INTRODUCTION

UPI stands for Unified Payments Interface. It is an instant payment system that
helps you transfer money from one party’s bank account to another. An RBI-regulated entity
named NPCI (National Payments Corporation of India) has developed UPI over the
infrastructure of IMPS. The best part of this system is that the user can use any UPI client
app and add multiple bank accounts to a single app.

Unified Payments Interface or UPI has already become a huge success and is helping the
government move towards a society that depends less on cash for daily transactions. More
and more banks are going live on UPI with increasing volumes and values of transaction.
NPCI’s UPI Product Statistics data shows that there are 142 banks live on UPI as of June
2019. While the monthly volume of transaction is 754.54 million,the monthly value of the
transaction is Rs. 1,46,566.35 crore.

UPI is a digital payment system through which a user can both send and receive money
through a Virtual Payment Address (VPA). The money will be directly debited from the
customer's bank account. It is a system that powers multiple bank accounts into a single
mobile application (of any participating bank), merging several banking features, seamless
fund routing &merchant payments into one hood. It also caters to the “Peer to Peer” collect
request which can be scheduled and paid as per requirement and convenience.

National Payments Corporation of India (NPCI), the umbrella organization for all retail
payment systems in India has taken up a new initiative of implementing “Unified Payment
Interface” to simplify and provide a single interface across all systems. Banks have started to
upload their UPI enabled Apps on Google Play store from 25th August,2016 onwards.

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 Uniqueness of UPI than other digital payment method UPI is a simple payment
tool created by NPCI that is based on IMPS system.UPI can operate on a smart phone
and it works as an email ID for money.It facilitates virtual Payment address(VPA is an
ID, which a user creates by linking their accounts to a bank’s mobile application) as a
payment identifier for sending and collecting money and works on single click.

Unified Payments Interface (UPI) is an instant real-time payment system developed

by National Payments Corporation of India facilitating inter-bank transactions. The
interface is regulated by the Reserve Bank of India and works by instantly transferring
funds between two bank accounts on a mobile platform. Over the ten years, India has
made little slow but steady progress in E–Payments. Till now many methods are
invented in E Payments to digitalize the current Banking system. So UPI (Unified
payment Interface) is one of them. India is large scale country and so many are
unbanked or don’t know how to avail the banking services which are easy and secure.

But due less literacy rate and unknown factor led people, not to use or facing difficulties
in using Banking services. So we needed to overcome these difficulties and to make
payment process easy.
UPI 2.0:

On16 August 2018, UPI 2.0 was launched which enabled users to link their Overdraft
accounts to a UPI handle. Users were also able to pre-authorise transactions by issuing a
mandate for specific merchant. 2.0 version included a feature to view and store the
invoice for the transactions. There's also an added feature of AutoPay facility for
recurring payments. As of August 2021, State Bank of India (SBI), Bank of Baroda
(BOB) and Paytm Payment Bank are live on UPI AutoPay each registering 6,60,000,
2,04,000, and 1,86,000 mandates, respectively.

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Some of the challenges currently India facing in E-Banking sector are:

• According to the data provided by RBI,number of E-payments or non-cash

transactions stands to 6 per person per year.

• About 1 crore plus stores have card acceptance infrastructure but currently 6
lakh stores using this facility.

• To make E-Banking sector more easy,convenient,secure Government started

NPCI(NationalPaymentsCorporationofIndia)in2009,whichcontrolsallEPayments
in India and it is setup with guidance and support of Reserve bank of India(RBI)
and Indian bank association (IBA). After the starting NPCI, it has taken many
steps to simply and provides single interface payment system across all the
systems.
History:

The National Payments Corp. of India (NPCI), which was set up in April 2009 with the
core objective of increasing the adoption of digital payments, in association with the
Reserve Bankof India and Indian Banks Association (IBA), undertook the task of
implementing a Unified Payment Interface to make it easy for users to transact. The
pilot launch was on 11th April2016 by Dr. Raghuram G Rajan, Governor, RBI at
Mumbai.

Under RBI guidance, NPCI became the primary body with the task to develop a new
payment system that is simple, secure, and interoperable. UPI works on four pillar push-
pull inter operable model where there will be remitter/beneficiary front end PSP
(payment service provider) and remitter/beneficiary back end bank that settles the
monetary transaction for the users. As per CEO of Net magic Solutions, UPI became
one of the most successful deep-tech innovation coming out of India.

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In December 2019, noting the success of UPI, Google suggested to the US Federal Reserve
Board the development of FedNow, a real-time payment system for United States. With
exponential growth of UPI, India became the world's largest real-time payment market with
2,550crore(25.5billion)annualtransactionsin2020asperdatafromACIWorldwideand Global Data
leaving behind China and United States.

As part of financial inclusion initiative,NPCI with fintech start-up Ubona Technologies in 2021
started working on developing a voice-based payment service for feature phone users in low
connectivity zones over UPI payment ecosystem under Interactive Voice Response project.
The system will use Dual Tone Multi-Frequency (DTMF) signaling technology with two-
factor authentication (2FA) flow for peer-to-peer (P2P) transaction. From September 2020 to
June 2021, it is under beta testing and awaiting RBI approval for large scale deployment. The
beta testing and pilot experiment was completed by October 2021 and RBI started formulating
guidelines for nationwide use.

As per the Economist Intelligence Unit Report 2021, UPI made India a leader in global real-
time payment market followed by China and South Korea. After the decision of Ministry of
Finance to nullify merchant discount rate (MDR) in 2019 on UPI, the number of low value
transactions skyrocketed making huge gains on real-time transaction volume data.
ManynationssuchasBrazil,Bahrain,SaudiArabia,Singapore,United States and EuropeanUnion
are now trying to emulate the success of UPI in their own market.

FromJanuary1,2019,UPI becameapopular payment optionforInitialPublicOfferings (IPOs). The

transaction limit was enhanced from ₹1,00,000 to ₹2,00,000 in March 2020. From December
2021, RBI again increased the limit to ₹5,00,000 for Retail Direct Scheme and IPO
applications. To make UPI economically feasible for payment companies, RBI is considering
merchant discount rate (MDR) on future UPI transactions.

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Common Features of UPI Systems are:
are

 Ability to use personal mobile as the primary device for all payments
 Ability to use Aadhaar number,mobile number,card number,and account number in
a unified way. In addition, ability to pay and collect using "virtual
"vir payment
addresses"
 Make payments only by providing an address with others without having ever
provide account details or credentials on 3rd party applications or websites • Ability
for sending collect requests to others
factor authentication all using just a
 Ability to make payments using 1-click 2-factor
personal phone without having any acquiring devices or having any physical
tokens
 Payer and payee account details for authorization.
 Authentication credentials (password, PIN, biometrics, etc. as required fo
for debit,
can be bank provided or 3rd party provided such as UIDAI)
 Transaction amount
 Transaction reference
 Time limit
 Other details such as location, product code, mobile number, device details, etc. as
required.
Benefits of UPI

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Key drivers of UPI

 Simplicity: Paying and receiving money should easy as making calls or operating a
basic mobile phone. When you want to send money to any person, the recipient
should be easily found with less details means if you have his phone number or
Aadhaar number or virtual address, then you don’t have enter multiple details like
Account number, IFSC code and other details
 Adoption: When you are sending money to any person, there should not to be like
sender should have same mobile as receiver or vice versa. So system should be
universal. User can send their money to anyone who have Bank account with easy
process. Similarly, it should allow full interoperability between multiple identifiers
such as Aadhaar number, mobile number, and new virtual payment addresses
 Security: The main and most needed thing is the security. The end to end
protection between sender and receiver should be more. Data reading from smart
phone to server should be strongly encrypted. Similarly the process of sending
money or receiving should not be complicated because of security reason. It should
be simple, convenient with all security.
 Cost : Considering the fact that about 150 million smart phone users exist today
and that number is expected to grow to 500 million in the next 5 years, solution
should offer a mechanism to take full advantage of that. Use of mobile phone as
the authentication(credentialcapture)device,useofvirtualpaymentaddresses,anduse
of 3rd party portable authentication schemes such as Aadhaar should allow both
acquiring side and issuing side cost to be driven down. This allows banks and other
payment players to focus on core business and allow half a billion phones to be the
primary payment device in conjunction with other 3rd party authentication.
Reserve Bank of India (RBI) has taken systematic steps to promote digital
payments in India and created National Payment Corporation of India (NPCI) as an
umbrella organization to develop low cost retail digital payment systems.

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Working Mechanism of UPI:

UPI can be used for sending money and receiving money, who have smart phone with
internet connection and Bank account. In this figure shows complete mechanism of paying
and sending through UPI.

First step

To get started, first user has to download UPI application from Google play store or any
other 3rd party sources. It is not mandatory that you should download application with
respect to your Bank, You can download any other UPI application and you can use it.

Second Step

Then by using your mobile number, Bank accounts linked to your mobile number will
be searched. Then by entering last 6 digits of Debit card, your bank will be registered with
UPI application.

Third Step

A VPA (virtual payment address) is to be created by user in next step. The VPA is the
unique.addresslikeemailidandeveryuserwillgetuniqueidanditisattachedtotheirBankaccount
UPI can be used for sending money and receiving money, who have smart phone with
internet connection and Bank account. In this figure shows complete mechanism of paying
and sending through UPI.

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 AN OVER VIEW OF SELECTED UPI APPLICATIONS

 PHONE PE
 GOOGLEPAY
 PAYTM

PHONEPE:

The PhonePe app is another UPI app. This app also acts as the mobile wallet. It is the
second fastest grown UPI app after BHIM app. The app has all the UPI features as well as
mobile wallet features. Regarding its interface, it is one of the nicest looking UPI apps.
Developers have chosen a nice colour to design the app and it also contains important
features.

All other UPI apps are meant to send money only. But PhonePe is capable of recharging
and paying bills using UPI. The app works well on slow network connections also. It is
available in 8 languages. we can send and request money, generate and scan QR code,
set/change MPIN with the app. we can also check our bank balance. The app was founded
in 2015 and is powered by yes bank.

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KEY FEATURES OF PHONE PAY:

1. Digital Wallet

PhonePe allows users to store money in their digital wallet and make secure payments for
various services such as shopping, bill payments, and recharges. Users can add funds to
the wallet through linked bank accounts or credit/debit cards.

2. UPI Payments (Unified Payments Interface)

PhonePe supports UPI-based payments, enabling users to send and receive money directly
from their bank accounts. UPI allows for instant and secure transactions between any two
bank accounts with just a mobile number.

3. Bill Payments

PhonePe enables users to pay utility bills (electricity, water, gas), mobile recharges, DTH
recharges, broadband payments, and more. It simplifies regular bill payments with
automated reminders and payment options.

4. Peer-to-Peer (P2P) Money Transfers

PhonePe allows users to transfer money to friends and family directly through the app.
Money transfers are fast and convenient, and users can send money using UPI IDs, mobile
numbers, or bank accounts.

5. Scan and Pay via QR Codes

With QR code scanning, users can make payments by scanning merchant QR codes. This
feature allows quick, contactless payments at physical stores, making it easier for small
and large businesses to accept payments.

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GOOGLE PAY:

Google Pay (formerly Google Tez) is an online paymentapp thatprovides users with an
option to send or receive money over Unified Payments Interface (UPI). Unlike traditional
payment transfer methods like NEFT and RTGS, UPI makes it easier to send or receive
money directly from or to a bank account in real time, just like a text message. Let’s take a
look at how to setup Google Pay, add a bank account and send or receive money over UPI.

Google Pay is a digital wallet and payment platform developed by Google, designed to
facilitate online and in-person transactions. It was launched in February 2018, following
the merger of Google Wallet and Android Pay. Google Pay enables users to make secure
payments using their smart phones, tablets, or smart watches, utilizing features such as
contactless payments, peer-to-peer transfers, and in-app purchases.

KEY FEATURES OF GOOGLE PAY:

1. Secure Transactions

Google Pay employs multiple layers of security to protect users' sensitive data. One of the
primary methods is tokenization, where actual credit or debit card numbers are replaced with
unique tokens for every transaction, ensuring that your card details are never shared with

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merchants. Additionally, Google Pay uses biometric authentication (such as fingerprint
scanning) or a PIN to authorize payments, providing extra security against unauthorized use.

2. Wide Compatibility

Google Pay supports a wide variety of payment methods, allowing users to link credit and debit
cards, bank accounts, and even PayPal accounts in supported regions. It works with most major
credit card networks (Visa, MasterCard, American Express, etc.) and numerous financial
institutions across the globe.

3. Global Reach

As of 2025, Google Pay is available in over 90 countries, allowing users to make payments and
money transfers across borders. It supports multi-currency transactions in many countries,
making it ideal for international travelers. This extensive availability helps users make
seamless transactions in many locations, from local stores to international e-commerce
websites.

4. Contactless Payments

One of Google Pay’s standout features is its ability to facilitate contactless payments. By
leveraging NFC (Near Field Communication) technology, users can simply tap their smart
phones or smart watches on compatible payment terminals to make purchases without
physically swiping a card. This provides a faster, safer, and more convenient way to pay,
reducing the need for physical cards.

5. Peer-to-Peer Payments (P2P)

Google Pay also supports peer-to-peer (P2P) payments, enabling users to send money directly
to friends and family through the app. This feature, available in select regions, allows for easy
transfers from bank accounts or linked debit/credit cards without needing to exchange cash.
This functionality is similar to app like PayPal, making it popular for splitting bills or sending
money.

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PAYTM:

Paytm is one of India's leading digital payment platforms and financial technology
companies. It was founded by Vijay Shekhar Sharma in 2010 and is owned by One97
Communications. Paytm started as a mobile recharge platform and expanded rapidly to
include a wide range of services such as digital wallets, mobile banking, bill payments,
ticket bookings, e-commerce, and more.

This mobile wallet app company has also collaborated with the UPI platform to provide
customers the facility to transact and transfer funds in an easier manner. Customers can
add money into their Paytm wallets with the UPI ID. Along with other payments options
such as debit/credit card, net banking, etc.,

UPI is also one among them. Customers can also initiate collect money requests
through Paytm with UPI. After the remitter accepts the payment request, the money is
added to the Paytm wallet.

KEY FEATURES OF PAYTM:

Mobile Wallet:

Paytm offers a digital wallet that allows users to store money and make secure
transactions, including bill payments, recharges, and online purchases.

Paytm Payments Bank:

In 2017, Paytm launched Paytm Payments Bank, which provides users with digital
banking services, including savings accounts, fixed deposits, and a Paytm debit card.

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Peer-to-Peer Transfers:

The platform allows users to send money to friends and family directly through the app,
making it easy to transfer funds.

Bill and Mobile Recharges:

Paytm enables users to recharge mobile phones, pay utility bills (electricity, water, gas),
DTH, and broadband services.

E-commerce:

Paytm provides an online shopping platform that offers products in categories like
electronics, fashion, home goods, and groceries.

Ticket Bookings:

Users can book movie tickets, flight tickets, bus tickets, and event tickets through the
Paytm platform.

Financial Services:

Paytm offers investment products like Paytm Gold (for digital gold trading) and access to
mutual funds. It also provides insurance products such as life, health, and automobile
insurance.

QR Code Payments:

Paytm enables merchants and businesses to receive payments through QR codes, allowing
customers to make payments by scanning the code directly from the Paytm app.

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 METHODOLOGY

RESEARCH DESIGN

The researcher especially that to carry out research properly.

 How would the data be collected?

 Which instrument of data collection is used?

 What sampling plan is used?

METHODS OF DATA COLLECTION

After identifying and designing the research problem determining the specific information is

required to solve the problem. Data or information for the research can be collected through

primary data and secondary data.

PRIMARY DATA

The primary data for the report is collected through survey method with proper

questionnaires.

SECONDARY DATA

The secondary data for the survey is collected from internet, printed booklets etc.

SAMPLING

Sampling means where only a few units of populations under study are considered for

analysis.

SAMPLING PLAN

 What sampling unit should be studied?

 What should be sample size?

 What sampling procedure should be used?

 What contact method should be used?

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 SAMPLING UNIT

The sampling unit of user preference on fund transfer with special reference to UPI.

SAMPLE SIZE

The sample size taken from the survey is 300 respondents were considered.

TOOLS FOR ANALYSIS

The contact method used in the survey was the percentage analysis method.

FIELD WORK

The survey was conducted in cumbum town.

OBJECTIVES OF THE STUDY

 To understand the user preference for fund transfer methods,with a focus on UPI.
 To indentify the key factors driving the adoption of UPI-based fund transfers.

 To gather insights on the awareness and perception of UPI among respondents.

 To determine the frequency and usage patterns of UPI among respondents.

 To analyze the demographic characterstics of UPI users and Non users ..
CHAPTER SCHEME

The present study titled “A STUDY ON USER PREFERENCE ON FUND

TRANSFER WITH SPECIAL REFERENCE TO UPI IN CUMBUM TOWN” is

coordinated with five chapters.

 First chapter -INTRODUCTION

 Second chapter “AN OVERVIEW OF UPI”

 Third chapter - METHODOLOGY”

 Fourth chapter -“DATA ANALYSIS AND INTERPRETATION”.

 Fifth chapter - “FINDINGS AND SUGGESTIONS”

 Final chapter -“CONCLUSION OF STUDY”

15
 DATA ANALYSIS AND INTERPRETATION

TABLE 1

GENDER

S.NO PARTICULARS NO OF RESPONDENTS PERCENTAGE

1 MALE 188 63%

2 FEMALE 112 37%

TOTAL 300 100%

Primary Data

Interpretation
Above table shows that 63% of respondents are male and 37 % of respondents are female.

CHART 1

GENDER

FEMALE
37%
MALE
FEMALE
MALE
63%

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 TABLE 2

AGE
NO OF
S.NO AGE RESPONDENTS PERCENTAGE
1 18
18-25 98 33%

2 25
25-35 82 27%

3 35
35-45 75 25%

4 45 Above 45 15%

TOTAL 300 100%

Primary Data

Interpretation
Above table shows that 33% of respondents are 18-25
18 25 age, 27 % of respondents are 25
25-35age,25%
of respondents are 35-45
45 age and 15% of respondents are 45above.

CHART 2

AGE
15%

18-25
33% 18-25

25-35

25% 35-45

45Above

25-35
27%

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 TABLE 3

DO YOU HAVE BANK ACCOUNT

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 YES 222 74.33%

2 NO 78 25.67%

TOTAL 300 100%

Primary Data

Interpretation

Above table shows that 74.33% of respondents are having bank account and 25.67% of respondents
are does not have bank account.

CHART 3

Do you have bank account

NO
25.67%

YES NO

YES
74.33%

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 TABLE 4

IN WHICH BANK DO YOU HAVE ACCOUNT

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 SBI 72 32.43%

2 IOB 50 22.52%

3 INDIAN BANK 66 29.72%

4 CANARA BANK 34 15.33%

TOTAL 222 100%

Primary Data

Interpretation

Above table shows that 32.43%respondents

32.43% are SBI account holders,22.552%respondents are IOB
account holders,29.72% respondents are indian bank account holders,15.33% respondents are
canara bank account holders.

CHART 4

BANK

CANARA BANK SBI

15.33% SBI
32.43%
IOB

INDIAN BANK INDIAN BANK

29.72%

CANARA BANK
IOB
22.52%

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 TABLE 5

WHAT IS THE PURPOSE OF USING BANK ACCOUNT

PURPOSE
NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 FUND TRANSFER 150 66%

2 SAVINGS 72 34%

TOTAL 222 100%

Primary Data

Interpretation

responde are using their bank account for fund transfe

Above table shows that 66% of respondents transfer and 34%
of respondents are using their bank account for savings.

CHART 5

PURPOSE OF USING BANK ACCOUNT

34%

FUND TRANSFER
SAVINGS

66%

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 TABLE 6

THE METHODS OF TRANSFER DO YOU USE OFTEN

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE
1 OFFLINE BANK TRANSFER 50 22.52%

2 NET BANKING 34 15.33%

3 MOBILE BANKING 66 29.72%

4 UPI 72 32.43%

TOTAL 222 100%

Primary Data

Interpretation
22.52% respondents are using Offline bank transfer,15.33%
Above table shows that 22.52 transfer,15.33 respondents
,29.72% respondents are using Mobile banking,32.433% respondents are using
are using Net banking,29.72%
UPI.

CHART 6

What is the methods of transfer do you use often

OFFLINE BANK
UPI TRANSFER
32.43% 22.52%
OFFLINE BANK TRANSFER
NET BANKING

NET BANKING MOBILE BANKING

15.33% UPI

MOBILE BANKING
29.72%

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 TABLE 7

DOES UPI IS CONVINIENT TO TRANSFER FUND

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 YES 172 74.47%

2 NO 50 26.53%

TOTAL 222 100%

Primary Data

Interpretation
Above table shows that 74.47% of respondents are said Yes and 25.53%
% of respondents are No.

CHART 7

Does UPI is covinient to transfer the fund

NO
26.53%

YES NO

YES
74.47%

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 TABLE 8

WHICH OF THE UPI PLATFORM DO YOU USE

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE
1 GPAY 94 42.34%

2 PHONE PAY 66 29.72%

3 PAYTM 40 18.01%

4 OTHERS 22 9.93%

TOTAL 222 100%

Primary Data

Interpretation
42.34 respondents are using Gpay,29.72% respondents are using Phone
Above table shows that 42.34%
Pay,18.01% respondents are using Paytm,9.93% respondents are using Others.

CHART 8

Which of the UPI platform do you use

OTHERS
9.93%

PAYTM GPAY
18.01% GPAY
42.34%
PHONE PAY

PAYTM

OTHERS

PHONE PAY
29.72%

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 TABLE 9

HOW OFTEN DO TRANSFER FUND

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 DAILY 100 45%

2 ONCE A DAY 60 27%

3 WEEKLY ONCE 21 9%

WHEN THE PURPOSE

4 41 19%
OCCUR

TOTAL 222 100%

Primary Data

INTERPRETATION

able shows that 45% of respondents are use daily 27% of respondents are use once a day
Above table
19% of respondents are use when they need.
9% of respondents are use weekly once 19

CHART 9

How often you transfer your funds

19%

DAILY
45%
9% ONCE A DAY
WEEKLY ONCE
WHEN THE PURPOSE OCCUR

27%

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 TABLE 10

WHAT IS THE PURPOSE OF TRANSFERING FUNDS THROUGH UPI

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 EASY TRANSFER 105 47.25%

2 USER FRIENDLY 55 24.75%

3 CASH BACKS 41 18.45%

4 REWARDS 26 11.75%

TOTAL 222 100%

Primary Data

INTERPRETATION

Above table shows that 47.25% of respondents are responded ed as Easy transfer 24.75%
24.7 of
respondents are responded as User friendly 18.45% of respondents are responded as
a Cash back
11.75% of respondents are responded as rewards.

CHART 10

PURPOSE OF SENDING FUND THROUGH UPI

REWARDS
11.75%

EASY TRANSFER
CASH BACKS
18.45% EASY TRANSFER USER FRIENDLY
47.25%
CASH BACKS
REWARDS

USER FRIENDLY
24.75%

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 TABLE 11

TRANSFERING UPI IS SAFER

NO OF
S.NO PARTICULARS RESPONDENTS PERCENTAGE
CORESPONDENTS

1 YES 200 90%

2 NO 22 10%

TOTAL 222 100%

Primary Data

Interpretation
% of respondents are said Yes and 10% of respondents are No
Above table shows that 90%

CHART 11

TRANSFERING UPI IS SAFER OR NOT

10%

YES NO

90%

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 TABLE 12
WHAT ARE THE SECURITY FEATURES IN UPI

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE
TWO STEP
1 28 13%
VERIFICATION
2 OTP 90 40%

3 M PIN 32 14%

4 BIO METRIC 72 33%

TOTAL 222 100%

Primary Data

INTERPRETATION

Above table shows that 13% of respondents are responed as Two step verification 40% of
respondents are responded as OTP 14% of respondents are responded as M Pin 33% of respondece
are responded as Bio Metric.

CHART 12

WHAT ARE THE SECURITY FEATURES IN UPI

13%

33%

TWO STEP VERIFICATION

OTP
M PIN
BIO METRIC
40%

14%

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 TABLE 13
DID YOU FACE ANY ISSUE WHILE TRANSFERING FUNDS

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 YES 42 19%

2 NO 180 81%

TOTAL 222 100%

Primary Data

Interpretation
Above table shows that 19% % of respondents are NO
% of respondents are said Yes aand 81%

CHART 13

DO YOU FACE ANY ISSUE WHILE TRANSFERING

FUND

19%

YES NO

81%

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 TABLE 14
WHAT ARE THE ISSUES DID YOU FACED

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE
FUND DID NOT
1 90 40%
TRANSFERED
CASH BACK NOT
2 72 33%
RECIEVED

3 VERIFICATION ISSUES 32 14%

WRONG MOBILE NO OR
4 28 13%
QR CODE ISSUE

TOTAL 222 100%

Primary Data

INTERPRETATION

Above table shows that 13% of respondents are responded as Two step verification 40% of
respondents are responded as OTP 14% of respondents are responded as M Pin 33% of respondents
are responded as Bio Metric

CHART 14

WHAT ARE THE ISSUE DID YOU FACED

13%

FUND DID NOT

TRANSFERRED
14% 40%
CASH BACK NOT RECEIVED

VERIFICATION ISSUES

WRONG MOBILE NO OR QR
CODE ISSUE
33%

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 TABLE 15
IS THE UPI TRANSACTION IS SAFE FOR OTHER BANKING TRANSACTIONS

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 YES 200 90.1%

2 NO 22 9.9%

TOTAL 222 100%

Primary Data

Interpretation
Above table shows that 90.1% % of respondents are NO
% of respondents are said Yes and 9.9%

CHART 15

Sales
NO
9.9%

YES NO

YES
90.1%

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 TABLE 16
DO THEY MAKE ANY CHANGES ON TRANSACTION

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 YES 50 23%

2 NO 172 77%

TOTAL 222 100%

Primary Data

Interpretation
Above table shows that 23% % of respondents are NO
% of respondents are said Yes and 77%

CHART 16

DO THEY MAKE ANY CHANGES ON THE

TRANSACTION

23%

YES NO

77%

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 TABLE 17
WHEN THEY ARE MAKING CHANGES

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 EVERY TRANSACTION 8 16%

2 MONTHLY 12 24%

3 YEARLY 30 60%

TOTAL 50 100%

Primary Data

Interpretation
Above table shows that 16% of respondents are responded as Every transaction, 24% of
respondents are responded as Monthly and 60% of respondents where responded as yearly.

CHART 17

WHEN THEY ARE MAKING CHANGES

16%

EVERY TRANSACTION

MONTHLY

24% YEARLY
60%

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 TABLE 18

DO THEY MAKE ANY CHANGES IN THE UPI PAYMENT

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 YES 182 82%

2 NO 40 18%

TOTAL 222 100%

Primary Data

Interpretation
Above table shows that 18% of respondents are said Yes and 82% of respondents are NO

CHART 18

DO THEY MAKE ANY CHANGES FOR UPI PAYMENT

NO
18%

YES
NO

YES
82%

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 TABLE 19

FOR WHICH SERVICE THEY ARE CHANGING

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE
PRE PAID
1 82 45%
RECHARGE
CREDIT CARD
2 43 23%
BILLS
3 FASTTAG 32 17%

4 UTILITY BILLS 25 15%

TOTAL 182 100%

Primary Data

Interpretation
Above table shows that 45% of respondents are responded as pre paid recharge,23% of respondents
are responded as credit card bills,17% of respondents are responded as fasttag,15% of respondents
are responded as utility bills.

CHART 19

FOR WHICH SERVICE THEY ARE CHARGING

15%

PRE PAID RECHARGE

CREDIT CARD BILLS
45%
17% FASTTAG
UTILITY BILLS

23%

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 TABLE 20

HAVE YOU PAID ANY HOUSE RENT THROUGH UPI

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 YES 160 72%

2 NO 62 28%

TOTAL 222 100%

Primary Data

Interpretation
Above table shows that 72% of respondents are said Yes and 28% of respondents are NO

CHART 20

CAN YOU PAY HOUSE RENT THROUGH UPI

28%

YES NO

72%

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 TABLE 21
DOES THEY ARE ASKING ANY KYC VERIFICATION

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 YES 172 77%

2 NO 50 23%

TOTAL 222 100%

Primary Data

Interpretation
Above table shows that 77% of respondents are said Yes and 23% of respondents are NO

CHART 21

DO THEY ASKING ANY KYC VERIFICATION

23%

YES NO

77%

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 TABLE 22

HOW OFTEN YOU ARE ASKED FOR VERIFICATION

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE
1 MONTHLY 98 57%

2 4 MONTH 32 19%

3 6 MONTH 28 16%

4 YEARLY 14 8%

TOTAL 172 100%

Primary Data

Interpretation
Above table shows that 57% of respondents are responded as monthly,19% of respondents are
responded as 4 month,16% of respondents are responded as 6 month,8% of respondents are
responded as yearly.

CHART 22

HOW OFTEN YOU ARE ASKED FOR VERIFICATION

8%

16%
MONTHLY
4 MONTH
6 MONTH
57%
YEARLY
19%

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 TABLE 23

DO YOU SATISFIED BY USING THIS UPI SERVICE

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 YES 192 86%

2 NO 30 14%

TOTAL 222 100%

Primary Data

Interpretation
Above table shows that 86%
% of respondents are said Yes an % of respondents are NO.
and 14% NO

CHART 23

DO YOU SATISFIED BY USING UPI SERVICE

14%

YES NO

86%

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 TABLE 24

HAVE YOU SUGGEST THIS TO OTHERS

NO OF
S.NO PARTICULARS CORESPONDENTS PERCENTAGE

1 YES 192 86%

2 NO 30 14%

TOTAL 222 100%

Primary Data

Interpretation
Above table shows that 86% of respondents are said Yes and 14% of respondents are NO

CHART 24

HAVE YOU SUGGEST THIS TO OTHERS

14%

YES NO

86%

39
FINDINGS:
 According to the survey 63% of respondents are male.

 According to the survey highest UPI users are in the age of 18-25 age.

 According to the survey 74.33% of respondents are having bank account.

 According to the survey maximum respondents are SBI account holders.

 The survey tells that 66% of respondents are using their bank account for fund transfer.

 The maximum respondents are using UPI.

 According to the survey maximum respondents are using Gpay.

 The survey tells that maximum respondents are using UPI daily.

 90.1% of respondents ar

 e responded as UPI transaction is safer for other banking transactions.

 The survey tells that 72% of respondents are paying their house rent through UPI.

 According to the survey 87% of respondents are said they are satisfied by using UPI.

 According to the survey 87% of respondents are suggested UPI to others.

40
SUGGESTION:
 According to the survey 37% of respondents are female but some peoples are not
willing to respond especially females because they didn’t have the knowledge of UPI
so the UPI must give more offers which attract females and make them to use UPI.

 25 - 45 and above age people’s are not using the UPI highly so the UPI should take
an action to rise this age category peoples to use UPI.

 According to the survey most of them are having bank account but few of them are
not having bank account. the bank account is an essential thing for every one so
every one should want to have that.

 The most of the respondents where using their UPI for the purpose of fund transfer.
giving more rewards for fund transfer makes them make more fund transfers.

 The most of the respondents are using Gpay for their UPI transaction its making a
competition between other UPI applications

 90% of peoples where feels the UPI is safer but the 10% of them are not feels that is
secure for banking transactions because of cyber crime, so the UPI applications
should prevent their users the amount from the cyber threat.

41
CONCLUSION:

In conclusion, the study on user preferences regarding fund transfers, with a specific focus on the
Unified Payments Interface (UPI), highlights the growing prominence and convenience of UPI in
the digital payments landscape. Users prefer UPI for its ease of use, instant transactions, and
seamless integration across various platforms and banks. The study also reveals that factors such as
security, accessibility, and low transaction fees play a significant role in shaping user preferences.
Additionally, the adoption of UPI among diverse age groups and income levels suggests that it is
becoming the preferred mode of fund transfer in India. However, challenges such as occasional
technical glitches and concerns over data privacy remain areas for improvement. Overall, UPI’s
user-centric design and constant innovation position it as a leading solution in the future of digital
financial transactions. A key factor contributing to UPI’s popularity is its user-friendly interface,
which has made it accessible even to individuals with limited technological knowledge.
Furthermore, the low transaction fees and absence of hidden charges make it an economical option,
particularly for those who frequently engage in fund transfers. The real-time processing of
transactions also enhances its appeal, as users no longer need to wait for extended periods for
money to be transferred, unlike traditional banking methods.

42
BIBLIOGRAPHY:

1. Choudhury, P., & Singh, V. (2020). User Preferences in Digital Payments: A Study of UPI
Adoption in India. Journal of Financial Technology, 15(3), 45-67.
2. Gupta, A., & Mishra, S. (2019). Factors Influencing Consumer Preferences for Digital
Payments: A Case Study of UPI. International Journal of E-Commerce, 21(2), 125-138.
3. Nair, R. K., & Verma, S. (2021). The Evolution of UPI in India and Its Impact on User
Preferences in Fund Transfers. Journal of Digital Banking, 8(1), 89-102.
4. National Payments Corporation of India (NPCI). (2022). Annual Report 2022-2023: UPI
Growth and User Behavior Analysis. Retrieved from www.npci.org.in.
5. Patel, K., & Joshi, S. (2021). User Adoption of UPI: A Study on the Factors Affecting
Consumer Preference in India. Journal of Financial Inclusion, 9(4), 112-128.
6. Rath, P., & Sharma, M. (2018). Consumer Behavior and Payment Preferences: A
Comparative Study of UPI and Traditional Bank Transfers in India. International Journal of
Banking and Finance, 7(2), 58-71.
7. Reddy, A., & Kumar, D. (2020). The Role of UPI in Transforming Payment Systems: User
Preferences and Challenges. Journal of Mobile and Online Payments, 3(3), 30-42.
8. Singh, J., & Singh, A. (2017). Unified Payments Interface: A Revolutionary Step Towards
Digital Payments in India. International Journal of Financial Studies, 5(1), 9-16.
9. Soni, D., & Gupta, R. (2022). User Preferences and Behavioral Factors in UPI Adoption: A
Survey-Based Study. Indian Journal of Business and Finance, 14(2), 102-115.
10. Verma, A., & Kumar, P. (2019). The Rise of UPI in India: User Insights and Future
Trends. Digital Payments Journal, 10(1), 78-93.

WEBSITES:
www.Google.com

www.wikipedia.com

www.timesofindia.com

43
QUESTIONAREE:

1. Gender

A. Male B. Female

2. Age

A.18-25 B. 25-35

C.35-45 D.45 above

3. Do you have bank account?

A. Yes B. no

4. In which bank do you have account?

A. State bank of India B. Indian bank

C. Indian overseas bank D. Canara bank

5. What the purpose of using bank account?

A. Fund transfer B. savings

6. What is the methods of transfer do you use often?

A. Offline bank transfer B.Net banking

C. Mobile banking D.UPI

7. Does UPI is convenient to transfer the fund?

A. Yes B. No

8. Which of the UPI platform do you use?

A. Gpay B. PhonePe

C. Paytm C. Other

9. How often you transfer your funds?

A. Daily B. Once a day

C. Weekly once D. when the purpose occur

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10. What the purpose of sending funds through UPI?

A. Easy Transfer B. Cash Back

C. User Friendly D. Rewards

11. Is the transferring through UPI is safer?

A. Yes B. No

12. What are security features does the UPI follower?

A. Two step verify B. OTP

C. M pin D. Biometric passkey

13. Do you face any issue while transferring funds?

A. Yes B. No

14. What was the issue did you faced?

A. Fund Not Transfer B. Cash back Not Received Properly

C. Verification Issues D. Wrong Mobile Or QR Code Issues

15.Do you think the UPI transfer is safer for other bank transaction?

A. Yes B. No

16.Do they make any changes on transaction?

A. Yes B. No

17.Ifyes,How they are changing?

A. Every transaction B. Monthly C. Annually

18.Does they making any changes for UPI payment?

A. Yes B. No

19.Ifyes,For which service they are charging?

A. Pre paid recharge B.credit card bills

C. fasttag D.Utility bills

45
20.Have you pay any house rent through UPI?

A. Yes B. No

21.Do they are asking any KYC verification?

A. Yes B. No

22.How after you are asked for verification?

A. Monthly B. 4 month

C.6 month D. Yearly

23.Do you satisfy by using this UPI service?

A. Yes B. No

24.Did you have suggest this to others?

A. yes B. No

46