PROJECT

REPORT ON

“A STUDY ON ONLINE PAYMENTS”

IN

VISHAL MEGA MART

Submitted in Partial Fulfillment for the Requirement of Degree in

Bachelor of Vocational ( B.Voc )

MAHARSHI DAYANAND UNIVERSITY, ROHTAK

SESSION: 2021-2022

SUBMITTED TO : JYOTI SHARMA MAM ( CUSTOMER SERVICE )

SUBMITTED BY : ABHISHEK JHA

CLASS : B.VOC ( RETAIL ) 1ST SEMESTER
ROLL NO. : 1211783043046

D. A. V. CENTENARY COLLEGE

NH-3 Faridabad

“AFFILIATED TO MAHARSHI DAYANAND UNIVERSITY ROHTAK

 ACKNOWLEDGEMENT

Unlike the legacy that history has bequeathed to its students “acknowledgement” is not merely
formalities but an expression of deep sense of gratitude and cumulative appreciation.

Project report is a part of our curriculum that gives us knowledge about practical work. This also
helped us to understand the various aspects of the conceptual studies in the concerned subject.
This report presented here is the part of the syllabus of the BBA degree provided by M.D.
University, ROHTAK. So for this, I would like to thank Maharshi Dayanand University, Rohtak for
giving the opportunity for doing the project work.

I would like to thanks to DAV Centenary College, Faridabad to provide me the opportunity to
prepare the project report.

I express my sincere thanks to my project guide, my respected teacher Jyoti Sharma mam & my
mate sakshi , who has kindly extended her valuable time and unconditional support in completing
the project well in time.

ABHISHEK JHA
 PREFACE

As a part of the B.voc (retail) and in order to gain practical knowledge in the field of retailing, I am
required to make a report on “A STUDY ON ONLINE PAYMENTS AND ITS METHODS IN VISHAL MEGA
MART A SHOPPING COMPLEX”. The Basic objective behind doing this project is to get knowledge
about the online methods of payments in POs that how it works.

This project report attempts to bring under one cover the entire hard work and dedication put in by
me in the completion of the project work.

An online payment is an electronic exchange of currency for purchased goods or services. ...
Collecting money through the Internet means accepting online payment. The most common
payment forms online are credit card and debit card, others are e-wallet, bank transfer, bitcoin
wallet and smart cards.

This project report will help us to enhance the knowledge regarding various concepts of online
payments and how peoples are comfortable with it.

ABHISHEK JHA
 INDEX

CHAPTER CONTENT PAGE NO.

CHAPTER 1 INTRODUCTION TO THE TOPIC

CHAPTER 2 HISTORY TO PRESENT OF ONLINE

PAYMENT IN RETAILING

CHAPTER 3 REVIEW OF LITERATURE

CHAPTER 4 RESEARCH METHODOLOGY

 OBJECTIVES OF THESTUDY
 SCOPE OF THESTUDY
 RESEARCHDESIGN
 METHODSOFDATACOLLECTION
 DATA ANALYSISMETHODS
 LIMITATIONS OF THESTUDY

CHAPTER 5
DATA ANALYSIS

CHAPTER 6 KEY SUGGESTIONS AND CHECKOUT

FORMS

CHAPTER 7 BIBLIOGRAPHY

ANNEXURE

 Balance Sheet of the selected

companies
Chapter

1
ONLINE
PAYMENTS……………………………………………………………………..

An online payment is an electronic exchange of currency for purchased goods or services. ...
Collecting money through the Internet means accepting online payment. The most common
payment forms online are credit card and debit card, others are
e-wallet, bank transfer, bitcoin wallet and smart cards.

How do e-payments work?

The undeniable advantages of e-payments are immediacy, convenience, and time efficiency.
It is crucial, especially today, when every aspect of our lives happens at a fast pace.
Although e-payments seem to be swift and effortless, the entire process behind the payment
button is complex and sophisticated.

1. Customer action begins when a customer visits the merchant’s site and adds items (products
or services) to the cart. Next, they need to fill out the payment form with certain information
(e.g., card number, expiration date, CVV code, address).
Depending on the payment method, the customer is either redirected to an external service
or bank’s website or continues the payment on the merchant’s website/app.

2. Payment authentication by the operator – The payment gateway (with other parties
involved) checks whether the payment information is valid. If everything’s OK, the process
 continues, and the payment gateway reports back the successful transaction.
After that, the customer receives a payment confirmation — usually a real-time notification.

3. Payment to the merchant’s account – An online payment provider receives a payment from
a customer’s bank and transfers it to the merchant’s account.

In a nutshell, e-payments are considered a prompt and secure alternative to traditional payment
methods, such as bank transfers, checks, etc. If you want to find out more about e-payment
system.

Accepting electronic payments comes with many benefits for both sides of transactions –
merchants (of any size) and consumers.

Moreover, electronic payments are highly effective for international transactions. It is generally
cheaper, easier, and faster than any other payment method.

What’s more, as a merchant, you don’t have to worry about currency conversion or high
commission.

Payments fundamentals
Before diving into payment details for different business models, it‘s helpful to have a high-
level understanding of how payments work: how money moves from a customer to your
business, how banks facilitate these payments, and the costs involved in the system. Learning
about these fundamental building blocks of online payments will help you better understand the
nuances of the payments setup for your own business model.

Online payments flow

There are four major players involved in each online transaction:

1. CARDHOLDER: The person who owns a credit card

2. MERCHANT: The business owner

 3. ACQUIRER: A bank that processes credit card payments on behalf of the merchant and
routes them through the card networks (such as Visa, Master card, Discover, or American
Express) to the issuing bank. Sometimes acquirers may also partner with a third party to
help process payments.

4. ISSUING BANK: The bank that extends credit and issues cards to consumers on behalf of
the card networks.

To accept online card payments, you need to work with each one of these players (either via a
single payments provider or by building your own integrations).

First, you‘ll need to set up a business bank account and establish a relationship with an acquirer
or payment processor. Acquirers and processors help route payments from your website to card
networks, such as Visa, Master card, Discover, and American Express. Depending on your
setup, you may have a separate acquirer (often a bank that maintains network relationships) and
processor (which partners with the acquirer to facilitate transactions), or a single relationship
that includes both services.

In order to securely capture payment details, you may also need a gateway, which helps
properly secure information. Gateways frequently use tokenization to anonymize payment
details and keep sensitive data out of your systems, helping you meet industry-wide security
guidelines called PCI standards.

A single provider can offer gateway, processing, and acquiring services, which can help
streamline your online payments. Sometimes, the payments provider will build direct
integrations with the card networks, helping to reduce third-party dependencies.

When you accept a payment online, the gateway will securely encrypt the data to be sent to the
acquirer, and then to the card networks. The card networks then communicate with the issuing
bank, which either confirms or denies the payment (bank rules or regulatory requirements may
sometimes require additional card authentication, like 3D Secure, before accepting a payment).
The issuing bank will relay the message back to the gateway or acquirer so you can confirm the
payment with the customer (by displaying a "payment accepted" or "payment declined"
message on your site, for example).
This describes the online payment flow for one-time payments using U.S. dollars in the U.S. If
you want to expand internationally, you may need to find a bank partner and set up
relationships locally. Or, if you introduce a new product and want to start charging customers
on a recurring basis, you would need to not only accept the credit card number, but also
accurately initiate and collect payments at a set time interval. You would also need to build
logic to accommodate different pricing models, figure out how to recover failed payments,
manage prorations when customers switch plans, and more.

COSTS INVOLVED IN ONLINE PAYMENTS

There are a variety of fees that accompany each transaction processed through this four-party
system. Visa, Master card, Discover, American Express, and other card networks set the fees,
referred to as interchange and scheme fees.
Interchange typically represents the bulk of the costs involved in a transaction. This amount is
given to the issuing bank because it takes on the greatest amount of risk by extending credit or
banking services to the cardholder.

Scheme fees are collected by the card networks themselves and can include additional
authorization and cross-border transaction fees. Fees can also be assessed for refunds and other
network services.

Together, these fees make up the network costs. These vary depending on the card type,
transaction location, channel (in-person or online), and Merchant Category Code (MCC). For
example, a transaction made with a rewards credit card would incur higher network fees than a
transaction with a non-rewards card since banks often use these fees to subsidize the cost of the
rewards program.

Stripe’s standard pay-as-you-go pricing offers a single, transparent rate for all card payments,
helping give you more predictability over your payments costs.

FOR ALL BUSINESSES ACCEPTING ONLINE PAYMENTS

This section covers two important topics for all businesses accepting payments: how the online
payments funnel can increase your conversion, and how adding the right payment methods can
expand your pool of potential customers.

Online payments funnel

Transactions go through three steps to make a purchase: checkout completion, fraud protection,
and network acceptance. Conversion happens when a transaction is successfully completed.
Through each stage of the funnel, your pool of potential customers can gradually shrink. If you
have a long or complicated checkout process, a fraction of customers will fall off. Then, when
you factor in fraud and average transaction acceptance rates, the pool shrinks even more.

Understanding the interaction between these steps is important to optimizing your entire funnel.
This is especially true for businesses that have separate teams owning checkout, fraud, and
network acceptance, with each one optimizing for their own metrics. For example, if the team
working on checkout completion solely focuses on reducing cart abandonment rates, they may
ask for less customer information to reduce friction. However, this can result in more fraud
since you‘re not always capturing details like the full billing address and ZIP code to help
validate the transaction.

In this section, we‘ll give you an overview of the online payments funnel and share best
practices to increase conversion.

GLOBAL PAYMENT METHODS

While cards are the predominant online payment method in the U.S., 40% of consumers outside
the U.S. prefer to use a payment method other than a credit card, including bank transfers and
digital wallets (such as Alipay, WeChat Pay, or Apple Pay). You may lose sales simply because
you don‘t offer the preferred payment methods of a global audience.

To capitalize on a global customer base, you need to offer the payment methods that are most
commonly used in the countries in which you operate. There are the five common types of
payment methods:
1. CREDIT CARDS allow customers to borrow funds from a bank and either pay the balance in
full each month or pay the money back with interest. Debit cards make payments by
deducting money directly from a customer‘s checking account, rather than using a line of
credit.

2. DIGITAL WALLETS , including Apple Pay and Google Pay, let customers pay for products or
services electronically by linking a card or bank account. Digital wallets can also allow
customers to store monetary value directly in the app with top-ups.

3. BANK DEBITS AND TRANSFERS move money directly from a customer‘s bank account.
Account debits collect your customers‘ banking information and pull funds from their
accounts (for example, ACH in the U.S.). Credit transfers link to customers‘ bank accounts
and they push money to you (like wire transfers). There are also payment methods like
Giropay in Germany and iDEAL in the Netherlands that operate as a layer on top of banks
to facilitate transfers, but look more like digital wallets.

4. BUY NOW, PAY LATER is a growing category of payment methods that offers customers
immediate financing for online payments, typically repaid in fixed installments over time.
Examples include Afterpay, Klarna, and Affirm.

5. CASH-BASED PAYMENT METHODS, from companies like OXXO and Boleto, allow
customers to make online purchases without a bank account. Instead of paying for a
product or service, customers receive a scannable voucher with a transaction reference
number that they can then bring to an ATM, bank, convenience store, or supermarket and
make a payment in cash. Once the reference number for the cash payment is matched to the
initial purchase, the business gets paid and can ship the product.

BENEFITS OF ONLINE PAYMENTS OR E-PAYMENTS IN CONCERN OF VISHAL MEGA

MART :-

 Saves Time
 Reduces Days Sales Outstanding
 More Efficient
 Reduces Need for Cash and Checks
 Easier to Manage
 Secure and Reliable
 Low Risk of Theft
 Eliminate Carbon Footprint
 Saves Money
 Reduces Labor
 Attracts More Clients
  Offers Better Customer Experience
 Quick and Easy Setup
 Creates Trust for The Customer
 Decreases Late Payments
 Recurring Payment Capabilities
 Accepts a Wide Variety of Payments
 Immediate Confirmation

DISADVANTAGES OF ONLINE PAYMENTS IN VISHAL MEGA MART AND GIVEN ARE THE
EXAMPLES :-

Online payment methods have several disadvantages. Check out these examples:

 Service fees Payment gateways and third-party payment processors charge service fees.
 Inconvenient for offline sales Online payment methods are inconvenient for offline
sales.
 Vulnerability to cybercriminals Cyber criminals can disable online payment methods or
exploit them to steal people’s money or information. Visit the Australian Cybercrime
Reporting Network’s Learn about cybercrime page to learn more about cybercrime.
 Reliance on telecommunication infrastructure Internet and server problems can disable
online payment methods.
 Technical problems Online payment methods can go down due to technical problems.
CHAPTER
2
ONLINE
HISTORY
TO
PAYMENTS
PRESENT

IN RETAILING
A history of online payment
'Privacy and confidentiality of information, especially when it concerns financial data, is detrimental to
customer satisfaction'

Over the years, the industry leaders in internet business transactions have worked together to create
a complex system for ensuring online payment security. This system guarantees that consumers
receive the goods for which they pay, and ensures that confidential information, such as transactions
and account numbers, remain safe and secure.

E-commerce, with the integration of the internet, supports technologies that improve electronic data
interchanges, mobile technology, online transaction processing, automated data collection, electronic
funds transfers, internet marketing, inventory management systems, and supply chain management.

These technologies have vastly changed the way that businesses run. One large way in which
businesses have adapted is by improving and implementing online payment security systems

Businesses have worked valiantly to ensure the safety of money when it comes to online payment
security. However, it comes with a price tag. It is estimated that by 2017, businesses will spend $93
billion a year on cyber security. This safeguard technology that people use daily to complete online
transactions did not come overnight, but took decades to create, perfect and implement.

Using firewalls to build trust

Many businesses have jumped into the online marketplace and have claimed their slice of the digital
pie. In fact, if a business isn’t allowing customers to access its products with a few clicks of the
mouse, it’s definitely missing out on a large audience. This is precisely the reason why the majority of
businesses have integrated e-commerce and m-commerce websites into their business models.
The first ever secure and successful online retail transactions, which were made in 1994, were
initiated by Internet Shopping Network and Net Market. The largest retail corporations online to date
are that of eBay and Amazon, both of who opened for business in 1995, while Alibaba opened in
2003 and Tmall in 2008. None of these retailers would be where they are today without the
successful implementation of firewalls, which were essential to building trust with their users.

Firewalls, which work as a barrier between the internet and a connected computer, ensure that only
those granted permission can obtain access to the information on the computer. Because of firewalls,
users can get online knowing that they can purchase items online in safety.

In 1991, Sir Tim Berners Lee, an English computer guru and scientist, opened up the first World
Wide Web server used for commercial purposes.

The creation of the web, plus the creation of different technological innovations, led to the opening of
Pizza Hut’s online shop in 1994. As a result, it claims to hold the title of the company providing the
“first-ever online purchase”.

Seeing that people would be using the internet to regularly make online financial transactions,
Netscape Communications created a way to ensure that shopping systems, online banking and
online retailers were able to offer their clients encryption through their internet browser’s Secure
Sockets Layer (SSL) to ensure secure data transfers.

The most common payment methods for online transactions, which are all protected by SSL, are
made through cash-on-delivery (COD), cheque or check payments, wire transfers, gift cards billing
charged to landlines or mobile phones, debit card, postal money order, electronic money, credit card
or PayPal.

PayPal, a company that touts itself as “your personal Fort Knox”, offers transactions that are
classified as the most secure and dependable payment processor for making online payments in
different currencies. Online payment transactions are usually processed in real-time, which is why it
is so important to ensure that security is at the forefront of the businesses you transact with online.
Companies such as Victoria’s Secret and its affiliates also use SSL for secure financial transactions.
WHAT IS FIREWALL SECURITY ?
A firewall is a network security device that monitors incoming and outgoing network traffic and permits or
blocks data packets based on a set of security rules. Its purpose is to establish a barrier between your internal
network and incoming traffic from external sources (such as the internet) in order to block malicious traffic like
viruses and hackers.

How does a firewall work?

Firewalls carefully analyze incoming traffic based on pre-established rules and filter traffic coming
from unsecured or suspicious sources to prevent attacks. Firewalls guard traffic at a computer’s entry
point, called ports, which is where information is exchanged with external devices. For example,
“Source address 172.18.1.1 is allowed to reach destination 172.18.2.1 over port 22."

Think of IP addresses as houses, and port numbers as rooms within the house. Only trusted people
(source addresses) are allowed to enter the house (destination address) at all—then it’s further
filtered so that people within the house are only allowed to access certain rooms (destination ports),
depending on if they're the owner, a child, or a guest. The owner is allowed to any room (any port),
while children and guests are allowed into a certain set of rooms (specific ports).
 Am I safe to
do online
payments ?

Indians have a staggering amount of trust in online shopping and payments

Over 72% of Indians trust the internet

overall, according to the Global Survey
on Internet Security & Trust 2017
conducted by the Center for International
Government Innovation and market
research firm Ipsos. By comparison, just
over half of the world’s population said
they trusted the internet.

A total of 24,225 internet users from 24

countries, where each country was
represented by at least 1,000 individuals,
responded during the three-month period
from December 23 to March 21.

The faith in the web seemed to spill over

into the country’s interest in mobile
payments and e-commerce platforms.

On average, 57% of people from across

the world said they would likely use
mobile payments over the next year. In
India, 86% of respondents said they
were likely to make transactions with
their phones, which was second only to
Indonesia and on par with China.

Online shopping also picked up. Globally, 22% of internet users have never brought a good or
service online. Among India’s netizens, just 4% said they never shop online. After China, Indian
internet users are most likely to make more than five online purchases each month.
NOWDAYS , ONLINE SHOPPING IS MOST FAVOURABLE ……………….

WHAT PEOPLE THINKS ? ( CUSTOMER EXPIERIENCES )

SAKSHI ( A CUSTOMER )
Going to the shops can be great; I like being able to touch and feel a product before I
buy it. But walking through a crowded area, going from shop to shop not finding what
you want, can be stressful. Worse still, you end up finally buying something, only to find
it cheaper in the store next door….and let’s not talk about how much money could have
saved buying it online!

Online shopping is quick and convenient. You can shop a wide selection of shops
around the world simultaneously to find the perfect item at the right price. Best of all,
the item is sometimes delivered for free — no more carrying heavy bags around town!
WHAT A RETAILER THINKS ? ( RETAILER EXPIERIENCES )

ROSHAN THAKUR
( SALES EXECUTIVE VISHAL MEGA MART )
As a retailer, now is a great time to be in eCommerce. Forrester predicts that eCommerce will
make up 17% of all retail sales by 2022, up from a projected 12.9% in 2017. This means there is
a huge opportunity for growth!

But, competition for online customers can be tough. Vishal estimates that there are roughly 1.3
million eCommerce retailers in the INDIA alone, but numbers vary wildly. And you are not only
up against small niche enterprises; it is predicted that VISHAL MEGA MART will account
for 50% of all online sales in the INDIA by 2021.

LESSON: Be upfront with your customers or you risk leaving them confused,
frustrated and ultimately lose them.
CHAPTER
3
REVIEW
OF
LITRATURE
 E-commerce payment system

An e-commerce payment system (or an electronic payment system) facilitates the acceptance
of electronic payment for online transactions. Also known as a subcomponent of electronic
data interchange (EDI), e-commerce payment systems have become increasingly popular due
to the widespread use of the internet-based shopping and banking.
Credit cards remain the most common forms of payment for e-commerce transactions. As of
2008, in North America almost 90% of online retail transactions were made with this payment
type. It is difficult for an online retailer to operate without supporting credit and debit cards
due to their widespread use. Online merchants must comply with stringent rules stipulated by
the credit and debit card issuers (e.g. Visa and Mastercard) in accordance
with bank and financial regulation in the countries where the debit/credit service conducts
business.
For the vast majority of payment systems accessible on the public Internet,
baseline authentication (of the financial institution on the receiving end), data integrity,
and confidentiality of the electronic information exchanged over the public network involves
obtaining a certificate from an authorized certificate authority (CA) who provides public-key
infrastructure (PKI). Even with transport layer security (TLS) in place to safeguard the portion
of the transaction conducted over public networks—especially with payment systems—the
customer-facing website itself must be coded with great care, so as not to leak credentials and
expose customers to subsequent identity theft.
Despite widespread use in North America, there are still many countries such as China and
India that have some problems to overcome in regard to credit card security. Increased
security measures include use of the card verification number (CVN) which detects fraud by
comparing the verification number printed on the signature strip on the back of the card with
the information on file with the cardholder's issuing bank.
There are companies that specialize in financial transaction over the Internet, such
as Stripe for credit cards processing, Smart pay for direct online bank payments and PayPal for
alternative payment methods at checkout. Many of the mediaries permit consumers to
establish an account quickly, and to transfer funds between their on-line accounts and
traditional bank accounts, typically via automated clearing house (ACH) transactions.
The speed and simplicity with which cyber-mediary accounts can be established and used
have contributed to their widespread use, despite the risk of theft, abuse, and the typically
arduous process of seeking recourse when things go wrong. The inherent information
asymmetry of large financial institutions maintaining information safeguards provides the
end-user with little insight into the system when the system mishandles funds, leaving
disgruntled users frequently accusing the mediaries of sloppy or wrongful
behavior; trust between the public and the banking corporations is not improved when large
financial institutions are revealed to have taken flagrant advantage of their asymmetric
power, such as the 2016 Wells Fargo account fraud scandal.
METHODS OF ONLINE PAYMENT

There are varied types of electronic payment methods such as online credit card transactions,
e-wallets, e-cash and wireless payment system. Credit cards constitute a popular method of
online payment but can be expensive for the merchant to accept because of transaction fees
primarily. Debit cards constitute an excellent alternative with similar security but usually much
cheaper charges. Besides card-based payments, alternative payment methods have emerged
and sometimes even claimed market leadership.

Bank payments
This is a system that does not involve any sort of physical card. It is used by customers who
have accounts enabled with Internet banking. Instead of entering card details on the
purchaser's site, in this system the payment gateway allows one to specify which bank they
wish to pay from. Then the user is redirected to the bank's website, where one can
authenticate oneself and then approve the payment. Typically there will also be some form
of two-factor authentication.
It is typically seen as being safer than using credit cards, as it is much more difficult for hackers
to gain login credentials compared to credit card numbers. For many eCommerce merchants,
offering an option for customers to pay with the cash in their bank account reduces cart
abandonment as it enables a way to complete a transaction without credit cards.

Mobile money wallets

In some developing countries, many people do not have access to banking facilities, especially
in tier II and tier III cities. Taking the example of India, there are more mobile phone users
than there are people with active bank accounts. Telecom operators, in such locations, have
started offering mobile money wallets which allow adding funds easily through their existing
mobile subscription number, by visiting physical recharge points close to their homes and
offices and converting their cash into mobile wallet currency. This can be used for online
transaction and eCommerce purchases.
 VISHAL MEGA MART INFRASTRUCTURE AND OUTLOOK DESIGNS

INTERIOR

1.

GROUND FLOOR : Clothing Section for Men/women and kids

2.

1st FLOOR : section of cosmetics and beauty products with exit and billing section

3. CLOTHING
4. 2ND FLOOR

GROCERIES AND VEGETABLES

5.
EXTERIOR

1.

2.
 KEY HIGHLIGHTS FOR VISHAL MEGA MART

“Vishal Mega Mart is India's largest fashion-led hypermarket chain, with over
192 stores and a cumulative trading area of more than 3 million square feet
across 110 cities and towns in India.”

Vishal Mega Mart now uses IBM Power Systems servers to support its
core SAP Business Suite powered by SAP HANA, SAP Business Warehouse
powered by SAP HANA, SAP Enterprise Portal, SAP Process Integration and
SAP Solution Manager.

In 2001, Ram Chandra Agarwal moved from Kolkata to Delhi. Here he started
a retail business called Vishal Retail. His business was good and it was only in
2002 that he established the first hypermarket company called Vishal Mega
Mart in Delhi.

The back-end entity, Vishal Mega Mart Pvt. Ltd, turned profitable during
fiscal year 2017 and posted a net profit of Rs14. 5 crore as against a loss of
Rs40 crore during the previous fiscal. It clocked revenue of Rs1,687 crore
during fiscal 2017.

Vishal Mega Mart's operating revenues range is Over INR 500 cr for the
financial year ending on 31 March, 2019. It's EBITDA has increased by 28.50
% over the previous year. At the same time, it's book networth has increased
by 51.06 %.

Vishal Mega Mart operates India's largest fashion-led hypermarket chain

with 204 stores occupying 3 million square feet in 110 locations across India.

Vishal Mega Mart Private Limited is a Private incorporated on 31 May 2010. It

is classified as Non-govt company and is registered at Registrar of
Companies, Delhi. Its authorized share capital is Rs.
CHAPTER
4
RESEARCH METHODOLOGY

Research refers to search knowledge. Research comprises defining and redefining

problems , formulates hypothesis or suggested solutions ,collecting, organizing and
evaluating data, making deduction and reaching conclusions, and at last carefully testing
the conclusions to determine whether they fit the formulating the hypothesis. Research is
an original contribution the existing stock of knowledge making for its advancement. It is
the pursuit the truth with the help of study, observation, comparison and experiment.

According to the Rusk, Research is a point of view, an attitude or a frame of mind .It ask
questions which have hither to not been asked and it seems to answer them by following a
fairly definite procedure . It is not a mere theorizing, but rather an attempt to elicit facts
and face them only they have been assembled.

Research is a systematic inquiry that helps to solve business problems and contribute to
knowledge.

OBJECTIVES OF THE STUDY

 To know about the online payments and its effect on the selected vishal mega mart.
 To know about the fundaments of point of sale through online payments.
 To know about the types and source of E-payments.
 To know about the sales of the vishal mega mart affect by digitalization.

SCOPE OF THE STUDY

This study is confined with the concept of E- payment system in market and in vishal mega
mart.

RESEARCH DESIGN

A research design is a framework or blueprint for conducting the research project. It gives
details of the procedures necessary for obtaining the information needed to structure or
solve research problem. Mainly there are three types of research design discussed below:-
1 .EXPLORATORY STUDY–

An exploratory study is undertaken when no information is available on how similar

problems or research issues have been solved in the past. In such cases, extensive
interviews have to be undertaken with many people to understand and handle the
problem.

DESCRIPTIVE RESEARCH DESIGN –

A descriptive study is undertaken in order to ascertain and be able to describe the

characteristics of the variable of interest in a situation. Descriptive study are also
undertaken to understand the characteristics of organizations that follow certain common
practices.

EXPERIMENTAL RESEARCH DESIGN-

A experimental research design establishes a relationship between the cause and effect of
a situation. It is a causal design where one observes the impact caused by the independent
variable on the dependent variable.

CORRELATIONAL RESEARCH DESIGN-

Correlation research is a non-experimental research design technique that helps

researchers establish a relationship between two closely connected variables. This type of
research requires two different groups. There is no assumption while evaluating a
relationship between two different variables, and statistical analysis techniques calculate
the relationship between them.
DIAGNOSTIC DESIGN-

In diagnostic design, the researcher is looking to evaluate the underlying cause of a

specific topic or phenomenon. This method helps one learn more about the factors that
create troublesome situations.
The research design used in this project is Descriptive in nature. The procedure used in this
research use facts or information already available, and analyse these to make a critical
evaluation of the performance.

METHODS OF DATA COLLECTION

Data collection is the process of gathering and measuring information on variables of

interest, in an established systematic fashion that enables one to answer stated research
questions, test hypothesis, and evaluate outcomes.

The data collection component of research is common to all fields of study including
physical and social sciences, humanities, business etc. While methods vary by discipline,
the emphasis on ensuring accurate and honest collection remains thesame.

The goal for all data collection is to capture quality evidence that then translates to rich
data analysis and allow the building of a convincing and credible answer to questions that
have been posed.

There are two types of data collection methods:

1. SECONDARY DATA
2. PRIMARY DATA

SECONDARY DATA

Secondary data analysis saves time that would otherwise be spent collecting data and,
particular in the case of quantitative data, provides larger and higher-quality databases
that would be unfeasible for any individual researcher to collect on theirown

In addition, analysts of social and economic change consider secondary data essential,
since it is impossible to conduct a new survey that can adequately capture past change
and/or development.
The secondary data means data that are already available in various reports, diaries,
letters, books, periodicals etc.

The secondary data are those, which have been used previously for any research and now
used for second time.

I used Secondary Data in this study by taking the data from published annual reports of
the selected companies, material published on websites.

DATA ANALYSIS

In this study data analysis is done with the help of various graph and tables.

LIMITATIONS OF THE STUDY

The limitations of a study are its flaws or shortcomings which could be the result of
unavailability of resources, small sample size, flawed methodology, etc. No study is
completely flawless or inclusive of all possible aspects. Therefore, listing the limitations of
study reflects honesty and transparency and also shows that we have a complete
understanding of the topic.

 The time was short that lockdown had become all over India due tocovid-19
 I was able to give less time to my study because college classes
 Measure used to collect the data sometimes it is the case that, after completing
interpretation of the findings, we discover that the way in which we gathered data
inhibited our ability to conduct a thorough analysis of the results.
 Management of the cash requires the specified skills of the person managing it.
OUR METHOD OF RESEARCH ON E-PAYMENTS IN VISHAL MEGA MART

I research and collect the information to complete the project through online methods and
through commercial websites.
Due to pandemic (covid) it is not possible to contact the retailers and persons from which
I had to collect the information these day. There is a big risk to interact with persons face
to face .
CHAPTER
4
SALES RECORD WITH COMPETITORS
IN APPARELS/ NON- APPARELS/FMCG RECORD

EMPLOYEE COST
CHAPTER
5
KEY
SUGGESTIONS
AND
CHECKOUT
FORMS
DESIGNING THE BEST CHECKOUT FORMS

The online payments funnel starts with the checkout experience, where customers enter their
payment information to purchase goods or services. At this stage, you want to collect enough
details to be able to verify that customers are who they say they are, but avoid adding too much
friction to the checkout process—which can cause customers to abandon it altogether.

If your checkout form is too complicated, you risk losing sales from the most likely buyers—
customers with items in their cart and every intention to make a purchase. In fact, 87% of
customers abandon a purchase if the checkout process is too difficult.

To improve your checkout completion rate, the first step is to go through your own checkout
process from the customer‘s point of view and look for any friction that could lead to drop off.
Pay attention to how long the site takes to load, how many fields are in your form, and if your
checkout process supports autofill.

The best checkout forms adapt to the customer‘s experience. For example, it‘s best practice to
offer responsive checkout forms that automatically resize to the smaller screen of a mobile
device and offer a numerical keypad when customers are prompted to enter their card
information. You should also consider supporting mobile wallets, such as Apple Pay or Google
Pay, to bypass manual data entry.

If you choose to expand internationally, your checkout form should cater to each market.
Allowing customers to pay in their local currency is a start, but you also need to support local
payment methods to provide the most relevant experience. For example, more than half of
customers in the Netherlands prefer to pay with iDEAL, a payment method which directly
transfers funds from a customer‘s bank account to the business.

The card number can also indicate where a customer is located geographically, allowing you to
dynamically change the form fields to capture the right information for each country. For
example, if your form recognizes a U.K. card, you should add a field to capture the postcode. If
your form recognizes an American card, you should change that field to ZIP code.
Stripe Checkout is a drop-in payments page designed to drive conversion. It dynamically
surfaces mobile wallets when appropriate and supports 15 languages so customers can use a
checkout form that‘s personalized and relevant.
Managing risk online
The next step is to evaluate whether a transaction is fraudulent. The majority of illegitimate
payments involve fraudsters pretending to be legitimate customers by using stolen cards and
card numbers.

For example, if a fraudster makes a purchase on your website using a stolen card number that
hasn‘t been reported, it‘s possible the payment would be processed successfully. Then, when
the cardholder discovers the fraudulent use of the card, he or she would question the payment
with his or her bank by filing a chargeback. While you have the chance to dispute this
chargeback by submitting evidence about whether the payment was valid, card network rules
tend to favor the customer in most disputes. If your business loses a dispute, your business
would lose the original transaction amount. You, as the business owner, would also have to pay
a chargeback fee, the cost associated with the bank reversing the card payment.

While charge backs are a part of accepting payments online, the best way to manage them is to
prevent them from happening in the first place. There are two primary approaches: rules-based
logic and machine learning.

Rules-based fraud detection operates on an "If x happens, then do y" logic created and is
managed on an ongoing basis by fraud analysts. Examples include blocking all transactions
from a certain country, IP address, or above a certain dollar amount. However, because this
logic is based on strict rules, it doesn‘t recognize hidden patterns nor does it adapt to shifting
fraud vectors by analyzing information beyond these defined parameters. As a result, analysts
are often playing catch up—manually creating new rules after they detect fraud rather than
proactively fighting fraud.

Fraud management based on machine learning, on the other hand, can use transaction data to
train algorithms that learn and adapt. Some machine learning models mimic the behavior of
human reviewers, while others are trained by millions of data points. These models learn how
to discern legitimate transactions from those that are potentially fraudulent. Some of these
models can even train themselves, making them more scalable and efficient than rules-
based logic.
For example, let‘s say a customer with normal browsing behavior and a suspicious IP address
wants to purchase something from your site. Machine learning decides how much weight each
of these signals should carry. For example, should the transaction be declined solely based on
the IP address? A rules-based system may block all transactions from that location, but a
machine learning model should be able to distinguish between good and bad transactions from
by weighting the location alongside all the other information available to determine the
probability that a given payment will result in a chargeback.

Combining these two approaches—rules-based logic and machine learning fraud

management—can be a powerful, customizable solution. You are able to leverage the
sophistication of machine learning, but also customize the approach and encode logic that is
specific to your business. For example, you can set custom rules based on the risk level of a
subset of your users and what they are buying.

For more information, read our guide on machine learning for fraud detection.

Stripe Radar is a suite of modern tools for fraud detection and prevention. Its core is powered
by adaptive machine learning, with algorithms evaluating every transaction for fraud risk and
taking appropriate actions. Radar is included for free as part of Stripe‘s integrated pricing.
Users can upgrade to Radar for Fraud Teams to set their own rules-based logic, and use other
powerful tools for fraud professionals.
IMPROVING NETWORK ACCEPTANCE

The last step in the online payments funnel is card network acceptance: having the issuing bank
successfully process the payment.

When customers make a purchase, a payment request is sent to the issuing bank. Based on a
variety of factors, ranging from your customer‘s available balance, the formatting of transaction
metadata, or even system downtime, the issuing bank will either accept or decline the request.
The higher your acceptance rate, the more transactions you‘ve been able to
successfully process.

You can help reduce unnecessary declines by collecting additional data or passing through
details like CVC, billing address, and ZIP code during checkout. This information gives the
issuing bank extra information about the transaction, helping improve the chances of
acceptance for legitimate transactions.

Stripe helps automatically improve network acceptance for businesses thanks to direct network
integrations and industry partnerships that provide additional data and insights into the reasons
for declines. We use this to build machine learning models that identify the best ways to update
payment metadata to improve the chances of acceptance. Learn more here.
CHAPTER
6
REFERENCE BOOKS :

1. INTERNATION MARKETING
2. SERVICES BY BUTLER

WEBSITES
www.google.com

www.slideshare.net

www.scribd.com

hollyc.medium.com

www.yieldify.com

www.forcepoint.com

www.information-age.com

www.slidescarnival.com

elements.envato.com

www.presentermedia.com