bank transfers:- Though not popular now a days but still bank
transfer is considered as an essential payment method for e-commerce.
Customers enrolled in internet banking can do bank transfers for their
online purchases. Bank transfers is the most secure method as the
transactions need to be approved and authenticated by the customers. It
is a simple way of payment for online purchases and does not require
the customer to have a card for payment purposes.

 E-wallets:- E-wallet is one of the upcoming trends which gives a

new shopping experience altogether. The use of E-wallets is becoming
popular at an alarming rate. The whole procedure with an e-wallet is
easy and fast. Prepaid e-wallet accounts store customer information
and multiple credit/debit cards and bank accounts. It needs one time
registration and eliminates the need for re-entering information every
time while making payments.
 Cash:- cash is often used for physical goods and cash on delivery
transactions. It does come with several risks, such as no guarantee of
an actual sale during delivery, and theft. Though now a day’s cash on
delivery does not necessarily mean customers pay with cash they can
use cards, mobile payments as payment terminals are often available
with delivery agents.

 Mobile wallet:- A mobile wallet is a way to carry cash in digital

format. You can link your credit card or debit card information in
mobile device to mobile wallet application or you can transfer money
online to mobile wallet. Instead of using your physical plastic card to
make purchases, you can pay with your smartphone, tablet, or smart
watch. An individual's account is required to be linked to the digital
wallet to load money in it. Most banks have their e-wallets and some
private companies. e.g., Paytm, Free charge, Mobikwik, Oxigen,
 mRuppee, Airtel Money, Jio Money, SBI Buddy, its Cash, Citrus Pay,
Vodafone M-Pesa, Axis Bank Lime, ICICI Pockets, Speed Pay etc.

 USSD:- unstructured supplementary service data is a global system

for mobile communications protocol that is used to send text messages.
USSD is referred to as “quick codes” or “features codes”. The
innovative payment service *99# works on unstructured supplementary
service data channel. This service allows mobile banking transactions
using basic feature mobile phone, there is no need of mobile internet
data facility for using USSD based mobile banking.
 Aadhar enabled payment system: - APES is a bank model
which allows online interoperable financial transaction at POS (point
of sale/ micro-ATM) through the business correspondent using the
Aadhaar authentication.
 Unified payments interface: - UPI is a system that powers
multiple bank accounts into a single mobile application, merging
several banking features, seamless fund routing and merchant
payments into one hood. It also caters to the “peer to peer” collect
request which can be scheduled and paid as per requirement and
convivence. Each bank provides its own UPI app for android,
windows, and iOS mobile platforms.

 Internet banking: - Internet banking allows a user to conduct

financial transactions via the internet. Online banking is also known as
internet banking or web banking. Online banking offers customer
almost every service traditionally available through a local branch
including deposits, transfers, and online bill payments.

Mobile banking:- Mobile banking is a service provided by bank or

other financial institutions that allows its customers to conduct different
types of financial transactions remotely through a mobile device like
mobile phone or tablet etc. it uses a software usually called as an app,
provided by banks or financial institutions for its purpose. Each bank
provides its own mobile banking app for android, windows and IOS
platform(s).
 Micro ATM’s: - Micro ATMs are card swipe machines through which
banks can remotely connect to their core banking system. This machine
comes with a fingerprint scanner attached to it. This machine consists of
card swipe facility. Micro ATMs are extensively used in Aadhar enables
payment system. It is also used for instant transactions.The micro platform
will enable function through lowcost devices (microATMs) that will be
connected to banks across the country. This would enable a person to
instantly deposit or withdraw funds regardless of the bank associated with
a particular BC. This device will be based on a mobile phone connection
and would be made available at every BC. Customers would just have to
get their identity authenticated and withdraw or put money into their bank
accounts. This money will come from the cash drawer of the BC.
Essentially, BCs will act as bank for the customers and all they need to do
is verify the authenticity of customer using customers UID.

Other modes of digital payments: -

The currency notes has been working largely in the favour of digital wallet start ups.
India has seen a phenomenal increase in the number of digital wallets and is slowly
moving towards being a cashless country. And with the transaction limit on digital
wallets being increased to Rs 20,000, it just keeps getting better.

Different types of mobile wallets:-

1. Paytm:- It is an Indian multinational technology company that specializes in

digital wallet, e-commerce, payment system and financial solutions to
consumers, offline merchants and online platforms. It offers online use-cases
like mobile recharges, utility bill payments, travel, movies and event bookings
as well as in store payments at grocery stores, fruits and vegetable shops,
restaurant, parking, tolls, pharmacies and educational institutions with the
paytm QR code. It firstly started with mobile recharge and utility bill
payments and toady it offers a full market place to consumers on its mobile
app. We have over 100M registered users. In a short span of time paytm has
scaled to more than 60 million per month. Paytm is the consumer brand of
India’s leading internet company one97 communications whose founder and
CEO is Vijay Shekhar Sharma Paytm became India’s first payment app to
cross over 100 million app downloads now its one of the largest contributors
of new systematic investment plans to the mutual funds industry. It offers
insurance products to million of Indian consumers across four categories
including two-wheeler, four-wheeler, health and life. The company aims to
simplify insurance and create a seamless, easy to understand online journey
for its customers.
2. Google pay (G-pay):- It is a digital wallet platform and online payment
system developed by google to power in-app, online and in person contactless
purchases on mobile devices, enabling users to make payments with android
phones, tablets or watches. This service also supports passes such as coupons,
boarding passes, student ID cards, event tickets, movie tickets, public
transportation tickets, store cards and loyalty cards. It adopts the features of
both android pay and google wallet . The rebranded service provided a new
API that allows merchants to add the payment service to website apps.

3. Phone pe:- PhonePe is an Indian digital payments and financial services

company. PhonePe app is based on the unified payments interface. The
phonepe app is available over 11 Indian languages. Using phonepe, users can
send and receive money, recharge mobile, DTH, data cards, make utility
payments, pay at shops, invest in tax saving funds, liquid funds, buy insurance
and mutual funds and gold. In addition, phonePe also allows users to book ola
rides, pay for redbus tickets, and book flights and hotels on Goibibo through
the switch platform.

4. Mobikwik:- Mobikwik is an Indian company founded in 2009 that provides a

mobile phone based payment system and digital wallet. Customers add money
to an online wallet that can be sued for payments. The company is presently is
having 1.5 million merchants using its service and a user base of 55 million
customers. It enables users to deposit money online to use for bill payments
and other features. It provides financial services including loan, accident
insurance, life insurance, fire insurance, IMPS money transfer, credit card bill
payment, mutual funds and DTH recharge. They also introduced the feature of
sending and receiving money via a mobile app.
ISSUES AND CHALLENGES OF ELECTRONIC PAYMENT
SYSTEM
1 Lack of Useability: Electronic payment system requires large amount of information
from end users or make transactions more difficult by using complex elaborated
websites interfaces. For example credit card payments through a website are not
easiest way to pay as this system requires large amount of personal data and contact
details in web form.
2 Lack of Security: Online payment systems for the internet are an easy target for
stealing money and personal information. Customers have to provide credit card and
payment account details and other personal information online. This data is
sometimes transmitted in an un-secured way.
3 Issues with e-Cash: The main problem of e-cash is that it is not universally accepted
because it is necessary that the commercial establishment accept it as payment
method. Another problem is that when we makes payment by using e-cash, the client
and the salesman have accounts in the same bank which issue e-cash. The payment is
not valid in other banks.
4 Lack of Trust: Electronic payments have a long history of fraud, misuse and low
reliability as well as it is new system without established positive reputation. Potential
customers often mention this risk as the key reason why they do not trust a payment
services and therefore do not make internet purchases
5 Users Perception Regarding Acceptance of Electronic Payment Systems: User‟s
acceptance is a pivotal factor determining the success or failure of any information
system project. Electronic payment systems are not an exception of it. It means these
are not successful without acceptance of users. Electronic payment system is an
innovative way for online payments. Issues are not accepting easily because of lack of
security in changing business-environment. Online payment system requires
improvement of information technology. The failure of electronic payment system is
depend on the factor that it neglects the needs of users and the market.
6 Lack of Awareness: Making online payment is not an easy task Even educated
people also face problems in making online payments. Therefore, they always prefer
traditional way of shopping instead of online shopping. Sometimes there is a technical
problem in server customers tried to do online payments but they fails to do. As a
result they avoid it.
7 Online Payments are not Feasible in Rural Areas: The population of rural areas is
not very literate and they are also not able to operate computers. As they are unaware
about technological innovations, they are not interested in online payments. So the
online payment systems are not feasible for villagers.
8 Highly Expensive and Time Consuming Electronic payment system are highly
expensive because it includes set up cost, machine cost, management cost etc and this
mode of payment will take more time than the physical mode of payment.

Advantages & Disadvantages of E-Payment

Electronic payment allows your customers to make cashless payments for goods
and services through cards, mobile phones or the internet. It presents a number of
advantages, including cost and time savings, increased sales and reduced
transaction costs. But it is vulnerable to internet fraud and could potentially
increase business expenses.

Advantages

Increased Speed and Convenience

E-payment is very convenient compared to traditional payment methods such as

cash or check. Since you can pay for goods or services online at any time of day or
night, from any part of the world, your customers don't have to spend time in a line,
waiting for their turn to transact. Nor do they have to wait for a check to clear the
bank so they can access the funds they need to shop. E-payment also eliminates the
security risks that come with handling cash money.

Increased Sales

As internet banking and shopping become widespread, the number of people making
cash payments is decreasing. According to Bankrate, more than two-thirds of
consumers carry less than $50 a day, meaning electronic alternatives are
increasingly becoming the preferred payment option. As such, e-payment enables
businesses to make sales to the customers who choose to pay electronically and gain
a competitive advantage over those that only accept traditional methods.

Reduced Transaction Costs

While there are no additional charges for making a cash payment, trips to the store
typically cost money, and checks also need postage. On the other hand, there are
usually no fees – or very small ones – to swipe your card or pay online. In the long
run, e-payment could save both individuals and businesses hundreds to thousands of
dollars in transaction fees.

Disadvantages

Security Concerns

Although stringent measures such as symmetric encryption are in place to make e-

payment safe and secure, it is still vulnerable to hacking. Fraudsters, for instance,
use phishing attacks to trick unsuspecting users into providing the log-in details of
their e-wallets, which they capture and use to access the victims' personal and
financial information. Inadequate authentication also ails e-payment systems.
Without superior identity verification measures like biometrics and facial
recognition, anyone can use another person's cards and e-wallets and get away
without being caught. These security concerns may make some people reluctant to
use e-payment systems.

Disputed Transactions

If someone uses your company's electronic money without your authorization, you
would identify the unfamiliar charge and file a claim with your bank, online
payment processor or credit card company. Without sufficient information about the
person who performed the transaction, though, it can be difficult to win the claim
and receive a refund.

Increased Business Costs

E-payment systems come with an increased need to protect sensitive financial

information stored in a business's computer systems from unauthorized access.
Enterprises with in-house e-payment systems must incur additional costs in
procuring, installing and maintaining sophisticated payment-security technologies.

Characteristics of online payment system:

Security Since payments involve actual money, payment systems will be a prime
target for criminals. Since Internet services are provided today on networks that are
relatively open, the infrastructure supporting electronic commerce must be usable and
resistant to attack in an environment where eavesdropping and modification of
messages is easy.
Reliability As more commerce is conducted over the Internet, the smooth running of
the economy will come to depend on the availability of the payment infrastructure,
making it a target of attack for vandals. Whether the result of an attack by vandals or
simply poor design, an interruption in the availability of the infrastructure would be
catastrophic. For this reason, the infrastructure must be highly available and should
avoid presenting a single point of failure.
Scalability As commercial use of the Internet grows, the demands placed on payment
servers will grow too. The payment infrastructure as a whole must be able to handle
the addition of users and merchants without suffering a noticeable loss of
performance. The existence of central servers through which all transactions must be
processed will limit the scale of the system. The payment infrastructure must support
multiple servers, distributed across the network.
Anonymity For some transactions, the identity of the parties to the transaction should
be protected; it should not be possible to monitor an individual's spending patterns,
nor determine one's source of income. An individual is traceable in traditional
payment systems such as checks and credit cards. Where anonymity is important, the
cost of tracking a transaction should outweigh the value of the information that can be
obtained by doing so.
Acceptability The usefulness of a payment mechanisms is dependent upon what one
can buy with it. Thus, a payment instrument must be accepted widely. Where payment
mechanisms are supported by multiple servers, users of one server must be able to
transact business with users of other servers.
Customer base The acceptability of a payment mechanism is affected by the size of
the customer base, i.e. the number of users able to make payments using the
mechanism. Merchants want to sell products, and without a large enough base of
customers using a payment mechanism, it is often not worth the extra effort for a
merchant to accept the mechanism.
Flexibility Alternative forms of payment are needed, depending on the guarantees
needed by the parties to a transaction, the timing of the payment itself, requirements
for auditability, performance requirements, and the amount of the payment. The
payment infrastructure should support several payment methods including instruments
analogous to credit cards, personal checks, cashier's checks, and even anonymous
electronic cash. These instruments should be integrated into a common framework.
Convertibility Users of the Internet will select financial instruments that best suit
their needs for a given transaction. It is likely that several forms of payment will
emerge, providing different tradeoffs with respect to the characteristics just described.
In such an environment it is important that funds represented by one mechanism be
easily convertible into funds represented by others.
Efficiency Royalties for access to information may generate frequent payments for
small amounts. Applications must be able to make these "micropayments" without
noticeable performance degradation. The cost per transaction of using the
infrastructure must be small enough that it is insignificant even for transaction
amounts on the order of pennies.
Ease of integration Applications must be modified to use the payment infrastructure
in order to make a payment service available to users. Ideally, a common API should
be used so that the integration is not specific to one kind of payment instrument.
Support for payment should be integrated into request-response protocols on which
applications are built so that a basic level of service is available to higher level
applications without significant modification.
Ease of use Users should not be constantly interrupted to provide payment
information and most payments should occur automatically. However, users should be
able to limit their losses. Payments beyond a certain threshold should require
approval. Users should be able to monitor their spending without going out of their
way to do so.
 QUESTIONNAIRE ON ELECTRONICAL PAYMENT :-

Demographic Info

1.Gender ?
Male Female Transgender

2.What is your age?

a)15- 20 b|) 21 – 30 c) 31 – 40 d) 41 – 50 e) 50 above

3. What is your level of education?

a) high school, b) intermediate, c) degree, d) master degree e) PHD

4. What is your profession?

a) Student, b) House wife, c) govt employee, d ) private employee, e) business

Questionnaire

1. For your Electronic banking, which of the following categories

best explains your usual situation?
A. You use banking software/app on your PC or mobile phone
B. You use a web browser (with a banking login, username and password
etc.)
C. You use a web browser together with an authentication device (such as a
'secure ID token/calculator')
D. You don't use on-line banking.

2.What for you are the major barriers of electronic banking?

A. Don't trust the bank security

B. Don't have a secure computer (e.g. shared computer)

 C. Don't like entering data digitally (or leaving a data trail - big brother
watching!)

D. Finding the technology difficult

E. Inconvenient (takes too long/too many questions)

3. How frequently do you use telephone / Net banking services per month

a. Less than 1 b.1 to 3 times c. 3 to 8 times d. 8 to 12 times

E. over 12 times

4. Would the benefits that a cashless system brings be helpful to you

at your time at office ?
Yes No

5. I believe that using e-payment will enable me to pay quickly

A. Strongly Agree B. Agree C. Neutral D. Disagree E. Strongly Disagree

6.I believe that using e-payment will make it easier for me to conduct
payment transactions
A. Strongly Agree B. Agree C. Neutral D. Disagree E. Strongly Disagree

7. E-payment system is much more efficient that traditional payment

channels

A. Strongly Agree B. Agree C. Neutral D. Disagree E. Strongly Disagree

8. I am willing to provide credit card and purchase information over the

Internet when this information is encrypted.

A. Strongly Agree B. Agree C. Neutral D. Disagree E. Strongly Disagree

9. I believe that E-payment is Safe, secure & Quick service (transaction

completed in seconds instead of minutes)

A. Strongly Agree B. Agree C. Neutral D. Disagree E. Strongly Disagree

10. How would you rate your knowledge of all the banking services available through online

a) Highly satisfied b) Satisfied c) Neutral) d) Dissatisfied e) Highly Dissatisfied

11. Trust in the technology of mobile banking

A. Strongly Agree B. Agree C. Neutral D. Disagree E. Strongly Disagree

12. Are you aware of the various ways of e-payment?

paytm, phonepe, netbanking, g-pay, all the above

13. how do you prefer to make payments of your montly bills?

cash,card,mobile banking, mobile wallet, other

14. Why do you prefer e-payments over other modes of payments?

time saving, easy of use, security, all the above

15. for what purposes you use internet banking services?

e-payments, account to account transfer, due installation enquiry, others