A

PROJECT REPORT

ON

“A STUDY OF DIGITAL PAYMENT SYSTEM

SUBMITTED BY

Mr. GAURAV ASHOKRAO THOR

UNDER THE GUIDANCE O F

Dr. ROOP KISHORE SHINGHAL

SUBMITTED TO

“SAVITRIBAI PHULE PUNE UNIVERSITY”

IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF

THE DEGREE OF

MASTER OF BUSINESS ADMINISTRATION (MBA)

N.B.N SINHGAD SCHOOL MANAGEMENT STUDIES PUNE-4110041.

(2018-2020)
 CERTIFICATE

This is to certify that the Project titled “A STUDY Of DIGITAL PAYMENT

SYSTEM” is a bonafide work carried out by MR. GAURAV ASHOKRAO THOR of
MBAII of NBN Sinhgad School of Management Studies, Ambegaon (Bk.) Pune for
fulfillment of MBA degree of Savitribai Phule Pune University. he has worked under our
guidance and direction.

Dr. Nutan Samdani Dr. Roop Kishore singhal

HOD, NBNSSOMS Project Guide

Place:

Date: External Examiner

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 DECLARTION

I hereby declare that the project titled “ A STUDY OF DIGITAL PAYMENT

SYSTEM ” is an original piece of research work carried out by me under the guidance and
supervision of Dr. Roop Kishore Singhal. The information has been collected from genuine
and authentic sources. The work has been submitted in partial fulfillment of the requirement
of MASTERS IN BUSINESS ADMINISTRATION (MBA) to Savitribai Phule Pune
University.

Date: MR. GAURAV ASHOKRAO THOR

Place: PUNE

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1.1 INTRODUCTION OF THE STUDY

Since the dawn of history, there has been trading between two parties exchanging goods
face to face. Eventually such trading became complicated and inconvenient money was invented
so that a buyer could acquire something he needed from a seller without necessarily exchanging
goods. Security of the monetary systems was guaranteed by the local, regional, national, and
eventually international banks controlling the printing of money. In course of time, new ways of
payment such as payment orders, cheques, and later ‘plastic’ money were invented. These allow
payment without ‘actual’ money. Mapping between the payment instrument and real money is
still guaranteed by banks through secure financial clearing networks. Eventually, remote
payment became possible using those same instruments, although security then started to
become a challenge. Verifying a hand-written signature on a cheque or a credit card mail order
is impossible when buyer and seller are not face-to-face; in this case the buyer must take the
additional risk of sending in a payment.
The emergence of e-commerce has created new financial needs that in many cause cannot
be effectively fulfilled by the traditional payment system. Recognizing this, virtually all interested
parties are exploring various types of electronic payment system and issues surrounding electronic
payment system and digital currency. Section I aims of study of framework of electronic payment
system. This section discusses the concept of electronic payment system and describes the different
types of digital payment system. Further, a comparison has been made between different digital
payment system. In the end of section.

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1.2 OBJECTIVES

1. To understand the important of digital payment in bank.

2. To identify the service of under digital payment system.
3. To identify the awareness and uses of digital payment system among individuals.
4. To identify the satisfaction of digital payment system to individual.

1.3 SCOPE OF STUDY

The existence of standardized and widely accepted digital payment procedures in
crucial for successful business to business digital commerce. Customers acceptance of digital
payment procedures mainly depend on the issues of cost, security, and convenience. In
particular, it is important that a procedures can be used over a variety of payment scenarios
such as digital commerce, electronic commerce, stationary and customer to customer. Current
payment procedures can be categorized by using strategic, participating and operational
criteria, based on the morphological method. The scheme wee propose allows us to
unambiguously identify and characterize any given digital payment procedure. The proposed
can analyse and represent their performance for digital payment procedure in a structured
way, digital payment service providers may analyse their market expectations and develop
digital payment procedures according to these, and different market participants may ue it as
basis for standardization.

1.4 LIMITATION OF THE STUDY

Despite best of efforts to minimize all limitation that might creep in course of the
project, there are certain constraints which fill affect. These are discussed below-
 Applicability of the study- as most of the responses will be collected from the
student, which are young and tech-savvy, the outcomes of the research may not be
applicable to all set of banking customer and banks and banks
 Time constraints- due to the less availability of the time, the number of responses
collected will be less. If it would have been more, the validity of the outcomes will be
better
 for primary data, non-response cannot be ruled out

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2.1 NAME, ADDRESS AND LOCATION OF COMPANY

Name : State Bank Of India

Address: Near Mahatma Fule College, warud-444906

Location: Warud Tq. Warud Dist. Amravati

2.2 VISION AND MISSION OF THE COMPANY

The vision of digital payment system by STATE BANK OF INDIA provided there
coustomar. The digital payment system a vital role in Indian economy. E-payment sector
Importance role in India, Indian banking help to customer develop the India. Various Banks
provide E-payment system state bank of India, Bank of Maharashtra, Bank of Baroda &
other Nationalised Bank, co-operative bank & Private Banks.

Empower every Indian with access to a bouquet of e-payment option that is safe,
secure, convenient, quick and affordable.

The vision for digital payment system in india enhances the stong foundation built
over the last two decades. While the pursuit towards a less cash society continues,
accompanied by the ambition to have a less-card india as well, the endeavour is to also ensure
increased efficient uninterrupted availability of safe, secure, accessible and affordable
payment systems as also to serve segments of the payment systems. The decade of follow
will witness a revolutionary shift in the way indian citizen use digital payment options and
will also empower them with an e-payment experience that will be exceptionally safe, secure
and truly world class

Mission:
To relation the bank position as premiere Indian financial service group, with world
class standard and significant global committed to excellence seen customer, shareholder and
employee satisfaction and to play a leading role in expending and diversifying financial
service sectors while containing emphasis on its development banking rule.

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ABOUT STATE BANK OF INDIA:

The SBI (State bank of India): Is an INDIAN Multinational public sector banking and
financing service statutory body. It is a government corporation statutory body headquarter in
Mumbai, Maharashtra. SIB is ranked as 216 th in the fortune Global 500 list of the world’s
biggest corporation of 2018. It is the largest bank of India with a 23% market share in assets
besides a share of one fourth of total loan and deposit market

SBI is one of the largest employers in the country with 209,567 employees as on 31 March
2017, out of which there were 23% female employees and 3,179 (1.5%) employees with
disabilities. On the same date, SBI had 37,875 Scheduled Castes (18%), 17,069 Scheduled
Tribes (8.1%) and 39,709 Other Backward Classes (18.9%) employees. The percentage of
Officers, Associates and Sub-staff was 38.6%, 44.3% and 16.9% respectively on the same
date. Around 13,000 employees have joined the Bank in FY 2016–17. Each employee
contributed a net profit of ₹511,000 (US$7,400) during FY 2016–17

2.3 HISTORY:

The roots of the State Bank of India lie in the first decade of the 19th century when the Bank
of Calcutta later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of
Bengal was one of three Presidency banks, the other two being the Bank of Bombay
(incorporated on 15 April 1840) and the Bank of Madras (incorporated on 1 July 1843). All
three Presidency banks were incorporated as joint stock companies and were the result of
royal charters. These three banks received the exclusive right to issue paper currency till 1861
when, with the Paper Currency Act, the right was taken over by the Government of India.

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The Presidency banks amalgamated on 27 January 1921, and the re-organised banking entity
took as its name Imperial Bank of India. The Imperial Bank of India remained a joint stock
company but without Government participation.

Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India,
which is India's central bank, acquired a controlling interest in the Imperial Bank of India. On
1 July 1955, the Imperial Bank of India became the State Bank of India. In 2008, the
Government of India acquired the Reserve Bank of India's stake in SBI so as to remove any
conflict of interest because the RBI is the country's banking regulatory authority.

SBI ACT (1955): The launch of first five year plan with development as a priority,
Parliament passed a low on 8 may 1955 that enable the government to take over the imperial
bank of India through the state bank of India Act. The bank was constituted on 1 July 1955
but amendment followed. The most interesting of which is based on a story that has been
widely reported and which bankers informally call the “Talwar Amendment “SBI (subsidiary
Banks) Act 1959 State Bank of Hyderabad .

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2.4 Organisation chart:

2.5 CURRENT STATUS OF ORGANISATIONS:

Currently (2020), overly, banking in indian is considered as fairly mature in term of
supply, product range and reach-even though reach in rural india still remains a challenge for
the private sector and foreign bank. Even in term of quality of assets and capital adequacy,
indian banks are considered to have clean, strong and transparent balance sheets- as
compared to other bank in comparable economies in its region. The reserve bank of India is
an autonomous body, with minimal pressure from the government. The stated policy of the
bank of the indian rupee is to manage volatility-without any stated exchange rate- and this
has mostly been true.

With the growth in the indian economy expected to be strong for quite some time-
especially in its services sector, the demand for banking services-especially retail banking,
mortgages and investment services are expected to be strong takeovers, assets sales and much
more action will happen on this front in India.

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 Currently, India has 88 scheduled commercial banks- 28 public sector banks (that is
with the government of India holding a stake), 29 private banks ( these do not have
government stake; they have be publicly listed and traded on stock exchanges) and 31 foreign
banks. They have a combined network of over 53000 branches and 17000 ATMs. According
to a report by ICRA limited, a rating agency, the public sector banking hold over 75% of total
assets of the banking industry, with the private and foreign holding 18.2% and 6.5%
respectively.

2.6 PRODUCTS PROFILE OF THE ORGANISATION:

A)E-PAYMENT SERVICES

SMART CARDS:

A smart card is about the size of a credit card, made of a plastic with an embedded
microprocessor chip that holds important financial and personal information. The
microprocessor chip is loaded with the relevant information and periodically recharged. In
addition to these pieces of information, systems have been developed to store cash onto the
chip. The money on the card is saved in an encrypted form and is protected by a password to
ensure the security of the smart card solution. In order to pay via smart card, it is necessary to
introduce the card into a hardware terminal. The device requires a special key from the
issuing bank to start a money transfer in either direction. Smart cards can be disposable or
rechargeable. A popular example of a disposable smart card is the one issued by telephone
companies. After using the pre-specified amount, the card can be discarded.

Smart cards have been extensively used in the telecommunications industry for years.
Smart-card technology can be used to hold information on health care, transportation,
identification, retail, loyalty programs and banking, to name a few. Smart cards enable
information for different purposes to be stored in one location. The microprocessor chip can
process different types of information, and therefore, various industries use them in different
ways. Due to their multipurpose functions, their popularity in Turkey is also on the rise.

Smart cards are broadly classified into two groups:

Contact: This type of smart card must be inserted into a special card reader to be read and
updated. A contact smart card contains a microprocessor chip that makes contact with
electrical connectors to transfer the data.

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Contact-less: This type of smart card can be read from a short distance using radio
frequency. A contact-less smart card also contains a microprocessor chip and an antenna that
allows data to be transmitted to a special card reader without any physical contact. This type
of smart card is useful for people who are moving in vehicles or on foot. They are used
extensively in European countries for collecting payment for highway tolls, train fares,
parking, bus fares, and admission fees to movies, theatres, plays, and so forth.

Smart cards can accommodate a variety of applications that allow the customer to make
purchases from a credit account, debit account, or stored value on the card. These cards can
even have multiple applications operating at the same time. The customer, for example, could
have a frequent flyer program working on the same card as the customer debit or credit
account. This enables the customer to earn points in his or her favourite program.

CREDIT CARDS:

There are two types of credit cards on the market today:

• Credit cards issued by credit card companies (e.g., MasterCard, Visa) and major banks (e.g.
Is Bankasi, Ziraat Bankasi, Yapi Kredi, etc.)

Credit cards are issued based on the customer's income level, credit history, and total wealth.
The customer uses these cards to buy goods and services or get cash from the participating
financial institutions. The customer is supposed to pay his or her debts during the payment
period; otherwise interest will accumulate. Two limitations of credit cards are their
unsuitability for very small or very large payments. It is not cost-justified to use a credit card
for small payments. Also, due to security issues, these cards have a limit and cannot be used
for excessively large transactions.

• Credit cards issued by department stores (e.g. Boyner), oil companies (e.g. Shell)

Businesses extremely benefit from these company cards and they are cheaper to operate.
They are widely issued to and used by a broad range of customers. Businesses offer
incentives to attract customers to open an account and get one of these cards.

DEBIT CARDS: The difference between credit cards and debit cards is that in order to pay
with a debit card you need to know your personal identification number (PIN) and need a
hardware device that is able to read the information that is stored in the magnetic strip on the
back.

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Debit cards task similar to checks in that the charges will be taken from the customer's
checking account. The benefit for the customer is the easiness of use and convenience.

CHARGE CARDS:

Charge cards are similar to credit cards except they have no revolving credit line, so
the balance must be paid off every month. Credit, debit, and charge card methods of
payments have been successfully utilized in the pre-Internet period, and they are often used in
the e-commerce world as well. Some of the reasons for their popularity in the e-commerce
world are their availability (most customers own one of these cards), ease of use, and
acceptance. To use these cards as an online payment system, a well-defined process is
followed. A brief description follows.

To accept payment cards payments, a merchant must have a merchant account with a
bank. The buyer will be required to submit their credit-card number, expiration date and
shipping and billing information when making a purchase online using a payment card.
(Figure 4.3) A customer using his/her browser clicks on a product on the merchant's web site
and adds it to an electronic shopping cart. The customer provides the shipping instructions
and payment card information. This information is sent securely over the Internet to the
merchant's commerce site (Step 1).

The server software adds the merchant identification to the information transmitted.
The merchant then submits this information to the acquiring bank with which the merchant
holds an account (Step 2).

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 The merchant bank transmits this information to the customer's bank for
authorization. Then, the buyer's account information is verified. This involves the issuing
bank from which the buyer obtained the credit card, and the credit-card association (Step 3).

Verification is received by the acquiring bank (Step 4)

and is passed on to the merchant (Step 5)

who then ships the product (Step 6).

Payment cannot be issued to the merchant until the product has been shipped. This entire
process (not including shipment) takes approximately less than 30 seconds.

ELECTRONİC CASH (E-CASH):

Similar to regular cash, e-cash enables transactions between customers without the need for
banks or other third parties. When used, e-cash is transferred directly and immediately to the
participating merchants and vending machines. Electronic cash is a secure and convenient
alternative to bills and coins. This payment system complements credit, debit, and charge
cards and adds additional convenience and control to everyday customer cash transactions. E-
cash usually operates on a smart card, which includes an embedded microprocessor chip. The
microprocessor chip stores cash value and the security features that make electronic
transactions secure Mondex.a subsidiary of MasterCard (Mondex Canada Association) is a
good example of e-cash. (Appendix I)

E-cash is transferred directly from the customer's desktop to the merchant's site. Therefore, e-
cash transactions usually require no remote authorization or personal identification number
(PIN) codes at the point of sale. E-cash can be transferred over a telephone line or over the
Web. The microprocessor chip embedded onto the card keeps track of the e-cash transactions.
Using e-cash the customer has two options: a stand-alone card containing e-cash or a
combination card that incorporates both e-cash and debit.

How a typical e-cash system works: A customer or merchant signs up with one of the
participating banks or financial institutions. The customer receives specific software to install
on his or her computer. The software allows the customer to download “electronic coins” to
his or her desktop. The software manages the electronic coins. The initial purchase of coins is
charged against the customer's bank account or against a credit card. When buying goods or

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services from a web site that accepts e-cash, the customer simply clicks the “Pay with e-cash”
button. The merchant's software generates a payment request, describing the item(s)

purchased, price, and the time and date. The customer can then accept or reject this request.
When the customer accepts the payment request, the software residing on the customer's
desktop subtracts the payment amount from the balance and creates a payment that is sent to
the bank or the financial institution of the merchant, and then is deposited to the merchant's
account. The attractive feature of the entire process is its turnaround time which is a few
seconds. The merchant is notified and in turn ships the goods.

ELECTRONİC CHECKS (E-CHECK):

E-check is the result of cooperation among several banks, government entities,

technology companies, and e-commerce organizations. An e-check uses the same legal and
business protocols associated with traditional paper checks. It is a new payment instrument
that combines high-security, speed, convenience, and processing efficiencies for online
transactions. It shares the speed and processing efficiencies of all-electronic payments. An e-
check can be used by large and small organizations, even where other electronic payment
solutions are too risky or not appropriate. The key advantages of e-checks are as follows:

• Secure and quick settlement of financial obligations

• Fast check processing

• Very low transaction cost

E-check is being considered for many online transactions. Appendix II shows an echeck
transaction.

ELECTRONİC WALLETS (E-WALLETS):

Electronic wallets being very useful for frequent online shoppers are commercially
available for pocket, palm-sized, handheld, and desktop PCs. They offer a secure, convenient,
and portable tool for online shopping. They store personal and financial information such as
credit cards, passwords, PINs, and much more.

To facilitate the credit-card order process, many companies are introducing electronic wallet
services. E-wallets allow you to keep track of your billing and shipping information so that it
can be entered with one click at participating merchants' sites. E-wallets can also store
echecks, e-cash and your credit-card information for multiple cards.

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A popular example of an e-wallet on the market is Microsoft Wallet . To obtain Microsoft
Wallet, one needs to set up a Microsoft Passport. After establishing a Passport, a Microsoft

wallet can be established. Then, e-wallets can be used for micro-payments. They also
eliminate reentering personal information on the forms, resulting in higher speed and
efficiency for online shoppers. Microsoft Passport consists of several services including the
following A single sign-in, wallet and kids passport services. A single sign-in service allows
the customer to use a single name and password at a growing number of participating e-
commerce sites. The shopper can use to make fast online purchases with a wallet service.
Kids' passport service helps to protect and control children's online privacy.

MİCRO-PAYMENT:

Merchants must pay a fee for each credit-card transaction that they process; this can
become costly when customers purchase inexpensive items. The cost of some items could
actually be lower than the standard transaction fees, causing merchants to incur losses.
Micro-payments are used for small payments on the Web. The process is similar to e-wallet
technology where the customer transfers some money into the wallet on his or her desktop
and then pays for digital products by using this wallet. Using micro-payment one will be able
to pay for one article from a professional journal, a chapter from a scientific book, or one
song from a CD on the Web.

There are many vendors involved in micro-payment systems. IBM offers micropayment
wallets and servers. IBM micro-payment systems allow vendors and merchants to sell
content, information, and services over the Web. It provides universal acceptance and offers
comprehensive security. This micro-payment system can be used for billing by banks and
financial institutions, Internet service providers (ISPs), content providers (offering games,
entertainment, archives, etc.), telecommunications, service providers (offering fax, e-mail, or
phone services over the Web), and by premium search engines and specialized databases.

A number of companies will allow for outsourcing the payment-management systems.

Many of these systems can handle multiple payment methods including micro-payments.
Qpass is an example of a company that can manage micro-payments for paper-download,
subscription-based and pay-per-click systems. Pass enables periodicals such as The New
York Times and The Wall Street Journal to offer subscriptions over the Web. Customers who
buy products and services through a Pass-enabled company receive monthly bills that include
descriptions of all purchases made during that month. Additional services offered by Pass

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include the Pass Power Wallet, which registers passwords, credit-card information and other
preferences necessary to make online transactions more efficient customer service marketing
and sales assistance Psychology at Micro-payment: Many developers have tried to push
micro-payment solutions to the Internet, but only very few have succeeded. The difficulty
was never the technical implementation but the Internet itself. Every company on the Internet
gives away small pieces of information for free. Thus it is hard to validate the need to pay for
small bits of information. The other issue is a psychological difficulty . If you have the
choice of paying a one-time fee of 20 YTL or paying 50 korus for every transaction, about 80
percent of the people will either pay the one-time fee or use the service only very seldom as it
requires a new payment each time. It makes financial calculations more difficult as you do
not know in advance how much money the service will cost and spending money means
always thinking about it for a while. Most people will prefer to think once about it and use
the system as often as they need it. Otherwise they will first think about the costs and how
they can be justified and then decide maybe not to use it

PEER-TO-PEER PAYMENTS:

A peer-to-peer payment service allows the transfer of digital cash (e-Cash) via e-mail
between two people who have accounts at e-Cash-enabled banks. Peer-toper transactions
allow online financial transfers between consumers. One example of peer-to-peer payment
service is PayPal . Transactions through PayPal are immediate, the service is free for
individuals sending money to one another and the payee is not required to enter any credit-
card information. Businesses pay a small transaction fee. PayPal allows a user to send
money to anyone with an e-mail address, regardless of what bank either person uses, or
whether or not the recipient is pre-registered with the service. People wishing to send money
to others can log on to PayPal at www.x.com open an account and register the amount to be
sent. That amount is hilled to the person's credit card, Payment notification is sent to the
recipient, and an account is established in the recipient's name. When the person to whom the
payment is sent receives the e-mail notification, he or she simply registers with PayPal and
has access to an account containing the payment. The funds in this account can he transferred
to the recipient's bank account by direct deposit or mailed by check from PayPal.

The PayPal system can also be used to enable credit-card payment for auction items in real
time. Credit card information is checked before a transaction is initiated. This means that the
transaction begins processing immediately after it is initiated, reducing the risk of fraud or

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overdrawn accounts. The buyer or the seller can initiate the service. If one refers someone to
PayPal the person will receive a small monetary reward. More information on PayPal can be
found at Appendix IV.

B2B AND B2C TRANSACTİONS:

The fastest grossing sector of e-commerce payments is business-to-business (B2B)

transactions. These payments are often much larger than business-to -customer (B2C)
transactions and involve complex business accounting systems [10]. For example,
Paymentech is one of the largest payment solutions providers for point-of-sale transactions on
the Internet. The service provides reporting and processing tools and services to help manage
a merchant account and electronic check processing. Paymentech supports all types of credit
and debit cards and conducts all transactions in a secure environment. Merchants using
Paymentech can customize their payment processing plans. Payment Net allows merchants to
track their expenses in a secure environment on a 24-by-7 basis. Its features include custom
reporting, e-billing and cross-compatibility with other third-party expense reporting tools.

B2C market transactions are less complicated than B2B transactions. Using Electronic Bill
Presentment and Payment (EBPP) a company can display a bill on multiple platforms online
and offer actual payment processes. Payments are generally electronic transfers from
consumer checking accounts. This is conducted through the ACH (Automated Clearing
House), the current method for processing electronic monetary transfers. You can look at
http://www.checkfree.com for different related information.

SECURE EPS INFRASTRUCTURE:

Secure electronic funds transfer is crucial to e-commerce. In order to ensure the integrity and
security of each electronic transaction and other EPSs utilize some or all of the following
security measures and technologies directly related to EPSs: Authentication, public key
cryptography, digital signatures, certificate, certificate authorities, SSL, S-HTTP, secure
electronic transmission (SET).

Authentication

This is the process of verification of the authenticity of a person and/or a transaction. There
are many tools available to confirm the authenticity of a user. For instance, passwords and ID
numbers are used to allow a user to log onto a particular site.

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Public Key Cryptography

Public key cryptography uses two keys, one public and one private, to encrypt and decrypt
data, respectively. Cryptography is the process of protecting the integrity and accuracy of
information by encrypting data into an unreadable format, called cipher text. Only those who
possess a private

key can decrypt the message into plain text.

Public key cryptography uses a pair of keys, one private and one public. In contrast, private
key cryptography uses only one key for encryption. The advantage of the dual-key technique
is that it allows the businesses to give away their public key to anyone who wants to send a
message. The sender can then encrypt the message with the public key and send it to the
intended businessman over the Internet or any other public network; the businessman can
then use the private key to decrypt the message. Obviously, the private key is not publicly
known.

Digital Signature

Rather than a written signature that can be used by an individual to authenticate the identity
of the sender of a message or of the signer of a document; a digital signature is an electronic
one. E-check technology also allows digital signatures to be applied to document blocks,
rather than to the entire document. This lets part of a document to be separated from the
original, without compromising the integrity of the digital signature. This technology would
also be very useful for business contracts and other legal documents transferred over the
Web.

A digital signature includes any type of electronic message encrypted with a private key that
is able to identify the origin of the message. The followings are some functions of digital
signature.

• The authentication function: The term digital signature in general is relevant to the practice
of adding a string of characters to an electronic message that serves to identify the sender or
the originator of a message.

• The seal function: Some digital signature techniques also serve to provide a check against
any alteration of the text of the message after the digital signature was appended.

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• The integrity function: This function is of great interest in cases where legal documents are
created using such digital signatures.

• The privacy function: Privacy and confidentiality are of significant concerns in many
instances where the sender wishes to keep the contents of the message private from all hut the
intended recipient

SECURE ELECTRONIC TRANSACTION:

The Secure Electronic Transmission protocol imitates the current structure of the credit card
processing system. SET replaces every phone call or transaction slip of paper with an
electronic version. This can generate a large number of data packets. The SET protocol offers
packets of data for all these transactions, and each transaction is signed with a digital
signature. This makes SET the largest consumer of certificates, and it makes banks by default
one of the major distributors of certificates.

Certificate revocation is an essential part of the certificate process. Who will pay for the SET
certificate-revocation list is one of the most active debates in the SET community. When a
user might change organizations or lose his or her key pair, or an e-commerce site using SSL
may discontinue its operations; a certificate must be revoked before it expires. In all these
cases, the certificate needs to be revoked before it expires so that it cannot be used
intentionally or unintentionally.

The privacy of messages in the SET payment environment is accomplished through

encryption of the payment information using a combination of public key and private key
algorithms. In general, public and private key cryptographic algorithms are the process of
transforming readable text into cipher-text and back again. These algorithms are used
together to encrypt the actual message contents with a short private key, which is distributed
securely via the public-private key pair.

The most important property of SET is that the credit card number is not open to the seller.
On the other hand, the SET protocol, despite strong support from Visa and MasterCard, has
not appeared as a leading standard. The two major reasons for lack of widespread acceptance
are followings:

(1) The complexity of SET

(2) The need for the added security that SET provides.

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Though, this might change in the future as encryption technology becomes more commonly
utilized in the e-business world.

Advantages of SET: Some of the advantages of SET contain the following:

• Information security: Neither anyone listening in nor a merchant can use the information
passed during a transaction for fraud.

• Credit card security: There is no chance for anybody to steal a credit card.

• Flexibility in shopping: If a person has a phone he/she can shop.

Disadvantages of SET: Some of the disadvantages of SET include its complexity and high
cost for implementation.

ACT OF E-PAYMENT

HISTRORY

The history of the present Act is a long one. The Act was originally drafted in 1866 by the
3rd Indian Law Commission and introduced in December 1867 in the Council and it was
referred to a Select Committee. Objections were raised by the mercantile community to the
numerous deviations from the English Law in which it contained. The Bill had to be redrafted
in 1877. After the lapse of a sufficient period for criticism by the Local Governments, the
High Courts and the chambers of commerce, the Bill was revised by a Select Committee. In
spite of this Bill could not reach the final stage. In 1880 by the Order of the Secretary of
State, the Bill had to be referred to a new Law Commission. On the recommendation of the
new Law Commission, the Bill was re-drafted and again it was sent to a Select Committee
which adopted most of the additions recommended by the new Law Commission. The draft
thus prepared for the fourth time was introduced in the Council and was passed into law in
1881 being the Negotiable Instruments Act, 1881 (Act No.26 of 1881

WHAT IS RTGS:
The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the
continuous (real-time) settlement of funds individually on an order by order basis (without
netting). 'Real Time' means the processing of instructions at the time they are received rather
than at some later time. Gross Settlement' means the settlement of funds transfer instructions
occurs individually (on an instruction by instruction basis). Considering that the funds

20
settlement takes place in the books of the Reserve Bank of India, the payments are final and
irrevocable.
National Electronic Funds Transfer (NEFT) : is an electronic funds transfer system
maintained by the Reserve Bank of India (RBI). Started in November 2005, the setup was
established and maintained by Institute for Development and Research in Banking
Technology (IDRBT). NEFT enables bank customers in India to transfer funds between any
two NEFT-enabled bank accounts on a one-to-one basis. It is done via electronic messages.
Unlike real-time gross settlement (RTGS), fund transfers through the NEFT system do not
occur in real-time basis. NEFT settles fund transfers in half-hourly batches with 23
settlements occurring between 8:00 am and 7:00 pm on week days and the first, third and
fifth Saturday of the calendar month. Transfers initiated outside this time period are settled at
the next available window. No settlements are made on the second and fourth Saturday of the
month, or on Sundays, or on public holidays.

As of January 2011, NEFT facilities were available at 74,680 branches offices of 101 banks
across the country (out of arojund 82,400 bank branches), and online through the website of
NEFT-enabled banks. NEFT has gained popularity due to the ease and efficiency with which
the transactions can be concluded. This is reflected from the fact that 42% of all electronic
transactions in the 2008 financial year were NEFT transactions.

IMPS is the immediate fund transfer service that facilitates fast and easy fund transfer with
no hassles. Most people do not know the IMPS full form or its features and often confuse it
with other modes of funds transfer such as NEFT and RTGS. But it is completely different
from the other two. The IMPS full form stands for Immediate Payment Service. This is an
inter-bank electronic fund transfer system that uses mobile phones as a platform for the
transfer process. IMPS is different from NEFT and RTGS as it is available 24/7 and 365 days
regardless of bank holidays.

MODES OF ELECTRONIC PAYMENT:

1) IMPS:

IMPS is the immediate fund transfer service that facilitates fast and easy fund transfer with
no hassles. Most people do not know the IMPS full form or its features and often confuse it
with other modes of funds transfer such as NEFT and RTGS. But it is completely different
from the other two. The IMPS full form stands for Immediate Payment Service. This is an
inter-bank electronic fund transfer system that uses mobile phones as a platform for the

21
transfer process. IMPS is different from NEFT and RTGS as it is available 24/7 and 365 days
regardless of bank holidays.

How to Send and Receive Money through IMPS?

(a) Registration Process:

1. You have to Register yourself with the mobile banking service of the bank. Some people
consider SMS alert service as Mobile Banking. It is not true. You have to place a separate
request for Mobile Banking Service. It will link your mobile no with the bank account no.

2. Bank will issue unique Mobile Money Identifier (MMID) and MPIN to the customer.
MMID is 7 digit no in which 1st 4 digits are the unique identification no of the issuing bank.

3. Now you can download Mobile Banking Application through Google Play Store. Some
banks also allow download through SMS if your bank provides IMPS on SMS. A link to
download Mobile Banking Application is pushed through SMS on customers mobile number
registered for mobile banking.

(b) How to transfer money through IMPS:

1. Assuming you wish to transfer money to your friend A then your friend A should also be
registered for mobile banking service (Though it is not compulsory).

2. Your friend will share his MMID and Mobile No with you for money transfer. Please note
that you don’t need your friend’s Bank Name, Account No and other details for money
transfer.

In case, your friend is not registered for mobile banking service then you only need his
account number and IFSC code of the branch for IMPS. Transfer through MMID/Mob No or
Account No/IFSC code is also known as IMPS P2P (Person to Person).The 3rd method is by
using Aadhaar no of your friend. In this case, you only need aadhaar no of your friend to
transfer funds through IMPS. The amount will be transferred to the bank account linked to
the Aadhaar.

3. To transfer money through IMPS, you can login to the mobile banking application / Net
Banking of your bank.

22
4. You can select the IMPS or use the SMS facility if your bank provides IMPS on SMS

5. Enter the MMID and mobile no of your friend.

6. Enter the Amount and your MPIN or OTP to transfer money to your friend.

7. You will receive SMS confirmation along with transaction number for any future
reference.

Advantages of IMPS – Immediate Payment Service

1. Real-time Money Transfer: As of now, only RTGS or Real Time Gross Settlement

enables you to transfer funds on real time basis. NEFT transfer takes up to 3 – 4 hours for
transfer depending on the bank to bank. Whereas IMPS is real time similar to RTGS.

2. 24X7: You can transfer fund through IMPS anytime during 24X7, 365 days in a year. This
facility is available during Bank Holidays, Sundays and even during night time. The
limitations of RTGS are that it is available only during Bank working days and that too
between 8:15 AM till 4:15 PM.

3. Transaction Limit: Min threshold for RTGS transfer is Rs 2 lakh and max is 10 Lakh.
Transaction limit of IMPS is from Re 1 to Rs 2 lakh. Different banks have the different
transaction limit depending on their customer profile. Limits mentioned by me are of ICICI
bank.

4. Charges: Most of the banks only charge Rs 5 + ST for IMPS transaction. Some banks like
Citibank don’t charge for IMPS transfer.

5. Available through Multiple Channels: You can transfer funds through various channels
like ATM, Net banking, SMS, USSD and Mobile Application.

6. Other Payments: Besides P2P money transfer, IMPS can be used for the host of payments
like utility bills, travel tickets, mobile recharge, e-commerce etc. In my post on Online
Shopping – 11 Tips to Save Money, I highlighted how e-commerce companies are promoting
mobile apps & offering heavy discounts. IMPS can be used to make payment if you are
shopping through Mobile application.

23
7. NRI Customers: Last but not the least, IMPS money transfer is available for NRI
customers to transfer funds from NRI account to the account of resident Indian.

Word of Caution:

1. Wrong Details: Funds through IMPS is transferred only based on MMID and Mobile No
or Account No and IFSC code. If either of the 2 details required is wrong, the transaction will
be declined. It is highly unlikely that amount is credited to the wrong beneficiary. It is always
advisable to cross verify MMID and Mobile No before IMPS transfer. In case of wrong
transfer, the sender’s bank do not take any responsibility for the wrong transfer. The sender
has to initiate the refund from receiver’s bank.

2. Delete Mobile Banking Application: To avoid any misuse of IMPS facility, it is always
advisable to remove mobile banking applicable before you change your mobile handset. Also
delete all the SMS stored on the mobile including MPIN.

3. MPIN / OTP: Never share your MPIN with anyone. Also, you should update your mobile
no linked to mobile banking as soon as you change your mobile no.

Objectives of IMPS

 To enable bank customers to use mobile instruments as a channel for accessing their
banks accounts and remit funds
 Making payment simpler just with the mobile number of the beneficiary
 To sub-serve the goal of Reserve Bank of India (RBI) in electronification of retail
payments
 To facilitate mobile payment systems already introduced in India with the Reserve
Bank of India Mobile Payment Guidelines 2008 to be inter-operable across banks and
mobile operators in a safe and secured ma
 nner
 To build the foundation for a full range of mobile based Banking services.

The participants for IMPS will be as follows:

 Remitter (Sender)

24
  Beneficiary (Receiver)
 Banks
 National Financial Switch - NPCI

Pre-Requisites for Mobile Banking through IMPS

Registration for Remitter:

 Register yourself with the mobile banking service of the bank.

 Get Mobile Money Identifier (MMID) and MPIN from the bank
 Download Software (Application) for mobile banking (ensure the compatibility of
mobile with the application) or use the SMS facility in your mobile if your bank
provides IMPS on SMS

Registration for Beneficiary:

 Link your mobile number to the account in the respective bank.

 Get Mobile Money Identifier (MMID) from the bank

For Remitter (To send money):

 Login to the application and select the IMPS menu from the IMPS or use the SMS
facility in your mobile if your bank provides IMPS on SMS
 Get Beneficiary Mobile number and MMID
 Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to
send
 Await confirmation SMS for the debit in your account and credit in beneficiary
account
 Note the transaction reference number for any future query
 Share your Mobile number and MMID with the remitter
 Ask the remitter to send money using your Mobile number and MMID
 Check the confirmation SMS for credit to your account from the remitter
 Note the transaction reference number for any future quer

Fund transfer/Remittance
25
  Using Mobile number & MMID (P2P)
 Using Account number & IFS Code (P2A)
 Using Aadhaar number (ABRS)

Using Mobile number & MMID (P2P)

IMPS offer an instant,24*7 interbank electronic fund transfer service capable of processing
person to person, person to account and person to merchant remittances via mobile, internet
and atms. It is a multichannel and multidimensional platform that make the payments
possible within fraction of seconds with all the standards and integrity maintained for security
required for even high worth transactions.

Sender & Receiver - Have to register for Mobile Banking & get a unique ID called
"MMID"

 Generation of MMID is a One-time process

 Remitter (Sender) transfer funds to beneficiary (Receiver) using Mobile no. & 7digit
MMID of beneficiary.

Additional information's:

MMID - Mobile Money Identifier (7digit code) Each MMID is linked to a unique Mobile
Number. Different MMIDs can be linked to same Mobile Number

Using Account number & IFS Code (P2A)

Presently, IMPS Person-to-Person (P2P) funds transfer requires the Remitter customer to
make funds transfer using Beneficiary Mobile Number and MMID. Both Remitter as well as
Beneficiary needs to register their mobile number with their respective bank account and get
MMID, in order to send or receive funds using IMPS.

There may be cases where Remitter is enabled on Mobile Banking, but Beneficiary mobile
number is not registered with any bank account. In such cases, Remitter shall not be able to
send money to the Beneficiary using Mobile Number & MMID.

26
Hence on the merit of the feedback received from the banking community as well as to cater
the above mentioned need, the IMPS funds transfer has been made possible using Beneficiary
account number and IFS code as well, in addition to Beneficiary mobile number and MMID.

For transactions initiated using Mobile, transactions will be authenticated using mobile
number & MP

Mobile number + MPIN

IMPS transactions can also be initiated from ATMs and Internet banking channels.
Authentication will be done for remitting customers while using the ATM channel as follows:

Card + ATM PIN

Authen

tication will be done for remitting customers while using the Internet banking channel as
follows:

User ID + Internet Banking Password/Transaction Password

Appropriate existing two-factor authentication method would be used for all the channels.
The limit as prescribed by the bank for these channels would apply while transferring money
using either of these channels.

While initiating an IMPS transaction using either ATM or Internet channel, mobile banking
registration for a remitting customer is not mandatory. Similarly, for customers receiving
money using account number/IFSC, or using AADHAAR number, mobile banking
registration is not mandatory.

27
IMPS crosses 100 million mark

While the growth seen by the Unified Payments Interface (UPI) channel was several times
higher — transaction volumes jumped 30 times between March 2017 and March 2018 —
IMPS has been in existence for longer than UPI.

Transactions made using the Immediate Payment System (IMPS) crossed the 100-million
mark in March to clock a total volume of 110.15 million transactions worth Rs 1.04 lakh
crore, data released by the Reserve Bank of India (RBI) showed. According to data available
on the National Payments Corporation of India (NPCI) website, the payment mode retained
its momentum in April as well, recording 109.55 million transactions worth Rs 1.02 lakh
crore during the month. Among all the modes of retail digital payments that got a push from
demonetisation, IMPS seems to have succeeded the most in keeping up the momentum. For
the last few months, it has seen volumes surging over 80% on a year-on-year (y-o-y) basis.

While the growth seen by the Unified Payments Interface (UPI) channel was several times
higher — transaction volumes jumped 30 times between March 2017 and March 2018 —
IMPS has been in existence for longer than UPI.
Interestingly, though UPI has overtaken IMPS in terms of volumes and now sees monthly
numbers of the order of 150-170 million, IMPS continues lead in value terms. The monthly
value of UPI transactions has been in the range of Rs 10,000-30,000 crore since December.
One of the reasons for this is the Rs 20,000 per-transaction limit on UPI transactions, which
automatically makes IMPS the default option for larger-ticket transactions.

Mobile wallets bore the brunt of the new KYC requirement, with volumes dipping 12.6% y-
o-y to 268.79 million in March. The value of transactions, however, rose 38% to Rs 10,097
crore. The volume of credit and debit card transactions at point-of-sale (PoS) machines rose
18% y-o-y to 446.19 million, while the value of transactions rose 26% to Rs 86,165 crore.
The volume of National Electronic Fund Transfer (NEFT) transactions rose 13.6% y-o-y to
212 million in March, while the value of transactions rose 38% to Rs 22.54 lakh crore
between March 2017 and March 2018.

28
FUNCTIONS OF IMPS:

 Instant Fund Transfer:

As the IMPS full form suggests, fund transfer through IMPS is simple and instant. The
service uses mobile phones as a channel for accessing bank accounts and performs
inter-bank fund transfers in a secure way. 

 Availability:
IMPS is available 24/7and 365 days enabling users to transfer funds anytime and from
anywhere. You do not have to go to the bank and follow an elaborate process for
making payments to your clients or transferring funds. The service functions seamlessly
throughout the year even on public holidays and bank holidays. 

 Confirmations:
Both the sender and receiver get instant credit and debit notifications as soon as the
funds are transferred. This means that you do not have to worry whether the funds are
transferred or not. The service takes care of its processes very well. 

 Versatility:
Versatility is the main feature of IMPS as it can be used in various modes as well.
Users can use IMPS for P2P (person to person) funds transfer using the mobile number
or by using the bank account details. IMPS can be used for P2M (Person to Merchant)
payments as well. 

FINANCIAL DATA

India’s Immediate Payment Service (IMPS) saw an increase of 14.3% in the total transactions
taking place between February 2019 and March 2019, according to data published by the
National Payments Corporation of India, which owns and operates IMPS. The NPCI is the
bank-owned private organization that also runs the Unified Payments Interface (UPI).

IMPS transaction volumes grew on a monthly basis to 190.18 million (190,180,000

transactions) from 166.37 million transactions (166,370,000 transactions), while the amount
transacted increased on a month-on-month basis by 18% to Rs 176,288.9 crore – the highest

29
in this month. The average transaction amount grew gradually on a monthly basis to Rs
9,269.6 per transaction.

Transfer of funds through Immediate Payment Service (IMPS) crossed a whopping Rs 3.23
lakh crore in April-June quarter of 2018-19, which is almost double the amount recorded in
the year-ago period.

Different banks have different limits for daily and monthly fund transfer through IMPS.

IMPS offers an instant, round-the-clock interbank electronic fund transfer service that can be
accessed through multiple channels like mobile, internet, ATM, SMS, Branch and USSD

As per NPCI data, the number of transactions through IMPS crossed 10 crore mark in March
2018 and touched a high of 12.04 crore in June.

IMPS was launched in November 2010. Earlier, only NEFT and RTGS were available to user
for fund transfer during banking hours.

Electronic fund transfers and digital payments have gained traction post demonetisation in
November 2016.

The decision had led to a massive cash shortage and banks had restricted withdrawals, both
from the bra .

30
 YONO:

YONO (You Only Need One) is an integrated digital banking platform offered by State Bank
of India (SBI) to enable users to access a variety of financial and other services such as taxi
bookings, online shopping, or medical bill payments. YONO is offered as a smartphone app
for both Android and iOS

SBI or State Bank of India is offering a zero balance account - or a bank account that
doesn't require any particular minimum balance to be maintained each month - under a
limited-period scheme. Called 'Insta Savings Account', this SBI savings account can be
opened instantly through mobile app YONO. This was said by SBI on microblogging site
Twitter. The offer, requiring "no minimum balance", can be availed till August 31, 2018,
India's largest bank SBI said. SBI will not charge a penalty for failing to maintain minimum
balance in an Insta Savings Account till August 2018. "No Charges for non-maintenance of
minimum balance up to August 2018," it said on the YONO website.. SBI currently offers
several types of bank accounts that also don't require any minimum balance to be
maintained every month, such as basic savings bank deposit or BSBD account. Insta Savings
Account supports annual transactions up to Rs. 2 lakh, according to SBI

1 What is Insta Savings Account or YONO account? Insta Savings Account is a bank
account that is opened and operated through mobile app YONO. This savings bank account
can be used to perform common bank account tasks such as balance check, bill payment,

31
money transfer and automatic payments, according to mobile app YONO's website -
yonosbi.com.

2. An Insta Savings Account can be opened in paperless mode, which means a YONO user
can apply for this type of account without visiting a bank branch, according to SBI.

 . The Insta Savings Account comes with an "instant account activation" facility. Other
than Insta Savings Account, mobile app YONO also provides Digital Savings
Account. Whereas the Digital Savings Account requires the account holder to visit a
bank branch once, the Insta Savings Account doesn't have this requirement.
 4. How to withdraw money from Insta Savings Account: SBI's Insta Savings
Account comes with a RuPay debit card. RuPay is a plastic money scheme provided
by the National Payments Corporation of India, the umbrella organisation for all retail
payment systems in the country.

5. App for new and existing SBI customers: A user of mobile app YONO can apply
for an SBI Insta Savings Account by entering his or her Aadhaar and PAN card
details. Existing SBI customers who have subscribed to the bank's internet banking
facility can also access their account via YONO. SBI customers not having their
internet banking credentials can generate a temporary internet banking password
using their debit card, according to SBI.

State Bank of India’s YONO (You Only Need One) application recorded 2.5 million
transactions, up 224% QoQ from 0.77 million transactions in the previous quarter, the
company disclosed in its presentation for Q1FY2019. The value of all transactions through
the application stood at Rs 9552.12 crores since its launch. While the lender did not disclose
the number of registered users for the application, t he bank noted that the app has been
downloaded 8.3 million times. Moreover, the bank also claimed that the application was used
to open more than 27,000 accounts every day in the quarter ended June, which helped it cross
the significant achievement of opening over 1 million saving banks account through YONO.
The app had about 0.25 million logins per day in the Q1 FY19. Lastly, the bank also said that
it has disbursed over 10,000 pre-approved personal loans worth Rs 66.6 crores.

Through YONO, customers can open an SBI account digitally, transfer funds, avail of pre-
approved personal loans without any paperwork and get overdraft facility against fixed

32
deposits. It is important to note that the Bank’s Chairman that the lender plans to merge the
YONO application with the Buddy app, as it will eliminate duplication of features and
processes. that the country’s largest lender has set a target to increase the ambitious user base
of YONO to 250 million in two years from the current 2.5 million. While the bank has given
no further clarification on the matter, we can take from Kumar’s statement that ‘Buddy’ will
be absorbed into YONO. SBI launched Buddy, in collaboration with Accenture and
Mastercard in August 2015, while YONO was launched in November 2017.

Alternate channels

Around 82% of total transactions (compared to 80% in the previous quarter and 77% in the
same quarter last year) for SBI came through “alternate channels”, which are channels other
than the bank branch:
– 21% via Internet banking
– 16% on PoS terminals
– 2% on mobile banking
– 33% on ATM/CDM
– 10% via banking correspondents

UPI :

SBI has a unifie payments interface (UPI)

app called SBI Pay, but the company did not
disclose any numbers associated with the
app or UPI based transactions. In the
previous quarter, SBI Pay had 1.84 million
active users.

Mobile banking

Given the stark contrast in the data when compared to the previous quarters, note that either
the bank made a mistake in its numbers or the data released is exclusive of the users of
SBI Buddy, SBI anywhere applications. MediaNama has reached out to SBI for a

33
clarification, but we haven’t received any communication from the lender at the time of
publication. It is therefore advised to take the following data with a pinch of salt.

– The bank reported that it now has 11.72 million users compared to 30.5 million users in the
previous quarter.

– The bank reported that 2% of all its transactions happen through mobile banking, the same
as the corresponding quarter last year.

– The lender did not disclose either the number or value of transactions that happened via
mobile banking during the quarter.

Net banking

– Net banking users stood at 50.87 million at the end of June, up 6% from 47.922 million at
the end of March 2018.

– The bank reported that 21% of its transactions happen through net banking as compared to
the 20% in the corresponding quarter last year.

– The lender did not disclose either the number or value of transactions that happened via net
banking during the quarter.

Merchant Acceptance

SBI said that it has 2.14 million Merchant Payments Acceptance Touch Points (as compared
to 1.964 million in the previous quarter), including:

– 232,191 Bharat QR deployments, up 14.7% from 202,362 at the end of March 2018.

– 623,113 point of sales (PoS) terminals, marginally up 2.19% from 609,789 at the end of the
last quarter. The company says it has a market share of 19.05%, down from 20.2% in the
previous quarter.

– In addition, SBI is claiming 526,873 BHIM-Aadhaar-SBI Merchant Payments Acceptance

touch points, 647,000 of SBI Pay Merchant Acceptance touch points, and 113,000 for BHIM.

34
At the end of Q4 FY18, SBI reported that it had 496,970 BHIM-Aadhaar-SBI Merchant
Payments Acceptance touch points, 558,440 of SBI Pay Merchant Acceptance touch points,
and 96,771 for BHIM.

Business Correspondents

The bank said that it has 58,163 Business Correspondent outlets. It did not disclose
transactions via Business Correspondents channel. Neither did the lender disclose how many
BC outlets it had in the previous quarter.

Debit and Credit Cards

SBI has a leadership position in Debit Card spends with 30.51% Market-share. The bank,
however, did not disclose its Credit card spends market share. The bank claimed that it is the
second largest credit card company in India with a user base of over 6.5 million.

New services in the digital domain

This week, the bank announced the launch of its Multi Option Payment Acceptance Device,
‘MOPAD’, which will allow customers to make payments through cards, Bharat QR, UPI
and SBI Buddy (e-wallet) on a single Point–of–Sale (PoS) terminal. The bank is the largest
PoS provider in the country with 6.23 lakh terminals deployed.

Last week, Reliance Jio entered into a MoU with SBI to expand their digital partnership and
provide a platform offering digital banking, commerce, and financial services to customers. It
has to be noted that Jio and SBI are joint partners in the Jio Payments Bank, with Reliance
holding a 70% stake and the public sector lender owning the remaining 30%.

The lender also signed an MoUs with OYO to provide loan to its existing as well as new
hotel partners. OYO said that the MoUs are signed under the Pradhan Mantri MUDRA
Yojana (PMMY)- a government scheme for providing loans up to Rs 10 lakh to the non-
corporate, non-farm small/micro enterprises.

35
What Are the Financial Services that YONO SBI Has to Offer
1) What will you do if you forget your cards at home and have to take out cash from the ATM?
YONO cash lets you withdraw money without using your debit card. Just register on the YONO app,
use the authentication code sent to your mobile number in any of the YONO cash points and withdraw
a specific amount of money without using any cards. It’s that simple!

2) Shop till you drop. Well not literally, but the app has got one of the best e-commerce websites to
help you fill your wardrobe with more and more clothes. You even get exclusive discounts given
especially to YONO SBI users.

3) For people like me, who get the jitters just by thinking about banking and financial
terms, this is a pretty user-friendly app. The interface is easy and the navigation is quite
intuitive to help me do the job smoothly.

4) Nobody likes to pay money, but when you have to, it’s better to have a quick payment
process. The YONO SBI app uses UPI enabled payments with intelligent fund transfer to
make for a faster payment process.

5) One place for all your State Bank group relationships. You can link and view all your
mutual funds, credit cards, fixed deposits, insurance and any other financial and investment
related statements in the app.

6) If you want to keep track of your spending habits and want to analyse your expenses, the
YONO SBI app offers a tracker that auto-tags and categorizes all your transactions.

7) We all know getting a loan is not an easy task. There is much paperwork, making visits to
the bank and getting it approved is another ball game altogether. With YONO SBI you can
get pre-approved personal loans up to Rs. 1 Lakh without any documentation. And guess
what, it takes just 2 minutes.

Who would have thought that banking would be so easy one day? YONO SBI makes sure
that its users are at ease, enjoy a hassle-free process of banking and lifestyle and never have
to worry about going to multiple places for multiple things.

How to get it:

 Bank a/c
 Mobile number should be linked with bank a/c

36
  Smart Phone with internet facility
 Debit Card for re-setting MPIN.

Service Activation:

 Download the App for UPI

 Do registration online on the App with a/c details
 Create a virtual ID
 Set MPIN
 5-7 minutes

What is required for Transaction:

 Smartphone with internet facility

 Registered device only
 Use registered MPIN
 Self Service Mode

Transaction Cost:

 NIL to customer by most Banks

 Customer pays for data charges

Services Offered:

 Balance Enquiry
 Transaction History
 Send / Pay Money
o Virtual Address
o A/c no. & IFSC code
o Mobile no. and MMID
o Aadhaar (to be made functional)
  Collect Money
o Virtual Address
  Add bank account

37
   Change / Set MPIN
  Notifications
 A/c Management

Funds Transfer limit:

 1 lakh / transaction

Service Available from no. of operators:

 30 banks List of Banks providing UPI Services as on 30.11.2016

 Interoperable

NPCI:

National Payments Corporation of India (NPCI) is an umbrella organization for all retail
payments in India. It was set up with the guidance and support of the Reserve Bank of
India (RBI) and Indian Banks Association (IBA).

NEFT

National Electronic Fund Transfer Is an electronic funds transfer system maintained by

the Reserve Bank of India (RBI). Started in November 2005, the setup was established
and maintained by Institute for Development and Research in Banking Technology
(IDRBT).[1] NEFT enables bank customers in India to transfer funds between any two

38
 NEFT-enabled bank accounts on a one-to-one basis. It is done via electronic messages.
Unlike real-time gross settlement (RTGS), fund transfers through the NEFT system do
not occur in real-time basis. NEFT settles fund transfers in half-hourly batches with 23
settlements occurring between 8:00 am and 7:00 pm on week days and the first, third and
fifth Saturday of the calendar month. Transfers initiated outside this time period are
settled at the next available window. No settlements are made on the second and fourth
Saturday of the month, or on Sundays, or on public holidays

As of January 2011, NEFT facilities were available at 74,680 branches offices of 101
banks across the country (out of around 82,400 bank branches), and online through the
website of NEFT-enabled banks. NEFT has gained popularity due to the ease and
efficiency with which the transactions can be concluded. This is reflected from the fact
that 42% of all electronic transactions in the 2008 financial year were NEFT transaction

PROCESS:

Detailed process of NEFT is as follows:

1. The customer fills an application form providing details of the beneficiary (like name,
bank, branch name, IFSC, account type and account number) and the amount to be
remitted. The remitter authorizes his/her bank branch to debit his account and remit
the specified amount to the beneficiary. This facility is also available through online
banking, and some banks also offer the NEFT facility through ATMs.
2. The originating bank branch prepares a message and sends the message to its pooling
centre (also called the NEFT Service Centre).
3. The pooling centre forwards the message to the NEFT Clearing Centre (operated by
National Clearing Cell, Reserve Bank of India, Mumbai) to be included for the next
available batch.
4. The Clearing Centre sorts the funds transfer transactions destination bank-wise and
prepares accounting entries to receive funds from the originating banks (debit) and
give the funds to the destination banks (credit). Thereafter, bank-wise remittance
messages are forwarded to the destination banks through their pooling centre (NEFT
Service Centre).
5. The destination banks receive the inward remittance messages from the Clearing
Centre and pass on the credit to the beneficiary customers’ accounts.

39
FEATURES OF NEFT:

Saves time and effort:-

With NEFT payments, all a sender must do is log into their net banking account and
select the right beneficiary. He/she must enter the correct amount to be transferred and
then verify the transaction. That is all it takes. The sender or the remitter does not
have to send a demand draft or cheque of any kind to the beneficiary. The process of
transferring funds via NEFT is quite simple and efficient.

Payments occur electronically

With more and more services available online, why should the financial sector be left
behind? NEFT payments are primarily a means of transferring funds electronically.
These transfers can be initiated online through net banking services at the
convenience of the user. Additionally, NEFT transfers can also be made through
ATMs, making this form of payment financially inclusive for citizens who may not
have a bank account, net banking, or a working internet connection. As NEFT
payments occur online, consumers do not need to spend time filling out paper forms,
standing in long lines at the bank, submitting them to the right branch, and so on. The
beneficiary also does not require paperwork. The working bank account along with
the relevant details submitted online are often enough to authenticate any payments,
provided OTPs or PINs are entered at the time of conducting the transaction.

Payments occur over a secure mode

Another great feature of NEFT is that payments occur over a secure mode. Banks
often place multiple authentication steps to verify the sender’s identity, which ensures
that issues of theft and fraud are not applicable. NEFT is managed by the Reserve
Bank of India, which further adds to the overall security of this mode of payment.

Transaction fee

There will be no transaction fees for NEFT transactions. As a means to promote digital
transactions, RBI has scrapped transaction fees for all NEFT transactions, irrespective of your

40
bank. Furthermore, as you can see, RTGS has higher minimum transaction amounts (with the
lowest being Rs 2, 00,000) while NEFT has a minimum transaction amount of Re 1. This
makes NEFT more suitable for the average consumer

NEFT operates within banking hours

Consumers looking to initiate NEFT transactions must do so within banking hours.

Sometimes, these can vary from branch to branch. As a general rule, NEFT transactions
occur between 9:00 am to 7:00 pm on weekdays, and 9:00 am to 1:00 pm on Saturdays.
NEFT transactions are also subject to any public holiday that may render banks closed.

This feature, though in line with its time, has now proved to be a bit of a disadvantage. NEFT
does not really work as well for modern consumers looking to conduct daily payments online.
This is because such transactions are facilitated through instant payment platforms, making
them far more convenient as vendors can immediately verify if payments are made.

RTGS

Real Time Gross Settlement (RTGS) is an electronic form of funds transfer where the
transmission takes place on a real time basis.

In India, transfer of funds with RTGS is done for high value transactions, the minimum
amount being Rs 2 lakh. The beneficiary account receives the funds transferred, on a real
time basis. The main difference between RTGS and National Electronic Funds Transfer
(NEFT) is that while transfer via NEFT takes place in batches (with settlements and
transactions being netted off), in the case of RTGS, the transactions are executed individually
and on gross basis.

41
The customer initiating the funds transfer through RTGS has to have the Indian Financial
System Code (IFSC) of the beneficiary's bank, along with the name of the beneficiary,
account number and name of the bank. The bank branches, both at the initiating and receiving
end, have to be RTGS-enabled for the transaction to be processed. Customers with Internet
banking accounts can do RTGS transactions on their own.

Features of RTGS:

1. Real-time online fund transfer – The “RT” in RTGS stands for ‘real-time’.
This means that it the most reliable fund transfer method when the transfer must be
made immediately, or on the same day. In other words, the transactions take place
without any delays or long processing periods

2. Used for high-value transactions – The most important feature of the RTGS fund
transfer method is that it is used for high-value transactions. The minimum amount
that can be transferred using this method is Rs 2 Lakhs. This method is the most
reliable and safest choice among consumers who must make such transactions

3. Safe and secure, with RBI’s backing – This payment method is preferred for high-
value transactions due to multiple reasons – such as quick service and minimal
transaction costs. However, the feature that consumers find the most alluring is that it
is one of the safest methods of fund transfer available today. What makes this method
highly secure and reliable is that it is backed by India’s Central Bank, i.e. the Reserve
Bank of India (RBI). This ensures that it is 100% legal and the server that takes care
of these transfers is strong and safe from even the most advanced hacking
technologies

4. Immediate clearing – RTGS is a quick settlement method and immediately clears the
payment from the consumer’s end, taking up to 2 hours to reflect at the beneficiary’s
end. The payment is cleared immediately and is irrevocable, making it completely
settled as soon as the consumer completes the transaction on his end

5. Funds credited on a gross and one-on-one basis – This is an important feature of

RTGS. The funds in this method of fund transfer are credited on a one-on-one basis,

42
 which means that the fund transfer takes place only between the two parties involved,
i.e. the consumer (giver) and the beneficiary. No third party is involved and the

6. payment, when released by the consumer, reaches directly to the beneficiary on a

‘one-on-one’ basis without bundling or netting with any other transaction.

7. RTGS operates within the bank hours and on bank’s working days – Governed by
RBI, the fund transfer method is only available when the banks are operating, i.e.
during the bank’s working hours and on days that the banks are open. Usually, the
working hours for RTGS are 9:00 am – 4:30 pm on weekdays and 9:00 am – 2:00 pm
on Saturdays. However, some consumers consider this to be a major disadvantage
since a lot of modern-day payment methods such as UPI work even outside the bank
hours. But, RTGS st

8. ill remains the

first choice
of many
people who
need to
transfer
high-value
funds immediately, considering the safety and reliability it

BHIM PAY

Is a mobile payment App developed by the National Payments Corporation of India (NPCI), based on
the Unified Payments Interface (UPI). It was launched by Prime Minister Narendra Modi at the
Digital Mela at Talkatora Stadium in New Delhi on 30 December 2016. It was named after B. R.

43
Ambedkar and is intended to facilitate e-payments directly through banks as part of the 2016 Indian
banknote demonetisation and drive towards cashless transactions.[4]

The app supports all Indian banks which use UPI, which is built over the Immediate Payment
Service (IMPS) infrastructure and allows the user to instantly transfer money between bank
accounts of any two parties.[5] It can be used on all mobile devices.[6]

ONLINE PAYMENT SERVICES:

 SQUARE:

Square, Inc. is a financial services, merchant services aggregator, and mobile payment company
based in San Francisco, California. The company markets several software and hardware
payments products and has expanded into small business services. The company was founded in
2009 by Jack Dorsey and Jim McKelvey and launched its first app and service in 2010. It has been
traded as a public company on the New York Stock Exchange since November 2015 with the
ticker symbol SQ.

 AMAZON PAYMENTS:

Amazon Pay is an online payments processing service that is owned by Amazon. Launched in
2007,Amazon Pay uses the consumer base of Amazon.com and focuses on giving users the option
to pay with their Amazon accounts on external merchant websites. As of January 2019 the service
is available
in Austria, Belgium, Cyprus, Germany, Denmark, Spain, France, Hungary, Luxembourg, Republi
c of Ireland, India, Italy, Japan, Netherlands, Portugal, Sweden, United Kingdom, United States.

 PAYPAL:

PayPal Holdings, Inc. is an American company operating a worldwide online payments system
that supports online money transfers and serves as an electronic alternative to
traditional paper methods like checks and money orders. The company operates as a payment
processor for online vendors, auction sites, and many other commercial users, for which it charges
a fee in exchange for benefits such as one-click transactions and password memory. PayPal's
payment system, also called PayPal, is considered a type of payment rail.

44
  WEPAY:

WePay is an online payment service provider based in the United States that provides

an integrated and customizable payment solution through its APIs to platform
businesses such as crowdfunding sites, marketplaces and small business software
companies. It offers partners fraud and risk protection.

GOOGLE PAY

Google Pay (stylized as G Pay; formerly Pay with Google and Android Pay) is a digital

wallet platform and online payment system developed by Google to power in-app and tap-to-
pay purchases on mobile devices, enabling users to make payments with Android phones,
tablets or watches.

As of January 8, 2018, the old Android Pay and Google Wallet have unified into a single pay
system called Google Pay. Android Pay was rebranded and renamed as Google Pay. It also
took over the branding of Google Chrome's autofill feature. Google Pay adopts the features of
both Android Pay and Google Wallet through its in-store, peer-to-peer, and online payments
services.

HISTORY:

Originally launched as Android Pay, the service was released at Google I/O 2015. Android
Pay was a successor to and built on the base established by Google Walletwhich was released
in 2011. It also used technology from the carrier-backed Softcard—Google had acquired its
intellectual property in February 2015. At launch, the service was compatible with 70% of
Android devices, and was accepted at over 700,000 merchants.] Google Wallet still powered

45
web-based Play Store purchases and some app-based peer-to-peer payments, for instance in
Gmail.

As of 2017, it is currently available in the United States, Canada, Brazil, UK, Ireland, Spain,
Belgium, Poland, Czech Republic, Ukraine, Russia, Singapore, Hong Kong, Taiwan, Japan,
Australia and New Zealand.[18] Upon its UK launch Android Pay supported MasterCard and
Visa credit and debit cards from many of the UK's major financial institutions — including
Bank of Scotland, First Direct, Halifax, HSBC, Lloyds Bank, M&S Bank, MBNA and
Nationwide Building Society — "with new banks being added all the time" according to
Google. Natwest, RBS and Ulster Bank will launch on September 14. On September 8, 2016
it was reported that UK banks TSB and Santander will participate "over the coming weeks".
[19]
 Android Pay was launched in Singapore on June 28, 2016,[20] and in Australia on July 14,
2016.[21][22] Android Pay launched in the Republic of Ireland on December 7, 2016 and is
initially available to customers of AIB and KBC. The service works with both credit and
debit cards.[23]

Google Pay takes advantage of physical authentications such as fingerprint ID where

available. On devices without fingerprint ID, Google Pay is activated with a passcode. When
the user makes a payment to a merchant, Google Pay does not send the credit or debit card
number with the payment. Instead it generates a virtual account number representing the
user's account information. This service keeps customer payment information private,
sending a one-time security code instead of the card or user details.

PHONE PAY
PhonePe is an Indian e-commerce payment system and digital wallet company headquartered
in Bangalore, India. It was founded in December 2015, by Sameer Nigam, Rahul Chari and

46
Burzin Engineer. PhonePe app went live in August 2016 and was the first payment app built
on Unified Payments Interface (UPI).

The PhonePe app is available in over 11 Indian languages. Using PhonePe, users can send
and receive money, DTH, recharge mobile, data cards, make utility payments, buy gold and
shop online and offline. In addition PhonePe also allows users to book Ola rides, pay for Red
bus tickets, order food on Fresh menu, eat ,fit and avail Goibibo Flight and Hotel services
through micro apps on its platform.

PhonePe is accepted as a payment option across 5 million offline and online merchant outlets
covering food, travel, groceries, movie tickets etc. The app crossed 100 million user mark in
June 2018 and also crossed 2 billion transactions in April 2019.

HISTORY:

FxMart received its licence to operate on 26 August 2014. PhonePe was incorporated in
December 2015. In April 2016, the company was acquired by Flipkart. and as a part of the
Flipkart acquisition, the FxMart license was transferred to PhonePe and it was rebranded as
the PhonePe wallet. PhonePe’s founder Sameer Nigam was appointed as the CEO of the
company.

In August 2016, the company partnered with Yes Bank to launch a UPI-based mobile
payment app, based on the government-backed UPI platform.[1][13][14]

Within 3 months of launch, the app was downloaded by over 10 million users. In 2018,
PhonePe also became the fastest Indian payment app to get a 50 million badge on the Google
play store. The PhonePe app overtook BHIM to emerge as the market leader in UPI
transactions in August 2017.

PAYTM

Paytm is 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
education institutions with the Paytm QR code. [2] California based PayPal had filed a case

47
against Paytm in SDFthe Indian trademark office for using a logo similar to its own on 18
November 2016.[3] As of January 2018, Paytm is valued at $10 billion.[4]

HISTORY:

Paytm was founded in August 2010 with an initial investment of $2 million by its
founder Vijay Shekhar Sharma in NOIDA, a region adjacent to India's capital New Delhi. It
started off as a prepaid mobile and DTH recharge platform, and later added data card,
postpaid mobile and landline bill payments in 2013.

By January 2014, the company launched the Paytm Wallet, and the Indian
Railways and Uber added it as a payment option.[7] It launched into E-commerce with online
deals and bus ticketing. In 2015, it unveiled more use-cases like education fees, metro
recharges, electricity, gas, and water bill payments. It also started powering the payment
gateway for Indian Railways.

In 2016, Paytm launched movies, events and amusement parks ticketing as well as flight
ticket bookings and Paytm QR. Later that year, it launched rail bookings and gift cards.

Paytm's registered user base grew from 11.8 million in August 2014 to 104 million in August
2015. Its travel business crossed $500 million in annualised GMV run rate, while booking 2
million tickets per month.

In 2017, Paytm became India's first payment app to cross over 100 million app
downloads. The same year, it launched Paytm Gold,] a product that allowed users to buy as
little as ₹1 of pure gold online. It also launched the Paytm Payments Bank  and ‘Inbox’, a
messaging platform with in-chat payments among other products. By 2018, it started
allowing merchants to accept Paytm, UPI and Card payments directly into their bank
accounts at 0% charge. It also launched the ‘Paytm for Business’ app, allowing merchants to
track their payments and day-to-day settlements instantly. This led its merchant base to grow
to more than 7 million by March 2018.

The company launched two new wealth management products - Paytm Gold Savings Plan
and

Gold Gifting to simplify long-term savings. It launched into gaming and investments,
partnering with AGTech to launch a mobile games platform Gamepind,  and setting up Paytm

48
Money with an investment of ₹9 Crores to bring investment and wealth management
products for the Indians.

49
3.1 OUTLINE OF THE PROBLEM :
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.

1. 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.

2. 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.

3. 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.

4. Authentication/Fraud

There is no way to authenticate or verify that the individual entering the information
online is who they say they are. There is no request for picture identification or even a
signature. Therefore, an unauthorized user may carry out transactions in your name before
you have time to alert authorities the information has been taken. Because no identifying
information is provided at the time of the online payment, an individual may have an

50
extremely hard time disputing a charge later. Further, given the benefits of convenience and
speed that come along with e-payments, this creates the perfect opportunity for fraudulent
credit card transactions.

5. Restrictions

Each payment system has its limits regarding the maximum amount in the account,
the number of transactions per day and the amount of output.

6.Hacking

If you follow the security rules the threat is minimal, it can be compared to the risk of
something like a robbery. The worse situation when the system of processing company has
been broken, because it leads to the leak of personal data on cards and its owners. Even if the
electronic payment system does not launch plastic cards, it can be involved in scandals
regarding the Identity theft.

7. Transferring money between different payment systems

Usually the majority of electronic payment systems do not cooperate with each other.
In this case, you have to use the services of e-currency exchange, and it can be time-
consuming if you still do not have a trusted service for this purpose. Our article on how to
choose the best e-currency exchanger greatly facilitates the search process.

8.The lack of anonymity

The information about all the transactions, including the amount, time and recipient
are stored in the database of the payment system. And it means the intelligence agency has an
access to this information. You should decide whether it's bad or good.

9. Internet access

If Internet connection fails, you can not get to your online account. There is also a
pressing issue regarding the technology involved in electronic cash such power failures,
internet connection failure, loss of records and undependable software. These often cause a
major setback in promoting the technology

51
4.1 Research Methodology:
Primary Data:
In this research with a sample size of nearly 20 customers data will be available in
form of questionnaire collected in terms of different question influencing the use of
electronic payment system

Secondary data:
Collection of information from different kind of books the data of the company what
they maintained.

52
5.1DATA PRESENTATION AND INTERPRETATION

NO OF YEARS BHIM YONO PAYTM

2016 37% 18% 65%
2017 48% 28% 69%
2018 75% 35% 72%
2019 82% 58% 85%

Chart Title

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%
2016 2017 2018 2019

bheem YONO PAYTM

INTERPRETATION :

53
NO OF YEARS GOOGLE PAY PHONE PAY AMAZON PAY

2016 52% 42% 52%

2017 62% 51% 58%
2018 68% 68% 62%
2019 82% 79% 72%

Chart Title
90%

80% 82%
79%
70% 72%
68% 68%
60% 62% 62%
58%
50% 52% 52% 51%
40% 42%
30%

20%

10%

0%
2016 2017 2018 2019

GOOGLE PAY PHONE PAY AMAZON PAY

INTERPRETATION:

54
NO OF YEARS WE PAY NPCL IMPS
2016 31% 32% 48%
2017 22% 45% 52%
2018 56% 58% 58%
2019 62% 61% 62%

Chart Title
70%

60%

50%

40%

30%

20%

10%

0%
2016 2017 2018 2019

WE PAY NPCL IMPS

INTERPRETATION:

6.1 LEARNING OF THE PROJECT :

55
 The study of DIGITAL PAYMENT SYSTEM in this subject is an vary important
subject in financial management. I am learn this subject and reach the digital payment
system. Hoe can to be work the digital payment system in financial market. Digital payment
system is a vary important to the global market system.
The use of DIGITAL PAYMENT SYSTEM and payments facility provided to the
consumer. The digital payment system is very easy and time saving facility. This system is
done to the internet. This system is the internet system.
The digital payment system is proper satisfaction provided to the customers. The
working environment was excellent which enabled me learned me the project and services
feature as well as the internal aspect finance management is DIGITAL PAYMENT
SYSTEM.
The project has opened up the new windows of learning , which enable me into the
clear understanding of digital payment system. The digital payment system is an very useful
and needful is the payment system.

56
7.1 FINDING

1. In the user’s ratio of digital payment system 65% of customer are using this service.
2. More banks are connecting to the any software co. to running the E-payment service.
In these services the SBI banks is top in service of E-payment
3. The services that are mostly used by maximum customers are transaction, online
trading, bill payment, shopping etc.
4. The mode of the cash deposit in bank is for use to online truncation cash, cheque & e-
payment.
5. Different banks different change for online service

7.2 SUGGESTIONS
1. To prevent online banking from remaining customers to promot this service through
advertising co.
2. After repairing this basic deficiency, banks must ensure that there service is
competitive.
3. Banks is not take more change from there customers

7.3 CONCLUSION

The basic objective of my research was to analyse the awareness among customers for
electronic payment system. It gives direction to research tools, research type and techniques.
Although the finding reveal that people know about the service but still may people are
unaware and many of them are non – users so the bank should by promotion try to retain the
customers. Banks should look forward to have some tie – ups with other financial institution
to increase the service base.

57
BIBLIOGRAPHIES
 www.sbibank.com
 www.finance.india.mart.com
 www.banknetindia.com
 www.rbi.org
 www.moneycontrol.com
 www.captialmarket.com

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