FinTech -Blurring lines between technology

and financial services

 A

PROJECT REPORT ON

“FINTECH – FINACIAL TECHNOLOGY”

SUBMITTED TO:

PROF. RAJEEV RANJAN

SUBMITTED BY:

Sakshi Singh (Roll No : 31)

INSTITUE OF COMPUTER SCIENCE AND TECHNOLOGY (SHEPA)

BATCH: 2023-25
 Institute of Computer Science & Technology

CERTIFICATE BY SUPERVISOR

It is Certified that this Summer Internship Report entitled “……………………………………….…

….……………………………………………………………………………………………………………
………………………………………………….” has been prepared byMr. / Ms. ………. of
the
MBA Semester-III during the Session............................ …………. under my supervision.

The Summer Internship Report is up to the standard and I forward it to my mentor Dr. Rajeev
Ranjan, Professor Dept.. Of Management, Varanasi for getting it evaluated as per the
Ordinances governing the MBA Course.

Date:

(Signature)

Dr. Rajeev Ranajan

SHEPA Campus, Nibiya, Bachchaon, VRM Bypass Road, Varanasi, Uttar Pradesh 221011
i
 DECLARATION

I am student of Institute of Computer Science and Technology hereby declare that we have
successfully completed this project on " FinTech - Blurring lines between technology and financial
services" in the academic year 2023-25.

I declare that this submitted work is done by me and to the best of our knowledge; no such work has
been submitted by any other person for the award of degree.

I also declare that all the information collected from various secondary and primary sources has been
duly acknowledged in this project report.

ii
 ACKNOWLEDGEMENT

I am glad to express our profound sentiments of gratitude to all who rendered their valuable help for the
successful completion of this project report titled FinTech Blurring lines between technology and
financial services.

I would also like to thank our DIRECTOR SIR, for giving us a peaceful and calm atmosphere to help in
our Study, and make this report.

PROF. RAJEEV RANJAN SIR,who helped me with successful completion of project and give
valuable suggestions and opinions for the project.

I express my Gratitude to the INSTITUTE OF COMPUTER SCIENCE AND TECHNOLOGY for

the support and the environment it has provided to me.

My genuine sense of gratitude goes to ICST (SHEPA) that gave me a chance to brighten my academic
qualification that provided to me this opportunity to have a practical knowledge of relevant fields.

iii
 EXECUTIVE SUMMARY

Since decades, the financial industry has experienced a continuous evolution in service delivery due to
digitalization. This evolution is characterized by expanded connectivity and enhanced speed of information
processing both at the customer interface and in back-office processes. Recently, there has been a shift in the
focus of digitalization from improving the delivery of traditional tasks to introducing fundamentally new
business opportunities and models for financial service companies. Digital Finance encompasses a magnitude of
new financial products, financial businesses, finance-related software, and novel forms of customer
communication and interaction—delivered by FinTech companies and innovative financial service providers.
Against this backdrop, the research on finance and information systems has started to analyze these changes and
the impact of digital progress on the financial sector.

Recently in India, Finance industry has been taken by overnight storm in two different phase of finance industry
and they are GST (Goods and Service Tax) and Demonetization. Both factors has affected widely in their own
segments of finance & Accounting Industries. FinTech Services has alternate solutions for all concerns raised
because of these events it can either of Fund transfer, Accounts Finalizations, IT return, Capital Management
etc can be manage with the help of FinTech Services. Government of India has also taking a small steps for the
bigger picture of future economy which is Cashless Economy and that will leads to demises of Black money
and major operation of banking services.

During the time of demonetization the nation has suffer with huge crises of Cash management, Personal
Banking Service and Business Transaction. With the help of digital Banking and Fintech Companies like Paytm
, Crypto Currency and Mobile wallets had played very important role in getting out of crises faced by nation at
the time of demonetization.
Keywords
Financial industry, FinTech, Digital Finance, GST (Goods and Service Tax) and Demonetization, Cash
management
Journal of Business Economics, Volume 87, Issue 5,

IV
 TABLE OF CONTENTS

SR.NO PARTICULARS PG.NO

CH:1 RESEARCHMETHODOLOGY 1

1.1 INTRODUCTION TO STUDY 2

1.2 PROBLEM STATEMENT 2

1.3 RESEARCH DESIGN 2

1.4 POPULATION 4

1.6 SAMPLE SIZE 4

1.7 SAMPLING TECHNIQUE 4

1.8 SAMPLING UNIT 4

1.9 RESEARCH INSTRUMENT 4

1.10 BENEFICIARIES 4

1.11 SCOPE 5

CH:2 AN OVERVIEW OF FINTECH IN INDIA 6

2.1 THE EVOLUTION OF FINTECH IN INDIA 6

2.2 PAYMENT SERVICES 7
2.3 DIGITAL LENDING 8
2.4 GOVERNMENT, REGULATORY BODIES AND FINANCIAL 9

INFRASTRUCTURE
2.4 REGULATORY ENVIRONMENTS 9
(A)
2.4 FINANCIAL REGULATORS 9
(B)
2.4 FEDERAL RESERVE BOARD 10
(C)
2.4 FEDERAL DEPOSIT INSURANCE CORPORATION 10
(D)

V
CH:3 COMPANY OVERVIEW 11

3.1 PAYTM 11

3.2 PAYPAL 14

3.3 LENDINGKART 15

3.4 BHIM 16

3.5 POLICY BAZAAR 17

CH:4 DATA ANALYSIS 19

4.1 ONE-VARIABLE & TWO-VARIABLE ANALYSIS OF QUESTIONNAIRE 19

4.2 HYPOTHESIS TESTS 42

CH:5 CONCLUSION 44

CH:6 LIMITATIONS OF STUDY 45

CH:7 RECOMMENDATIONS 46

CH:8 BIBLIOGRAPHY 47

SR.NO PARTICULARS PG.NO

CH:1 RESEARCHMETHODOLOGY 1

1.1 INTRODUCTION TO STUDY 2

1.2 PROBLEM STATEMENT 2

1.3 RESEARCH DESIGN 2

1.4 POPULATION 3
1.6 SAMPLE SIZE 3

1.7 SAMPLING TECHNIQUE 3

1.8 SAMPLING UNIT 3

1.9 RESEARCH INSTRUMENT 3

1.10 BENEFICIARIES 3

1.11 SCOPE 3

CH:2 AN OVERVIEW OF FINTECH IN INDIA 5

VI
 2.1 THE EVOLUTION OF FINTECH IN INDIA 5
2.2 PAYMENT SERVICES 6
2.3 DIGITAL LENDING 7
2.4 GOVERNMENT, REGULATORY BODIES AND FINANCIAL 8

INFRASTRUCTURE
2.4 REGULATORY ENVIRONMENTS 8
(A)
2.4 FINANCIAL REGULATORS 8
(B)
2.4 FEDERAL RESERVE BOARD 8
(C)
2.4 FEDERAL DEPOSIT INSURANCE CORPORATION 9
(D)
CH:3 COMPANY OVERVIEW 9

3.1 PAYTM 10

3.2 PAYPAL 12

3.3 LENDINGKART 13

3.4 BHIM 14

3.5 POLICY BAZAAR 15

CH:4 DATA ANALYSIS 16

4.1 ONE-VARIABLE & TWO-VARIABLE ANALYSIS OF QUESTIONNAIRE 16

4.2 HYPOTHESIS TESTS 38

CH:5 CONCLUSION 48

CH:6 LIMITATIONS OF STUDY 49

CH:7 RECOMMENDATIONS 51

CH:8 BIBLIOGRAPHY 54

VII
 LIST OF TABLES

SR. CHARTPARTICULARS PAGE

NO.NO. NO.
CH- 1 DIFFERENT AGE GROUP OF PEOPLE AWARE ABOUT FINTECH 19
4 SERVICES:
CH- 2 NUMBER OF PEOPLE AWARE ABOUT FINTECH SERVICES: 21
4
CH- 3 AWARENESS OF FINTECH SERVICES AMONG DIFFERENT 23
4 GENDER
CH- 4 NUMBER OF PEOPLE WHO HAVE USED DIFFERENT FINTECH 24
4 SERVICES:
CH- 5 HOW OFTEN PEOPLE USE THIS FINTECH SERVICES 27
4
CH- 6 UTILIZATION TYPES OF SERVICES 29
CH- 7 CUSTOMERS_ARE_MORE_SATISFIED_WITH_FINTECH_SERVICES 34
4
4 ACCORDING TO THEIR
CH- 8 HOW MUCH PEOPLE CONSIDERED FINTECH SERVICES ARE 35
4 CONVENIENT
CH- 9 FINICAL SERVICES LIKELY TO GET DISRUPTED BY FINTECH 35
4 SERVICES IN FUTURE
CH- 10 SO HOW MUCH PEOPLE CONSIDERED FINTECH SERVICES 38
4 RELIABLE:
CH- 11 SO WHAT PEOPLE THINK FINTECH SERVICE WILL TAKE TO 39
4 DEVELOPED IN INDIA:

IX
 CHAPTER: 1

RESEARCH METHODOLOGY

1.1 INTRODUCTION
1.2 PROBLEM STATEMENT
1.3 LITERATURE REVIEW
1.4 RESEARCH DESIGN
1.5 POPULATION
1.6 SAMPLE SIZE
1.7 SAMPLING TECHNIQUE
1.8 SAMPLING UNITS
1.9 RESEARCH INSTRUMENT

1
 1.1 INTRODUCTION

Fintech is a portmanteau of financial technology that describes an emerging financial services sector
in the 21st century. Originally, the term applied to technology applied to the back-end of established
consumer and trade financial institutions.
Since the end of the first decade of the 21st century, the term has expanded to include any
technological innovation in the financial sector, including innovations in financial literacy and
education, retail banking, investment and even crypto-currencies like Bitcoin.

1.2 PROBLEM STATEMENT

The main problem would be the consumer’s illiteracy rate and people awareness, whether the
technology is safe and range their product and service.
India is a county having high illiteracy rate as its major number of people were resides in
ruler part where instill Internet connectivity is still a bigge r concern. Also majority of
population in India still do not use banking service hence in that scenario it is most difficult
task to is to use Fintech Service.
Also the low infrastructure and people in urban India still uses old methods for finical
transaction and that is through cash and personally.

1.3 LITERATURE REVIEW

• Dr. A. Didar Singh - Secretary General FICCI

Financial Foresights, the flagship quarterly publication of FICCI's financial sector team, provides a
platform to industry, policy makers and other stakeholders to exchange ideas and views on important
financial sector developments in the country.

The current issue of the publication focuses on the topic: 'Leveraging the FinTech Opportunities in
2
India' and presents interesting propositions in the form of insightful write-ups contributed by both
established and emerging players from the FinTech industry.

Technology today is changing at a rapid pace. Its application is changing at an even faster pace. One
sector where application of technology has disrupted the traditional industry is the financial sector.
This application of technology to capture and process data in real time and offer solutions not seen
before is transforming how financial business is done, how products and services are conceived and
how consumers participate in the process.

Financial technology — or FinTech — is ushering a transformation by reaching the unreached in a

cost effective manner, with all time presence and least use of resources. This is forcing established
financial sector players to evaluate their business models and think afresh on how to best serve the
consumers who themselves are evolving at a fast pace.
It is usually felt that FinTech is all about digitising money. Our contributors to this edition show that
there is more to it and that FinTech is about monetising data. By reducing information asymmetry in
the marketplace, FinTech is not only improving the ability to match investors, lenders and borrowers;
but providing a more level playing field that allows retail investors to have greater participation in the
market. Innovative financial services such as robo-advisory have the potential to extend financial
advice beyond high net worth individuals and more sophisticated investors, to a wider cross-section
of the investors. And the frictionless operation of FinTech innovations such as block-chain and digital
currencies are generating new value streams not just in financial services but across the economy.

As you go through the pages of our latest edition, you would agree that India is poised to become a
potent FinTech force of the world. Some of the key enablers for FinTech in India are high adoption of
technology, increasing internet penetration, enabling government policies, emphasis on financial
inclusion and an evolving start-ups ecosystem. The catalytic power of FinTech and its potential to
unleash a new era of competition,innovation and generation of jobs in our economy is enormous.

This issue, with contributions from both established & emerging names in India's FinTech sector, has
attempted to analyse the potential of FinTech in India & how India can leverage it. We look forward
to your views and suggestions and hope you will find this an interesting read.

3
 1.4 RESEARCH DESIGN

Descriptive research design would be used in this research. The study would be more structured and formal
in nature. The objective is to provide a comprehensive and detailed explanation under the study. With
descriptive study we would get answers to the questions who, what, where, when, why and how.

1.5 POPULATION
Population is the set of people from which the samples will be drawn. The population would include the
people aware about FinTech and not aware about FinTech.

1.6 SAMPLE SIZE

A sample of 102 will be chosen for the purpose of the study.

1.7 SAMPLING TECHNIQUE

The sampling technique that will be used for the purpose of the study would be Simple Random
Sampling.

1.8 SAMPLING UNITS

Sampling units would be in the age group of 16 to 60 years in Ahmedabad.

1.9 RESEARCH INSTRUMENT

Questionnaire will be used as the instrument for collecting the primary data.

1.10 BENEFICIARIES
Al the fincinal Institution for an example Banks, Fincinial Landing & companied, NBFC, Government to
formulate future policy.
 1.11 SCOPE
Scope means the area of study from which the information has been collected. The information and data
related to the project will be collected from various people
Using FinTech Services . Primary data will be collected from Ahmedabad city of Gujarat.

5
 CHAPTER: 2
AN OVERVIEW OF FINTECH IN INDIA
2.1 THE EVOLUTION OF FINTECH IN INDIA

Fintech is a very broad sector with a long history. Most people hear fintech and think about the latest
mobile app which can help them pay for their morning coffee without ever swiping a card or touching
currency. But technology has always played a key role in the financial sector in ways that most people
take for granted and might not ever see. In examining the timeline of fintech developments, the last 65
years paint a picture of continued innovation and evolution.

The Indian government began liberalizing its banking industry post-1990 with the introduction of
technology-savvy banks. The government also took legislative action to boost the banking system and
pushed new technology such as MICR, electronic funds transfer and other electronic payments that
revolutionized the banking system and in turn boosted the Indian economy.

Technology has been used by financial institutions for more than half a century. With the turn of the
millennium, technology started playing a more critical role in the financial sector. Modern banking or
financial services would struggle to stay relevant in the absence of technology.

FinTech is not a replacement for traditional banking services; rather it is a result of the inevitable
evolution of the banking space. Banking services are now being provided with the added convenience of
technology. The sector does this with the help of technology intelligence, intricate algorithms, machine
learning and big data, which are swiftly replacing traditional financial practices. Backed by such
powerful armory, FinTech is completely changing the corporate landscape in multiple industries and
reinventing the way companies gain access to finance.

6
 2.2 PAYMENT SERVICES:

These companies allow individuals and businesses to accept payments without even swiping a card.
Payments are made online and the payer just needs a smartphone, without the requirement of a merchant
account. Paytm, Freecharge and MobiKwik are among the top players in this space.

WHERE DID DISRUPTION OCCUR?

• Payments have continued to migrate away from cash and become less visible to the customer as
consumers shift purchases to online and mobile channels
• Payments businesses are experiencing intense pressure on margins in the face of competition and
a challenging regulatory environment
• Regional distinctions between payments ecosystems are growing, as both customer behavior and
Regulatory environments diverge

WHERE HAS DISRUPTION NOT OCCURRED?

• Mobile payment solutions have not sufficiently exceeded the functionality of pre-existing
solutions in card-based markets, thus limiting their adoption
• Customer acceptance of nontraditional payment schemes (e.g. alternative currencies) remains
almost non-existent.

7
 2.3 DIGITAL LENDING

These companies provide flexible options for financing to SMEs and consumers. Technology is being
used to create better financial products, improve customer experience and increase the speed of loan
approvals. Some prominent companies in this space include Capital Float, Lendingkart, Indifi,
NeoGrowth, etc.

WHERE DID DISRUPTION OCCUR?

• Traditional bank distribution models and economics are at risk of being deeply disrupted by the
drive towards platform models of banking
• Banks no longer define customer expectations of the banking experience; instead, fintechs and
large technology companies set the standard

WHERE HAS DISRUPTION NOT OCCURRED?

• Few customers have moved away from traditional deposit accounts despite significant efforts
from online and mobile challenger banks

8
2.4 GOVERNMENT, REGULATORY BODIES AND FINANCIAL
INFRASTRUCTURE

2.4 (A) REGULATORY ENVIRONMENTS

The dynamic nature of the fintech sector and its overlap across various sectors, effective policy and
regulation of the sector are important both for its growth and its stability. Balanced regulations are needed
to enable fintech firms to compete with incumbent service providers and provide them with a level
playing field; to safeguard the interests of investors and customers, and in influencing the future direction
of fintech, particularly in the context of financial inclusion.

In India, the fintech industry falls under the purview of several regulators and governing bodies including
the Reserve Bank of India (RBI); the capital markets regulator –the Securities and Exchange Board of
India (SEBI); the telecom regulator – the Telecom Regulatory Authority of India (TRAI), the insurance
regulator - Insurance Regulatory and Development Authority (IRDA). The Ministry of Finance plays the
lead role on the central government side. Although currently there are no specific policies regulating the
fintech sector in India, the country is making progress in this regard24 with the Government as well as
many of these regulatory bodies (particularly the RBI) making significant headway in promoting fintech.

2.4 (B) FINANCIAL REGULATORS

Federal and state governments have a myriad of agencies in place that regulate and oversee financial
markets and companies. These agencies each have a specific range of duties and responsibilities that
enable them to act independently of each other while they work to accomplish similar objectives.
Although opinions vary on the efficiency, effectiveness and even the need for some of these agencies,
they were each designed with specific goals and will most likely be around for some time.

9
 2.4 (C) FEDERAL RESERVE BOARD

The Federal Reserve Board (FRB) is one of the most recognized of all the regulatory bodies. As such, the
"Fed" often gets blamed for economic downfalls or heralded for stimulating the economy. It is
responsible for influencing money, liquidity and overall credit conditions.

Its main tool for implementing monetary policy is its open market operations, which control the purchase
and sale of U.S. Treasury securities and federal agency securities. Purchases and sales can change the
quantity of reserves or influence the federal funds rate - the interest rate at which depository institutions
lend balances to other depository institutions overnight. The Board also supervises and regulates the
banking system to provide overall stability to the financial system. The Federal Open Market Committee
(FOMC) determines the actions of the Fed.

2.4(D) FEDERAL DEPOSIT INSURANCE CORPORATION

The Federal Deposit Insurance Corporation (FDIC) was created by the Glass-Steagall Act of 1933 to
provide insurance on deposits to guarantee the safety of checking and savings deposits at banks. Its
mandate is to protect up to $250,000 per depositor. The catalyst for creating the FDIC was the run on
banks during the Great Depression of the 1920s.

10
 CHAPTER: 3

COMPANY OVERVIEW

3.1 PAYTM
3.2 PAYPAL
3.3 POLICY BAZAAR
3.4 LENDINGKART
3.5 BHIM

3.1 PAYTM :

In today’s scenario, when entire India is struggling to get a hand on some hard cash to cater to day-to-
day needs post demonetisation, Paytm is a unique solution to go cashless. Paytm is a huge step towards
digital India.

Paytm is nothing but an acronym for ‘Pay Through Mobile’. Paytm was founded in 2010 by Vijay
Shekhar Sharma, the present CEO of Paytm. Paytm is an Indian e-commerce website that enables its
user to pay online using mobile number for services like mobile recharge, book airline tickets, pay
broadband or electricity bill, etc.

11
Paytm is owned by One97 Communications and is headquartered at Noida, Uttar Pradesh, India. Paytm
has its service providing regions only in India.

Initially Paytm started with mobile recharges and discounts but with the growth of the company, Vijay
introduced variety of products apart from recharges and discounts. Paytm dealt with products like
Home & Kitchen appliances, electronics, Stationary, Books, sports and baby products.

Paytm wallet was launched in 2014. As of November 2016, over 150 million wallets and 75 million
Android-based apps were downloaded of Paytm wallet, making it Indian’s largest mobile payment
service platform. The credit for the surge in its usage obviously goes to demonetization of the 1000 and
500 currency notes.

Paytm made easy payment way for its customers by saving its details in an account made by the
customers while using the app for the first time. For any payment all that a customer has to do is to enter
its code and their amount is debited from their account and their recharge is done. Paytm strongly
supported payment through credit cards and debit cards.

The smooth and easy transactions using Paytm can well be used for other banking services as well.
Probably, that’s the reason, Paytm was granted a license from Reserve Bank of India to initiate India’s
first payments banks. The motive is to use existing users of Paytm as the first database for offering new
services which include savings account, debit cards, online banking and transfers, and other such
facilities.

Paytm got a major boost in e- commerce when Indian industrialist Ratan Tatamade personal investment
in the firm in March 2015.In the same month, the company received a $575 million investment
from Chinese e - commerce company Alibaba Group, after Ant Financial Services Group, an Alibaba

12
Group affiliate, took 25% stake in One97 as part of a strategic agreement.

Paytm comes under 6 biggest funded Fintech Stars of India. Fintech is provideing digital platform to do
financial transaction like Money Transfer, Utility Bills Paymets, using the Paytm App. Paytm is
offering speedy transaction at a cheap rate through FinTech. All the services of Paytm are easily
accessable due to techonology called FinTech. E-Commerce, Payments banks and payments wallets are
some area of operation of Paytm

13
3.2 PayPal :

PayPal is an online payment service that allows individuals and businesses to transfer funds
electronically. The idea behind PayPal is simple: Use encryption software to allow people to make
financial transfers between computers. That simple idea has turned into one of the world's primary
methods of online payment.

PayPal is founded in December 1998 and its headquarter is in U. S. PayPal Holdings, Inc. is an American
company operating a worldwide online payments system that supports online money transfers and serves
as an electronic alternative to traditional paper methods like checks and money orders.

PayPal is one of the world's largest Internet payment companies. The company operates as a payment
processor for online vendors, auction sites and other commercial users, for which it charges a fee.

PayPal is fast and easy way to buy things online. PayPal is preferred method of payment on many
Shopping Websites, beside just eBay. PayPal is safer way to send the money, make a online payment and
receive money.

As of 2017, PayPal operates in 202 markets and has 210 million active, registered accounts. PayPal
allows customers to send, receive and hold funds in 25 currencies worldwide.

PayPal's services allow people to make financial transactions online by granting the ability to transfer
funds electronically between individuals and businesses. Through PayPal, users can send or receive
payments for online auctions on websites like eBay, purchase or sell goods and services, or donate money
or receive donations. It is not necessary to have a PayPal account to use the company's services.

14
3.3 LendingKart:

Lendingkart Group aims to make working capital finance available at the fingertips of entrepreneurs, so
that they can focus on business instead of worrying about the gaps in their cash-flows. The Company
aims to transform small business lending by making it convenient for SMEs to access credit easily.

Lendingkart Technologies Private Limited is a fin-tech startup in the working capital space. The
Company has developed technology tools based on big data analysis which facilitates lenders to evaluate
borrower’s credit worthiness and provides other related services.

Lendingkart Finance Limited (formerly Aadri Infin Limited), is a non-deposit taking NBFC, providing
SME lending in India. The Company aims to transform small business lending by making it convenient
for SMEs to access credit easily. The Company uses technology and analytics tools, analyzing thousands
of data points from various data sources to assess the creditworthiness of small businesses rapidly and
accurately.

LendingKart gives SME Loans, Business Loan, MSME Loan, Working capital Loans, Personal Loan, etc.

At Lendingkart Finance Limited, unlike banks and other NBFC’s, we do not focus on vendor’s old
records (Past Financial Statements & Income Tax returns) to evaluate the credit risk profile of a potential
client. We focus on their current year’s cash flows and business growth. We help arrange a short term
working capital loan, which can be used to pay the suppliers, employees, taxes and other liabilities. Our
effort is to make working capital funds available through our affiliate NBFCs at finger tips so that
entrepreneurs can focus on business instead of worrying about gaps in their cash-flows. We are currently
based out of Ahmedabad, Bangalore and Mumbai and we serve across India.

15
3.4 BHIM :

BHIM (Bharat Interface for Money) is a mobile app developed by National Payments Corporation of
India (NPCI), based on the Unified Payment Interface (UPI). It was launched by Narendra Modi, the
Prime Minister of India, at a Digi Dhan mela at Talkatora Stadium in New Delhi on 30 December 2016.
It was named after Dr. Bhimrao R. Ambedkar and is intended to facilitate e-payments directly through
banks as part of the 2016 Indian banknote demonetisation and drive towards cashless transactions.

BHIM is an initiative to enable fast, secure, reliable cashless payments through our mobile phone. The
app supports all Indian banks which use that platform, which is built over the Immediate Payment Service
infrastructure and allows the user to instantly transfer money between bank accounts of any two parties. It
can be used on all mobile devices.

BHIM has been designed for quick and secure user on-boarding, sports a best-in-class and intuitive user
interface and makes digital transactions seamless. BHIM has been a huge boon for merchants who can
now accept payments directly into their bank accounts. All users, including merchants, get a ready to use
VPA (virtual payment address) and an exclusive, ready-to-print QR code upon sign-up.

The following are the features of BHIM:

• Send Money

• Request Money

• Scan & Pay

• Transactions

• Bank Accounts

• Block User

16
• Privacy

• Split Bills

• Payment Reminders

3.5 Policy Bazaar:

Insurance cover is what everyone is aspires to. So that their loved ones are secured after their death.
FinTech is offering easy and convenient way of buying Insurance policy and comparing insurance
products. Policy Bazaar helps to compare Financial products such as Life Insurance, General Insurance,
Loans and credit cards.

Policy Bazaar is India's largest online financial services platform. Policy Bazaar is founded by Yashish
Dahiya. PolicyBazaar is an IRDAI approved web aggregator based in Gurgaon, Haryana. PolicyBazaar
makes use of smart technology in order to make the entire insurance buying smooth for consumers. Our
sole objective is to help customers make an informed decision when buying a policy online.

The company began operations in 2008 as a key force in establishing an informative online financial
services platform in India. Over the next five years the company has marked a staggering growth in terms
of revenue and customer acquisition to become the largest online aggregator in India. Policybazaar.com
boasts of over 20 million unique visitors each year who compare the best suited financial products for
them and the sale of over 15,000 policies on a month.

Policy Bazaar.com is India’s leading online insurance comparison portal which now has over 5 Million
customers seeking Life and Non Life insurance.

17
The idea of launching Policy Bazaar was not only Make insurance easily accessible to anyone with a net
connections, but also to reduce cost of transactions

18
 CHAPTER: 4

ANALYSIS

ONE-VARIABLE ANALYSIS OF QUESTIONNAIRE

1] DIFFERENT AGE GROUP OF PEOPLE AWARE ABOUT FINTECH

SERVICES:

Q2_Age

Frequency Percent Valid Percent Cumulative

Percent

Below 25 years 66 64.7 64.7 64.7

Betwwen 25-45
34 33.3 33.3 98.0
years
Valid
Above 45 years 2 2.0 2.0 100.0

Total 102 100.0 100.0

19
 INTERPRETATION:

• The given data show different age groups of people who were uses of FinTech Service. By
observing the above information we one can easy say Fintech is very much popular in age group below
25 years. However the age group above 45 considered the least among the using Fintech Service.
• From the data collected through questionnaire shows preference for using of Fintech Services
among different age group people. The data was collected with a sample of 102 people. Out of which
64.70 % below 25, age group between 25-45 are 33.30 % and age group above 45, 2 %.

20
2] NUMBER OF PEOPLE AWARE ABOUT FINTECH SERVICES:

Q5_Are_you_aware_about_FinTeach_Financial_Teachonolgy
Frequency Percent Valid Percent Cumulative
Percent
Yes 89 87.3 87.3 87.3
Valid No 13 12.7 12.7 100.0
Total 102 100.0 100.0

21
 INTERPRETATION:

• From the response of the individuals it was observed that the number of people aware about
Fintech Service is more than number of people who were not aware.

• From the above table and figure, we can easily analyze that majority of the majority of
people aware about Fintech Service which is 87.10% and people not aware about FinTech services were
12.90%.

22
3] AWARENESS OF FINTECH SERVICES AMONG DIFFERENT
GENDER:

Q3_Gender
Frequency Percent Valid Percent Cumulative
Percent
Femail 28 30.1 30.1 30.1
Valid Male 65 69.9 69.9 100.0
Total 93 100.0 100.0

23
 INTERPRETATION:

From the response of the individuals it was observed that the number of Male users is more than Female
users with respect to the use of FinTech Services

From the above table and figure, we can easily analyze that majority of the males are respondents of
the survey as compared to females, we have 65 of males and 28 of females have participated in this
survey.
According to the data of the questionnaire there are 69.90% males who prefer to Fintech Service.

4] NUMBER OF PEOPLE WHO HAVE USED DIFFERENT FINTECH SERVICES:

Q6.1_Paytm
Frequency Percent Valid Percent Cumulative
Percent
Yes 84 82.4 83.2 83.2
Valid NO 17 16.7 16.8 100.0
Total 101 99.0 100.0
Missing System 1 1.0
Total 102 100.0

Q6.2_PolicyBazar.com
Frequency Percent Valid Percent Cumulative
Percent
Yes 14 13.7 13.9 13.9
Valid NO 87 85.3 86.1 100.0
Total 101 99.0 100.0
Missing System 1 1.0
Total 102 100.0

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Q6.3_BankBazar.com
Frequency Percent Valid Percent Cumulative
Percent
Yes 13 12.7 12.9 12.9
Valid NO 88 86.3 87.1 100.0
Total 101 99.0 100.0
Missing System 1 1.0
Total 102 100.0

Q6.4_BHIM
Frequency Percent Valid Percent Cumulative
Percent
Yes 22 21.6 21.8 21.8
Valid NO 79 77.5 78.2 100.0
Total 101 99.0 100.0
Missing System 1 1.0
Total 102 100.0

Q6.5_Lending_Kart
Frequency Percent Valid Percent Cumulative
Percent
Yes 3 2.9 3.0 3.0
Valid NO 98 96.1 97.0 100.0
Total 101 99.0 100.0
Missing System 1 1.0
Total 102 100.0

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 Q6.6_NetBanking
Frequency Percent Valid Percent Cumulative
Percent
Yes 72 70.6 71.3 71.3
Valid NO 29 28.4 28.7 100.0
Total 101 99.0 100.0
Missing System 1 1.0
Total 102 100.0

Q6.7_Mobile_Banking
Frequency Percent Valid Percent Cumulative
Percent
Yes 69 67.6 68.3 68.3
Valid NO 32 31.4 31.7 100.0
Total 101 99.0 100.0
Missing System 1 1.0
Total 102 100.0

Q6.8_Other
Frequency Percent Valid Percent Cumulative
Percent
97 95.1 95.1 95.1
ATM 2 2.0 2.0 97.1
Online Shoping
1 1.0 1.0 98.0
Valid Site
Payzapp 1 1.0 1.0 99.0
TEZ 1 1.0 1.0 100.0
Total 102 100.0 100.0

26
 INTERPRETATION:

• According to the survey we can say that among all fintech services the most prefer one is Paytm. As per
servy report 82.40 % people uses the paytm services. With the awareness and more utilization of internet
services have also the one reason .

• Netbanking & Mobile banking were on 2nd & 3rd position followed by paytm with 70.60 % and 67.60
%, however the other service like Lending kart stayed at bottom of chart with the user % of just 2.9% and it
makes it least popular fintech services.

• There are Few service which are on the growing face Example like BHIM with 21.60%, Bankbazar
with 12.70 % and Last PolicyBazar with 13.70%.

5] HOW OFTEN PEOPLE USE THIS FINTECH SERVICES?

Q7_How_often_do_you_use_FinTech_services
Frequency Percent Valid Percent Cumulative
Percent
Daily 33 32.4 32.4 32.4
Weekly 34 33.3 33.3 65.7
Valid Monthly 31 30.4 30.4 96.1
Yearly 4 3.9 3.9 100.0
Total 102 100.0 100.0

27
 INTERPRETATION:

• By Decoding above date we can observe that people often use the Fintech service Weekly mainly when
they go out of weekends for Movies, Restaurants, Gaming , Shopping etc. with the total utilization of 33.30 %.
Nevertheless people also use Fintech Service on daily bases such as Mobile banking and Net banking.
• Monthly usage of fintech service are also not less as it is just 30.40% as it mainly used to pay all utility
Bill payments, and year it utilized with 3.90 % and that majorly for Insurance premium and yearly renewals.

28
 6] UTILIZATION TYPES OF SERVICES:

Q8.1_Utility_Bill_Payment
Frequency Percent Valid Percent Cumulative
Percent
Yes 73 71.6 71.6 71.6
Valid No 29 28.4 28.4 100.0
Total 102 100.0 100.0

INTERPRETATION:
• With the above date we can say that majority of public utilize this services for Utility bill payment
that is 71.60%.

29
 Q.8.2_Money_Transfer
Frequency Percent Valid Percent Cumulative
Percent
Yes 73 71.6 71.6 71.6
Valid No 29 28.4 28.4 100.0
Total 102 100.0 100.0

INTERPRETATION:
• Same as Utility bill payment, Money transfer is equally same utilization. Which is 71.60%?

30
 Q8.3_Insurance_Renewals
Frequency Percent Valid Percent Cumulative
Percent
Yes 15 14.7 14.7 14.7
Valid No 87 85.3 85.3 100.0
Total 102 100.0 100.0

INTERPRETATION:
• Ulitilization of Insurance renewal comes least among all the services with just 14.70%.
• This data also shows the number of people having the or avail the actual insurance service is also
very less, and main reason for that is they still considered insurance as expense not future security.

31
 Q8.4_Banking_Services
Frequency Percent Valid Percent Cumulative
Percent
Yes 65 63.7 63.7 63.7
Valid No 37 36.3 36.3 100.0
Total 102 100.0 100.0

INTERPRETATION:
• People using Fintech service of banking are just over the half and they are 63.70%.
• This shows that still there are 36.30 % of people are the who still gives priority to tradional
banking

32
 Q8.5_Loans_and_Credit_Cards
Frequency Percent Valid Percent Cumulative
Percent
Yes 27 26.5 26.5 26.5
Valid No 75 73.5 73.5 100.0
Total 102 100.0 100.0

INTERPRETATION:
• With the financial point of view we can see that the people are still not very much comfortable
taking loans from the banks .
• With the above date we can see that only 26.50 % public utilize this service .

33
7] CUSTOMERS_ARE_MORE_SATISFIED_WITH_FINTECH_SERVICES
ACCORDING TO THEIR
GENDER

Q11_Customers_are_more_satisfied_with_FinTech_services *
Q3_Gender Crosstabulation
Count
Q3_Gender Total
Male Female
Highly Agree 29 7 36

Q11_Customers_are_mo Agree 10 13 23
re_satisfied_with_FinTe Neutral 18 8 26
ch_services Disagree 8 1 9
Highly Disagree 8 0 8
Total 73 29 102

INTERPRETATION:
• Comparing different gender in regards of satisfactory of FinTech Services.

• In the above servey we can say that major number of male users are satisfied with Fintech
Services, Where in Female they feels its good to have Fintech services but mot completely satisfied.

34
8] HOW MUCH PEOPLE CONSIDERED FINTECH SERVICES ARE
CONVENIENT:

Q10_Do_you_think_FinTech_is_convinient_than_Personal_
Banking * Q3_Gender Cross tabulation
Count
Q3_Gender Total
Male Female
Q10_Do_you_think_Fin Yes 65 27 92
Tech_is_convinient_than
No 8 2 10
_Personal_Banking
Total 73 29 102

INTERPRETATION:

• With the above date we can say that both gender people considered FinTech is more Convenient
than personal. As this leads in saving Time, Travelling to banks, Paper Work etc.
• This is also the main reason why we can see in the reduction in personal banking.

9] FINICAL SERVICES LIKELY TO GET DISRUPTED BY FINTECH SERVICES

IN FUTURE:

35
 Q13.1_Consumer_Banking
Frequency Percent Valid Percent Cumulative
Percent
.00 3 2.9 2.9 2.9
Yes 53 52.0 52.0 54.9
Valid
No 46 45.1 45.1 100.0
Total 102 100.0 100.0

Q13.2_Fund_Transfers_and_payments
Frequency Percent Valid Percent Cumulative
Percent
Yes 60 58.8 60.0 60.0
Valid No 40 39.2 40.0 100.0
Total 100 98.0 100.0
Missing System 2 2.0
Total 102 100.0

Q13.3_Insurance
Frequency Percent Valid Percent Cumulative
Percent
Yes 20 19.6 20.2 20.2
Valid No 79 77.5 79.8 100.0
Total 99 97.1 100.0
Missing System 3 2.9
Total 102 100.0

36
 Q13.4_Fund_operator
Frequency Percent Valid Percent Cumulative
Percent
Yes 30 29.4 30.6 30.6
Valid No 68 66.7 69.4 100.0
Total 98 96.1 100.0
Missing System 4 3.9
Total 102 100.0

INTERPRETATION:
• According to the survey people this Fund Transfer and payment services are mainly disrupted in
future.
• More than half of the people considered fintech services are future face of fund transfer and
payments.

• However the consumer banking is the least among the financial services services lickly to get
disrupted in future by fintech services.

• Insurance & Fund Operators are on the growing path in fintech services.

37
10] SO HOW MUCH PEOPLE CONSIDERED FINTECH SERVICES RELIABLE:

Q12_Do_you_consider_FinTech_service_are_reliable_source
Frequency Percent Valid Percent Cumulative
Percent
Yes 96 94.1 94.1 94.1
Valid No 6 5.9 5.9 100.0
Total 102 100.0 100.0

38
 INTERPRETATION:

• By referring with above data people considered the fintech services as reliable source for having
financial transaction.
• Because of growing web base securities for financial services has won the hearts of people and it
make Net baking , mobile banking, fund transfer more secure.

11] SO WHAT PEOPLE THINK FINTECH SERVICE WILL TAKE TO

DEVELOPED IN INDIA:

Q14_How_long_FinTech_services_will_take_to_develop_in_India
Frequency Percent Valid Percent Cumulative
Percent
7 years 60 58.8 58.8 58.8
10 years 28 27.5 27.5 86.3
15 years 5 4.9 4.9 91.2
Valid
More than 15
9 8.8 8.8 100.0
years
Total 102 100.0 100.0

39
 Q14_How_long_FinTech_services_will_take_to_develop_in_India *
Q4_In_which_sector_company_involved Crosstabulation
Count
Q4_In_which_sector_company_invol Total
ved
Technology Finance Others
7 years 19 4 37 60
Q14_How_long_FinTec 10 years 4 6 18 28
h_services_will_take_to 15 years 2 1 2 5
_develop_in_India More than 15
3 2 4 9
years
Total 28 13 61 102

40
 INTERPRETATION:

• By referring with above survey it shows that people think in upcoming 7 years FinTech Service
are been well Developed in India.
• Its More than half of people considered in favor of fintech service will develop in Indain in
upcoming 7 years. Where in still there are around 27 % people say that it will still take 10 years more to
get developed in India.
• In Indian economy has huge impact of cash in economy and looking at the same there are people
considered that it will take 15 or more than that to get Fintech service developed in India.
• Also when we compare the same date with view point of different sectors people who were
involved in the technology sector were considering fintech service will grow in India same as people who
were involved in Other sectors as well.
• Well People involved in Financial Sector are not agree with the technology based people because
according to them it will take atleast more 10 years for FinTech service to developed in India.

41
 HYPOTHESIS

1. H0: Age group factor is not related personal Banking

2. H1: Age group Factor is related personal Banking

Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 3.125a 2 .210
Likelihood Ratio 3.834 2 .147
Linear-by-Linear Association 2.987 1 .084
N of Valid Cases 102
a. 3 cells (50.0%) have expected count less than 5. The minimum expected count is .20.

1. H1: Gender and Awareness of Fintech Services are not related.

2. H0: Gender and Awareness of Fintech Services are related

42
 Binomial Test
Category N Observed Prop. Test Prop. Exact Sig. (2-tailed)
Group 1 Male 73 .72 .50 .000
Q3_GenderGroup 2 Female 29 .28
Total 102 1.00

1. H0: Awareness of FinTech and Awareness of FinTech and different sectors are not related

2. H1: Awareness of FinTech and different sectors of people are related

Chi-Square Tests
Value df Asymp. Sig. (2-sided)

Pearson Chi-Square 1.204a 2 .548

Likelihood Ratio 1.171 2 .557

Linear-by-Linear Association 1.168 1 .280

N of Valid Cases 102

a. 2 cells (33.3%) have expected count less than 5. The minimum expected
count is 1.66.

43
 CHAPTER 5
CONCLUSION

From the research done by us we conclude that:

1. It is observed that youngsters in the age group of below 25 years are the maximum users of Fintech
Service. This show that now upcoming generation or young people uses fintech more.

2. Fintech services are more popular among the males comparative to females as they still prefer
tradional methods for financial transaction.

3. The numbers of companies involved in fintech services are mainly private sector hence government
need to start taking big moves to increases there reach towards the customers as India holds maximum
number of financial service by government bodies.

4. According with above date we have seen that in people feels them self more convient in technology
platform but not using the same and that because of less awareness and difficult user interface hence it
need to be upgradation .

5. Fintech Service are the booming market as majority of countries are going towards the cashless &
paperless economy FinTech bases service are the only upcoming option for Financial service.

44
 CHAPTER 6

LIMITATIONS OF STUDY

1. The most important limitation of study was that our size of sample of 102 people is not large enough
to represent public preference for various portals among Ahmedabad people.

2. The questionnaire filled by the people could not be done cautiously which creates biasness in
the analysis.

3. The respondents restricted themselves from answering the questions mentioned for the fear of
letting their views disclosed to others.

4. The questionnaire was filled by male more than the females, hence con’t make gender bases
perfection.

5. Within given time duration it was not possible to conduct extensive research work so findings of this
project may not represent the actual scenario of Ahmedabad.

6. Research and questionnaire fill by people are mainly literate and aware about the FinTech service, But
the majority of people and region in India is either not well aware of Internet or the banks also.
7. India is country were in still majority of people does not have Bank accounts and to expect them to
use FinTech Service is not relevant view of true economy picture

45
 CHAPTER 7

RECOMMENDATIONS

This analysis helps to draw certain recommendation/ suggestions to various aspects of in order to
establish new market or to enhance existing market such as:

• Government should increase their efforts in the rural regions as they needs to be ore developed .
• Authorities want to develop the FinTech service then they should make Utility payments
compulsory via online payment options.
• Companies other than Paytm need to increase there customer base by giving the more attractive
offers.

46
 CHAPTER 8
https://www.lendingkart.com/about-us
https://bhimupi.org.in/
https://www.investopedia.com/terms/c/cryptocurrency.asp
https://www.paypal.com/in/home
https://www.paypal.com/in/webapps/mpp/about
https://paytm.com/about-us/

47