SUMMER INTERNSHIP PROJECT REPORT

ON
“A study on merchant satisfaction with Phonepe’s UPI payment
system under the geographical area of Ahmedabad (West).”

SUBMITTED TO
SHREE JAIRAMBHAI PATEL INSTITUTE OF BUSSINESS
MANAGEMENT AND COMPUTER APPLIATION (FORMALY
KNOWN AS NATIONAL INSTITUTE OF COOPERATIVE MANAGEMENT)

UNDER THE GUIDENCE OF

Dr. HEENA THANKI
ASSISTANT PROFESSOR-FINANCE
PREPARED BY:-
DEVARSH D. PATEL
207690592092
MBA 2020-22
 STUDENT’S DECLARATION

I hereby declare that the Summer Internship Project Report titled “A study on
merchant satisfaction with Phonepe’s UPI payment system under the
geographical area of Ahmedabad (West)” in Phonepe is a result of my own work
and my indebtedness to other work publication, references, if any, have been duly
acknowledged. If I am found guilty of coping from any other report or published
information and showing as my original work, or extending plagiarism limit, I
understand that I shall be liable and punishable by the university, which may include
‘FAIL’ in examination or any other punishment that university may decide.

ENROLMENT NO. NAME SIGNATURE

207690592092 Devarsh Digant Patel

 PREFACE

As part of my MBA programme, I was required to complete a project as an

intern at Phonepe in order to obtain practical experience in the field of
management. I conducted market research on the issue. The main goal of
this project is to gain real experience using UPI Payments technologies.
This paper contributes to our understanding of Digital Payments in India.

The study's main goal is to determine how merchants feel about the
company's service quality. This is an empirical study that mostly relies on
primary data gathered using a well-structured questionnaire. In today's
environment, merchant satisfaction is a critical aspect in a company's
future growth.
 ACKNOWLEDGEMENT

This successful project report would not have been possible without the
help and advice of a number of persons, to whom I express my gratitude.

At first, I would like to thank our Director Sir of NICM-SJPI, Dr

Harishchandra Rathod as well as Dr Yash Bhatt (Assit. Professor) for
providing me wonderful opportunity in a magnificent corporate Phonepe
Company.

I would also like to thank to Mr. Akshat Chaturvedi (Cluster Manager –

Sales) and Mr. Kamal Sehgal (Zonal Manager – North India) who have
allowed me to work under their supervision and assist me in completing
my assignment in Phonepe.

My sincere gratitude and thanks to my faculty guide Dr. Heena Thanki

who has provided me guideline whenever needed.

I'd want to express my gratitude to my family and friends for their direct
and indirect contributions to the successful completion of my internship.

Yours faithful,
Devarsh Patel
NICM-SJPI
Gandhinagar
MBA 2020-22
 Executive Summary

This report is the product of two months of work at Phonepe, a company that provides
merchants with the best UPI payment service. My Industrial Guide assigned me a topic
as an Intern at Phonepe, which was to analyse merchant satisfaction through digital
payments received through Phonepe.
Background of the research is to analyse the merchant satisfaction level in Phonepe.
This project talks about my primary study which I have conducted with the help of
structured questionnaire. The main purpose of the study was to understand about the
market share of Phonepe’s UPI payment among all sectors and industries especially
into retail and service sector and also how company response towards the complains
regarding payments failure or any other obstacles faced by merchants.

This project also discusses the company's capacity to approach clients at their doorstep
and address their product and service needs in a tailored manner, resulting in customer
delight.

This project has several chapters, including an introduction, an industrial overview, an

organisational overview, a literature review, research methodology, and so on.

Customer as well as Merchant’s happiness is critical to the organization's growth.

Dissatisfaction results in a loss for the company. Because of their displeasure, the
merchants switched to another company. There is a perceptual gap between merchants
and organisations in the current situation. The company believes that supplying
merchants with sufficient knowledge and engagement, as well as providing the greatest
product and technology, will result in loyal and active merchant base.

Also, there are some areas where company should focus on retention of merchants as it
plays a crucial factor in increasing their market share among all other UPI platforms.
 Table of Content

Chapter Content Page No.

No.
Student’s Declaration I

Institute Certificate II

Company’s Letter III

Preface IV

Acknowledgement V

Executive Summary VI

Chapter 1 Introduction of The Project 10

Industry Overview

Organization Overview

Chapter 2 Literature Review 19

Chapter 3 Research Methodology 24

Chapter 4 Data Analysis 25

Chapter 5 Conclusion 35

References 36

Annexure 37
 Chapter 1 Introduction to the Project

A smartphone application called a Unified Payment Interface (UPI) allows users to

transfer money between bank accounts. The National Payments Corporation of India
designed a single-window mobile payment system (NPCI). It removes the need for a
consumer to enter bank account information or other sensitive information every time
he or she conducts a transaction.

A real-time payment system is the Unified Payment Interface. It's designed to allow
peer-to-peer inter-bank transfers with just two clicks of a button. The Reserve Bank of
India (RBI), India's central bank, oversees the interface. It functions by moving funds
between two bank accounts using a mobile platform.

The technology is believed to be a safe and secure way to transfer money between two
parties, as it does away with the need for actual cash or a bank. On April 11, 2016, the
pilot system was introduced in India. In August 2016, banks all throughout the country
began uploading their interfaces.

Industry Overview

The UPI project, which is endorsed by the current government, has dominated the news
for the previous 14 months. As the UPI juggernaut has gained traction, significant
players from around the world have gone on board, including Google's Tez and
Facebook's UPI payment feature within WhatsApp. Local players aren't far behind,
with PhonePe and Paytm vying for supremacy against a slew of other UPI apps on the
market.

There has been a lot of discussion regarding how UPI payments are altering the P2P
(Peer to Peer) payment landscape. It's also giving wallets a hard time in the wake of
KYC restrictions, which have caused a lot of people to stop using wallets. However,
how has UPI payment gotten traction in the P2M (Peer to Merchant) arena, which
accounts for the majority of transactions? As UPI wants to become the payment tool
for doing business across the country, it will determine how tenacious long-term usage
will be. In the last six months, UPI has grown by 188 percent, compared to 41% for
wallets and credit/debit cards.
Some of the market leaders for UPI payments are as follows: -
1. Phonepe
2. Google Pay
3. Paytm
4. Bharatpe
5. Airtel Payments Bank
6. ICICI Bank UPI
7. HDFC Bank UPI
8. SBI Bank UPI
 Organisation Overview

Introduction

PhonePe, based in Bangalore, India, is a digital payments and financial services start-
up. Sameer Nigam, Rahul Chari, and Burzin Engineer started PhonePe in December
2015. In August 2016, the PhonePe app, which is based on the Unified Payments
Interface (UPI), went online.

PhonePe is available in more than 11 Indian languages. Users can use PhonePe to send
and receive money, recharge mobile phones, DTH, data cards, pay bills, invest in tax-
saving funds, liquid funds, buy insurance, mutual funds, and gold. PhonePe's Switch
platform also lets customers to book Ola rides, pay for abhiBus tickets, order food from
swiggy, book flights and hotels on Goibibo, even users have an option to order
medicines online through PharmEasy. Also, there are many other apps which is
accessible with a touch of the tip from Phonepe app itself and there is no need to install
each and every app for using it, which ultimately results in multifunctional ability of
the app.

PhonePe is accepted as a payment method at approximately 2.2 crore offline and online
merchant outlets in India, including food, travel, groceries, pharmaceuticals, and
cinema tickets, among other things. In August 2021, the app surpassed the 32-million-
user barrier, as well as the 170-million-transaction record. There are currently over 13.5
crore monthly active users on the platform. In January 2020, the firm debuted the
PhonePe ATM. The PhonePe ATM allows local grocery retailers to disburse cash to
clients in real time.
The Reserve Bank of India has granted PhonePe permission to issue and operate a semi-
closed prepaid payment system, with Authorization Number: 75/2014 dated August 22,
2014. PhonePe was the first digital payment platform in India to offer international
travel insurance in January. PhonePe also partnered with Aditya Birla Mutual Fund to
offer Liquid Funds, which combine the benefits of a fixed deposit with a mutual fund.
PhonePe teamed up with general insurers Bajaj Allianz and ICICI Lombard in May to
develop two coronavirus-specific insurance plans to cover hospitalisation costs during
the COVID-19 pandemic. It also established Super Funds in the same month to assist
customers in building long-term wealth by allowing them to invest in mutual fund firms'
stock, debt, and gold funds.

Phonepe’s Vision & Mission are as follows:-

1) The PhonePe vision is to develop a massive, scalable, and open transaction
environment that has the greatest positive impact on all stakeholders.
2) Company’s Long-Term Vision is to provide safe, secure and reliable platform
to its users for performing transactions. Also, prevent its users to from fraud and
money laundering.
3) Company also aims for providing options for safe and sound investments to
their customers so that more and more people get motivated to invest and can
get good returns rather than keeping the same amount in banks.

The Management Body is As Follows:-

• Sameer Nigam (Founder & CEO)
• Rahul Chari (Co-Founder & CTO)
• Burzin Engineer (Co-Founder & CRO)

The Main Products and Services of Phonepe are stated below:-

1) PhonePe Pre-Paid Instrument (“PPI”, “PhonePe Wallet”) & PhonePe Gift Card
(“eGV”)
2) PhonePe UPI (“UPI” - Unified Payment Interface)
3) External Wallets (“EW”)
4) Purchase and redemption of Mutual Funds Units
 5) Insurance Solicitation
6) Recharge & Bill Payments (“RBP”)
7) Merchant Payments on PhonePe Platform (“Switch Merchants”)

Current Market Share of Phonepe Company

According to data supplied by the National Payments Corporation of India, PhonePe

continued to dominate the Unified Payments Interface (UPI) app ecosystem in India,
increasing its market share to 46.04 percent in June (NPCI). In terms of transactional
volume of all 50 applications, the Walmart-owned platform increased its stake by 0.77
percent from 45.28 percent in May, resulting 2,807.51 million transactions. Due to the
rise of PhonePe, Google Pay has been forced to remain in second place, which it first
received in December after losing its lead to PhonePe.

Competitors of Phonepe:-
1) Google Pay
2) Paytm
3) Bharatpe
4) Mobikwik
5) Airtel Payments Bank
6) Bank Provided QR
7) Whatsapp Pay
 SWOT Analysis

Strength Weakness
• No Transaction Charges • Single Bank account can be done

• User Friendly App • Doesn’t provide EDC machine

for cards payments
• Quick Processing Transactions
• Doesn’t have tie up with few
• UPI Payments directly goes to
local or mercantile banks.
Bank Account
• Account type change flexibility
• More Features than any other
competitors
Opportunities Threat
• Add or Remove Bank Account • Cashback and referral facilities
with same account holder name provided by competitors
• Add more products which are not • Mouth publicity of competitors
available on any UPI Payment into market
Platform
• Get partnered with local, regional
and national brands.
Merchant Onboarding Process System of Phonepe

Introduction: -
In the period of competitive era, it is important for every company to satisfy the needs
of the consumers as well as their clients. Phonepe also follows the same process at the
time of onboarding a merchant. There are mainly 4 types of sales teams in Phonepe
Company to provide a complete solution to the market. The types of teams are as
follows:-
1) NKAM (National Key Account Management)
2) RKAM (Regional Key Account Management)
3) KAE (Key Account Executive)
4) Mass Retail
1) NKAM or National Key Account Management teams target the companies or
firms who have 5 or more stores located on Pan India Level. E.g.:- Bikanervala,
Haldiram’s, Apollo Pharmacy, Etc.
2) RKAM or Reginal Key Account Management teams target the companies or
firms who have 5 or more stores location in a specific region or in a particular
state or territory. E.g.:- Shree Marutinandan, Chaaswala, etc.
3) KAE or Key Account Executive teams target the companies or firms which have
less than 5 stores across all locations but they must be premium in nature which
includes glass doors, air conditioning facility, good interior and provide
electronically printed bills to its customers are must require.
4) Mass Retail can target any business which exists in the region, whether it is a
street hawker selling vegetables or a premium electronic showroom or a
restaurant.
Phonepe’s on boarding process is totally offline marketing process which includes door
to door marketing into a specific sector or area allotted to a KAE. So, every KAE has
to Create a merchant base for Phonepe company and even sometimes look after the
service whom the KAE has on boarded. The on boarding process is very easy which
requires minimum number of documents that includes bank details and documents for
KYC.
The whole process is attached to a software which instantly verify bank details as well
as KYC details so that merchant account can be activated within a short span of time
but it was observed that sometimes documents doesn’t match with the name in the bank
account so it takes manual verification of the documents as well as bank proof, which
is manually verified by the legal team in Bangalore.
Merchants have an option to choose for instant settlement or daily settlement at the time
of on-boarding. In which it was observed that businesses with small number of
transactions such as grocery store or a retail shopping store opt for instant settlement
because they have a smaller number of transactions but on the other hand giant stores
or a fine dine restaurant opt for daily settlement such that all the number of transactions
of a day reflects to their bank account on the next day which makes accounting easier
for their accounts and the owner himself. Owners or finance managers of the business
also have dashboard access from mobile app as well as phonepe’s business website
which is business.phonepe.com which provides statements of all the transactions
occurred on the Phonepe’s QR. Phonepe company provides both static and dynamic
QR as per requirement of merchants.

PORTER’S FIVE FORCES ANALYSIS OF PHONEPE

1) BARGAINING POWER OF SUPPLIERS: -

Manufacturers of finished goods are known as suppliers. Everyone wants to sell their
things quickly and conveniently using an app such as Phonepe. Companies cannot
afford to lose this channel because apps like Phonepe save them a lot of money. As a
result, supplier influence in this business is limited.
2) BARGAINING POWER OF CUSTOMERS (BUYERS):-
Customers in this industry are those who wish to buy something and pay for it right
away. Because there are so many companies in this business, purchasers have a lot of
options. Because of competition such as Mobikwik, Paytm, BHIM app, Google pay,
and every bank and telecom operator has its own payment app, buyers have greater
leverage.
 3) INTENSITY OF COMPETITIVE RIVALRY:-
In this industry, there is a lot of competition. Many competitors mean the customer has
more options to pick from. This also raises the expense of the company's efforts to stay
in the minds of customers, such as promotions and marketing.

4) THREAT OF SUBSTITUTE PRODUCTS OR SERVICES:

Because there are so many companies in this business, purchasers have a lot of options.
Every bank and telecom firm has its own payment app, such as Mobikwik, Paytm,
BHIM app, and Google pay.

5) THREAT OF NEW ENTRANTS:

The threat of new entrants is quite significant in the internet retail market due to reasons
like, there are very few obstacles to entrance, such as less capital and infrastructure.
Foreign corporations can enter the market and launch their own online payment
services, such as Google Pay, resulting in increased competition in the future.
 Chapter 2 Literature Review

Sr Year of Author/s Title of Research Area of Data Major

No Resear The Paper Objective research Collection Findings
. ch Tool
1 2020 Satinder Study of increasing Study of survey, use of the
Bal growing popularity and growing internet, online apps
Gupta, popularity use payment popularity newspaper, for making
Rajkumar of payment apps by the India of books online
Yadav apps in for making payment payments
India payments online apps in has made a
and the India huge
continuous growth in
growth of Phone few years
pe
2 2020 Irvin a study on a study on guru structured private
Kaur perspectiv perspective of Nanak questionnai sector
e of customer college of re, books, contributes
customer towards mobile arts journals major share
towards payment science websites in mobile
mobile application and banking
payment commerce followed
application by public
sector and
foreign
banks
3 2020 Arena the impact to investigate UCSI questionnai not with
Kandasa of E- possible e-wallet university, re, internet, standing
my wallets for issue, determine Jalan newspaper, technologic
current the specific Meera, books al
generation factors that Malaysia advanceme
attracts a nt, many
customers
 customer to e- often prefer
wallet cash in
hand
4 2019 yakow technologi key factors in the Bina questionnai 17 key
Utama cal factor use of mobile unsanitary re, survey technologic
Chandra using payment can be university, al factors
mobile an opportunity Jakarta, can also be
payment for financial Indonesia used by the
services to build actioner to
the right mobile learn more
payment for about the
human needs system in
mobile
payments
5 2019 G. perception to know about a study internet, time
Shankar towards the advantages centre books, saving,
digital of digital ajjarkadu articles, lower cost,
payment payments to Udupi newspapers discount
project the and cash-
respondent’s back 24*7
perception availability
towards digital
payment
6 2018 U.S A user- to develop a Birla Books, the paper
Pandey friendly model of institute of articles proposes a
transaction payment which technolog user-
model of takes into y, Noida friendly
mobile consideration India model of
payment the different payment,
with modes of this model
reference payment provides
to mobile the various
modes of
 banking in payments
India that are
useful to
the people
in India.
7 2015 Denis Trends in examine mobile business internet, significant
Donnelly mobile payment informatio books, increase in
, David payments phenomenon n system articles, mobile
Samman departmen newspapers payment
t research
appearing
in peer
reviewed
journals
and even
greater
numbers
appearing
in
conference
proceeding
8 2014 Vibha 0verview that is conducted Birla internet, each
Raina of mobile through a mobile institute of newspapers mobile
payment telecommunicati technolog phone is
technology ons network y, Noida used as the
and through diverse India personal
security mobile users’ payment
devices, such as tool in
cellular connection
telephones, with the
smart phones, remote
and mobile sales
terminals
9 2015 Venkata E-wallet a technology has Siva structured e-wallet is
Ramana pay enabled the Shivani questionnai non
Rao volution smartphone institute of re, books, discloser of
users to do managem websites sensitive
merchandising ent information
there are few , avoid
attributes which snatching,
made mobile pickpocketi
money or wallet ng
popular because
it can avoid
snatching,
misplacing or
pickpocketing
and decimal
payments can
also be made
easy
10 2017 Shailendr a study of To study the internatio journals, Majority of
a Singh preference preference nal al books the
rana towards towards the journal of respondent
the mobile usage of mobile managem s prefer to
wallets wallets among ent and use mobile
the university developm wallet for
students in ent doing
Lucknow city. recharge
To find out the (23.15%)
impact of followed
various by paying
demographic bills
variables on the (16.84%)
opinion and
regarding the transferring
future of mobile money
wallets. To (15.78%)
examine the b). Queue
factors avoidance,
influencing time and
adoption of place
mobile wallets. independen
To examine the t purchase
factors and instant
refraining the payments
usage of mobile are the
wallets. three
important
factors for
the students
to opt for
mobile
wallets
 Chapter 3 Research Methodology

Objectives of Study:-
1) The current study is based on critical information gathered from 53 respondents
in Ahmedabad-West.

2) A well-structured questionnaire is designed to collect data from respondents.

For example, a questionnaire is developed to investigate customer usage trends
in the acceptance of digital payments.

3) The process of acquiring all of the information and facts about a study topic is
known as research technique. The goal is to assess all parts of the analytic
process, including study design sampling procedures. Tools for research and
comparable analysis

Sampling Plan

Sampling Unit:-

The target value has been established and tested. A client who employed digital
payment methods was used as the study's sample unit.

Sample Size:-

In the study the sample size determined that it was 53 respondents.

Sample Process:-

The major data was gathered using the query approach. Respondents were informed
about the study's goal, and questions were explained to them if they needed help
understanding any of them.
 Chapter 4 Data Analysis

1) Gender of Respondents

Interpretation:-
According to the data collected from respondents it is observed that 20.8% are
females and 79.2% are males who are using UPI payments app. Thus, there are
more males who are using UPI apps as compared to females
2) Age Group of Respondents
 Interpretation:-
According to the data collected from respondents it is observed that majority of
the UPI users falls under the age group of 18 years to 30 years. Meanwhile,
second position is gained by 31 to 45 years age group and the third position is
marked by 45 to 60 years old age group. Thus, it can be said that most of the
transactions are processed by the young age group.

3) Educational Qualification of Respondents

Interpretation:- :-
According to the data collected from respondents it is observed that out of
100%, 43.4 % UPI users are graduates or diploma certificate holder. 34% of the
respondents are masters or post graduate holders. 13.2% are Doctorate Level
and 9.4% are 10th or 12th pass. Thus, it can be said graduates and post-graduates
are the major users of UPI platform.
4) Occupation of Respondents

Interpretation:-
According to the data collected from respondents it is observed that out of
100%, 54.7% respondents are using digital platforms for making and accepting
payments for their business. Moreover, 22.6% users are employees of a
company and 18.9% of them are students and 3.8& are into public sector. Thus,
it can be said that UPI payments are mostly preferred by businesses mostly retail
business.

5) Which UPI Platform is preferred by Respondents?-

 Interpretation:-
Out of 53 respondents 48 respondents were using Phonepe. 43 were using
Paytm, 35 were using Google Pay, 6 were using Mobikwik and Airtel Payments
Bank, 14 were using Bank UPI payment service, 1 was using Amazon Pay,
BHIM or Bharatpe. This it can be said that majority of the users are using
Phonepe as compared to any other UPI service provider. This data includes
respondents using multiple platforms and shows the preference for making
payments.

6) Since how much time Users are with Phonepe?

Interpretation:-
According to the data collected from respondents it is observed that out of
100%, 45.3% respondents are using Phonepe within a span of 6 months or 2
years, 32.1% respondents are using Phonepe in the last two years or more and
22.6% respondents are new users of Phonepe with less than 6 months of usage.
Thus, it can be said that due to Demonetization and COVID-19 pandemic users
were more attracted towards cashless payments for safety and security purposes.
7) How much satisfied are you with the overall services offered by Phonepe?

Interpretation:-
Respondents were asked to provide overall satisfaction with the product and
services offered by Phonepe in which it was observed that most of the
respondents (47.2%) gave 4 out of 5 ratings for the services meanwhile 41.5%
gave 5 out of 5 and 11.3% remained neutral about the product at 3. Thus, it can
be said that products satisfied majority of the respondent’s need in terms of
quality.

8) How much successful is the transaction Ratio of Phonepe?

Interpretation:-
 Respondents were asked to provide transaction success ratio of Phonepe on a
rating scale of 1 to 5. 60.4% respondents gave 5 rating whereas 24.5% gave 4
rating, 13.2% gave 3 rating and 1.9% gave a rating of 2. Thus, it can be said that
there are least chances of transaction failure through Phonepe and there is a
good success ratio as compared to other apps.

9) How easy is Phonepe or Phonepe Business App to use?

Interpretation:-
Respondents were asked to rate the ease of use with the Phonepe or Phonepe
Business app on the scale of 1 to 5. 45.3% respondent gave 5 rating, 30.2%
respondent gave 4 rating, 24.5% respondent gave 3 rating. None of the
respondent rated the ease of use of the Phonepe below the rating of 3. Hence,
we can say that the people are having no trouble in using the Phonepe.

10) How much satisfied are the respondents with the Phonepe’s cashback
offers?
 Interpretation:-
Respondents were asked to rate their level of satisfaction with Phonepe’s
cashback and offers received after transaction on the scale of 1 to 5. 37.7%
respondent gave 5 rating, 35.8% gave 4 rating, 22.6% gave 3 rating and 3.8%
respondent gave 2 rating. Thus, it can be said that overall, most of the
respondents were highly satisfied with the Phonepe’s cashback and offers
received after transaction.

11) How much respondents are satisfied with the Phonepe’s store listing
feature and the categories listed in it?
 Interpretation:-
Respondents were asked to rate their level of satisfaction with the Phonepe’s
store listing feature and the categories listed in it on the scale of 1 to 5. 41.5%
of the respondents gave equal no. of rating to 4 and 5, 9.4% respondent gave 3
rating and 7.5% respondents gave the rating of 2. Hence, it can be said that
people are satisfied with the store listings feature and the category listed in it of
the Phonepe.

12) How much respondent are satisfied with the after-sale service provided by
Phonepe?

Interpretation:-
According to the data collected from the respondents it is observed that out of
100%, 45.3% of the respondents were not satisfied with the Phonepe’s after-
sale service or might be that the resolution time took much longer than expected
or committed. 35.8% respondent were satisfied with the same.
 Learnings from SIP

• Learning about phonepe’s system of working with merchant and

the marketing and sales process.

• How to Convince merchants who are already using competitor’s

payments platforms for accepting UPI payments.

• Understanding the needs of merchants and suggest the best

outcomes of the product and services.

• Knowledge about the market by visiting every shop, showroom

and stores in my respective area.

• Understanding competitors’ strategy to acquire the market base by

providing EDC machine or soundbox.

• Understanding which industry or category have more usage of UPI

payments.

• Visited Merchants who were onboarded but stopped using phone

so understood the problems faced by them and make them active
again.
 Chapter 5 Conclusion

I have come to the conclusion that the majority of young retailers use
PhonePe at Ahmedabad Market. Most marketers know about PhonePe
through advertising and about friends and relatives. 90.6% of respondents
use PhonePe in the market compared to other competitors. There were
41.5% of retailers who said PhonePe services were excellent and 47.2% of
retailers who said PhonePe services were great.

The most important finding in our study was that 60.4% of the respondent
were highly satisfied with the success ratio of the transaction using
Phonepe. Most of the respondent were highly satisfied with the ease of
using Phonepe/ Phonepe Business App and the offers/ cashback provided
by the same.

We also found that retailers over the age of 55 were significantly lower
because they had trouble trusting the online payment system. They only
believe in cash and check transactions because hearing cash and checking
transactions is safe.
 References

• https://gadgets.ndtv.com/apps/news/phonepe-google-pay-amazon-whatsapp-
upi-transactions-volume-value-growth-june-2021-npci-2481502
• https://economictimes.indiatimes.com/tech/technology/npci-enforces-new-
market-share-rules-on-upi-for-google-pay-phonepe-paytm-
others/articleshow/81701508.cms
• https://www.npci.org.in/what-we-do/upi/upi-ecosystem-statistics
• https://www.phonepe.com/pulse/
• https://www.phonepeethics.com/content/dam/phonepe-
ethics/documents/PhonePe_CodeofConduct.pdf
• https://pdfcoffee.com/phonepe-startup-projectentrepreneurdocx-pdf-free.html
• https://en.wikipedia.org/wiki/PhonePe
• http://ijamtes.org/gallery/503.%20dec%20ijmte%20-%201349.pdf
 ANNEXURE

A study on merchant satisfaction with Phonepe’s UPI payment system

under the geographical area of Ahmedabad (West).

1) Gender

A. Male
B. Female

2) Age

A. Below 18
B. 18 to 30
C. 31 to 45
D. 45 to 60
E. 60 or more

3) Highest Educational Qualification

A. 10th or 12th Pass

B. Graduate or Diploma Degree
C. Masters or Post Graduate Degree
D. Doctorate Level

4) Occupation

A. Government or Public Sector Unit

B. Private or Corporate Employee
C. Business or Freelancer
D. Student

5) Which of the following UPI Payment methods are used by you?

A. Phonepe
B. Paytm
C. Google Pay
D. Mobikwik
E. Airtel Payments Bank
F. Bank UPI Payment Service
G. Other (Please Specify)
6) Since how much time are you using Phonepe for accepting UPI payments?

A. Less than 6 months

B. 6 months to 2 Years
C. More than 2 Years

7) On the Scale of 1 to 5, How will you rate overall services and quality offered by
Phonepe?

1 is Very Bad
5 is Excellent

8) On the Scale of 1 to 5, How will you rate success ratio of transaction using Phonepe?

1 is Very Low
5 is Very High

9) On the Scale of 1 to 5, How will you rate Ease of Use with Phonepe or Phonepe
Business App?

1 is Very Hard
5 is Very Easy

10) On the Scale of 1 to 5, How will you rate your satisfaction level with Phonepe's
cashback and offers received after transacting?

1 is Very Bad
5 is Very Good

11) On the Scale of 1 to 5, How will you rate your satisfaction level with Phonepe's store
listing feature and the categories listed in it?

1 is Less Useful
5 is Very Useful

12) Have you faced any issues while using Phonepe/Phonepe Business App and the
resolution time took much longer than expected or committed?

A. Yes
B. No
C. Maybe