Authors: Dr. Ashish Saxena, Priya Kumari
Abstract: Indias financial world has changed a lot because of technology and digitalization. Now digital payments are a part of our daily transactions. They are fast, easy, convenient and safe. The Unified Payments Interface or UPI is a leading platform for payments. It was developed by the National Payments Corporation of India. UPI helps people transfer money instantly using their phones. They do not need to share their bank details for each transaction. This is possible because many people have smartphones, internet access and use banking. This study looks at how UPI affects users, businesses and Indias digital payment system. It explores how people are changing their behavior to use transactions more. UPI plays a role in helping India become a cashless economy. We look at how UPI simplifies money transfers, bill payments, online shopping and transactions with merchants. We also check how satisfied customers are with UPI, how easy it's to use how fast it is, how secure it is and how reliable it is. The research uses data from questionnaires and surveys well as information from other sources like journals, government reports and websites. We use methods to understand this data and see how UPI affects financial transactions. We found that UPI makes payments more efficient and convenient. It helps reduce the use of cash and increases the use of services. The reasons for this are that UPI is accessible, cost, fast and has many apps. However, there are still some challenges. These include cyber threats, connectivity problems, technical issues and a lack of knowledge. In conclusion UPI has changed Indias payment systems for the better. It has helped include people in the financial system and created opportunities, for businesses, consumers and institutions. As UPI continues to grow it promises to create a secure and cashless financial system that supports a digitally empowered economy.
DOI: http://doi.org/10.5281/zenodo.20412253
