BUSN20016 Research: Paytm's Impact on Digital Transactions

This research project investigates the role of Paytm in digital transactions, analyzing its concept, advantages, and disadvantages. It addresses the problem of security breaches and compatibility issues faced by users and businesses. The project aims to analyze the importance of Paytm in daily life through research objectives and questions focused on understanding its concept, evaluating its role, and identifying its pros and cons. The justification for the project lies in raising awareness, promoting digital transactions, and increasing compatibility for using digital payment apps. The conceptual framework discusses Paytm's concept as a payment gateway, its role in daily life amidst evolving technology, and the advantages (variety, monetary transaction ease, instant payments, cost efficiency, refund policy, convenience) and disadvantages (security issues, multiple login risks, device theft, technical abnormalities, online frauds, poor internet connection). The methodology employs qualitative analysis using various sources to understand the theoretical factors influencing the research. Desklib provides access to similar solved assignments and past papers for students.

Research in Business
1

Table of Contents
Introduction.................................................................................................................................................3
Problem Statement......................................................................................................................................4
Aims and Objectives....................................................................................................................................5
Justification of the project and Potential Research Output..........................................................................6
Conceptual Framework...............................................................................................................................7
Methodology.............................................................................................................................................11
Organization of the Study..........................................................................................................................13
Project Budget...........................................................................................................................................14
Gantt chart.................................................................................................................................................15
References.................................................................................................................................................16
2

Introduction
Paytm is an e-commerce payment system and monetary technology corporation. It provides a
platform for the business for monetary transaction by various tools like Net Banking, UPI, Debit
Card, Credit Card and Paytm Wallet. Paytm is an important platform for increasing the
digitalization of the monetary transactions through different methods. It is an app which states
“Payment through mobile”. It is the largest commerce and mobile transaction platform of India.
it is highly used in monetary transaction between individuals and businesses. Direct bank transfer
and credit/debit card transaction can also be achieved through Paytm. A high range is considered
for the transaction from small to big amounts. Paytm provides different services like Paytm
wallet, Paytm mall, Paytm recharge, etc. Movie ticket booking, mobile recharge, DTH recharge,
etc are all provided by Paytm for their customers. It promotes the digitalization. People don’t
need to carry cash with them; they can just pay with their mobile phone.
3

Problem Statement
There are many types of problems user face during the use of Paytm mobile app for the
transaction of money. The main issue in using the Paytm mobile app is doing the KYC which
stands for Know your customer. The risk of security breach and frauds is very high in the digital
system of transaction. Businesses face security issues while transferring big amounts to their
clients. The competition from Debit/Credit card arises in the way. The use of credit and debit
card decrease as the use of this mobile app is more convenient for the users. There are also
compatibility issues in using this application in the business environment as monetary transaction
and bank to bank transaction (Delen, & Zolbanin, 2018). The app sometimes feels incompatible
with various business areas where the conventional methods are preferred.
4

Aims and Objectives
To analyze the importance of Paytm in Digital Transaction
Research Objectives:
 To understand the concept of Paytm
 To evaluate the role of Paytm in daily life
 To analyse the advantage and disadvantage of Paytm
Research Questions:
 What is the concept of Paytm?
 How to evaluate the role of Paytm in daily life?
 What are the advantages and disadvantages of Paytm?
5

Justification of the project and Potential Research Output
There is no denial in the justification of the problem stated in this report. The first justification
can be the awareness in the people using the Paytm app. They need to be trained for the
implementation of the app. The training will help them in the proper use and understanding the
term and conditions in the app (Delen, & Zolbanin, 2018). The second justification can be the
promotion of digital transaction by using mobile phones which will increase the popularity of the
Paytm app and decrease the use of credit or debit cards. The third justification can be given in
this report to increase the compatibility of people and business organization for using digital
payment apps by telling them about the benefits and convenience provided by these apps. These
outputs of the project can be proved to be the solution for the problem in using Paytm app for the
digital monetary transaction.
6

Conceptual Framework
Concept of Paytm
Paytm is a leading payment gateway that provides various offers for ample payment services for
its customers and merchants. Through Paytm, the customers can perform payments through
credit/debit cards, bank accounts, and digital credits among each other. It allows its customers to
make flawless mobile payments. The QR scan method is used in the Transaction through Paytm
app. Paytm’s concept is to dig an opening in the banks-dominated imbursement solutions market.
Paytm offering many ways for the payment and high levels of security. The Paytm is developing
as a different e-commerce platform with the convenience factor (Lazzarini, 2018). The
transactions done with Paytm are very fast and the refunds policy is also very smooth which is
very comfortable for the customers and merchants. Paytm develops a concept for leaving the
conventional method of payment and accepting the modern ways like digital payment through
applications like Paytm and many others. The concept of Paytm is old but the features it provides
add freshness and it is also very convenient for the customers and merchants to make payments
wherever they are without concerning about the opening or closing of bank or any cash or ATMs
availability near them. Paytm provides the ease in banking work which a headache for most of
the people.
Role of Paytm in daily life
As the world is evolving at a very high rate, the technology is rapidly diversifying. People need
to adapt according to changing environment and the modernizing technology. In previous times
the businesses used conventional methods like cash, cheques, and demand drafts for the payment
processes. But nowadays, people are moving towards the digital globalisation in which the
payment processes do not need to visit banks but can be done by only one click on the mobile
phones. The business merchants and ordinary people are extensively using mobile payment apps
like Paytm for making digital payments. Paytm plays an important role in modern globalization
of the world. All the work of any business related to money can be done of Paytm.
Paytm offers different discounts, vouchers, plans for its customers and merchants (Bigné, 2016).
One can make payment, transfer money from one bank account to another in the same bank or
7

different, take loans, shop online, buy or sell things, etc. Different purposes can be achieved by
using the Paytm app. This app is taking over a particular time in ones daily life. People don’t
need to carry cash anymore with them. It is very convenient to pay through Paytm. Paytm uses
QR code for making payment which is very accurate and without any fault. Business has become
easier with the use of Paytm for making payments. It provides high levels of security which
makes sure that there is no security breach and frauds. People can use Paytm for booking movie
tickets, train tickets, bus tickets, airplane tickets, restaurant booking, etc. It is a multipurpose
application in which there is Paytm wallet, Paytm mall, and many more. The Paytm app can be
linked with the person’s bank account in which the person can make payments direct from their
linked bank account. The businesses are having profits from using Paytm in which there are no
transaction fees which proves to be beneficial for business merchants and individuals (Xiao, et.
al., 2017).
A person only needs a mobile phone with internet connection for using Paytm application for
making digital transactions. It plays a major role in global digitalization which is important in the
diversifying world. In this era, this type of application plays an important role in the business
world and the common people life. The application provides all the features which are important
for making progress with the developing world. People need to adapt with the changing world
which is moving fast and they need to grow along with it otherwise they will be left behind. This
application is proved to be compatible with different businesses type of working.
Advantages and disadvantages of Paytm
There are various advantages and disadvantages of Paytm wallet services. Some of which are as
follows:
Advantages:
 Variety: There is variety of options available in the use of Paytm wallet application.
Some of the examples are bill payments, recharge mobile phone, recharge DTH services,
booking bus tickets, etc. there are many popular websites which supports the Paytm
wallet services like Ola cabs, Uber, Makemytrip, etc.
 Monetary Transaction: The Paytm app can be used for make transactions between
people who are the beloved ones or the relatives in business world. Paytm services are
8

quick and safe. The services provide the same advantages and level of security as the
online banking services. It is trustworthy in business world as merchants transfer large
amount of money without any hesitation of feeling of doubt. The working of Paytm
wallet services are based on the standard financial rules and regulations.
 Instantaneous payments: Paytm can be used in instant mode in which if there is no
internet connection in the mobile phone then it can also allow paying through mobile
SMS.
 Cost Efficient: There are many cash back schemes for regular users of Paytm wallet
services which save a lot of money for the user and proves to be cost efficient.
 Refund Policy: If for some reasons the merchant or the individual is not satisfied with
the services of the Paytm wallet then they can demand refunds. The refunds are
guaranteed in these cases which is very satisfying service provided by the Paytm wallet.
 Convenience: This is the best service of Paytm wallet which is convenience throughout
the day. It is available 24*7 for the services of the customers.
Disadvantages
 Security issues: The security issues are the main disadvantage. As this is the application
which is connected through internet so it can be hacked (Monroe, et. al., 2015). The
personal and private information can be leaked. The details of bank account, credit card,
debit card, etc can be stolen.
 Multiple login: Through multiple login on different devices, the cookies saved on the
device can be stolen and the private information can be leaked by this method.
 Device Theft: If the device is robbed anyhow then any information can be theft and the
money can be stolen from the device. The bank account details, the card details and other
personal information from the device are on a threat too.
 Technical abnormality: If any technical abnormality occurs during the transaction then
the transaction will be aborted in between the process. This will create a problem in the
business which needs to be done on time. This will create issues in business and small
merchants.
9

 Online frauds: When using Paytm, the risk for the online frauds occurring is very high.
The online frauds can be very harmful in causing money theft, information theft, and
many others.
 Poor internet connection: It is also a major disadvantage for the transaction. If the
internet connection is poor in the mobile phone then the transaction will be aborted in
between and the money will be or not be returned in the bank account or in the Paytm
wallet.
10

Methodology
Research Approach and Sources of Data
For the assortment of the data it is essential that the lookup personnel centre of attention on
various strategies and statistics collection methods. This is an integral as it will assist in the
better gaining of the overview of the concern matter. Research methodology provides a suitable
and superb framework inside which the activities are required to be conducted. With the
resolution of the suitable lookup methodology expertise can be gained on the association
between advertising and encouragement on the variety of consumers (Monroe, Rikala, &
Somervuori, 2015).
However, for the assortment of the information it is necessary that the focus is made on the series
of the records from the variety of sources. In the habits of the contemporary lookup work
qualitative evaluation has been taken into consideration. The qualitative analysis will help in the
gaining and identification of the quite a number theoretical factors that can better support in the
appreciation of the concern matter.
The qualitative evaluation is conducted taking into views and judgements of the range of authors
with the aid of the quite a number journals articles, magazines, journals etc (Jensen, & Wang,
2018). This will guide in the better addressing of the problems and problems so as to achieve an
in-depth appreciation main to higher awareness of the targets and objectives.
The goal population consists of youngsters, adults and households. They are such folks who are
involved to purchase their merchandise and services. There are various sources of statistics
which assist in amassing and gathering accurate data in order to develop report. It consists of
books, publications, magazines, articles and journals.
Proposed data collection and analysis techniques
Population
The goal population of the modern investigate involves the customers and the events associated
with the work operations (Monroe, Rikala, & Somervuori, 2015). The population is selected
11

taking into parameter the number of components related to the advertising and promotion so as
to ensure a better and tremendous role in the market.
Sampling
The method of sampling used in the current investigate work is the systematic sampling.
Systematic sampling assists in the determination of the fantastic populace from the giant size.
This helps in the gaining of the appropriate insights’ about the subject matter. In addition, it will
aid in the attainment of the suitable accuracy and reliability. Two apart from that systematic
sampling gives an effortless method to make certain that the effects can be without problems
used in the attainment of the valuable points that can direct to improved decisions.
Variable and analysis
In the present day research work there are two variables that includes first the advertising and
marketing and advertising and 2d the variety of consumers. The lookup has been performed
taking into consideration the qualitative evaluation taking into consideration the views and
opinions of the more than a few authors. This will help in the understanding of the dependant and
unbiased variable. In addition, appropriate analysis and evaluation of the various factors leading
to the higher and fine selection with respect to the future activities.
12