A

PROJECT REPORT ON
A STUDY ON CONSUMER SATISFACTION OF
PAYZAPP WALLET WITH REFRENCE TO CITY
BHIND

BY

VIKASH SHARMA

(MM1820449)

SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF

PGDM PROGRAM OF BIMM, PUNE

1
 DECLARATION

I hereby declare that the following project report titled “A STUDY ON CONSUMER
SATISFACTION OF PAYZAPP WALLET WITH REFRENCE TO CITY BHIND” is an
authentic work done by me. It is to the best of my knowledge and belief.

This is to declare that all my work indulged in the completion of this Project Report
such as research, analysis and lead generation is a profound and honest work of mine.

VIKASH SHARMA

(MM1820449)

2
CERTIFICATE

3
 ACKNOWLEDGEMENT

I would like to express my special gratitude to my mentor Mr. SANJEEV DUBEY (Branch
Manager) as well as Mr. VIVEK DUBEY (Assistant Branch Manager) who gave me the great
opportunity to do this project on the topic, which also helped me in doing a lot of Research and I
came to know about so many new things new things, I am really thankful to them.

Along with them I would like to thank our director ARCHANA SHRIVASTAVA and teacher
Mr. VIMAL BHATT for the constant support and help.

VIKASH SHARMA
(MM1820449)

4
SR.NO TOPIC PAGE NO
1 Executive Summary 6

2 Contextual Background
a) Introduction 7
b) History 9
c) Market scenario 11
d) Competitor Analysis 19
e) Product Studied 20
f) Brief Company 21
g) Role in Company 23

3 Research Problem 26

4 Objectives 27

5 Hypothesis 28

6 Literature Review 29

7 Research Methodology 31
a) Research type 32
b) Sample Size 32
c) Sampling method 32
d) Data collection method 32

8 Data Analysis 33

9 Findings and Interpretation 46

10 Recommendations 47

11 Limitations 48

12 Future Scope of topic 49

13 Conclusion 50

14 References 51

15 Appendix 52

5
 EXECUTIVE SUMMARY

Smartphone has become essential part of daily life. Due to technology, Digital wallets are
quickly becoming mainstream mode of online payment and mobile users can nowadays use their
smart phones to make money transaction or payment by using applications installed in the phone.
One such application is Payzapp.

This project entitled “ A STUDY ON CONSUMER SATISFACTION

WITH PAYZAPP WALLET” is aimed to find out the expectation of the consumers and find out
how the application is performing in the market and how it can improve. Here in case of Payzapp
thus the need for study on customer satisfaction is important since it is highly depending on the
customer opinions and expectations there by using that information to change its strategies.

For the purpose of fulfilling the research objectives a sample size of 123 respondents is
undertaken with different demography majorly of City BHIND. The responses were recorded
through Google forms and multiple tools like garret ranking and chi square test have been
applied to determine whether the application is able to satisfy the requirements of the consumers.
And what other factors are required to be considered in improving the satisfaction of consumers.

6
 CONTEXTUAL BACKGROUND

INTRODUCTION

A bank is a financial institution that provides banking and other financial services to their
customers. A bank is generally understood as an institution which provides fundamental banking
services such as accepting deposits and providing loans. There are also nonbanking institutions
that provide certain banking services without meeting the legal definition of a bank. Banks are a
subset of the financial services industry. A banking system also referred as a system provided by
the bank which offers cash management services for customers, reporting the transactions of
their accounts and portfolios, throughout the day. The banking system in India should not only
be hassle free but it should be able to meet the new challenges posed by the technology and any
other external and internal factors. For the past three decades, India’s banking system has several
outstanding achievements to its credit. The Banks are the main participants of the financial
system in India. The Banking sector offers several facilities and opportunities to their customers.
All the banks safeguard the money and valuables and provide loans, credit, and payment
services, such as checking accounts, money orders, and cashier’s cheques. The banks also offer
investment and insurance products. As a variety of models for cooperation and integration
among finance industries have emerged, some of the traditional distinctions between banks,
insurance companies, and securities firms have diminished. In spite of these changes, banks
continue to maintain and perform their primary role is accepting deposits and lending funds from
these deposits

Banking services are regarded as one of the important service. Banks provide financial services
to the customers. Due to the rising competition and liberalization the banking industry has
become the buyer’s market. Banks need to create and develop the services which can satisfy the
customer needs. Customer satisfaction is a very important construct in today’s market and it is
directly influenced by service quality as per earliest studies. Therefore, the present research work
has been carried out to analyze the rural customers’ attitude towards public sector banks.
Banking in India is so convenient and hassle free that one (individual, groups or whatever the
case may be) can easily process transactions as and when required. The most common services
offered by banks in India are as follows

7
Bank accounts: It is the most common service of the banking sector. An individual can open a
bank account which can be either savings, current or term deposits.

Loans: You can approach all banks for different kinds of loans. It can be a home loan, car loan,
personal loan, loan against shares and educational loans.

Money Transfer: Banks can transfer money from one corner of the globe to the other by issuing
demand drafts, money orders or cheques

Credit and debit cards: Most banks offer credit cards to their customers who can be used to
purchase products and services, or borrow money.

Lockers: Most banks have safe deposit lockers which can be used by the customers for storing
valuables, like important documents or jewelry.

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HISTORY

The HDFC Bank was incorporated on August 1994 by the name of 'HDFC Bank Limited', with
its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled
Commercial Bank in January 1995. The Housing Development Finance Corporation (HDFC)
was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI)
to set up a bank in the private sector, as part of the RBI's liberalization of the Indian Banking
Industry in 1994.

The HDFC Bank was incorporated on August 1994 by the name of 'HDFC Bank Limited', with
its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled
Commercial Bank in January 1995. The Housing Development Finance Corporation (HDFC)
was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI)
to set up a bank in the private sector, as part of the RBI's liberalization of the Indian Banking
Industry in 1994.

Source: https://www.hdfcbank.com/aboutus/News_Room/hdfc_profile.htm

CURRENT POSITION

 Number of Branches (31 st march 2019): 5,103 in 2,749 cities.

 Number of ATMs: (31st march 2019) 13,160
 Number of Employees (September 2018): 94,907
 Total Assets (Financial Year 2018): 10,63,934.31 crores
 In 2017, HDFC Bank was a part of Forbes' List of 5 Companies that has shaped Asia,
And the World.

Source: https://www.hdfcbank.com/aboutus/default.htm

9
 STRONG NATIONAL NETWORK

MAR’16 MAR’17 MAR’18 MAR’19

BANKING 4520 4715 4787 5103

OUTLETS
CITIES 2587 2657 2691 2748

BRANCH CLASSIFICATION (MAR'18)

RURAL, 1122, URBAN, 970,
22% 19%

METRO, 1429,
SEMI URBAN,
28%
1582, 31%

 53% of total banking outlets in Semi-urban and Rural locations

 All branches linked online, real-time

 Customer base of over 49million

Source: https://www.hdfcbank.com/aboutus/cg/annual_reports.htm

10
MARKET SCENARIO

 GLOBAL SCENARIO

The global banking sector is considerably healthier now than it was 10 years ago, at the start of
the global financial crisis. The largest banks in the world have significantly improved their
capital position in the years since the crisis. While there is lingering debate in some corners that
banks are still not sufficiently capitalized, it is undeniable that the dangerously thin buffers of the
pre-crisis era — where the Common Equity Tier 1 (CET1) capital ratio was below 4% for some
banks — are gone as banks have raised additional equity over the last decade to almost treble
their capital. Resilience has also been supported by the development of recovery and resolution
plans (RRPs) as mandated by regulators globally. While it is true that the cost of compliance has
risen dramatically since the crisis, at the start of 2018 we believe the industry has crested the
peak of regulatory-driven investments in systems and talent. Although compliance costs are set
to remain elevated from their 2007 levels, we believe the cost of adapting to the post crisis
prudential regulatory framework has stabilized and is set to decline. Further, most banks have
resolved the vast majority of legacy conduct issues. Litigation expenses are falling, and although
banks continue to reshape their footprints, they are also signaling that the associated restructuring
costs will soon peak
The progress banks have made in strengthening their balance sheets and moving past legacy
conduct matters is reflected in expectations for financial performance. Our Global banking
outlook survey finds that the vast majority of bankers expect revenues and profitability to
improve over the next 12 months to 3 years, in spite of rising costs. In fact, 12% of respondents
expect more than 9% revenue growth in the next 12 months, rising to 31% over the next 3 years.
Similarly, 7% of respondents expect more than 9% ROE growth in the next 12 months, rising to
23% over the next 3 years. Bankers’ expectations for growth are supported by EY’s annual
review of the publicly stated strategies of 30 major banks around the world. Controlling risks and
protecting against internal and external threats remain important, but the greatest emphasis is on
improving financial performance through growth and optimization. Q: Combined, the growing
optimism of bankers and the notable shift in strategic focus would seem to suggest that a stronger
global banking industry may be headed for a period of sustainable double-digit ROEs. We
believe that without a significant change in the industry, this is unlikely.
11
 INDIAN BANKING SCENARIO

12
INTRODUCTION

As per the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalized and
well- regulated. The financial and economic conditions in the country are far superior to any
other country in the world. Credit, market and liquidity risk studies suggest that Indian banks are
generally resilient and have withstood the global downturn well.
Indian banking industry has recently witnessed the roll out of innovative banking models like
payments and small finance banks. RBI’s new measures may go a long way in helping the
restructuring of the domestic banking industry.
The digital payments system in India has evolved the most among 25 countries with India’s
Immediate Payment Service (IMPS) being the only system at level 5 in the Faster Payments
Innovation Index (FPII).

MARKET SIZE

The Indian banking system consists of 27 public sector banks, 21 private sector banks, 49 foreign
banks, 56 regional rural banks, 1,562 urban cooperative banks and 94,384 rural cooperative
banks, in addition to cooperative credit institutions.^^ In FY07-18, total lending increased at a
CAGR of 10.94 per cent and total deposits increased at a CAGR of 11.66 per cent. India’s retail

13
credit market is the fourth largest in the emerging countries. It increased to US$ 281 billion on
December 2017 from US$ 181 billion on December 2014.

INVESTMENTS/DEVELOPMENTS

Key investments and developments in India’s banking industry include:

 As of September 2018, the Government of India launched India Post Payments Bank
(IPPB) and has opened branches across 650 districts to achieve the objective of financial
inclusion.
 The total value of mergers and acquisition during 2017 in NBFC diversified financial
services and banking was US$ 2,564 billion, US$ 103 million and US$ 79 million
respectively.
 The biggest merger deal of FY17 was in the microfinance segment of IndusInd Bank
Limited and Bharat Financial Inclusion Limited of US$ 2.4 billion.
 In May 2018, total equity funding's of microfinance sector grew at the rate of 39.88 to Rs
96.31 billion (Rs 4.49 billion) in 2017-18 from Rs 68.85 billion (US$ 1.03 billion)

VISION STATEMENT OF HDFC BANK

The HDFC Bank is committed to maintain the highest level of ethical standards, professional
integrity and regulatory compliance. HDFC Bank’s business philosophy is based on four core
values such as:-

1. Operational excellence.
2. Customer Focus.
3. Product leadership.
4. People.

The objective of the HDFC Bank is to provide its target market customers a full range of
financial products and banking services, giving the customer a one-step window for all his/her
14
requirements. The HDFC Bank plus and the investment advisory services programs have been
designed keeping in mind needs of customers who seeks distinct financial solutions, information
and advice on various investment avenues.

BUSINESS STRATEGY

I. Increasing market share in India’s expanding banking

II. Delivering high quality customer service
III. Maintaining current high standards for asset quality through disciplined credit risk
management
IV. Develop innovative products and services that attract targeted customers and address
inefficiencies in the Indian financial sector.

FINANCIAL HIGHLIGHTS

 PROFIT AFTER TAX

PROFIT AFTER TAX

₹ CRORE

21078

17487

14550
12296
10216
8478
6726
5167
3926
2949

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

 BALANCE SHEET SIZE

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 BALANCE SHEET SIZE
₹ CRORE

1244541
1063934
863840

2017 2018 2019

 ADVANCES

ADVANCES
₹ CRORE

819401

658333
554568

2017 2018 2019

 DEPOSITS

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 DEPOSITS
₹ CRORE
923141
788771
643640

2017 2018 2019

 SAVINGS DEPOSITS

SAVINGS DEPOSITS
₹ CRORE

248700
223810
193579

2017 2018 2019

Source:https://www.hdfcbank.com/aboutus/cg/annual_reports.htm

17
BUSINESS SEGMENTATION

The bank provides with many of the banking services which includes both commercial
banking on the wholesale side and branch banking on the retail side
Thus the business is categorized into 3 types:-

1. WHOLESALE BANKING-
The bank’s target market is the Indian corporate sector which primarily comprises up of
the manufacturing companies as well as large corporate houses and to a lesser extent
small and medium sector companies and agricultural sectors.
The banks has achieved itself as a strong customer oriented and attained service levels,
which has led to leading banking consortia of multinational companies, public sector and
domestic companies.
The bank is known as a major provider of cash management and transactional banking to
corporate customers, stock exchange members and banks.

2. RETAIL BANKING-
The major objective of the retail banking is to provide its target customer’s one stop shop
for all financial requirements by offering a wide range of financial products.
HDFC provides such a range by its multiple branch network and also through different
channels such as net banking, mobile banking, ATM’s, etc.
HDFC was also the first bank to open international debit card in association with VISA
and also issues Maestro debit cards.
It is also one of the major providers of loan services which include auto loan, loans
against securities, personal loans, 2 wheelers loans and others.
The bank is also a leading player in the merchant acquiring business and with over
235000 point of sales (POS) terminals for credit/debit card acceptance at merchant
establishments.

3. TREASURY-
Within this business, the bank has three product areas which are:-

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  Foreign exchange and derivatives
 Local currency money market & debt securities
 Equities

The bank’s treasury team provides fine pricing on various treasury products as well as
gives risk management information, advice and product structures.

The bank is required to maintain 25% of securities with government deposits as a

statutory reserve. The treasury is responsible to manage the returns and market risks on
these investment portfolios.

COMPETITOR ANALAYSIS

There are many key players in the field of mobile wallets some of them are listed below with the
no. of installs of each wallet.

 Paytm – Launched in 2010 , PayTM is one of the largest mobile commerce platforms in
India, offering its customers a digital wallet to store money and make quick payments.
Number of installs: 100 Million (or 10 crores) on Android Play Store.

 Amazon pay
Amazon Pay is an online payments processing service that is owned by Amazon.
Launched in 2007 globally and in India in 2017, Amazon Pay uses the consumer base of
Amazon and focuses on giving users the option to pay with their Amazon accounts on
external merchant websites, including apps like BigBazaar etc. You also get to Shop on
Amazon using Amazon Pay.
Number of installs: Undisclosed

 Google Pay (formerly known as Tez)

As its part of the Google ecosystem they have scaled up their user base really quickly,
inspite of being a late entrant. With Google Pay you can send money to friends, pay bills

19
 and buy online, recharge your phone. Since Google Pay works with your existing bank
account, which means your money is safe with your bank.

Number of installs: 100,000,000+ (100 Million or 10 crore) on Android Play Store.

 PhonePe
PhonePe started in 2015 and in just 4 years it has been able to cross the 100 million
download mark. From UPI payments to recharges, money transfers to online bill
payments, you can do it all on PhonePe. Its got a very good user interface and is one of
the safest and fastest online payment experience in India.
Number of installs: 100,000,000+ (100 Million or 10 crore) on Android Play Store

 Mobikwik
MobiKwik is an independent mobile payment network that supposedly connects 25
million users with 50,000 retailers and more. This mobile wallet lets its users add money
using debit, credit card, net banking and even doorstep cash collection service, which can
in turn be used to recharge, pay utility bills and shop at marketplaces.
Number of installs: 10,000,000+ (10 Million or 1 crore) on Android Play Store.

PRODUCT STUDIED
HDFC Bank PayZapp is a complete payment solution, giving you the power to pay in just One
Click. With PayZapp, you can shop on your mobile at partner apps, buy movie tickets, groceries,
compare and book flight tickets and hotels, shop online and get great discounts at SmartBuy,
send money to anyone in your contact list or to your bank account, pay bills and recharge your
mobile, DTH and data card and many more.You can link your Debit and Credit Card, of any
Bank, to PayZapp and enjoy the most convenient and secure way of payment.With the help of
PayZapp you can recharge your mobile, pay utility bills, book movie tickets , get best travel
deals, order and pay for food at restaurents and food apps, do online shopping , buy gift cards,
Online grocery shopping and many more.

20
 There are three simple ways by which you can make a payment Pay direct
money to anyone via their mobile number, be it friends, family, grocery stores, milkman, house
help or tuition teacher and more Bill payment, Online Recharge or DTH Recharge, do any kind
of payment to merchants through Online Pay. Now there are mny reasons why one should
consider PayZapp.
 Recharge/Utility Bills: No more standing for hours in a queue for your bill payment
every month
 Travel payments: Get the best of offers for air, bus, hotel services amongst several
other options
 Shopping Payments: Opt for a convenient shopping experience like no other.
 Movie Ticket Purcha

 ses: Catch the latest movie at the best prices.
 Dining and Home Services: Seamless payment options for all your food and home
services
 Taxi Service: Get a hassle free transport service with easy payment opportunities
 Grocery Shopping: Opt for one stop shop for all your grocery needs and have them
delivered to your doorstep.
 Add/Send Funds: Make a money transfer to a mobile number or an email ID when
required.
 Special Offers: Get great offers, discounts and schemes from top brands available

Brief Company
The HDFC Bank was incorporated on August 1994 by the name of 'HDFC Bank Limited', with
its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled
Commercial Bank in January 1995. The Housing Development Finance Corporation (HDFC)
was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI)

21
to set up a bank in the private sector, as part of the RBI's liberalization of the Indian Banking
Industry in 1994.

The HDFC Bank was incorporated on August 1994 by the name of 'HDFC Bank Limited', with
its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled
Commercial Bank in January 1995. The Housing Development Finance Corporation (HDFC)
was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI)
to set up a bank in the private sector, as part of the RBI's liberalization of the Indian Banking
Industry in 1994.

The promoter of the company HDFC was incepted in 1977 is India's premier housing finance
company and enjoys an impeccable track record in India as well as in international markets.
HDFC has developed significant expertise in retail mortgage loans to different market segments
and also has a large corporate client base for its housing related credit facilities. With its
experience in the financial markets, a strong market reputation, large shareholder base andunique
customer franchise, HDFC was ideally positioned to promote a bank in the Indian environment.

HDFC Bank offers a wide range of commercial and transactional banking services and treasury
products to wholesale and retail customers. The bank has three key business segments:

Source: HDFC annual report and IBEF report

CURRENT POSITION:

Size – Number of branches & extensions (FY17): 4,715

• Number of ATMs: (FY17) 12,260

• Number of Employees (FY17): 84,325

• Total Assets (FY17): US$ 133.89. billion

• In 2017, HDFC Bank was a part of Forbes' List of 5 Companies that have shaped Asia, And the
World

Source: HDFC annual report and IBEF report

22
ROLE IN COMPANY
WEEK 1@HDFC BANK(may 2,2019-may 8,2019)

On first day, I met with my mentor Mr. Sanjeev Dubey designated as Branch Manager at Bhind
Branch. He introduced me to other branch employees. Then, I interacted with all and understood
their role in branch. After that, he asked me to Learn about bank products and other important
banking terminologies. He also asked me to go through various A/c opening forms and fill it
with various other documents like FATCA,MID, Smart savings a/c form etc.

And after 2 days he asked me to interact with the customers and ask if they need any help and do
the lobby management.They told me about the hierarchy structure of their bank and how to
achieve success in banking industry.

WEEK 2@HDFC BANK(may 9,2019- may 16 2019)

In week 2, Routine work of branch started at 09:30 am, where teller and PB Authorizer (both are
key holders of Vault) so opened branch vault and registered their daily entry in key register and
cash book. After that, they started the branch cash and cheque transactions and customer
interaction. My mentor taught me about various types of marketing activities which we can do to
lure more customers like canopy activity, market research by taking continuous feedback on
banking services and resolving the queries if they have and in the meantime cross selling them
new products.

Then, he assigned me customer calling from branch data to fix an appointment and see whether
the customer is interested in any other kind of relationship with bank like taking loan products,
mutual funds, general Insurance, Life Insurance etc.

WEEK 3@HDFC BANK(may 17,2019- may 24, 2019)

Week 3 started with daily routine of branch and after that my mentor allotted me task of
understanding the digital products of bank like Payzapp, Netbanking, Mobile Banking etc. then
teller allotted me task of understanding how to open saving and current account from mobile (i.e.
SMART Account) and then he allotted me work for opening all smart accounts and interact with
customers and cross-sell other products.

23
Bank staff took me with them on Sales Call with them to teach how to pitch the product to
customer and how to understand their needs and cross-sell them other products.

WEEK 4@HDFC BANK(May 25,2019-june 1, 2019)

Week 4 started with the daily routine work and the PB Authorizer and Teller started the branch
activities by opening the Vault and withdrawing cash from vault by entering the information of
withdrawal in the register. Then Branch Manager took the meeting for daily Sales target. Then,
he asked me to interact with the customers and try to cross-sell them products by analyzing their
needs. PB Sales of Branch asked me to do cold calling at Collectorate and distribute the
brochures with the Personal Loan Bank Executive, and try to cross-sell or fixed appointments
with them so that we can convert the cold call.

WEEK 5@HDFC BANK(June 1,2019-june 7,2019)

I and my mentor both were gone for a visit to a nearby village as a CPV of an existing customer
as demanded by the auditor just to make sure that the customer exists and have valid address and
did the Customer re-profiling. On the next day, My mentor provided me a list of salary account
customers of Mount litera Zee school and given me the task to open accounts of all of them. I
called all of them to fix the meeting of when will they be available for the process so I can
complete all the formalities.

WEEK 6@HDFC BANK(june 8,2019-June 14,2019)

Routine work was going on in the branch opening of operational activities of the bank. Then I
have started going on some customer calls for increasing the business of the branch and to learn
about how to do a sales pitch. A new BSO was appointed to the branch and I was given
responsibility to make him go through the process of how the account is opened and how to open
account with smart app.

WEEK 7@HDFC BANK(June 15,2019-June23, 2019)

Newly appointed BSO started generating some leads and I was sent along with him to open those
accounts. The format of current account was changed , BM informed everyone about this and
told us the new process and on the same day we had to open 2 current account so I completed

24
them as our two employees had resigned in the previous week. The workload was increased and
the operations work was too much so I was assigned to look after that. Along with that I had
completed the accounts of the Mount Litera Zee school .

WEEK 8@HDFC BANK(June 11,2018-June 15,2018)

At the end of the week I was having the responsibility of operational work , from account
opening to finally completing and dispatching I was aware about every process. I knew about the
products that we offered and how to pitch them. I convinced a regular account customer to go for
max saving account.
This was great learning experience with HDFC Bank’s staff as they are really helpful especially
my Mentor, he played a vital role in my learning experience as he helped me with all my queries.

25
 RESEARCH PROBLEM
The customer satisfaction research we seek the views of respondents on a variety of issues that
will show how the company is performing and how it can improve. It is wise to cross check the
internal views with a small number of depth interviews with customers. In any customer
satisfaction survey there will be quick fixes actions that can be taken today or tomorrow that will
have immediate effect. The purpose of customer satisfaction research is to improve customer
satisfaction. Worse than that, customers have generously given their time to assist in the survey
believing that some positive action will take place. Their expectations will have been raised. The
process of collecting the data seems easier than taking action to improve satisfaction levels. The
key to customer retention is customer delightment. A highly satisfied customer stays loyal
longer, talks favorably about the organization and its products; offers product or service ideas to
the organization and costs less to serve the new customers.

Today more organizations are recognizing the importance of satisfying

and retaining current customers. It is not enough to be skilful in attracting new customers, the
organization must keep them. Today‘s organization must pay closer attention to the customer
defection rate (the rate at which they lose customer). Here in case of PayZapp thus the need for
study on customer satisfaction is important since it is highly depending on the customer opinions
and expectations there by using that information to change its strategies. It is obvious that the
researcher establish the study about the key determinants of customer satisfaction towards
PayZapp users in Bhind City to acquire the customer satisfaction response to the service as well
as to analyze the most appropriate solutions for the problem. Nowadays the customer’s uses
many mobile wallet services in Bhind City. PayZapp service users in Bhind City have been
receiving many negative feedbacks in terms of Payment gateway failure, Problem with
acceptance of debit/credit card, Failure of PayZapp Apps, Delay in confirmation of order,
security transactions, connectivity and Services quality. Therefore, in this research it is very
important to identify the customer’s satisfaction level and feedback on the usage and adoption of
PayZapp service users in Bhind City.

26
 OBJECTIVES

There will be two major objectives that we are going to focus on i.e. Primary and Secondary.
Primary objective is the ultimate question one wants to answer. The primary objective is more
customer centric then secondary objective in any market research. Primary research are obtain
from the customers itself to know the customers behavior in detail like ways to know what your
customers are expecting and how to attract them kinda B testing done in software industries .
Primary Objective here is:

1. To determine the satisfaction of existing customers of Payzapp wallet.

whereas secondary objective is to see it by marketing point of view. secondary data is obtain
from the market research providers to know the level of their market by knowing its trends or
forecast or to keep a spy on their competitors. Secondary Objectives is:

1. To determine the awareness of the offers that payzapp provide to its customers.
2. To understand the factors and their dependability on customer satisfaction.

27
 HYPOTHESIS

Consumer satisfaction is often compared with the cashbacks and offers that are provided to the
customer . So to find that out we take a hypothesis comparing both satisfaction of consumer and
the cashback and offers that are provided to him

Ho : There is no significant relationship between satisfaction and cashback and discounts.

H1 : There is a significant relationship between satisfaction and cashback and discounts.

There are a lot of factors on which the customer satisfaction depends on and often there is a
relationship between these factors . So here we are taking two factors of interface of the
application and the customer recommendation

H0: There is no significant association between customer recommendation and interface of

the e-wallet.

H1: There is a significant association between customer recommendation and interface of

the e-wallet.

It is always considered that education and awareness go hand in hand . The more educated
people are more aware of the offers that payzapp provide so to test that we need to find a
correlation between both of them.

Ho: There is no linear relationship between education and awareness of the offers that
payzapp provide.

H1: There is a linear relationship between education and awareness of the offers that
payzapp provide.

28
 LITERATURE REVIEW

Rakesh H M & Ramya T J (2014) , In their research paper titled “A Study on Factors
Influencing Consumer Adoption of Internet Banking in India” tried to examine the factors that
influence internet banking adoption. Using PLS, a model is successfully proved and it is found
that internet banking is influenced by its perceived reliability, Perceived ease of use and
Perceived usefulness. In the marketing process of internet banking services marketing expert
should emphasize these benefits its adoption provides and awareness can also be improved to
attract consumers’ attention to internet banking services.

Vijay M. Kumbhar (2011) , In his research paper “Factors Affecting the Customer satisfaction
In E-Banking: Some evidences Form Indian Banks”. This study evaluates major factors (i.e.
service quality, brand perception and perceived value) affecting oncustomers’ satisfaction in e-
banking service settings. This study also evaluates influence of service quality on brand
perception, perceived value and satisfaction in e-banking. Required data was collected through
customers’ survey. For conducting customers’ survey liker scale based questionnaire was
developed after review of literature and discussions with bank managers as well as experts in
customer service and marketing. Collected data was analysed using principle component (PCA)
using SPSS 19.0. A result indicates that, Perceived Value, Brand Perception, Cost Effectiveness
,Easy to Use, Convenience, Problem Handling, Security/Assurance and Responsiveness are
important factors in customers satisfaction in e-banking it explains 48.30 per cent of variance.
Contact Facilities, System Availability, Fulfilment, Efficiency and Compensation are
comparatively less important because thesedimensions explain 21.70 percent of variance in
customers’ satisfaction. Security/Assurance, Responsiveness, Easy to Use, Cost Effectiveness
and Compensation are predictors of brand perception in e-banking and Fulfilment, Efficiency,
Security/Assurance, Responsiveness, Convenience, Cost Effectiveness, Problem Handling and
Compensation are predictors of perceived value in e-banking.

Shaza W. Ezzi (April 2014) In their research paper titled “A Theoretical Model for Internet
Banking: Beyond Perceived Usefulness and Ease of Use” tried to inquired different types of

29
electronic banking like ATM’s, telephone banking, and electronic funds transfer, Internet
banking like has evolved from consumers’ needs to have superior access to banking services
clear of most banks teller-staffed, normal operating hours. Additionally, Internet banking has
grown swiftly from the recent and the span increases in ecommerce. Internet banking (IB)
continues to govern the landscape of electronic banking as consumers continue to use IB to
complete schedule banking transactions in addition to conducting on-line sales and purchasing.
This study presents a theoretical model considered to help researchers and practitioners better
understand the acceptance and adoption of Internet Banking.

30
 RESEARCH METHODOLOGY

Research is an art of scientific investigation. It is defined as “A careful investigation or

enquiry especially through search for new facts in any branch of knowledge”

Research methodology is considered` as the nerve of field work of any project. Without
proper well organized research plan it is impossible to complete the project and reach to any
conclusion. The project was based on the survey plan . The main objective of the survey was
to collect appropriate data for drawing conclusions and getting result.

Therefore, research methodology is the way to systematically solve the research problem.
Research methodology not only talks of the methods but also logic behind the methods used
in the context of research study and it explains why a particular method has been used in
preference of other methods.

There are many popular definitions of research methodology given by many authors like:

It is “something that people undertake in order to find things out in a systematic way, thereby
increasing their knowledge” (Saunders et al. 2009)

According to Kothari (2004), Endeavour of any research is to uncover the concealed reality that
is yet to be exposed or revealed. However, research is constantly used to solve organizational
problems through systematic strategies (Ojo, 2008).

In the current research The data is collected from 120 respondents mostly of city BHIND using
questionnaire method. The questionnaire comprised of both open and close ended questions and
interview method is used to have more precise results of the information given by them. Personal
interview method and discussions are also used to collect the required information which could
not be collected through the means of questionnaire. Due care has been taken to make sure that
the data has been collected from a sample of different background in context of education,
occupation, income and qualification etc.

31
 Research design: The present study is descriptive research based on Survey Method.
As we are studying the behavior of the people towards how they use the wallet, what
they like and what they don’t.
 Purpose of the Research: Research was carried out to gather the opinion of the
people to evaluate and investigate the effect of demographic variables on customer’s
usage of PayZapp wallet also to identify the satisfaction level of the customers
towards the wallet.
 Time Frame: The time frame that we used to carry out the study is of eight weeks.
 Data Type Used: Primary data through the surveys is the data that we used in the
research.
 Data Collection Method: Data was collected through self designed Close-ended
Structured Questionnaire and interviews.
 Sampling plan
o Population: The respondents are customer’s who uses PayZapp wallet and
reside in the city of BHIND.
o Sampling Method: Convenient Judgmental Sampling.
o Size of Sample: The sample size was of 120 for the study.
 Tools Used for Data Analysis:
o Microsoft Excel.
o SPSS.

32
 DATA ANALYSIS

A significant majority of the respondents were residing in the city of bhind , and a large majority
of this group fell in the age range of . The mean age of subjects was

Garrett’s ranking Technique

Garrett’s ranking technique

Garrett’s ranking technique was used to rank the preference indicated by the respondents on
different factors. As per this method, respondents have been asked to assign the rank for all
factors and the outcomes of such ranking have been converted into score value with the help
of the following formula:

Percent position = 100* (Rij- 0.5)/ Nj

Where Rij = Rank given for the ith variable by jth respondents
Nj = Number of variable

With the help of Garrett’s Table, the percent position estimated is converted into scores. Then for
each factor, the scores of each individual are added and then total value of scores and mean
values of score is calculated. The factors having highest mean value is considered to be the most
important factor. In the given research we have eight major factors and we applied Garrett
ranking on them by which we came to know the rankings of each variable.

`The eight factors here are cash back /offers, merchant collaboration, user friendliness, interface,
Transaction speed, Security, Customer Care, UPI . We here need to find the factors that are
relevant and most important factors that make the customer satisfy. Each respondent has rated
every factor according to the usage . the analysis on that data has given us the ranks that are
voted the maximum and minimum by the respondents.

33
The ranking is shown as follows:

1 2 3 4 5 total average rank

Attributes
Cashback/offers 325 480 1300 2379 2508 6992 56.84552 2
Merchant 450 1320 2450 1281 152 5653 45.95935 7
Collaboration
user friendliness 250 720 2450 2379 532 6331 51.47154 5
Interface 225 640 2550 2623 304 51.56097 3
6342
Speed 325 920 2550 1647 684 49.80487 6
6126
Security 225 440 1100 2867 2584 58.66666 1
7216
customer care 425 1600 2000 1098 608 46.59349 8
5731
UPI 225 840 2650 1708 912 51.50406 4
6335

The Analysis shows that customers has rated security as rank 1 that shows that security is the
best attribute that satisfy a customer.

Cashback and offers has been ranked second which also can be understood by that Payzapp
provides a lot of offers to attract customers, it also provides the features of personal loan and
credit card.

The interface has been ranked third. i.e. it has almost everything on the first screen as the
customer login

Similarly UPI payment has been ranked forth , user friendliness as fifth , speed as sixth and
merchant collaboration as seventh.

The final rank is eight which is provided to the customer care, which shows that the grievance
management is is not providing the service as they should have.

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 HYPOTHESIS TESTING
Ho : There is no significant relationship between satisfaction and cashback and discounts.

H1 : There is a significant relationship between satisfaction and cashback and discounts.

Test : Chi-Square test

We are using Chi-Square test to understand weather there is relationship between satisfaction
of the existing customers and the cashback and discounts that the e-wallet provide.

Case processing summary describes the valid no of cases that are being analyzed. Here number
of cases that are being analyzed are 123.

Case Processing Summary

Cases
Valid Missing Total
N Percent N Percent N Percent
Cashback
and
discount * 123 100.0% 0 0.0% 123 100.0%
satisfaction

Cashback and discount * satisfaction Crosstabulation

Count
satisfaction
1 2 3 4 5 Total
Cashback and 1 5 2 2 2 2 13
discount 2 3 1 4 2 2 12
3 3 2 9 8 4 26
4 1 1 14 18 5 39
5 2 4 3 16 8 33
Total 14 10 32 46 21 123

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When reading this table we are interested in the results of the "Pearson Chi-Square" row. We
can see here that p = .017 . so our null hypothesis gets rejected .This tells us that there is a
statistically significant association between customer satisfaction and cash back and discounts;
that is, as the cash back and discounts offers increases customer satisfaction increases.

Chi-Square Tests

Asymptotic
Significance
Value df (2-sided)
Pearson
Chi-Square 30.171a 16 .017

Likelihood
29.843 16 .019
Ratio
Linear-by-
Linear 12.081 1 .001
Association
N of Valid
123
Cases
a. 17 cells (68.0%) have expected count less
than 5. The minimum expected count is .98.

Phi and Cramer's V are both tests of the strength of association. We can see that the strength of
association between the variables is very strong.

Symmetric Measures
Approximate
Value Significance
Nominal by Nominal Phi .495 .017
Cramer's
.248 .017
V
N of Valid Cases 123

36
Test : Chi-Square

H0: There is no significant association between customer recommendation and interface of

the e-wallet.

H1: There is a significant association between customer recommendation and interface of

the e-wallet.

Case processing summary describes the valid no of cases that are being analyzed. Here number
of cases that are being analyzed are 123.

Case Processing Summary

Cases
Valid Missing Total
N Percent N Percent N Percent
recommendation *
123 100.0% 0 0.0% 123 100.0%
interface

recommendation * interface Crosstabulation

Interface
1 2 3 4 5 Total
Recommendatio 1 6 1 1 0 0 8
n 2 0 3 2 2 0 7
3 2 9 13 11 2 37
4 0 3 29 24 0 56
5 1 0 6 6 2 15
Total 9 16 51 43 4 123

When reading this table we are interested in the results of the "Pearson Chi-Square" row. We
can see here that p = .000 . so our null hypothesis gets rejected .This tells us that there is a
37
statistically significant association between customer recommendation and interface of the
application, that is, better interface leads to increases customer recommendation increases .

Chi-Square Tests
Asymptotic
Significance
Value df (2-sided)
a
Pearson Chi-Square 83.302 16 .000
Likelihood Ratio 58.514 16 .000
Linear-by-Linear
27.971 1 .000
Association
N of Valid Cases 123
a. 18 cells (72.0%) have expected count less than 5. The
minimum expected count is .23.

Phi and Cramer's V are both tests of the strength of association. We can see that the strength of
association between the variables is very strong.

Symmetric Measures
Approximate
Value Significance
Nominal by Phi .823 .000
Nominal Cramer's
.411 .000
V
N of Valid Cases 123

38
Ho: There is no linear relationship between education and awareness of the offers that
payzapp provide.

H1: There is a linear relationship between education and awareness of the offers that
payzapp provide.

Test : Correlation and scatterplot diagram.

Pearson’s correlation coefficient, rr, tells us about the strength of the linear relationship
between xx and yy points on a regression plot. However, the reliability of the linear model also
depends on how many observed data points are in the sample. The sample given here is of 123
respondentents. The strength can be assessed by these general guidelines (which may vary by
discipline):

 .1 < | r | < .3 … small / weak correlation

 .3 < | r | < .5 … medium / moderate correlation
 .5 < | r | ……… large / strong correlation

Correlations
education awareness
Education Pearson
1 -.152
Correlation
Sig. (2-tailed) .092
N 123 123
awareness Pearson
-.152 1
Correlation
Sig. (2-tailed) .092
N 123 123

The value of the correlation coefficient obtained by the analysis is -.152 which explains that
there is a very weak negative correlation present between education and awareness.

39
This shows that our null hypothesis is accepted and there is no linear relationship between
education of the customer and the awareness of the offers that payzapp provide.

The graph helps us to identify that our null hypothesis is getting accepted and there is no linear
relationship between the awareness of the offers that payzapp provide and the education of the
customers
After the analysis of 123 respondents . The primary findings were:

 There were only 17.1% customers who were always satisfied with the the services of
payzapp wallet. Majority of the respondents were falling in the range of often satisfied i.e
37.4% customers. Remaining 26% of the customers were just satisfied and voted
sometimes satisfied . additionally 11.4% of the customers were never satisfied .

40
 Talking about awareness there were 60.2% i.e 74 customers who were aware of the offers
that payzapp was Offering . also 39.8% of the people who were not aware about the
offers although they were using the wallet.

41
  We took eight factors which were rated by the customers on likert scale and we obtained
that majority of the respondents rated that payzapp was great in level of security . we also
did garret ranking and obtained the ranks as :

Attributes Rank
Cashback 2
Merchant Collaboration 7
user friendliness 5
Interface 3
Transaction Speed 6
Security 1
customer care 8
UPI payment 4
Other secondary findings were :

 Out of 123 respondents 62.6% respondents were male and 36.6%5 were females.
 Majority of the respondents lie in the age group of 18-25 years of range i.e. 63.4%.then
there were age group of 25-30 years of range which was 23.6%. and so on.
 59% of the people had a qualification of graduates , 25.2% were post graduates, 13% of
the respondents were higher secondary pass outs.
 Majority of the respondents had an occupation were service people i.e. 41.5%, 39% of
the respondents were students , then there were 15.4% people as businessmen.

42
 For the competitor analysis along with Payzapp 75% Respondents was also using PayTM
i.e , then there was Google pay which was used by 67.5% of the respondents also 52% of
the people were using PhonePe wallet

 The primary purpose for which customers use PayZapp wallet is recharge i.e 76.4% ,
then there was shopping payments which was done by 48.8% of the respondents , 40.7%
used it for the purpose of fund transfer,33.3% people used it for UPI Payments . being a
small city there were no taxi and dinning services but we came to find out that the
customers used to visit the neighboring city and there they used these services.

43
 The prior frequency at which customers used the wallet was monthly at 38.5, 27.9% of
the people used it weekly and 13.9% of the people used it yearly.

 47.2% of the respondents have been using PayZapp wallet since the last 6 months, 31.7%
respondents have been using it since 6 months to 1 year. 16.3% of the respondents have
been using it since 1 year to 2 year.
 Bank marketing executives were the the major people who influenced people to start
using PayZapp wallet around 30.9% were banks marketing executives.

44
 Majority of the people uses PayZapp because of the discount and offers that it offers
which is 74%.

45
 FINDING AND INTERPRETATIONS

Findings from objectives are :

 Majority of the customers are stating that they were often satisfied with the services of
the Payzapp wallet and then there were people who were just satisfied with the services.
So we got to know that for higher satisfaction we needs to work on the factors.
 39.8% of the people were not even aware of the offers that Payzapp provides. Performing
interview with a few of the customers gave information that they did not use the wallet on
a regular basis and that’s why they are unaware about the offers.
Findings from hypothesis are :
 Our hypothesis test shows us the finding that increasing the offers and discounts
increases the customer satisfaction.
 There is a understanding that higher the education the awareness about the offers is also
higher. But after analysis we get to know that there is no association of education with
the awareness. Less educated people are also aware about the offers.
 With garret ranking we came to know that security is the best attribute that customers like
about Payzapp and customer service was given the least ranking telling us that they need
to work on that.
 Also the merchant collaboration was given a lower rank. Major steps can be taken in this
field.

46
 RECOMMENDATIONS

 During the analysis we came to know that there were 39.8% of the customers who were
not even aware about the offers that payzapp provide. To resolve that Payzapp can send
notification to the customers in form of text and make them aware about the special
offers for them

 Majority of the customer were joined by bank marketing executives and surprisingly very
few customers joined by advertisements. So Payzapp can increase the number of
advertisements so more people can come to know about it.

 Customer care services were rated the least by the customers in the garret ranking
analysis. So they can work on better customer services and level of satisfaction can grow
up.

 Merchant collaboration at local shops was very less as compared to other wallets. They
can increase that by adding more merchants to the Payzapp community.

47
 LIMITATIONS
No matter how efficiently the study is conducted and developed, every study has certain
limitations. The limitations are the matters and occurrences which are out of researcher’s control.
Similarly, in this study it is possible to identify certain limitations.

The following are some of the limitations that can be identified in this research: -

 Approximately 90 per cent of the information has been gathered exclusively by the way
of personal canvassing of a questionnaire which is used in the present study. Therefore,
the data so collected is prone to error of response to some degree or other.
 The questionnaire is filled by the respondents and respondents may not feel confident in
providing the accurate and honest answers.
 It is difficult to test the reliability of the answers so obtained as there is lack of analytical
tools to do so.
 The respondents were in a hurry to fill the questionnaire and thus this adds to a certain

Amount of unreliability:
 To strengthen its external validity and to avoid potential bias future studies on this topic
should expand the focus to include different geographic locations.
 There is ample of evidence that today’s consumer are no longer content with a product that
only offers a monolithic attributes.
 Consumer constantly searches for multi-dimensional values and benefits in the product they
buy.

48
 FUTURE SCOPE OF TOPIC
 Study has to face various challenges. Collating various literatures into the frame of Study,
and linking socio- economic macro variables into the aspects of consumer behavior and
brand building has been a challenging task.
 Even so the researcher Hopes that study has produced valuable information and brings in
indicative Suggestions for various beneficiaries; the Government, the OMCs, the Dealers,
Other retailing companies, customers and society at a large.
 The study leaves indications for future areas for research. A few indications to name are
as follows. The study has included 123 customers as respondents who belong to city
BHIND.
 The results obtained through the present study shall be compared with larger number of
respondents, including other areas of BHIND.
 Further the present study results can be tested for the other states of India. A similar kind
of study can be done in the other state of India and a comparative study also can be done
between develop and less develop states of India, to know how branding practices are
similar or different.
 Inclusion of further parameters shall additionally strengthen the study in the future
researches.
 The study shall be further time tested against newer policy initiatives and at different
levels of brand building which shall be possible only with the movement of time.
 The researcher hopes that the study shall form a basic source of reference for any such
studies to come in the future.

49
 CONCLUSION
PayZapp is a one of the best e- wallets at the moment in the Indian market. And on technical
basis there are almost no improvements that needs to be done. Its strength factor is the security
that it offers to its customers. Also the interface is also better than other e wallets. So on
technical terms its doing great. Bank marketing executives were doing a great job in influencing
people to use payzapp wallet

After the complete analysis we came to know that after all these strong points
there still are customers who were unsatisfied with the services. In the analysis we found that
advertisements drew very few customers so one improvements can be done on that part.
Customer care services were given lower rank by the customers which can also be improved.
Also at the city in which the research was conducted had very few merchant collaboration at
local shops with payzapp wallet which can be increased. The most important, awareness of the
offers was not completely good and we also found that there was no significant relation of it with
the education so awareness about offers can also be increased by taking appropriate measures.
The marketing part of the payzapp wallet is not as strong as it should be and that should be
improved. Other than that the wallet is doing great and bank executives are also doing good in
influencing people to use it.

50
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A study on Digital payments in India with perspective of consumers adoption K.Suma vally*, by
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An Evaluative Study on Internet Banking Security among Selected Indian Bank Customers by V
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A Comprehensive Study of Google Wallet as an NFC Application by Omkar Ghag Thadomal

Saket Hegde Thadomal

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