A Study On Awareness And Customer Satisfaction Of Unified Payment Interface (Upi) For Digital Payments With Reference To Ambasamudram
Area
*Dr. C. Poorna Pushkala, M.Com., M.Phil., Ph.D., And
**Dr. C. Pappeswari, M.Com., M.Phil., Ph.D.,
*Author, Assistant Professor, Department Of Commerce, Thiruvalluvar College, Papanasam – 624, E-Mail.Id:
**Co-Author, Assistant Professor, Department Of Commerce, Govindammal Aditanar College For Women, Tiruchendur – 628 215, E-Mail.Id: [email protected]
Abstract
‘Unified Payment Interface’ Is A System For Inter-Bank Transfers That Allows Sending And Requesting Money. It Is Developed By National Payments Corporation Of India (Npci) And Regulated By Reserve Bank Of India. Bhim-Upi App Is Built Over The Immediate Payment Service (Imps) Infrastructure And Allows The User To Instantly Transfer Money Between Bank Accounts Of Any Two Parties. Multiple Bank Accounts Of A Client Can Be Linked To The Upi App. Bhim App Allow Users To Send Or Receive Money To Or From Upi Payment Addresses, Or To Non-Upi Based Accounts (By Scanning A Qr Code With Account Number And Ifsc Code Or Mmid (Mobile Money Identifier) Code. Banks That Are Listed With The Upi Application By Npci Are Termed As Payment Service Providers (Psp). Psp Is A Term Which Refers To Those Banks Which Have Their Own Mobile Application To Facilitate Transaction.
Issuers Are Those Banks Which Don't Have Their Payments Interface And Rely On Third Party Software For Transaction Using Upi.
In This Paper, An Attempt Is Made To Identify The Level Of Awareness And Satisfaction Among People About The Unified Payment Interface And On What Basis They Select Their Mode Of Digital Payment.
This Research Work Was Done To Identify The Adoption Of Upi In Money Transfer System.
Key Words: Upi, Awareness, Satisfaction, Upi Service Provider
Introduction
Cashless Transactions Are Not New To India. There Are Various Ways For Cashless Transactions Available To Customers As Per Their Needs. It Can Be Done Through Cards Like Debit Card, Credit Cards, Via Neft/Rtgs Or Digital Wallet, Various Applications Like Paytmmobikwik, Etc., Applications Can Be Used For Cashless Transactions On Smartphones. On 8th November 2016, The Government Of India, Took A Historical Measure Of Social Engineering Called Demonetization. Two Major Demomination Notes, Rs. 1000 And Rs. 500 Which Made Around 86 % Of Total Currencies In India, Were Demonetized With Immediate Effect. Government Placed Restrictions On The Convertibility Of Domestic Money And Bank Deposits. For A Period Extending To Over 2 Months, There Was A Shortage Of Cash In The Country. People Were In Search Of Easier, Faster And Cash Equivalent Measure Of Payment. This Shortage Of Cash Period Led To Opening New Era Of Digital Currencies In India. Many Market Players Entered In Digital Payment And Developed Apps To Take Advantage Of New Opportunities And Made Huge Profits. The Usage Of Mobile Wallets Experienced Massive Growth In Users. One Of The Companies That Bagged The Opportunity Was Paytm. The Extensive Marketing Strategy Of The Company Worked And It Reached Even The Smallest Retailers Like The Tea-Sellers And Ice-Cream Vendors Who Were Tapped As Point Of Contact With Consumers, Who Needed A Cash Free Payment Mode. Other Wallets Too Followed And A Lot Of Mobile Wallets Experienced A Growth In Number Of Users In Year 2017, Although Upi Was Launched In August 2016, Way Before Demonetisation, It Could Not Tap The Number Of Customers As The Mobile Wallet Did At The Time Of Demonetisation. Unified Payments Interface (Upi) Is One Of The Fastest Growing Digital Payment System Through Which A User Can Both Send And Receive The Money Through A Virtual Payment Address (Vpa). Uniqueness Of Upi
Over Other Digital Payment Methods Like 24*7 And 365 Days Availability, Easy And Convenient To Use, And Secure Gateway Attracts The Customers Of Service Sector.
Review Of Literature
• Singh (2017) Concluded That There Was Significant Difference Between Education Of Consumers And Adoption Of Digital Payment. The Perception Of Consumers For Digital Payment Had Positive And Significant Effect On Adoption Of Digital Payment Among Consumers.
• Somanjolimohapatra (2017) Analysed E-Transaction Process Through Upi Where He Defines The Varied Features Of Upi And Its App Bhim-Upi. The Complete Payment Mechanism And Security Measures Are Described During This Paper And Comparison Has Been Done Between Different Online Payment Apps. The Upi Seeks To Make Money Transfers Easy, Quick And Hassle Free.
• Suma Vally And Hemadivya (2018) Studied Consumer Adoption Of Digital Payments In India. The Results Indicate That The Deployment Of Technology For Digital Payments Have Improved The Performance Of Banking Sector And Ready To Achieve The Motive Cash Less Country. The Study Gives Emphasis To The Share Of Awareness On Maximum Utilization Of Technology. Banks Should Take Effective Measures In Creating Awareness Towards The Effective Usage Of Technology And Security.
Objectives Of Upi
• To Allow Banks And Other Players To Innovate And Offer A Next Level Customer Experience To Make The Electronic Payments More Secure For Using.
• To Support The Growth Of E-Commerce, While At The Same Time Meet The Target Of Financial Inclusion.
• To Find Out The Most Preferred Mode And Application For Digital Payments By The People.
• To Find Out The Frequency Of Digital Payments By Different Age And Income Groups.
• To Find Out The Level Of Awareness Of Upi And Its Adoption By People Of Different Age Groups And Income Levels.
• To Find Out The Problems Encountered While Using Upi.
• To Suggest The Measures For Attracting More Consumers.
Statement Of The Problem
Payments Have Revolutionised The Payments In India. Upi Although Being Superior And Faster Than All The Available Systems For Little Payments, Isn’t Very Fashionable.
Through This Research Paper, We Shall Dertemine The Preferences Of 75 Respondents In Ambasamudram Area About Digital Payments, Their Knowledge Of Upi Mechanism And Level Of Satisfaction Of Upi Uses Amongst Them. This Is Able To Gives Us A Good Idea Of Which Payment System Do. They Like The Foremost And Why, And Also How Upi Are Often Promoted.
Methodology
The Researcher Has Collected Data From Both Primary And Secondary Sources.
Primary Data Were Collected Directly From The Respondents Through Structured Questionnaire. The Secondary Data Were Collected From Books, Journals And Websites.
Sampling Design
With A View To Review “An Awareness And Customer Satisfaction Of Unified Payment Interface For Digital Payments In Ambasamudram Area”. 75 Samples Were Selected. The Respondents Were Selected By Adopting Convenient Sampling Technique.
Tools Of Analysis
The Information Collected Through The Questionnaire Was Analyzed And Tabulated.
The Collected Data Are Analyzed By Using F-Test And Kendall’s Co-Efficient Of Concordance.
Analysis And Interpretation
1. To Find Out Relationship Between The Respondents Gender With Upi Facilities
The Respondents Gender With Upi Facilities Are Summarized And Presented In Table 1
Table 1
Application Of ‘F’ Test-Upi Facilities
N ∑X Mean F –
Value Significance A) It Is Easy To
Transfer Money Via Neft / Rtgs.
Male 24 78 1.04
0.3675 0.1963 Female 51 118 1.573
Total 75 196 2.613
B) Mobile Wallets Are Easy To Use Than Upi.
Male 24 92 1.227
4.1598 0.2241 Female 51 153 2.04
Total 75 245 3.257
C) Transaction Costs Via Any Mode Of Payment Should Be Transparent.
Male 24 62 0.827
1.347 0.3531 Female 51 110 1.467
Total 75 172 2.294
D) There Is A Scarcity Of Data On Digital Payments System.
Male 24 102 1.36
1.6356 0.321 Female 51 212 2.827
Total 75 314 4.187
E) Upi Provides A Convenient Way Of Payment.
Male 24 112 1.493
2.328 0.1926 Female 51 147 1.96
Total 75 259 3.453
F) Upi Facilitates Transfers And Payments From Any Point.
Male 24 102 1.36
2.8165 0.0463 Female 51 78 1.04
Total 75 259 2.40
G) Cashless Payments Options Gives You More Discounts / Cashback Rewards.
Male 24 118 1.573
0.8627 0.579 Female 51 213 2.84
Total 75 331 4.413
H) Provides Flexibility And Straightforward Tracking Of Paying .
Male 24 82 1.093
0.862 0.867 Female 51 175 2.333
Total 75 257 3.426
I) Denomination Of
Currency And
Advertising About Upi Motivates You To Adopt This Technique.
Male 24 89 1.187
0.6267 0.445 Female 51 205 2.733
Total 75 294 3.92
The Result Shows That The Importance Level For Many Of The Factor Is Above 0.05 Which Mean That The Hypothesis Is Accepted And It Can Interpreted That There’s No Impact Of Upi. Hence, The Upi Facilitates Transfer And Payment From The Any Point Is Less Than 0.05 Which Indicate Upi With Reference To The Upi Facilitate Transfer And Payment From Any Point Taken By Respondents.
2. To Seek Out Relationship Between The Respondents Age With Main Problems In Using Upi
The Age And Main Problems In Using The Upi By The Respondents Are Summarized And Presented In Table 2
Table 2
Kendall's Co-Efficient Of Concordance About The Main Problems In Using Upi By The Respondents
S.No Age (Aspects)
Safety And Security
Authentication Network Problems
Pending For
Verification
Others
1. Below 18 Years 1 1 1 1 1
2. 18 Years – 36
Years 30 8 10 3 1
3. 37 Years – 55
Years 8 5 3 - -
4. 57 Years – 74
Years 1 1 - - -
Sum Of Rank
(Rj) 40 15 14 4 2
j
j R
R − 25 0 -1 -11 -13
)2
(Rj −Rj 625 0 1 121 169
N Rj =
RjRj = 15
I.E., S =
(Rj −Rj)2 =916,K =4,N=5. 5=75
) 2 (
1 2 3
N N K W S
−
=
) 5 5 ( ) 4 2( 1
916
3
2 −
=
) 5 125 ( 2 16 1
916
−
=
) 120 ( 2 16 1
916
=
) 1920 2( 1
= 916
960
=916
W = 0.954 Tv = 5%
K = 4 N = 5 Table Value = 88.4
The Value Of S At 5% Level For K = 5 And N = 5. This Value Is 217 And Thus For Accepting The Null Hypothesis (H0) Is Calculated Value Of 'S' Should Be Less Than 217 But The Figered Out Value Of 144 Which Is Smaller Than Value Which Fact Shows That W
= 0.954 Is Not Significant. Hence Accept The Null Hypothesis And Infer That The Upi Are Applying Essentially The Equivalent Standard In Ranking The ‘N’ Objects In There Is No Significant Agreement In Ranking By Different Factors At 5% Level In The Given Cases.
Application For Transaction On Upi
The Application For Transaction On Upi By The Respondents Is Presented In Table 3.
Table 3
Application For Transaction On Upi S.No
Application For Transaction On
Upi
No. Of Respondents Percentage
1. Bhim – Upi 1 1
2. Paytm 17 23
3. Phone Pe 16 21
4. Google Tez 5 7
5. Axis/Hdfc/Icici/Yes
Bank App 3 4
6. Sbi/Pnb/Idfc Bank
App 3 4
7. Sbi – Yono - -
8. Google Pay 28 37
9. Mobikwik 2 3
Total 75 100
Source : Primary Data
From The Table 3, It Had Been Clear That Out Of 75 Respondents, 37 Percentage Of The Respondents Are Using Google Pay For Transaction, 23 Percentage Of The Respondents Are Using Paytm For Transaction, 21 Percentage Of The Respondents Are Using Phone Pe For Transaction 7 Percentage Of The Respondents Are Using Google Tez For Transaction, 4 Percentage Of The Respondents Are Using Axis/Hdfc/Icici/Yes Bank App And Sbi/Pnb/Idfc Bank App For Transaction, 3 Percentage Of The Respondents Are Using Mobikwik For Transaction, 1 Percentage Of The Respondent Are Using Bhim-Upi For Transaction And Nobody Can Use Sbi-Yono For Transaction.
Majority Of The Respondents Are Using Google Pay For Transaction And Upi.
Suggestions To Enhance Volume Of Payments On Upi
1. A Reality Big Plus With Upi Is That Cash Sent Or Received Goes Directly Into A Bank Account. In Digital Wallets Like Paytm, Payments And Cashbacks Stay Within The Wallet. Also These Typically Involve A Fee For Moving The Money To A Bank Account. This Fact Must Be Properly Communicated To Prospective Customers. The More People Start Understanding This, More Shifts Would Be Seen Towards Upi Payments.
2. Upi Adoption And Extensive Use For Merchant Payments Must Be Targeted.
Consistent With Figures From Chief Digital Officer, Yes Bank, There’s An Ecosystem Of Around 40 Million Merchants During This Country Who Aren’t Using Electronic Payments. They Have To Be Targeted. Mobile Wallets Became Successful When Small Merchants, Tea Vendors And Kirana (Neighbourhood) Shopkeepers Started Accepting Them And Similar Market Targeting Should Be Finished Upi To Form It A Game Changer.
3. The Facts And Figures From Npci Andtherefore The Research Insights From This Research Suggest That Move Volumes Might Be Generated Out Of The Individual- To-Merchant Payment Space. This Might Be For Rent Payments, Bill Payments, Contributions To Chit Funds Or Mutual Funds, Etc...
Conclusion
Unified Payments Interface (Upi) May Be A System That Powers Multiple Bank Accounts Into A One Mobile Application (Of Any Participating Bank), Merging Several Banking Features, Seamless Fund Routing & Merchant Payments Into One Hood. Upi May Be A Payment System That Permits Money Transfer Between Any Two Bank Accounts Of By Employing A Smartphone. Upi Allows A Customer To Pay Directly From A Bank Account To Different Merchants, Both Online And Offline, Without The Effort Of Typing Mastercard Card Details, Ifsc Code, Or Net Banking / Wallet Passwords. The Interface Has Been Developed By National Payments Corporation Of India (Npci). It Aims To Simplify And Supply One Interface Across All Npci System Besides With Creating Interoperability And Superior Customer Experience. The Upi Seeks To Form Money Transfers Easy, Quick And Hassle Free. The Proliferation Of Smartphones, The Supply Of Web Verifiable Identity, Universal Access To Banking And Thereforethe Introduction Of Biometric Sensors In
Phones Will Proactively Encourage Electronic Payment Systems For Introduction A Less- Cash Society In India.
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