A SUMMER-INTERNSHIP PROJECT REPORT

On
“BAJAJ-PAY”
FOR

With special
reference to
“BAJAJ FINSERV LTD, CORPORATE OFFICE,
PUNE”

Submitted
to
BALAJI INSTITUTE OF MODERN MANAGEMENT
IN PARTIAL FULLFILMENT OF
MASTER’S IN BUSINESS ADMINISTRATION
(MBA) 2021-2023

Submitted by
FAHADULLAH JAWED
MM2123354
CERTIFICATE
 ACKNOWLEDGEMENT

It would take a huge effort in and of itself to thank everyone who

contributed to the success of this initiative. Nevertheless, with all due
respect for the contributions made by various people at different phases of
the project, I would like to take this opportunity to show my gratitude to all
those who were crucial in the completion of my project.

First and foremost, I would like to thank Mr. Himanshu Chauhan (Senior
Regional Manager-Payments) for giving me the chance to work as a summer
intern at Bajaj FinServ Limited and for carefully guiding me over these two
months.

I would especially like to thank Mr. Ankit Pariyani (Manager-Payments),

my Team Leader and Mentor, for his consistent encouragement throughout
the internship and for instilling

I'm appreciative that Mr. Ramesh Jadhav, the professor in charge, Mrs.
Archana Srivastava, the director of the BIMM, and Mrs. Apoorva
Bhatnagar, the deputy director of the BIMM, gave me this chance.

Finally, I'd want to thank all the other people I worked with, including my
coworkers, for their unwavering encouragement and support during the
internship.

Fahadullah Jawed
Sri Balaji University, Pune.
 TABLE OF CONTENT

1. EXECUTIVE SUMMARY

2. CONTEXTUAL BACKGROUND

3. COMPANY INFORMATION

4. SWOT ANALYSIS

5. DEPARTMENT & SERVICES

6. COMPITITTORS

7. OBJECTIVES

8. PROBLEM STATEMENT

9. METHODOLOGY

10. DATA INTERPRETATION

11. TOOLS USED

12. SCOPE

13. LIMITATIONS

14. CONCLUSION AND RECOMMENDATION

EXECUTIVE SUMMARY

The report contains details about my internship, which I undertook from May 2 to
July 2, 2022, at Bajaj FinServ Limited's Payments: Acquiring Business division.

To move the company up to the top 5 Payments markets, it describes how the
company is implementing the new Bajaj-Pay project, which includes
benchmarking, customer engagement, and performance monitoring within a well-
organized structure with a large hierarchy and a small but effective team working
in the Acquiring business department.

The project's goal is to develop strategies for Bajaj Finance Limited to provide
Bajaj Pay QR codes to both current and new merchants. Bajaj Pay is a new
player in the market for digital payments and settlements, offering merchants a
3-in-1 app for straightforward transactions and settlements.

This study also outlines the advantages and services that the business provides to
its customers, who represent a range of demographic groupings.

Among the stages of this project is a market survey, which allows us to gather
information on competing apps used by merchants and the reasons for their use.
The next step is to develop standard operating procedures (SOP), which will
serve as a guide for both the sales team and merchants who want to use the Bajaj
Pay app. Furthermore, data sorting, cleaning, and dashboard presentation are
critical components of the project's performance benchmarking.

The tasks assigned during the internship are fluid, but they all contribute to the
overall goal of the project.

CONTEXTUAL BACKGROUND:

COMPANY INFORMATION

Bajaj Finance Limited, the lending arm of Bajaj Finserv Limited, is one of
India's most diverse NBFCs. More than 50 million clients are served across the
country.
Consumer Durable Loans are one of the services provided by the Pune-based
firm. Personal Loans, Loans Against Property, Small Business Loans, Wallet, Co-
branded Credit Cards, Two-Wheeler and Three-Wheeler Loans, Commercial
Lending/SME Loans, Loan Against Securities, and Rural Finance, including Gold
Loans and Vehicle Refinancing Loans, and Fixed Deposits.

It is an RBI-registered deposit-taking Non-Banking Financial Company (NBFC).

The organization has a diverse lending portfolio that includes retail, SMEs, and
commercial customers and has a large presence in both urban and rural India. It
accepts both public and corporate deposits and offers a variety of financial
services to its customers.

Bajaj FinServ was formed in April 2007 as a spin-off from Bajaj Auto Limited to
promote the group's financial services interests. Following the demerger, Bajaj
FinServ was free to conduct its core activities of lending, protection, and savings
independently. Bajaj Finserv Limited is the holding company for the Bajaj
Group's financial services business.

To millions of customers in the financial services industry, it provides asset

acquisition through financing, asset protection through general insurance, family
protection and income protection through life and health insurance, and retirement
and savings solutions.

Bajaj Finance Limited currently operates in 2,988 locations across India, with
1,690 in rural areas. It focuses on six broad categories: consumer finance, small
and medium-sized enterprise finance, home loans, commercial lending, vendor
financing, rural lending, investment, partnerships, and services.
Bajaj FinServ Limited is the holding company for the financial services firms in
the Bajaj Group. It offers millions of consumers in the financial services
industry solutions for asset acquisition through financing, general insurance,
family protection, income protection through life and health insurance, and
retirement and saving solutions.

Bajaj Finance Ltd (previously Bajaj Auto Finance Ltd) is a Non-Banking Finance
Company that specializes in consumer loans, small and medium-sized business
financing, commercial lending, and wealth management. BAGIC is a joint
venture between BFS and Allianz SE Germany in the general insurance sector.
Bajaj Finance Limited is Bajaj FinServ Limited's lending arm.

It is the most diverse non-bank in the country, with several product lines in
consumer, commercial, and SME finance, and it is one of the most profitable
companies. Bajaj FinServ is a lending, insurance, and investment firm. Bajaj
Finserv Limited is the holding company for the Bajaj Group's financial services
companies. It provides alternatives for asset acquisition through financing,
general insurance, family protection, income security through life and health
insurance, and retirement and saving solutions to millions of clients in the
financial services industry.

Capital Structure
The capital structure of an organization refers to the combination of debt and
equity used to fund its overall operations and growth. Bajaj Finance Limited's
total equity share capital is 120.66 crores as of March 2022, with the total
shareholder's fund (Equity share capital + Reserves and surplus) standing at
42055.88 crores.
Non-current liabilities total 753.30 crores, while current liabilities total
125206.90 crores. The organization's quick ratio is 1.31, which means that its
current assets are 1.3 times its current liabilities. The quick ratio indicates that
the company is healthy and capable of repaying its debts.

Financial performance:

According to the FY22 half-yearly report, BFL successfully increased its asset
under management to 166937 crores. Net interest income (NII) now stands at
9824 crores. Total operating expenses, on the other hand, were reported to be 34.6
percent.

The total loan losses and provisions were 3051 crores. Profit before tax increased
to 3370 crores, but profit after tax decreased to 2483 crores. At the time, the
capital adequacy ratio was 27.68 percent.

We can see that the company is consistently working hard to maintain and
improve their revenue and net profits.
Cost-revenue structure:

The total expenses as of March 2022 are 11357.05 crores, while the reported net
profit is 6350.49 crores. The fixed cost consisting of employee costs and
administrative expenses stands at ₹7843.94 crores. Variable expenses total
3513.11 crores.

Economy Industry Analysis

Capital markets, insurance, and NBFCs are the three major sub-headings in the
financial services industry. Overall, the financial services industry is expanding,
with mutual funds managing $518.15 billion in assets. India has also seen a 17
percent year on year increase in systematic investment plans (SIP).
Wealth management segment: Over the last decade, the number of high-net-worth
individuals (HNIWs) has increased at a CAGR of 4.1 percent. Global HNWI
wealth is expected to increase by more than US$1000 trillion by 2025.

By 2025, India's HNWI population is expected to reach 6.11 lakhs. By 2028,

India is expected to be the world's fourth largest private wealth market.

Insurance segment: The insurance segment of the financial services industry is

also expected to grow, with a cap of US$250 billion by 2025. Life insurance
companies' gross premium collection has increased from US$39.7 billion in
FY12 to US$94.7 billion in FY13 (FY20).

Non-life insurance gross premiums totaled US$ 26.52 billion in FY21. In

January 2022, the non-life insurance sector reported a five-month high growth
rate of 15.9 %.

Non-banking financial companies (NBFCs) are rapidly expanding and finance

more than 80% of equipment leasing and hire purchase activities in India. Public
funds for NBFCs have increased at a 14.04 percent CAGR from US$278.23
billion in 2016 to US$470.74 billion in 2020.

Economic factors:

Financial services play an important role in a country's economic growth and

employability by facilitating spending and economic activities through a variety
of services. When a country experiences consistent economic growth, the
profitability of financial institutions is likely to improve because the demand for
debt financing rises.

The competitive edge of a company is affected by macroeconomic factors such

as hyperinflation, interest rates, and exchange rates, as well as microeconomic
factors such as competition norms, distribution channels, and supplies.

Social factors:

Some of the social factors that influence the financial services industry are
demographics, population size, and lifestyle. Adding to the demand for goods
and services, social and cultural factors in a country can influence debt financing.
The generation that most of the population belongs to is also important, as
millennials are more comfortable with using technology.

Credit or debit cards, as well as online payment methods, are popular among
younger people, whereas seniors prefer the traditional method of payment.
Technological factors:

Technological factors can either be a blessing or a curse for widespread business

success. Financial services' adoption of automation and digitalization has aided
the industry's growth. In the future, customers will be more interested in
financial services that incorporate more technological aspects. In contrast, a lack
of advancements, or a lack of funds to bear the cost of technological
advancement, can be a barrier for new players to enter the market.

Environmental factors:

Environmental factors vary by country, and in this day and age of environmental
consciousness, customers seek out industries that are more environmentally
friendly. Extreme environmental conditions, recycling indexes, and regulatory
scrutiny all contribute to Bajaj Finance Limited's operational costs.

Legal factors:
Legal ties and obligations differ from one country to the next. To avoid fines and
legal proceedings, each company must follow the law of the land. The Reserve
Bank of India (RBI) regulates financial services in India, and all existing and new
players must follow the protocols established by the RBI.

SWOT ANALYSIS

Strengths: Strengths are the distinguishing characteristics that a company

has over its competitors to attract a larger customer base and investors. Bajaj
Finance's areas of strength are as follows:
 Revenue turnover: A strong management structure, innovative
marketing strategies along with efficient cost-cutting strategies all
contribute to a steady increase in the annual turnover even during the
phase of Covid 19.
 Financial products: One of the company's main strengths is the wide
range of financial services it provides to its customers.
 Capital structure: One of the primary goals of a business is to keep its
capital structure growing. Bajaj Finance has proven to be effective in
doing so.
 Rapid service: The speed with which services are delivered to customers is
one of the organization's distinct strengths. It offers its customers a one-
 stop financial solution in a matter of minutes.

Weakness: Weaknesses obstruct an organization from reaching its ultimate

potential. The weaknesses are as follows:
 Non-performing assets: One of the major disadvantages of
financial services is the presence of non-performing assets.
And, because Bajaj Finance is an NBFC, the extent of NPAs is
greater than in non-NBFC organizations in the financial
services sector.
 Shareholding: The company's promoters are reducing their
shareholdings, implying that they have less skin in the game.
 Negative breakdown: The organization's stocks have fallen
below the second support level. S1 is less than the last traded
price (LTP).
 High debt: The firm's average debt-to-equity ratio was 3.81,
indicating a very high risk. The debt-to-equity ratio has fallen to
2.78 as of 2021, but the organization continues to be high risk.

Opportunity: Favorable components that provide the organization

competitive edge is referred to as opportunities.
  Technological advancement: Adopting the latest technology to
improve customer experience and automate processes has been
a key characteristic of Bajaj Finance, and the organization will
continue to do so.
 Global markets: The global financial services sector offers
significant opportunities for Indian financial services. Bajaj
Finance should investigate this soon in order to increase its
market capitalization and explore new opportunities.

Threats: Components that have the potential to damage an

organization are called threats. The threats are as follows:
 Government policies and legal obligations can pose a
significant risk to any organization. Changing government
policies are currently working in favor of Bajaj Finance;
however, any policy that disrupts its ecosystem soon could
pose a significant threat to the organization.
 Cyber security: Since the advent of cloud computing and the
internet of things (IoT), organizations have been concerned
about cyber security. Individual data stored in financial sectors
is extremely valuable. As a result, the risk of compromising
security is high.

DEPARTMENTS & SERVICES:

Insurance: Bajaj FinServ provides a wide range of insurance plans for self-
employed individuals and borrowing companies to cover all incidents or
unfortunate events.

Loan:

Housing loan
Provides a home loan up to Rs.3.5 crore at the lowest interest rate with additional
features.
Personal loan
Personal loans of up to Rs.25 lakh are available with instant approval and minimal
documentation.

Loan against property

Salaried people can borrow up to Rs.1 crore, while self-employed people can
borrow up to Rs.3.5 crore.

Gold loan
Offers a Gold Loan with a loan limit of Rs. 20 lakhs, attractive interest rates, and
flexible repayment options.

Business loan
Provides low-interest business loans of up to Rs. 30 lakh to small businesses.

Investment:
Fixed Deposit: The minimum deposit required to invest in a Bajaj Finance Fixed
Deposit is Rs. 25,000.
Cards:

Credit Card:
Bajaj FinServ provides a variety of credit cards that are designed to provide
a variety of rewards and benefits such as discount vouchers for dining,
entertainment, and travel.

Banking:

Mobile banking:
The Bajaj FinServ App is a one-stop shop for all of Bajaj FinServ’s post-loan
and investment services. Simply download the Bajaj FinServ app from the
Google Play Store or the Apple App Store.

Customer care:
Customers of Bajaj Finserv can contact the customer service team for
assistance with Bajaj Finserv credit cards or any other issues.

Unified Payments Interface (UPI)

The Unified Payments Interface (UPI) is a platform that was established in
2016, and since then it has achieved numerous milestones and emerged as one
of the most preferred modes of payment. The platform combines multiple
banking accounts into a single mobile application.

This allows for the integration of multiple banking features, smooth fund routing,
and multiple merchant payments into a single platform. Furthermore, it enables
'Peer to Peer' collection requests, which can be carried out according to
convenience and requirements

The banking industry has kept up with the pace of change by developing and
distributing their own UPI apps to customers. In terms of resource sharing, storage,
and interaction across the globe, the entire cloud computing platform is adaptable
and simple to use.

UPI has made transactions more convenient, quick, and simple. We are
moving towards a cashless economy with the increased use of smartphones,
enhanced security patch walls, verifiable identity, remote access to the
banking system, and biometric sensors in phones, all of which are boosting
electronic payment systems.

Features of UPI:
 A single app can connect to multiple bank accounts

 2-factor authentication process, which improves security.

 The app employs a Virtual Payment Address (VPA), which is a

unique ID

According to data sets provided by the National Payment Corporation

of India (NPCI), UPI saw a threefold increase in transaction value and
number of transactions during the fiscal year 2020-2021.

SPECIFIC DEPARTMENT INFORMATION

Offline QR - Acquiring Business

 The QR acquisition team, comprised of the sales, product, and L&D

(learning & development) teams, develops a strategy for QR acquisition
execution on time in accordance with the company's overall payment
strategy.

 In charge of the business PNL and associated products such as the PBT.

 Achieving quantitative goals - acquiring transactions and GMV

(Gross merchandise value)

 Collaborates with the Payment COE (center of excellence) team to

increase the availability of the product to merchants and customers.

 Collaborate closely with the operations team to implement the most

cost-effective QR acquisition business model and ensure the company's
operational excellence delivery.

COMPITITORS:

1. Paytm:

With more than 30 million users, Paytm is the most widely used payment
app in India. Use the Paytm app to instantly pay in stores and on
websites/apps like IRCTC, Flipkart, Uber, Zomato, and Swiggy by
transferring money from one bank to another using BHIM UPI. Paytm
may be used for insurance, postpaid bill payment, utility bill payment
(water, gas, electricity, landline, broadband, and insurance), mobile
recharge, Fastag recharge, DTH recharge, cinema tickets, and utility bill
payment. Get insurance, check your credit score for free, invest in mutual
funds, digital gold, and NPS, buy now and pay later with Paytm postpaid,
and invest in all these things.

2. PhonePe:

PhonePe is a Bengaluru, Karnataka-based Indian startup that specialises in

financial technology and digital payments. Founded in
 PhonePe was established in December 2015. PhonePe is a payment
software that allows you to recharge your phone, pay your utility bills, and
make instant payments at your favorite offline and online retailers using
BHIM UPI, your credit card, debit card, or wallet. PhonePe dominated the
market in 2021 across all significant parameters, including registered
users, the value and number of transactions performed by registered users,
and merchant coverage. The startup was the market leader in UPI,
accounting for nearly 46 percent of total transactions executed in the
previous year. PhonePe was the driving force behind a total of 6.63 billion
transactions in Q4 2021, representing a 26 percent increase over the
previous quarter.

3. GPay:

Google Pay, a digital wallet platform and online payment system that
enables users to make payments with Android phones, tablets, or watches,
powers in-app, online, and in-person contactless purchases on mobile
devices. Users in the United States and India can use iOS devices as well,
albeit with fewer features. Coupons, boarding passes, university ID cards,
auto keys, event tickets, movie tickets, public transportation tickets, store
cards, health records, and loyalty cards are also accepted by the service.

4. Amazon Pay:

Amazon Pay is a payment processing service that is owned by Amazon.

Amazon Pay was launched in 2007 with the goal of allowing customers to
use their Amazon accounts to make purchases from external merchant
websites. Customers can use their Amazon account addresses and
payment options, such as credit cards, direct debit bank accounts, and the
Unified Payments Interface (UPI) in India, to make purchases from
websites and mobile apps using Amazon Pay.

5. BharatPe:

BharatPe is a free payment app that lets you accept UPI and card
payments from any app. It simplifies payment acceptance by allowing
businesses to accept payments from 150+ additional financial
applications, including Google Pay, PhonePe, Paytm, BHIM, and Amazon
UPI, with a single QR code. BharatSwipe also supports debit and credit
card payments. BharatPe is used by nearly 70 lakh merchants.
OBJECTIVES:

Bajaj Finance is introducing payment quick response codes (QR

Codes) for UPI, PPI, credit cards, and EMI options. Merchants will be
able to accept digital payments via the Bajaj FinServ for Business
App, simplifying and securing the process. The project revolves
around developing strategies for QR code deployment.
Primary objectives of the project:
 Creating standard operating procedures (SOPs) for merchants
and FOS.

 Project management aspects such as establishing

communication with various stakeholders and keeping them up
to date on project developments.

 Create various creatives, such as push notifications, to help

increase user conversion rates.

 Run and track the progress of contest through Clever Tap.

 Working with MS Excel and PowerBI to manage data.
Cleaning, sorting, and presenting various datasets for improved
visualization, comprehension, and goal setting.
 Working on the Merchant Contest and managing information
through trackers, updating them daily and publishing for a
clearer picture of progress against the daily goals set.
PROBLEM STATEMENT:
"To penetrate the existing market with Bajaj-pay QR."

METHODOLOGY:

Project analysis is the process of evaluating various factors influencing a

project in project management. It aids in determining whether the project is
progressing as expected or whether changes are required. The following are
the various components of project-specific analysis:

Process analysis:
Process analysis focuses on the operational aspects of a business or project. The
payments department at Bajaj Finance Limited has dedicated teams for finance,
data science, marketing, and so on, and information flows in a loop. All of the
teams are effective and complete their tasks on time.

Budgetary analysis:
Keeping expenses under control and adhering to the budgeted expenditures
is critical for any project. The department has a yearly budget, and effective
financial models are developed to keep the budget under control and to
allocate funds for incentives, team driving, administrative expenses, and
direct expenses.

Personnel analysis:
Day-to-day responsibilities include updating the project management tracker
and communicating with various stakeholders. Including tasks such as
developing standard operating procedures and data management.

The work Includes:

 Reading the training modules and comprehending the
organization's standard operating procedures (SOP).
 Brainstorming sessions with company mentor to alleviate any
doubts or discrepancies. Finding out new ways to reach out and
developing better strategies are also important.
 Thorough reading and comprehension of the process
 workflows that will be used to implement the strategies in the
coming days.
 Collecting information from merchants about the payment
applications they use, the payment date (T Day or T+1 Day),
merchant offers, or benefits they receive.
 Managing the project charter and keeping all stakeholders
informed of the status of various tasks.
 Creating different creatives (Push Notifications) for the
Business App.
 CleverTap is being used to run the Merchant Contest and
analyse its progress.
 Keeping track of various personal tasks as well as various
merchant competitions.
 Data cleaning, sorting, and accurate representation for a clear
picture of work dynamics, target accomplishments, and goal
setting.
 Create dashboards as part of business analytics and represent
them on PowerBI for a better understanding of what needs to
be done next.
Data Interpretation

Q1.Does the QR properly worked after installing?

27%

Yes
No

73%

Interpretation- Form the above pie chart, we see that 73% of the
respondents said it worked properly, while 27% showed some issues.

Q2.Have you tried to convince your customers to pay using Ba-

jaj Merchant QR?

36% Yes
No

64%

Interpretation- Form the above pie chart, we see that 64% of the
respondents convinced the customers, while 36% did not.
 Q3.Have you explained customer about the advantages of using
Bajaj Merchant QR?
16%

Yes
No

84%

Interpretation-Form the above pie chart, we see 84% of the

respondents did not explain the advantages to customers, while
16% explained it to customers.

Q4.What was the average transaction range used by customers

through Bajaj QR for payment?
7%
0-25
18% 26-50
51-75
More than 75
51%

24%

Interpretation-Form the above pie chart, we see 51% of the

transactions were made between the range 0-25, 24% of the transaction
were between 26-50, 18% were between 51-75, & 7% were above 75.
 Q5.Does QR work properly while making payments by the cus-
tomers?

31%

69%

Yes No

Interpretation-Form the above pie chart, we see 31% of the respondents

faced no issue, while 69% of the respondents’ faced problems.

Q6.Have you got the 2x benefit after the transactions?

13%

Yes
No

87%

Interpretation-From the above pie chart, we see that 87% of the

respondents got 2x benefit, while 13% did not receive it.
 Q7.Do you find any issue while using Bajaj Merchant one app?
Others 5

Notification Issue 27

Transaction Issue 39

Interface Issue 41

Difficult to use 11

0 5 10 15 20 25 30 35 40 45

Interpretation-From the above Bar Graph, we see the major

issue within the application was Interface error, followed by
Transaction error, Notification error, then Difficult to use &
others.

Q8.What updates do you want in Bajaj Merchant one app?

Others 12

Better offers to customers 15

Interface Improvement 38

On-time Payment 41

0 5 10 15 20 25 30 35 40 45

Interpretation-From the above Bar Graph, we see that on-time

payment was the major factor when it comes to upgrading of the
application, second comes the Interface Improvement, followed by
better offers to customers and last others.
TOOLS USED

CLEVER-TAP:
CleverTap is a well-known SaaS-based platform for customer engagement and
retention. Its in-app analytics and marketing capabilities give you real-time
insights into your customers and help you build long-term relationships.
CleverTap allows you to easily understand how your users are interacting with
your product and keep track of their actions. To increase user engagement and
retention, you can also run targeted campaigns on different user segments.

Clever Tap includes multiple SDKs and libraries that collect user traits and
events from different platforms. You need to select an apt SDK that works
well with your application and install it into your product. Manually setting up
and tracking new code for Clever Tap thus requires some development effort.
By adding Clever Tap as a destination, you can easily send your customer event
data to Rudder Stack in real-time. Integrating Clever Tap with Rudder Stack will
require a few simple settings. Once integrated, Rudder Stack will automatically
track and collect customer events across all your event data sources and route
them securely and reliably to Clever Tap for user personalization.
What can you do with Clever Tap?
 Engage customers with messaging campaigns on different
platforms, including mobile, web, e-mail, SMS, and social.
 Provide each customer segment with a complete set of design,
testing, and deployment tools without code implementation.
 Manage omnichannel campaigns based on user behavior, location,
and lifecycle stage.
 Understand customers based on their lifecycle stages and encourage
them to progress from one stage to the next.
 Optimize your customer messaging and improve ROI for your
campaigns
 SCOPE:

The project was launched to enter the digital payments and settlements market.
The strategies that are being developed and implemented are in line with
acquiring market digital payments and settlements.
The project's sole goal is to establish Bajaj Pay as a key player in this space
and to place it among the top five NBFCs in the country. Bajaj Finance
Limited has been a key player in the Indian market in providing various
financial services to people from a variety of backgrounds, and it is now taking
on the next challenge of setting a standard in the digital payments and
settlements sector.
The project's major deliverables include onboarding all of Bajaj's existing
merchants as well as onboarding new merchants using QR codes.

LIMITATIONS:

1. It is difficult to enter the market when existing major players

dominate the QR code payments industry.

2. Making merchants understand new payment portal operating

procedures is a difficult task. Indeed, this complicates the
development of SOP.

3. The target market is limited to merchants who use Android devices.

4. No incentive: Because UPI services do not levy any charges on

customers, zero MDR and zero customer charges leave banks
with no incentive. This results in less investment in infrastructure
and human capital, which contributes to higher transaction failure
rates.

5. Growth: The number of UPI transactions has increased exponentially over

the years.
 last years, and the infrastructure's strength remains questionable in
terms of its ability to handle such high transaction volumes and
values.

6. The UPI transaction procedure consists of 18 steps and four

participants: the PSP, the sender bank, the NPCI, and the receiver
bank. This complex transaction structure increases the possibility of
failure.

CONCLUSION & RECOMMENDATION:

With the advent of technology and increased customer demand to make the
process more convenient, the financial services industry's digital payments and
settlements domain is rapidly evolving. The Internet of Things (IoT) and cloud
computing are two aspects that have already been integrated into the digital
payments process, and the domain is currently working to incorporate AI
(Artificial intelligence) to revolutionize the entire payment process.
Bajaj Finance Limited has chosen to enter this evolving market and establish a
benchmark. Due to the presence of eminent players in the market, the task is
difficult, but Bajaj Pay is a promising app that benefits merchants and end-users
by providing many additional benefits.

Bajaj Pay allows merchants to create their own reward systems, design different
offer banners, and provides them with interactive dashboards that are simple to
use and provide them with key statistical figures that will help them run their
businesses more efficiently.

End users, on the other hand, can take advantage of a triple reward system,
which is an exclusive offer brought in by the Bajaj pay app; one app is enough to
transfer or receive funds from various payment settlement applications.
Customers can also convert their payments into EMI schemes on the spot by
using the EMI options available in the app.
With these key elements acting as a unique selling point for the Bajaj Pay app,
it has a strong chance of standing out in the market and achieving the mission
of making Bajaj Pay one of the top five digital payments and settlement apps in
the country.
2. CONTRIBUTIONS:

During my internship at Bajaj Finance Limited, I have been assigned a variety

of tasks and roles. The tasks have included developing standard operating
procedures (SOPs), creating dashboards, designing creatives (Push
Notifications) templates for the Bajaj Finserv for Business App, maintaining
trackers, data sorting and cleaning, and creating representations for the data.
Standard operating procedures (SOP):
SOPs are step-by-step instructions for individuals in an organisation or
customers of an organisation on how to complete a task. SOP
aims to achieve the desired goal in a systematic, effective, efficient, and easy
manner. The goal of a standard operating procedure (SOP) is to carry out a
task accurately, correctly, and consistently.
The SOP for Bajaj Finance Limited is for FOS candidates to effectively
communicate and carry out the various processes of merchant onboarding.
During the internship, I created two standard operating procedures (SOPs),
one for merchant DIY boarding and the other for a training deck for the sales
team to work around.
Dashboards:
Dashboards are typically used to visualize data over time. The dashboards
were created for Bajaj Finance Limited's income statement as well as
transaction volume and transaction value data collected from BBPS (Bharat
Bill Payment System) and NPCI.
The dashboards were useful in presenting the company's overall
performance over time. The other dashboard was for benchmarking various
segments with extremely high transaction volumes and values.
The dashboards were created using PowerBI and complex relationship
models to achieve the desired results.

Project management:
Maintaining communication with teammates and other stakeholders in order to
publish their achievement trackers is an essential part of project management.
Attached is one of the trackers (Merchant Contest Tracker).
SOPs Completed:
 SOP - Onboarding and transaction.
 SOP - Web pos for DIY merchants.
 SOP - QR Dispatch and Sales Helpline details.
 SOP - Sales Management.
 SOP- Reordering process.

Trackers Published:
 Merchant Contest Tracker.
 Think Payments Tracker.
 Daily Work Done Tracker.

Creatives Designed:
 Merchant Contest Flyer.
 Sales Support Flyer.
 Push Notifications.
3. LEARNINGS FROM SIP:

 Daily, project management skills and the ability to maintain a

project charter are required.
 Keeping stakeholders informed, understanding key
requirements, and working within deadlines to meet targets
 Learning to use the Draw.io software to create various process
flow charts for the organization.
 Understanding the use and functionality of CleverTap
software, as well as its application in application management.
 Understanding the key functionalities required within the
organization, as well as learning the core functionalities and
building relationship models in PowerBI.
 Getting a sense of business analytics by developing various
dashboards that were useful in determining the overall
performance of organizations and other benchmarks.
4. REFERENCES:

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