Unified Payment Interface (UPI): A Digital Transformation in India

Dr. Swaty

Abstract: Digital Payment in India has got tremendous growth after the Demonetization in the year 2016. The Government of India has taken an in initiative of ?Digital India? for the quick and transparent services in India. The Banking sector has also strived hard to popularize digital payments and gained momentum response of public. For digital payment ?National Payment Corporation of India (NPCI)? has launched the ?Unified Payment Interface (UPI) ?, which is a cost - effective, revamped and amazing payment system for all. UPI is potentially innovative way for transferring fund using a virtual payment address established by NPCI. Moreover, being a mobile based payment system, it was expected to have a significant growth, but not as per the expectations has received yet. UPI can help bring a large part of the population within the ambit of digital economy and can be a great tool for financial inclusion in India. To serve the purpose a structured questionnaire is used as a research technique to determine how well - liked UPI and digital payments are popular among the general public.

Keywords: UPI, Digital Payments, NPCI, Digital Transactions

How to Cite?: Dr. Swaty, "Unified Payment Interface (UPI): A Digital Transformation in India", Volume 13 Issue 11, November 2024, International Journal of Science and Research (IJSR), Pages: 1727-1731, https://www.ijsr.net/getabstract.php?paperid=SR241119155237, DOI: https://dx.doi.org/10.21275/SR241119155237