A STUDY OF CUSTOMER SATISFACTION LEVEL AND CUSTOMER PERCEPTION OF E-PAYMENT APP SERVICES WITH SPECIAL REFERENCE TO PUNE CITY.
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The growth of modern civilization depends on payments. Systems of payment have substantially changed over time, from the stone age barter system, through to coins and to virtual payment. Digital payments refer to electronic consumer transactions, which include payments for goods and services that are made over the internet, mobile payments at point-of-sale (PoS) via smartphone applications (apps), and peer-to-peer transfers between private users. In this paper an attempt has been made to study the customer satisfaction level of the people who are using E-PAYMENT APPS. This article seeks to understand the dynamics of Pune’s E-Payment App by studying various factors like the pricing, consumer behaviour, market share, revenue models, app convenience, etc.
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Adoption of cashless transaction has been significantly pushed by Prime Minister Mr. Narendra Modi as part of government reforms after demonetization of high value currency of Rs. 500 and 1000 which accounts for 86% of cash circulation. The demonetization resulted in unprecedented growth in digital payment. By February 2018, digital wallet companies had shown a growth of 271 percent for a total value of US$2.8 billion (Rs. 191 crores) , Indian government and private sector companies such as Paytm, Freecharge and Mobikwik had been aggressively pushing several digital payment applications, including the Aadhaar Payment app, the UPI app, and the National Payments Corporation of India (NPCI) developed the Bharat Interface for Money (BHIM) app. Digital transfers using apps has brought behavioural change and helped in the adoption of digital payment. This has resulted in ease of transfer of money in rural areas which was not touched earlier by the digital payment method. Now many foreign investors want to invest in digital payment industry which is new attractive destinations because of scope of tremendous expansion in India.
OBJECTIVES
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1. To study the satisfaction level of customers for convenience in payment transfer using E-Payment App.
2. To study the overall analysis of E-payment App (Paytm/Mobiwick/BIHM/Phonepe) services and perception of people about E-Payment App in Pune city.
3. To study the Motivational factors which inflence people to use E-Payment App services in Pune city.
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RESEARCH METHODOLOGY
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1.The current study is based on primary data collected from 200 respondents from the different parts of Pune.
2. A well-structured questionnaire was designed to collect the information from the respondents the questionnaire was designed to study perception and buying or usage patterns of customer towards adoption of digital payment.
Sampling Plan
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Target population has been defined and surveyed. In this research the sampling unit was the customers who have been using the digital payment modes.
Sample size: In this survey the sample size decided was 400 respondents.
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Sampling procedure:
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I adopted Questionnaire method for collection of primary data. Purpose of this research was told to respondents and questions were explained to them in case there was any need for understanding any particular question. There had been no personal bias or distortions were allowed while recording the responses.
DATA ANALYSIS
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The data analysis has been discussed from responses collected from 400 various age group people who were using E- Payment App services in Pune city. Data has been presented in a meaningful way to facilitate the research that is to find out the customer satisfaction level of E- Payment App. This provides the background to the respondents by analyzing their demographic details. Tables and diagrams have been used to facilitate a understand information gathered through research study.
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SWOT Analysis
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Strength: -
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First mover advantage: Paytm was the first online payment company to set up operations in India.
Convenience options: Paytm is an epitome of convenience since it is operational round the clock and facilitates easy payment or transfer of funds anytime, anywhere.
Paytm can be used to transact with more than 30 lacs marketers across India and we can pay to any individual through mobile no in india
Bucket of services: Most of what one desires to do online can be done through Paytm. & has online reservation facilities, online retail, and online recharge Lot of Promotional offers are more popular among the people
Digitization and demonetization
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Weakness:-
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In remote locations or even tier 2 towns lack of good Internet bandwidth and speed.
Lack of IT infrastructure
Most users are unaware of what Paytm can do for them and confused about use of app.
Most Indians are used to transacting on cash and are yet to get used to being used to cashless transactions.
Poor customer service.
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Opportunities:-
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Growing demand for Marketers/ Sellers: With growing technology usage people prefer to make most payments from the convenience of their homes.
Demonetisation
The surge in the number of working professionals and busy schedule
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Threat:-
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Competition: With lowered barriers to entry.
Growing concerns about safety
PAYTM:- PORTER’S FIVE FORCES ANALYSIS
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BARGAINING POWER OF SUPPLIERS: -
Suppliers are the manufacturers of finished products. everyone wants to sell their products easily in less time and use app like Paytm. App like Paytm saves a lot of money for the Marketers, companies cannot afford to lose this channel. So in this industry the supplier power is low.
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BARGAINING POWER OF CUSTOMERS (BUYERS)
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Buyers in this industry are customers who purchase product and wants to pay immediately. Since this industry is flooded with so many players, buyers are having lot of option to choose. buyers have more power because of competition like Mobikwik, phone pe, BHIM app, Google pay, every bank and telecom company has its payment app.
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INTENSITY OF COMPETITIVE RIVALRY:
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Competition is very high in this industry. many competitors means more choices for the customer to choose from. This also increases the cost incurred by the company to stay in the customer’s mind i.e. on promotions and advertisements etc.
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THREAT OF SUBSTITUTE PRODUCTS OR SERVICES:
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Since this industry is flooded with so many players, buyers are having lot of option to choose. Mobikwik, phone-pe, BHIM app, Google pay, every bank and telecom company has its payment app.
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THREAT OF NEW ENTRANTS:
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Threat of new entrants is very high in this online retail industry because of following reason: There are very less barriers to entry like less capital required, less amount of infrastructure required. Foreign companies can come and start their own online payment services like Google pay will lead to more competition in future.
1.Gender of Respondents Using E-payments App.
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Interpretation- It can be seen from the above graph that 52% respondents were male and 48% respondents were female.
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2. AGE GROUP OF RESPONDENTS.
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Interpretation- It is reported that major age group of the respondents is 20-30 years (i.e.30% respondents), follwed by 30-40 years, 40-50 years and above 50 years
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3. OCCUPATION .
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Interpretation-
It can be seen from the above graph that major occupation of the respondents is Private sector employees, followed by self-employed or business, followed by students followed by public sector or Government sector followed by retired people.
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4. DO YOU THINK THAT USING ONLINE PAYMENTAPP CAN OFFER YOU A WIDER RANGE OF BANKING SERVICES AND PAYMENT OPTION
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Interpretation- It is reported that most of the respondents are agreed to online Payment apps offer wide range of banking services and payments.
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5. WHICH APP DO YOU MOSTLY USE FOR E- PAYMENT.
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Interpretation- It can be seen from the above graph that PAYTM App has maximum Market share i.e 64% in pune city followed by Phonepe 11% followed by mobikwick 10% followed by others 10%.
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6.WHAT WAS LAST APP YOU WERE USING BEFORE ONE YEAR.
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Interpretation- Last year PAYTM was used by 78% of the respondents followed by Phone pe 7%followed by Mobikwick 5% followed by others 10%.
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7.ARE YOU SATISFIED WITH THE SERVICE OF APP
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Interpretation-Maximum respondents of Pune city are satisfied with the PAYTM App Services i.e 82% while 18% are not satisfied or not sure about the service provided to them.
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8. RISK OF USING PAYMENT APP
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Interpretation-
It can be seen from the above graph that only 29% respondents feel that there may be a risk using payment app while 33% feels its safe to use payment app while 38% were not about the risk in using payment app.
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9. IS THIS APP COMFORTABLE AND USER FRIENDLY.
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Interpretation-
It is reported that most of the respondents 66% are agreed that the payment app PAYTM, BHIM, mobikwick, phonepe are user-friendly and comfortable
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10. SINCE HOW LONG ARE YOU USING THIS APP
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Interpretation- It can be seen from the graph that most of the respondents 71% are using same payment app more than one year while 10% are using for 9 months, 8% for months and 11% for last 3 months.
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11. HOW GOOD IS PRIVATE PAYMENT APP SERVICES THAN GOVERNMENT APP SERVICE.
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It is reported that Private app payment service was better than Government app as it agreed by the 79% of the respondents while 6% respondents were disagree.
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12. DO YOU GET ANY DISCOUNT OFFERS
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Interpretation-Maximum respondents i.e. 77% agree to the discount offers they get and are satisfied with the Payment App.
13. ARE YOU SATISFIED WITH THE SERVICE PROVIDED BY PAYTM/BHIM/PHONEPAY/MOBIKWIK
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It is reported that 83% respondents are satisfied with payment app service while 9 % respondents are not satisfied.
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14. ARE YOU SATISFIED WITH THE SPEED OF TRANSACTION.
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Interpretation-Maximum respondents 87% are satisfied with the speed and fast transactions of the Payments App they have been using.
CONCLUSION OF RESEARCH STUDY.
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1. Paytm has shown a tremendous increase and growth in the E-Payment Sector,Market share of Paytm in pune city was maximum which is followed by Phonepe and others 2. Maximum number of respondents are satisfied with the App and Facilities provided by the App.
3. From the above study the most important conclusion is that Paytm is most Widely used E- Payment App with a market share of 74%.
4. E-Payment App of private sector work more in advance compared to public sectors like App like BHIM.
5. Age group of 20-30 yrs are more likely to use E-Payment Apps.
6. Respondents feel that online Payment apps offer wide range of banking services and payments
7. PAYTM was used by most of the respondents and has great brand loyalty.
8. Maximum respondents of Pune city are satisfied with the PAYTM App Services
9. Respondents are not fully satisfied with the safety and security features of payment app and has to be made aware. Some respondents feel that there is risk using payment app services
10. Respondents are agreed that payments are user-friendly and comfortable. The Respondents are also satisfied with the comfort level and Friendliness of the App.
11. Respondents are getting good discount offers and are satisfied with the Payment App.
12. Respondents are agreed that overall service quality of payment apps are good
13. Maximum respondents are satisfied with the speed and fast transactions of the Payments App
14. It has been seen that maximum respondents recommend Paytm App to their friends.
Suggestion of study.
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1. Private app companies should keep on adding good features to the app
2. Government payment app company should provide better services like private app companies.
3. Payment app companies should add safety and security features so that it minimizes its risk
4. Payment app companies should promote their services through various media
5. Payment app companies should use discount and offers to make customer use their services
6. Payment app companies should address issues like privacy and misuse of the customer personal details through payment app services.
7. Linking aadhar card with the payment app should not be mandatory to gain maximum customers.
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